Disney: Sentiment Shift For Limited Time
Disney's stock is expected to rally in the short term due to the Penn Gaming deal and bouncing off the $85 support level. Disney's streaming business is struggling, with declining subscribers for the key ESPN+ service. The stock trades at 17x aggressive FY24 EPS targets, providing limited upside on any rally. After a horrible year, Walt Disney Company ( NYSE: DIS ) appears poised for a quick rally over the short term. The company has not resolved the problem in the streaming market with weak subscriber numbers and the Penn Gaming ( PENN ) deal amounts to a very small deal to enter the gaming sector. My investment thesis is now bullish on Disney for a quick trade before the really tough market of the last couple of years has led to a double bottom for the stock around $85. Read the full article on Seeking Alpha. Disclosure: No position mentioned. Please review the disclaimer page for more details.