UPDATE: Citi Raises PT to $42 on Walt Disney

A report from Citi reiterates its Buy rating and raises its price target from $36 to $42 on Walt Disney

. The report states, "Normalized EPS of $0.59 (excl. restructuring and impairment charges of $0.01) beat consensus of $0.54 and our $0.56 estimate. EPS beat driven by: 1) Growth at the worldwide Disney Channels, ESPN and higher equity income, 2) Lower programming costs and higher ad revenue at ABC, 3) Increased guest spending at Domestic Parks and cruise, and 4) Growth at Consumer driven by Merchandise Licensing.” DIS closed yesterday at $34.64.