Investment Analyst Wrongly Underestimated Disney
LightShed Partners Media and Technology Analyst Rich Greenfield admits his team made a mistake, according to a NY Post article published yesterday.
Photo Credit: D23
LightShed is a telecommunications research firm who provides insight and advice to investors. As a multi-billion dollar media empire, the Walt Disney Company commands a lot of attention from the New York City-based firm.
And they’ve had a lot to say about Disney’s “unique vulnerability to Covid-19” over the past year.
New Focus
With Disney parks closed or operating at limited capacity, the reality of the Covid economy is that streaming entertainment has never been more important. But LightShed claims Disney “waited far too long” to delve into the streaming market.
The pandemic proved a long term, major shift of operations toward Disney+ a necessity, but after some of the worst financial quarters in the company’s history, LightShed didn’t have much faith in Disney’s ability to take it far enough.
Wrong Approach
In the spring, the firm brazenly advised Disney investors to “sell”, claiming while Disney+ started out strong, due to the global pandemic,
Disney’s media network businesses will worsen considerably.
But Disney rebounded beyond their expectations, with a reorganization of its entire entertainment empire to focus on Disney+.
Our call has been dead wrong,
said Greenfield, admitting LightShed’s focus on the effects of Covid on the stock market wasn’t quite dialed in accurately. He also admits had little confidence in newly-appointed Disney CEO Bob Chapek.
Photo: Marc Piasecki/Getty Images
Chapek surprised us,
Greenfield said, noting that the company is “leaning far harder into streaming” than expected.
The full NY Post article is available here.
Photo Credit: NY Times
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