UPDATE: Sterne Agee Initiates Coverage on Walt Disney Corporation, Future Growth Prospects Unclear

In a report published on Wednesday, Sterne Agee analyst Matt Cioppa initiated coverage on Walt Disney Corporation DIS with a Neutral rating and a price target of $69.00. In the report, Cioppa stated, "We don't see an argument for multiple expansion at this point. DIS' relative NTM P/E multiple growth remained fairly stable in the last 12 months and year to date at 2% and 6%, respectively. Unlike some other names in our universe, we can't identify a catalyst for a higher multiple such as a spinoff of a segment (e.g. NWSA [$31.67 - not covered] in the past 12 months) or a bear case going away (e.g. VIAB [$66.72 - Buy] and TWX [$56.89 - Buy] in the past 12 months)." Walt Disney Corporation's stock is currently trading at $63.18, up .30 percent from its previous close of $62.99.