Disney price target raised to $130 from $119 at KeyBanc

KeyBanc analyst Brandon Nispel raised the firm’s price target on Disney to $130 from $119 on higher 2024 estimates from increased conviction on sustained momentum in DPEP and the $5.5B cost-savings program underway at DMED, which will help address the main bear cases. The firm keeps an Overweight rating on the shares, noting that results were better than we previewed, but commentary and restructuring were relatively in line.