Disney price target lowered to $128 from $130 at Evercore ISI

Evercore ISI analyst Vijay Jayant lowered the firm’s price target on Disney to $128 from $130 and keeps an Outperform rating on the shares. Despite what the firm calls “a broadly healthy 2Q print,” Disney shares sold off, which the firm believes primarily reflected investor positioning as well as “consternation” around the theme parks starting to see a post-COVID demand normalization. While the theme parks demand commentary does “give us some pause,” at this point Evercore says it doesn’t believe the company’s earnings power has “materially deviated from our prior expectations.”