Positive Outlook for Disney: Streaming Growth and Strategic Initiatives Drive Buy RatingWe project F4Q will reflect stable underlying trends in Experiences and a profitability inflection in streaming. Earlier in September, DIS announced a price increase for Disney+ and Hulu (takes effect in October), which should be a top and bottom-line driver for FY26. We expect little impact in the quarter related to churn from the temporary suspension of Jimmy Kimmel Live! given the timing of billing cycles (although there may be a modest impact in F1Q26). In Experiences, the launch of DIS’ new cruise ship, the Disney Adventure, has been delayed from March 2026. Despite this, we remain bullish on the longer-term opportunity in Experiences, with cruise ships in particular, driving a multiyear growth opportunity.