Evercore ISI raised the firm’s price target on Disney to $130 from $115 and keeps an Outperform rating on the shares. The firm is updating its Q2 estimates to reflect CEO Bob Iger’s intra-quarter commentary that domestic and international parks operating income is expected to grow low to mid-teens in Q2 and that management now expects to exceed $8B of free cash flow in FY24. The firm now expects 11% Experiences segment operating growth in Q2 as it is raising its expectation for Parks operating income growth to 14% year-over-year and moderating its expectation for Consumer Products operating income growth to be down (1%) year-over-year, the analyst tells investors.
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