Shares of the Walt Disney Co., led by CEO Bob Chapek and executive chairman Bob Iger, dropped in early Monday trading after downgrades from Credit Suisse and UBS.
The stock was down 3.4 percent to $103.01 as of 9:40 a.m. ET. Credit Suisse analyst Douglas Mitchelson in a report entitled "Parks Downside Outweighs Streaming Upside, For Now" cut his stock rating from "outperform" to "neutral" and his price target from $140 to $116, arguing that the downside risk for the Hollywood conglomerate's theme parks business amid the novel coronavirus pandemic will be more pronounced over the near-term than the growth opportunities of its streaming business, including Disney+.