UDPATE: Goldman Sachs Upgrades Disney; Raises PT
According to a research report published today, Goldman Sachs has upgraded Walt Disney Company (NYSE: DIS) shares from Neutral to Conviction Buy, while increasing PT from $44 to $51.
Goldman Sachs said in the report, “We expect accelerating ad growth at ESPN from more NBA games and the ongoing auto recovery, which uniquely benefits ESPN; while new distribution deals will sustain high single-digit affiliate fee growth and drive margins for years to come. We expect improving US employment and new businesses, such as cruise ships, and a refurbished California Adventure park to drive double-digit US Park top line and OI growth. As a result, our FY12/13 EPS estimates are 2%/5% above consensus (Reuters). We raise our FY12/13E EPS by 1%/4%.”
Walt Disney closed Friday at $41.31.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.