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Stifel Nicolaus lowered its rating for Disney to hold from buy, citing the stock's full valuation and flat profit-growth prospects due to rising costs of sports content.
"We ... see the company as somewhat of a split story. We continue to be of the view that the Studio and corresponding Consumer Products segments continue to deserve a strong multiple reflecting the very strong pipeline," Stifel's Benjamin Mogil wrote in a note to clients Tuesday.
"On the other side of the ledger is the Media segment. While there has been some relief/reduced concern around the carriage and MVPD subscriber numbers at ESPN YTD, we estimate that F2017 will be a likely flat year ... at Cable OI. We also continue to view the sports rights license environment as one which despite MVPD subscriber concerns continues to favor the rights holder and we expect continued inflation in this area. "