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It’s a small world in media. A small world ruled by a growing giant.
With Walt Disney Co (NYSE:DIS)’s concentrated channel buildout and consumption of Twenty-First Century Fox Inc (NASDAQ:FOXA), the U.S. media ecosystem is shifting.
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The Rating
Macquarie Research analyst Tim Nollen upgraded Disney from Neutral to Outperform and raised the price target from $112 to $125.
The Thesis
Disney is well-positioned with its core theme parks, Marvel- and "Star Wars"-producing film studios, diverse distribution platforms and IP concentration, Nollen said in a Tuesday note. (See the analyst's track record here.)
“We firmly believe Disney has the right formula for growth into the future and will become an aggregator of consumers’ entertainment spend into the future,” Nollen said.
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The Fox merger only improves Disney's prospects, preparing the Mouse to capitalize on industry shifts from ad-driven to paid content, he said. Disney’s post-purchase portfolio, including Europe’s Sky brand, will catalyze international growth while driving the scaling of linear and over-the-top distribution, the analyst said.
The circumstances also improve Disney’s potential to seize MLB, NHL and NFL rights for the 2022-23 seasons.
“In an increasingly concentrated space where content is still king but now requires direct-to-consumer distribution, Disney has by far the highest chance of success, in our view,” Nollen said.
Price Action
At the time of publication, Disney was trading up 3.60 percent at $111.68.
Related Links:
Wall Street Reacts To Disney's Purchase Of Fox's Entertainment Assets
What's Next For Netflix, Hulu After The Disney-Fox Deal?
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.