A contrarian theory on when to buy Disney's stock during this coronavirus sell-off

Disney character Mickey Mouse is seen above the entrance at Disneyland Paris during the 25th anniversary of the park, in Marne-la-Vallee, near Paris, France.
Benoit Tessier | Reuters

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Investors should wait for the news to get worse before buying Disney, according to Bernstein. 

The coronavirus outbreak has threatened several different segments of the entertainment giant's business, including a wave of closures of theme parks in Asia. The company's stock has fallen more than 20% so far this year. 

However, Bernstein said in a note to clients that it's not quite time to buy the Disney dip.