Several financial experts boosted stock price targets, but one analyst warns that an upcoming Disney+ price increase 'seems very aggressive, especially at a time when economically pressured consumers are cutting back discretionary spending.'
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Helping the bull run was the fact that Guggenheim analyst Michael Morris upgraded his rating on Disney shares from “neutral” to “buy” and his price target by $35 to $145. “We raise our profit estimates … and our price target valuation multiple to reflect stronger than previously forecast trends,” he wrote in a report and highlighted in its title: “Confident Streaming Price Increases Bolster Our Valuation.
Bank of America’s analyst team, led by Jessica Reif Ehrlich, reiterated its “buy” rating and increased its price target from $122 to $144, citing theme parks “firing on all cylinders” as well as Disney+ “significantly beating our expectations.” Wells Fargo analyst Steven Cahall, who has an “overweight” rating on Disney, also pushed his financial estimates higher and, as a result of that, increased his stock price target. The latter jumped by $15 to $145. He also boosted his streaming business valuation for Disney from $100 billion to $110 billion, which now matches his Netflix model.
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