Why Walt Disney Stock Tumbled Today
Formerly a rather bouncy stock in the entertainment sector, Walt Disney (NYSE: DIS) was feeling the effect of gravity on Tuesday. The Mouse's shares fell by 4% on the day, a far worse slide than the 0.8% of the slumping S&P 500 index. A price-target cut from an analyst, plus lingering concerns that the company might be an outside candidate to buy a huge tech asset, made for a gloomy trading day.
That analyst was Jonathan Kees of Daiwa Securities, who wasn't shy in reducing his target. The prognosticator lowered it dramatically -- to $151 per share from the previous $201. Despite the heavy chop, Kees is maintaining his buy recommendation on the stock.
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Source Fool.com
