- Walt Disney (DIS -0.3%) has had a nice few quarters, prompting Loop Capital to take off its Buy sign and downgrade the shares to Neutral.
- The catalysts usually cited -- a strong upcoming film slate incorporating many franchises, and building contributions from its theme parks -- are "built into the stock," given that Disney is pretty communicative about its outlook, says Loop Managing Director David Miller.
- Shares hit a 52-week high today but are coming off that. They're up 9.4% YTD.
- Miller's keeping a price target of $118, just 3.5% over current price of $114.07. Miller thinks Disney should trade within its historical multiple, valued at 10 times enterprise value/EBITDA for the coming year.