Disney
WALT DISNEY
+4.68%
closure:0
opening:122.3
High:123.27
low:117.33
cycle:—
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It beat analysts’ forecasts, and they are quick to raise forecasts and target prices. The entertainment and streaming company reported revenues of approximately $21.5 billion, above the forecasts of analysts who expected revenues of approximately $21 billion. The revenues reflect a growth of 26% compared to the second quarter of last year. Earnings per share were also above expectations when Disney recorded earnings per share of $1.09, above the forecasts of analysts who expected earnings per share of 96 cents. In the corresponding quarter, Disney recorded a profit of 80 cents. The stock jumps by 8% after the excellent report, and the analysts’ recommendations are not long in coming.
Analysts at Guggenheim, led by Michael Morris, upgraded Disney to “buy” from “neutral” and raised their price target to $145 from $110, saying this was due to “their high valuations, confidence in the company, the upward trend in revenue from the parks and efficiency that the company manages to implement.”
Analysts at KeyBanc Capital Markets, led by Brandon Nispel, raised their target price to $154 from $131 and said: “We continue to see Disney developing and growing in the streaming sector and is the only one we want to own in the media sector.”
Also in the sector of target price increases – Wells Fargo raises the target price from $130 to $145 per share, Bank of America also raises the target price to $144, from $122 and Rosenblatt Investments raises the target price from $124 for $140 per share.
While the company gave details of its plan to raise the price of its Disney+ streaming service at the end of the year and, like Netflix, offer a subscription with ads at a discounted price, it lowered its forecast for the number of future subscribers, now expecting 245 million subscribers to its various streaming services, compared to a previous forecast of -260 million subscribers.
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