Analyst to Disney Parks: Wake Me Up When Next September Ends

Wells Fargo's Steven Cahall downgraded Disney (NYSE: DIS) on Wednesday, with a grim takeaway that it may take two years for the media giant's industry-leading theme parks to get back on track. He's lowering his rating on Disney from bullish to neutral and slashing his price target on the stock from $155 -- just above its November all-time highs -- to $107.

Cahall's prognosis is pretty grim. He sees Disney's currently closed theme parks generating no revenue in fiscal 2020, and that means the gated attractions won't resume operations until October at the earliest. We're talking about shuttered parks throughout the entirety of the spring as well as the peak summer travel season. His outlook beyond that is just as problematic.

Image source: Disney.

Source Fool.com