UPDATE: Miller Tabak & Co Lowers PT on Walt Disney from $48 to $44

Miller Tabak & Co has published a research report on the Walt Disney Company

lowering the price target amid fears of global recession. In the report, Miller Tabak wrote, "While the credit markets may have dried up for high-yield issuers due to the recent weeks' shift back to the risk-off mentality, Disney, a Single-A-rated company, last night priced $1.85 bn of debt in three tranches at very attractive rates: $750 mm 1.35% 5-yr notes (+60 bps over Treasuries); $750 mm 2.75% 10-yrs @+72 bps; and $350 mm 4.375% 30-yr sr notes @+87.5 bps. We increase our share buyback activity estimate for 4Q11 to $706 mm from $417 mm." Miller Tabak rated Walt Disney a Buy with a price target lowered from $48 to $44.Walt Disney closed Wednesday at $33.37.