UBS analyst John Hodulik downgraded Disney to Neutral from Buy with a price target of $114, down from $162. The COVID-19 outbreak is impacting every one of Disney’s segments, with Parks being hit the hardest, Hodulik tells investors in a research note titled “The Eye of the Storm.” The analyst now expects Disney to post $1.60 of earnings per share in fiscal 2020, down from $3.08, and $2.13 in fiscal 2021, down from $5.87. Hodulik believes Parks’ profitability “will be impaired for a longer period of time” given the lingering effects of the outbreak. The analyst now assumes an opening date of January 1 as a base case. The economic recession plus the need for social distancing, new health precautions, the lack of travel and crowd aversion are likely to make this business less profitable until there is a widely available vaccine, contends Hodulik. Further, Disney’s exposure to live sports suggests its advertising trends will lead the industry down, adds the analyst.