Wall Street analysts were split on Disney this week.
On Thursday, Guggenheim downgraded the stock to neutral on lost profits from park closures. Atlantic Equities also cut earnings estimates but upgraded the stock to overweight after its sharp sell-off.
Matt Maley, equity strategist at Miller Tabak, said it will bounce back and that any weakness should be taken as an opportunity. It closed Thursday at $96.97.
"It's just getting too far over overdone. Now, I still think the overall market could see a retest of the old lows. So, it could see a little bit more weakness back down near that $90 level," he said Thursday on CNBC's "Trading Nation."
Disney shares last traded below $90 at the beginning of last week.
"People have to remember that, if you wait around for these theme parks to go back to full scale, up and running, with everything, all the people coming back, the stocks will have already bounced," Maley added. "Always remember that the stocks always bounce long before the fundamentals go back to normal."
If it gets down toward $90, investors would want to buy it, Maley said.
"Take your time," he added. "Don't jump in with both feet, but you're going to get some great prices here and one to two to three years, you're going to look really, really good in this stock."
Disney's diversified businesses inoculate it against the worst of the coronavirus pandemic, says Michael Bapis, managing director at Vios Advisors at Rockefeller Capital Management.
"They've become a diversified business over the last, let's say, five to seven years. If this was just a theme park business, we'd have massive concerns," Bapis said during the same segment. "You look at their direct to consumer and media distribution. Disney+, the diversified business they have now. … They have a very strong balance sheet. The theme park part will hurt them in the short term. It may take a year, two years, for them to get the theme park back, but, Disney+ services are up, they're advertising is going to be up, and I think this is overdone."
Disney's parks, experiences and products segment generates 37% of total revenue, according to FactSet. Its second-largest revenue generator, media networks, pulls in 35% of sales.
"It's just a product of the environment, it's a product of the markets that are just a 'sell everything' type of a market," Bapis said. "I do believe you could dip your toe into owning Disney now and you know, 12, 18, 24 months, it's definitely going to be higher."
Disclosure: Bapis and Vios Advisors have positions in Disney.