Shares of Disney (DIS) were sliding by 1.88% to $105.94 on Wednesday morning, following a rating downgrade to "neutral" from "outperform" at Macquarie. The firm also slashed its price target on the media and entertainment giant's stock to $105 from $125.
The firm cited Disney's ESPN troubles as its reason for the downgrade. The sports network has been struggling with a decline in subscribers. Macquarie also said it does not see catalysts for Disney's film, parks, and consumer products businesses.
Disney's latest Marvel Studios film, Guardians of the Galaxy Vol. 2, has been topping box offices. The misfit superhero movie has earned $630 million worldwide.
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