The Walt Disney Co

DIS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$238.00	Cytt	Dylzplwl

Disney: Closing In on an Inflection Point Where Streaming Gains Can Begin to Offset Linear Weakness

Matthew Dolgin

Dec 1, 2023

After taking a critical look at Disney, we are reducing our fair value estimate to $115 from $145 while maintaining our wide moat rating and revising our Morningstar Capital Allocation Rating to Standard, from Exemplary. We believe the stock remains undervalued, but we think the move away from linear television viewing by consumers will keep Disney’s performance from returning to its past glory.

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