Disney: The Magic’s Not Back Just Yet

Disney ( DIS ) shares are down more than 4% in 2016, but Cowen & Co.’s Doug Creutz and Stephen Glagola argue that it’s no time for bargain hunters to be considering the stock. On Wednesday, Creutz and Glagola reiterated a Market Perform rating and $90 price target on Disney, 10% below the stock’s current value. They lowered their earnings per share and earnings before interest and taxes estimates for the company’s fiscal 2017 year, citing accelerated cable programming costs, due largely to its new contract with the NBA.