The firm moved shares to sector weight from overweight.
It's difficult to stay bullish on Disney with multiple of its best-known business units facing challenges, according to KeyBanc. Analyst Brandon Nispel downgraded shares of the media and entertainment giant to sector weight from overweight. The firm does not have a price target for the stock. "We prefer to step aside, acknowledging meaningful uncertainty, and wait for further catalysts, as buying the dip has been a losing trade," Nispel said in a note to clients Wednesday.
Disney's direct-to-consumer business has also been unable to differentiate its churn compared with peers, he said. Disney+ and Hulu have both seen subscriber growth stagnate, with net losses expected in the third fiscal quarter. The company will likely need to better monetize on existing subscribers through price increases while simultaneously improving retention through strategies like having a tiered subscription model for those who want to pay less.
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