The Walt Disney Company’s (DIS) Marvel has once again claimed the top spot at the box office. Deadpool & Wolverine, the latest addition to the Marvel universe, shattered records with a domestic opening weekend haul of $205 million. This impressive debut sets a new high for 2024, marking the biggest opening ever for an R-rated film this year.
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According to a CNBC report, analysts had predicted an opening between $160 million and $180 million. In international markets, the film earned $233.3 million, bringing its global total to $438.3 million for the weekend.
Disney’s Marvel Cinematic Universe
Deadpool & Wolverine is the 34th film released under the Marvel Cinematic Universe (MCU) banner. It is also the first Disney-produced film rated R by the Motion Picture Association. An R-rated movie contains some adult content but can be viewed by children under 17 when accompanied by a parent or adult guardian.
The strong opening of Deadpool & Wolverine marks a turnaround for the MCU. The franchise had faced a post-pandemic slump due to Disney overcrowding the market with superhero streaming content. Disney had prioritized quantity over quality at the box office.
Interestingly, the film’s debut coincided with Marvel’s San Diego Comic-Con panel. At this event, Marvel revealed an updated film slate. This included Sam Wilson’s new role as Captain America and the arrival of Doctor Doom, to be portrayed by Robert Downey Jr.
Disney’s Marvel Acquisition
Disney acquired Marvel Entertainment for around $4 billion in 2009. Since then, the Marvel universe has paid off richly for the House of the Mouse. With the success of Deadpool & Wolverine, the MCU has become the first film franchise in history to cross $30 billion at the global box office.
Regarding its film slate, the company’s management stated on its Fiscal Q2 earnings call that it would produce both sequels and original content, particularly in animation.
Disney’s CEO Bob Iger added, “I just think that right now, given the competition in the overall movie marketplace that actually there’s a lot of value in the sequels obviously because they’re known and it takes less in terms of marketing.”
What Is the Target Price for DIS Stock?
Analysts remain bullish about DIS stock, with a Strong Buy consensus rating based on 21 Buys and five Holds. Over the past year, DIS has increased by around 2%, and the average DIS price target of $128.04 implies an upside potential of 42.4% from current levels.
