3 Reasons Why Disney Stock Will Bounce Back in 2023
The upticks have been hard to come by for Walt Disney (NYSE: DIS) investors. Shares of the media giant entered the Memorial Day holiday weekend at $88.29, lower than both the $91.80 it closed at in mid-November before Bob Iger was introduced as Disney's CEO, as well as the $88.97 it closed at on the first trading day of this year.
Wall Street isn't donning mouse ears these days. Truist analyst Matthew Thornton is lowering his price target on the shares from $121 to $105 on Monday. He's sticking to his buy rating on the out-of-favor shares but lowering his near-term earnings outlook to factor in the surprising announcement two weeks ago that Disney World will be closing its Star Wars-themed hotel later this year.
The market doesn't always have to make sense, but the downticks don't seem fair or earned in this case. Disney, the company, is holding up considerably better than Disney, the investment. Let's go over some recent developments that make the media stock one of my favorite blue chip stocks for the final seven months of this year.
Source Fool.com
