What’s the bear case for DIS (Disney)?

I’m aware of the bull case – Solid brand with effectively no single competitor with the same reach into so many segments. The IP rights to so many popular media universes; the next phases of Marvel, an onslaught of Star Wars, and rebooting of X-Men. The parks are packed and people continue to pay top dollar to visit.

Now what’s the bear case!?

Some thoughts are despite the attractively low stock price there is still room to fall. P/E ratio is still high vs what it was for many years. Streaming is expensive to produce for as evident by Netflix plunge and competition is fierce. Operating costs are high for parks and the renewed pro labor movement may result in demands for higher pay, more benefits, etc – $$$$ out of Disney corporate pockets. Management has attracted the unwanted attention of the go woke go broke moment, and Disney sentiments online seem to be shifting to badly managed and too high prices. If we soon enter a recession how many will continue paying top dollar to flock to Disney parks.

Say a bear is planning to add some DIS the mix what is your ideal price target?