Morgan Stanley analyst Benjamin Swinburne on Wednesday dropped his price target for shares in The Walt Disney Company after the theme park giant said Disneyland and Walt Disney World will remain closed indefinitely. "Disney's portfolio is in the crosshairs of both the recession and the global pandemic," Swinburne wrote in an April 1 investors note as he forecast the COVID-19 pandemic will keep the studio's theme parks, resorts, retail stores, global theatrical exhibition and live sports broadcasts virtually closed or delayed through to the end of June.
The Morgan Stanley analyst reduced Disney's share price target from $170 to $130, though he reaffirmed his overweight rating for the studio.
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