Here's Why Pete Najarian Says Disney Stock Can 'Go A Lot Higher'

Zinger Key Points
  • Several analysts lowered price targets on the stock following the company's results.
  • "So I think there is a chance to see this stock actually make a pretty decent rebound," Pete Najarian said.

Walt Disney Co DIS was featured as the call of the day Thursday on CNBC's "Fast Money Halftime Report."

What Happened: Truist Securities analyst Matthew Thornton maintained Disney with a Buy rating and lowered the price target from $160 to $135, noting he updated his model following the company's earnings results. 

Several analysts lowered price targets on the stock following the company's results, despite Disney's better-than-expected numbers.

Why It Matters: Market Rebellion co-founder Pete Najarian isn't surprised.

"It makes sense that they would have to bring that price target down ... given where the stock actually is and where it's fallen down to," Najarian said on the show. 

That doesn't mean it can't go higher. Most analysts maintained bullish ratings on the stock while cutting targets, he noted.

"So I think there is a chance to see this stock actually make a pretty decent rebound," Najarian said.

Most analysts were largely focused on streaming numbers, but the rest of the report is what stood out for the options trader. 

"I think the core product of Disney still has a lot around it and that's going to give this stock a nice opportunity to go a lot higher than it is right now," he said.

See Also: Gay Days Returns To Disney's Orlando Venues

DIS Price Action: Disney has a 52-week high of $187.58 and low of $99.47. The stock was up 1.10% at $110.42 at press time, according to data from Benzinga Pro.

Photo: Pexels from Pixabay.

Posted In: CNBCMatthew ThorntonPete NajarianTruist SecuritiesLong IdeasPrice TargetAnalyst RatingsMediaTrading Ideas