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DISNEY STOCKS RISE DESPITE RATING DOWNGRADE -

02-Apr
20:47 IST

Walt Disney’s stock is currently trading at 96.00-higher by 1.04% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.51%. The stock has continued gaining after the opening bell.

Guggenheim earlier today downgraded the entertainment giant’s stock to neutral from buy. The firm downgraded stocks of Walt Disney as it believes investors are under-appreciating how long the parks and resorts business may be under pressure relative to prior expectations. Guggenheim also cut the price target of the entertainment giant to $100 per share from $160 per share. The firm also said that the company is more susceptible to downward estimate revisions than peers in a longer than usual slowdown and less likely to see quick upward revisions in a recovery.

The entertainment giant said on Tuesday that it will launch its Disney+ service in India on Friday. The Disney+ Hotstar service will be offered in three plans. Stocks of the entertainment giant have fallen about 34% Year-to-date.

On the technical front, the RSI is currently at 42.5% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands but is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 95.80 TAKE PROFIT AT 98.30 STOP LOSS AT 94.60

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