It wasn’t long ago when we first revealed new support behind current Disney (NYSE:DIS) CEO Bob Iger in its ongoing proxy fight for control of the entertainment giant’s board of directors. Now, we find that there are some more reinforcements riding to Iger’s rescue. The news was good enough for a boost in Disney’s share prices, but not by much; Disney stock was up fractionally in Wednesday afternoon’s trading.
Iger’s latest support comes from none other than JPMorgan (NYSE:JPM) mainstay Jamie Dimon. Dimon offered up a statement downright effusive in its praise of Iger, noting that Iger “…knows the media and entertainment business cold and has the successful track record to prove it.”
A recent look at Disney might suggest otherwise, but Dimon continued in that vein, noting, “…I don’t know why shareholders would take that risk, especially given the significant progress the company has made since Bob came back.” With the proxy vote set to start in a little under three weeks on April 3, the proxy fight will reach a conclusion sooner rather than later.
Major New Expansion in California
Iger’s expansion efforts have made particular strides in California, where, interestingly enough, Disney parks spent the longest time shut down under the COVID-19 response. While Florida shut down Disney for around four months, California shuttered the parks for roughly a full year. Despite this, California is on tap to get a major new expansion to the Disneyland resort.
Reports note that the project will take 40 years to be fully realized and will focus on “immersive attractions.” In fact, Disney is set to put these attractions in what was formerly a 50-acre parking lot.
What Is the Price Target for Walt Disney?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on DIS stock based on 18 Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 21.13% rally in its share price over the past year, the average DIS price target of $119 per share implies 5.28% upside potential.
