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Disney Analysts Bullish After Q1 Earnings: ‘The Magic’s Back’

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The Walt Disney Company (NYSE:DIS) reported first-quarter financial results Wednesday, and the media giant beat analyst estimates for earnings per share came in shy on revenue.

Disney made several announcements alongside earnings during its conference call, and Wall Street analysts are breaking down the results and what’s ahead for the House of Mouse.

The Disney Analysts: Bank of America analyst Jessica Reif Ehrlich has a Buy rating and raised the price target from $110 to $130.

Macquarie analyst Tim Nollen has a Neutral rating and raised the price target from $94 to $104.

Needham analyst Laura Martin upgraded Disney from Hold to Buy and initiated a $120 price target.

KeyBanc analyst Brandon Nispel has a Sector Weight rating and no price target.

Related Link: Disney Lands Taylor Swift Concert Film, Nick Saban Joins ESPN, ‘Moana 2’ Heads To Theaters In November: Key Announcements From Bob Iger

Bank of America On Disney: Disney’s first-quarter results were strong and show the company is “bringing the magic back,” Ehrlich said in a note.

“We are encouraged as Disney achieved significant cost reductions across the business and is on track to meet or exceed their $7.5 billion annualized savings target,” the analyst said.

The analyst highlighted Disney’s increased dividend payout and plans for its first share buyback since 2018.

Ehrlich was also encouraged with Disney’s guidance to add 5.5 to 6 million Disney+ subscribers in the second quarter and plans to reach streaming profitability in …

Full story available on Benzinga.com

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