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Miller Tabak reiterates its Buy rating on The Walt Disney Company
DIS and raises its short-term price target from $48 to $53.
Miller Tabak says, "Catalysts: 1) Today, Disneyland's California Adventure theme park opens four new attractions: Cars Land (a 12-acre park expansion) with three new attractions, themed dining and shopping; Mad T Party in Hollywood Land; a new Buena Vista Street entrance to the park; and the Cathay Circle Theater (including a lounge and premiere dining). On top of +7% attendance growth and +5% per-cap spending growth in F2Q12, we believe this park expansion should continue to drive at least +4% attendance and per-cap spending growth at DisneyLand in 3Q & 4Q12 (which may prove to be conservative; we are expecting +2% increases at Walt Disney World)."
DIS closed at $47.18 on Thursday.
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