MoffettNathanson analyst Michael Nathanson lowered the price target on Walt Disney Co. to $165 from $175 and reiterated a Neutral rating on the shares. The price target implies an upside of 8 percent.
Nathanson’s FY22 free cash flow estimate of $1.9 billion after the Shanghai adjustment is “a significant decrease” of over 60 percent from his prior estimate of $5.1 billion following his annual Disney 10-K review and taking into account management commentary.
