CNBC Pro

Coronavirus restrictions will hurt Disney until 'at least' mid-2021, Cowen says in downgrade

A guest takes a selfie at Magic Kingdom Park at Walt Disney World Resort on July 11, 2020.
(Photo by Olga Thompson/Walt Disney World Resort via Getty Images)

(This story is for CNBC Pro subscribers only). 

The continued spread of the coronvirus pandemic means that Disney's business won't be back to normal until the middle of next year, Cowen said in a note to clients.

The firm downgraded the stock to market perform from outperform, saying that the entertainment giant's park and film units still have months of poor performance ahead.

More In Street Calls

CNBC ProJPMorgan picks 'high-quality' Japanese stocks to buy after recent sell-off
CNBC ProHere are Tuesday's biggest analyst calls of the day: Microsoft, Netflix, Beyond Meat, Amazon & more
CNBC ProBank of America upgrades Square, reiterates Twitter at buy after Jack Dorsey steps aside