Citi’s Jason Bazinet downgrades Disney (DIS) to “sell”, citing recession worries. Jason is specifically worried about Disney’s resort business, which is always vulnerable to economic downturns: His team checks on pricing at Disney’s hotels, and has found that rooms are getting cheaper and easier to get.
That’s a twofold problem for Disney: Not only does the company see weakness in a unit that accounts for about a fifth of its operating income, but it means that consumer spending is pulling back, to be followed by ad dollars.
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