Walt Disney Co

With Disney’s shares down about 50% from their 2021 high, the market is focused on content costs, increasing direct-to-consumer competition and theme park recession risks—concerns that may linger into the early months of 2023. But a reorganization that allows the company to accelerate its streaming strategy as it positions itself for a digital future could start to bear fruit in the second half. Robert Iger’s return as CEO adds further opportunity for a meaningful turnaround.