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Walt Disney Co (NYSE:DIS) guided to global net additions of low-single-digit millions for Disney+ in the fiscal fourth quarter, lower than the Street expectations of around 10 million. However, this does not impact the long-term total subscriber estimates, according to BofA Securities.
The Walt Disney Analyst: Jessica Reif Ehrlich reiterated a Buy rating for Disney, while keeping the price target unchanged at $223.
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The Walt Disney Thesis: Although the near-term projections are disappointing, the headwinds impacting Disney+ appear transitory and does not affect Disney’s long-term underlying fundamentals, Reif Ehrlich said in the note to clients.
The analyst mentioned three reasons for the company’s disappointing guidance for global net adds:
- A slower ramp in subscribers in the Latin American region, following the launch of Star Plus.
- Tough comps in India, with annual subscriptions not in an auto-renew mode in the country.
- COVID-19 pandemic-related production delays across the globe
“While not ideal, it is worth noting that Disney+ Hotstar subs are significantly lower ARPU subs and the headwinds in India imply that Disney+ core net adds accelerated vs. F3Q,” Reif Ehrlich wrote.
“In theme parks, DIS saw a modest slowdown at the end of August from the COVID delta variant, but noted that demand has recovered nicely following Labor Day,” she added.
DIS Price Action: Shares of Disney had risen by 0.99% to $172.84 at the time of publication Wednesday.
Photo by Tyler Nix on Unsplash
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.