Shares of The Walt Disney Company (NYSE: DIS) were up in pre-market trading on Monday as investors and analysts alike cheered the news of Robert A. Iger back at the helm.
Following the news, MoffettNathanson analyst Michael Nathanson upgraded the stock to a Buy from a Hold and kept a price target of $120 on the stock.
Nathanson commented in a research note, “Putting it all together, we expect the new CEO to re-examine and re-direct Disney’s current streaming strategy, honestly deal with the challenges confronting its linear networks by cutting back on non-essential sports, change the centralized approach to content procurement established under former CEO Chapek and manage the company forward with discipline, sound strategy and flawless execution.”
The above graphic gives the consensus analyst price target for DIS stock.
Analysts continue to remain bullish about Disney with a Strong Buy consensus rating based on 17 Buys and three Holds. The average price forecast for DIS stock is $126.06 implying an upside potential of 37.3% at current levels.
The return of Bob Iger even prompted Netflix’s (NFLX) CEO, Reed Hastings to tweet, “Ugh. I had been hoping Iger would run for President. He is amazing.”
