Disney price target raised to $201 from $182 at Wells Fargo

Wells Fargo analyst Steven Cahall raised the firm’s price target on Disney to $201 from $182 and keeps an Overweight rating on the shares. The stock closed Tuesday down 14c to $170.45. Post the company’s investor day, the analyst revised estimates for the Disney’s direct-to-consumer ramp. He now assumes 335M subscribers by the end of 2024, which is comprised of 240M Disney+ users, 58M Hulu subscribers, 23M Star subs and 15M ESPN+ subs. Given Disney’s long-term guidance, Cahall expects a “gradual rotation in the shareholder base to long-term folks with a Growth bias.”