Wunderlich Securities Believes that Walt Disney Co. Remains Undervalued

In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Hold rating and $88.00 price target on

. In the report, Wunderlich Securities noted, “Although shares of Hold-rated Walt Disney (DIS) were under some pressure after the market close following the FQ4 earnings release, we would use any weakness to accumulate shares for investors comfortable with the global macro position. We retain an $88 price target for F2015 but are still assessing the attractiveness of the shares under our S&P 500 linked valuation approach. We remain rabid fans of the studio, with a likely Street high $22B valuation, but are cautious on the cyclical aspects of the Parks and Cable Networks (ESPN) businesses. Recurring FQ4 EPS came in at 89 cents, in line with consensus, and below the 94 cent Guardians of the Galaxy-fueled studio result we had expected.” Walt Disney Co. closed on Thursday at $92.00.