Jefferies maintained a Hold rating and price target of $110 on shares of Walt Disney Co DIS after the entertainment giant reported earnings for the second quarter.
The outlook for Disney’s kingdom of parks and movies remains solid, but the company’s Virtual Multi-Channel Video Programming Distribution revenues ”are not yet offsetting declines in the (traditional) pay TV universe.”
“DIS reported a second quarter 2Q EPS of $1.50, better than expected studio results driven by strong home ent/theatrical performance,” the analysts led by John Janedis said. “DIS reiterated modest EPS growth for '17, incl. an accelerated buyback in 2H to $9-10B (prior $7-9B)."
The media giant said it earned $13.3 billion in revenue during the second quarter.
Jefferies is encouraged by the slew of upcoming Marvel and Pixar films over the next year, although "the comp gets tougher."
Disney was trading at $108.71 Wednesday morning, down 3 percent.
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