UPDATE: Bank of America Reiterates Buy Rating, Raises PT on The Walt Disney Company Following Strong F1Q Results

In a report published Wednesday, Bank of America analyst Jessica Reif Cohen reiterated a Buy rating on

, and raised the price target from $105.00 to $120.00. In the report, Bank of America noted, "DIS' F1Q results were well ahead of consensus and our forecast, reflecting strength across nearly all divisions w/notable upside (vs. our ests.) at Filmed Entertainment, Consumer Products and Broadcasting. Importantly, demand remains robust for DIS' branded franchise product, driving significant leverage throughout the model. All-in, DIS' total rev. grew +9% Y/Y (vs. +7% est.) while EBIT grew +18% (vs. +13% est.). Adj. EPS of $1.27 was better vs. our $1.23 est. and significantly ahead of consensus of $1.07 due to the above + lower taxes." The Walt Disney Company closed on Tuesday at $94.10.