Morgan Stanley Raises Price Target On The Walt Disney Company
In a note released Wednesday morning, Morgan Stanley analyst Benjamin Swineburne maintained an Equal-weight rating on The Walt Disney Company (NYSE: DIS) and raised the price target from $85 to $95.
Swinburne began by noting the Disney has outperformed the market and the group by 1,100 bps year to date due to a "remarkable run at the box office." He is forecasting the the company will reach a $1.6 billion EBIT in fiscal 2014 due largely to the success of "Frozen." However, moving forward he believes this will present a tough comp in the future despite a "robust" studio pipeline.
Looking ahead, Swinburne has adjusted a number of estimates including a $100 million increase to cable EBIT in fiscal 2015 due to the launch of the SEC network. Additionally, his EPS estimates for 2014-2016 have gone from $4.23, $4.72, and $5.43 to $4.33, $4.74, and $5.38.
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