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Argus looks to long term, reiterates Buy on Disney

Published 11/14/2016, 01:46 PM
Argus looks to long term, reiterates Buy on Disney
DIS
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  • Joining in with other analyst commentary from the weekend, Argus has reiterated a Buy rating for Walt Disney (DIS +0.5%) along with a price target of $129, implying 31% upside.
  • The rare earnings miss came as Disney "gives only the most general guidance, which makes it easy for Street estimates to be off the mark,” writes Argus' Joseph Bonner. The company is "positioning itself for long-term growth."
  • That means (in accordance with management guidance) looking past a 2017 that comes with transient issues and tough comps toward a better 2018.
  • As for ESPN and subscriber woes, the right moves are happening, he says, as the company invests in BAMTech and readies over-the-top service: “While this may not end the debate over ESPN’s place in the emerging/converging cable/OTT distribution landscape, we see the BAMTech deal as a major step in the right direction and as a hedge against further traditional cable subscriber losses."
  • Previously: Disney holding 2.6% gains on Iger's ESPN bullishness after miss (Nov. 11 2016)

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