UPDATE: Miller Tabak Raises Target to $48 on Walt Disney

Miller Tabak raises its short term price target on Walt Disney

to $48 from $44 as it reiterates its Buy rating on shares following the company's 1Q12 results. Miller Tabak says, "We are revising our Walt Disney Company (DIS-$41.45-Buy- ST Target $48, LT $53) estimates for the 1Q12 Studio margin miss, management comments on Media Network pacings and scatter market strength that are in line with our Broadcasting estimates but stronger for the Cable Nets, and a continuing improvement in the Parks & Resorts outlook." DIS closed at $41.45 a share on Friday.