Another Wall Street Analyst Boosts Disney Target Stock Price
With just hours to go until The Walt Disney Company’s annual meeting, another stock analyst has boosted its target price for Disney stock.
In a morning report titled “All Ears on Shareholder Vote Today,” Guggenheim analyst Michael Morris maintained his “buy” rating on Disney stock but boosted his target price to $140, a $15 increase.
Looking ahead to today’s annual meeting, Morris said that Guggenheim expects the Disney slate of candidates to prevail.
“We expect the Disney-proposed board nominees to win election, though the vote outcome is unlikely to impact near-term operating trends or financial results regardless of outcome,” Morris said.
The Walt Disney Company
“With this in mind, we update our Walt Disney model to better reflect 1) momentum at the company’s domestic and international parks and experiences, 2) continued pressures at linear networks, and 3) an incrementally more back-half weighted cadence at content sales/licensing and other.”
Wall Street Remains Bullish on Disney
Morris, like many other Wall Street analysts, believes that Disney has the capability to increase its streaming margins, combat the decline of linear television, and continue to thrive in the theme park business.
“Our $140 price target, up from $125 prior, reflects our confidence in the long-term strength and potential for [theme] parks growth and the renewed focus on profitable growth at the company’s media and entertainment assets,” Guggenheim’s Morris explained.
Yesterday, Bank of America analyst Jessica Reif Ehrlich also boosted the Disney stock price rating by $15 to $145. In her report, she cited “momentum across the board.”
Disney Will Look to Keep the Momentum Going
Both Morris and Ehrlich’s latest reports are emblematic of Wall Street’s bullish attitude towards Disney.
Photo: The Walt Disney Company
So far this year, Disney’s stock is up more than 30 percent. Disney will look to continue its momentum at today’s annual meeting.
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