Disney downgraded to In-Line from Outperform at Imperial Capital

Imperial Capital analyst David Miller downgraded Walt Disney to In-Line from Outperform with an unchanged price target of $147. The shares closed Friday down 9c to $141.65. The analyst cites valuation for the downgrade with Disney shares up 25.7% since his upgrade to Outperform on November 21, 2018. Most of the catalysts, including the release of Avenger's Endgame, the opening of the two Star Wars lands, the disposal of the regional sports networks, and the Disney streaming service analyst day, have either happened, or are set to happen, Miller tells investors in a research note. And at a "record multiple" on 2021 earnings, the catalysts "are pretty much built in to the stock," adds the analyst.