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Much like the rest of the market, shares of Walt Disney Co (NYSE:DIS) are trading in the red for 2020 but buying at current levels "makes sense to me," Jim Cramer said Wednesday on "Mad Money."
The case for buying Disney's stock at the current level is based in part on history, Cramer said. Two decades ago, Bob Iger was named President and COO of the media and entertainment company and shares were trading at around $30. Iger took over as CEO in 2005 and the stock has since surged more than 400%.
Why It's Important
Buying Disney's stock amid the broader coronavirus-induced sell-off may seem like an ill-advised move, but not to Cramer. He said investors who sit back and wait for the world to "solve" the coronavirus will end up paying more for Disney's stock.
"I don't know when they're going to solve it, and people are going to go back to Disney," Cramer said. "And when they do, I don't think you'll get it for $115 or $120."
Investors with a 20-year horizon are unlikely to ever see today's price again, Cramer said.
Disney's stock traded around $119.74 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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