Citigroup Reiterates Neutral Rating, $50 PT on The Walt Disney Company

In a report published Friday, Citigroup reiterated its Neutral rating and $50.00 price target on The Walt Disney Company

. Citigroup noted, “From July through September, forward pricing has generally increased mid-single digits at East Coast properties, which may bode well for Domestic Parks results when Disney reports F4Q12 on November 8th. But pricing is the spot market remains soft, suggesting vacancies remain typical at Disneyworld...Our database indicates double-digits price increases in the forward market. In addition, strength in the forward market has continued into the spot market. Indeed, in recent weeks rooms have often been sold out. This is a significant development as we have not seen room sellouts since 2007. We believe the strength at the West Coast properties may be driven by strong interest in the newly opened Cars Land.” The Walt Disney Company closed on Thursday at $52.42.