Cowen analyst Doug Creutz on Monday cut his earnings estimates for the entertainment giants he covers, including the Walt Disney Co.
and ViacomCBS, through 2022 due to the new coronavirus, an expected recession and their longer-term fallout and lowered his stock price targets. "We are lowering estimates and price targets across the board for our media companies today to reflect the impact of heavy social-distancing measures and the impact of the resulting recession that we expect," which could last "at least" until the fourth quarter, he wrote. "We expect TV advertising to suffer a significant and relatively permanent decline as we expect digital's share take to accelerate." He added that "a key assumption we are making is that the.
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