LightShed Partners analyst Richard Greenfield on Friday upgraded his rating on the stock of the Walt Disney Co. from "sell" to "neutral," acknowledging that "our call has been dead wrong" andnew CEO Bob Chapek "surprised us, leaning far harder into streaming." In early May, the Wall Street expert downgraded Disney. "At the time we focused on how the market under-appreciated the impact of COVID-19 on fiscal 2020-2021 earnings," he explained in a Friday report. "We knew numbers needed to come down significantly and expected the stock to follow, especially as leverage far exceeded historical norms.
However, even 25 years into our analyst career, the market is still teaching us new lessons. Shortly after our call, the market (including Disney.
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