Pirates of the Caribbean: Dead Men Tell No Tales
Source: Disney
Cowen reduced its sales forecast for Walt Disney this year due to weaker-than-expected movie box office, lower television ratings and fewer NBA playoff games.
The firm trimmed its fiscal 2017 revenue estimate for the entertainment giant to $56.1 billion from $56.6 billion.
"We expect studio profitability to rebound to peak levels in FY18 based on a strong slate that includes Star Wars 8 and Avengers 3," Cowen analyst Doug Creutz wrote in a note to clients Wednesday. "However, we continue to believe that the studio is operating at roughly peak profitability, given its utter dominance of the industry."
