Morgan Stanley changed its top media and entertainment pick from Spotify (SPOT) to Disney (DIS) heading into 2025. The firm keeps an Overweight rating on Disney with a $125 price target. Two years of restructuring, price increases, and password crackdowns eased competitive intensity and delivered streaming profits in 2024, the analyst tells investors in a research note. In 2025, Morgan Stanley expects “substantial” streaming profits from both Disney and Warner Bros Discovery (WBD). Disney has the greatest potential to join the “distribution is king” group as a content distribution leader, while at the same time benefiting from consumer demand and related growth at its experiential assets, the firm contends.
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