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)

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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.