CNBC’s Jim Cramer said Thursday that he is bullish disney After the company announced a strong restructuring and cost-cutting plan.
“Disney finally feels like it’s back on track. While the stock already had a monster move since the beginning of the year, I’m betting it could have more upside now.” [CEO Bob] Iger is changing things,” he said.
disney announced a plan Layoffs of 7,000 employees on Wednesday, company restructuring and cost reduction of $ 5.5 billion first quarter earnings Conference Call.
activist investor Nelson Peltz told CNBC on Thursday that he is satisfied with Iger’s turnaround steps and that Trion Fund Management’s proxy war with the media giant is over.
Disney shares closed down 1.27% at $110.36 on Thursday, after climbing to $118.18 during the trading session. The stock is up nearly 27% this year.
Cramer, who has strongly criticized former CEO Bob Chapek’s performance said if changed The company’s narrative into one that can execute on its goals.
,[Disney] It never could unlock its value under the old regime, as management seemed unable to articulate a clear narrative for the entire company,” he said. “But Iger is a better storyteller.”
He commended Iger for insisting on restoring Disney’s dividend through the end of 2023. The company suspended dividends in early 2020 due to the COVID pandemic.
“It’s a great sign of confidence from management,” Cramer said.
Disclaimer: The Cramer Charitable Trust owns shares of Disney.
