After Disney's (DIS Quick QuoteDIS - Free Report) big earnings miss last month, Wall Street analysts took estimates down considerably for the current fiscal year, which began in October.

The Zacks Consensus fell 16% from EPS of $5.10 to $4.28. And the outlook also dimmed for the following year, with the Zacks Consensus dropping 9% from $6.41 to $5.81.

In addition to the 27% EPS miss, revenues of $18.53 billion, while advancing 26% from the year-ago quarter, lagged the Zacks Consensus Estimate of $18.85 billion.

But it was company expansion and spending plans that likely motivated analysts to revise their earnings estimates lower.

The company expects to incur elevated costs in fiscal 2022 due to expenses associated with new projects such as Star Wars: Galaxy's Edge, Avengers Campus, and the Epcot expansion, as well growth investment in its cruise ship line.

And Disney announced it intends to expand its local content portfolio in Asia, India, Europe, and Latin America in fiscal 2022.

While steady revenue growth supports the shares -- FY22 is expected to top $83.5 billion for 24% growth -- the EPS hiccup may have some investors questioning the 25X forward P/E ratio.

Disney is a one-of-a-kind blue-chip franchise that belongs in any portfolio seeking stable consumer discretionary exposure. And a better buying opportunity for the stock may be right around the corner as soon as EPS estimates stabilize.

The Zacks Rank will let you know.