Citigroup Reiterates Buy, $42 Target on Walt Disney
Citigroup maintains its Buy rating and $42 target price on Walt Disney (NYSE: DIS) as Orlando traffic softness continues and International shows sequential improvement.
Citigroup says, "November domestic growth declined 2.5% versus the year-ago period. But, domestic traffic faced a very tough comp as November, 2010 domestic traffic increased 10.1%. We note that November, 2010 is the only month Orlando traffic increased double-digits since we began tracking this data in January, 2008. ...November international traffic increased 0.7% versus the year-ago period. Although this is below the low to mid-single digit growth displayed during most of 2011, it represents a sequential improvement vs. October, 2011 when international traffic fell 1.2%. "
DIS closed at $38.40 per share on Friday.
