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Walt Disney Co (NYSE:DIS) shares hit a new 52-week high of $114.68 Thursday after moving higher in each of the past nine trading sessions — the Mouse's longest winning streak in five years.
Should investors buy the momentum? One Street analyst made the case for more upside during a CNBC "Trading Nation" segment.
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The Analyst
Susquehanna Financial Group's Stacey Gilbert discussed Disney stock and the options market.
The Thesis
In the near-term, it appears Disney will emerge victorious over Comcast Corporation (NASDAQ:CMCSA) to buy most of Twenty-First Century Fox Inc (NASDAQ:FOXA)'s assets, Gilbert said during the CNBC segment. This catalyst is being interpreted by the market as a sign of continued bullish sentiment for the stock, she said.
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The options market is also sending a clear bullish signal, Gilbert said: Options investors are buying upside calls and aren't looking at just one maturity, but rather "several of them," with the focus being around the $120 strike. This would support an upside case for Disney's stock as high as $140 to $145, she said.
Investors looking to profit from expectations of continued momentum in Disney's stock may want to consider buying one call option and selling a higher call strike to minimize potential volatility risk, the analyst said.
Price Action
Shares of Disney were trading lower by 0.39 percent at the time of publication Friday.
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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.