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Kaufman Brothers Says 'Sell' Disney

Kaufman Brothers reiterates sell on Walt Disney (DIS).

Analyst Paul Kim says Disney's restatement drops total fourth quarter operating income by 14% year over year vs. only a 2.2% decline before the adjustment. He says the writedown for the film Treasure Planet highlights the difficult nature of the filmed entertainment business for Disney, even inclusive of its first quarter fiscal 2002 (Sept.) success in DVD shipments.

Kim thinks it also suggests Disney's core animation franchise could face some rough waters ahead. He says this accounting treatment may hurt investors' confidence in future reported numbers.

Kim trimmed his 70 cents fiscal 2003 earnings per share estimate to 69 cents. He has a $15 target.

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