Several Wall Street analysts have raised their price targets on the stock of Walt Disney Co. (DIS) after the entertainment company reported strong quarterly financial results.
TD Cowen lifted its price target on DIS stock to $123 a share from $108 previously, but kept its Hold rating on the stock. Analysts at Wells Fargo (WFC) raised their price target on the stock to $138 from $116 and reiterated a Buy rating.
Morgan Stanley (MS) hiked its target on the stock to $125 from $110 and reiterated its Buy recommendation. Bank of America (BAC) went even further, increasing its price target on Disney stock to a Wall Street high of $140 from $120 and also reiterated a Buy rating on the shares.
Disney’s Strong Quarter
The multiple price target boosts come a day after Walt Disney Co. issued Fiscal fourth quarter financial results that surpassed Wall Street estimates. Not only did the Mouse House top forecasts on the top and bottom lines, but it demonstrated growth in both its streaming and parks divisions.
Revenue in the entertainment segment rose 14% year-over-year to $10.83 billion, fueled by a strong summer box office and growth in streaming. Subscribers to Disney+ grew by 4.4 million, or 4%, to 122.7 million, while the number of Hulu subscribers rose 2% to 52 million in the quarter.
DIS stock has increased 28% so far this year.
Is DIS Stock a Buy?
Disney stock has a consensus Strong Buy rating among 16 Wall Street analysts. That rating is based on 12 Buy and four Hold recommendations made in the last three months. There are no Sell ratings on the stock. The average DIS price target of $113.08 implies 1.71% downside risk from current levels.
