Cowen analyst Doug Creutz upgraded Disney (DIS) to Outperform from Market Perform and raised his price target for the shares to $131 from $102.
The stock closed yesterday down 4c to $114.96.
The analyst views Disney's "catalyst path for the next year as highly attractive" and believes Thursday's investor day will likely be a "deck-clearing event for sentiment." Disney has a "very powerful pipeline of product" that will play out over the balance of 2019, Creutz tells investors in a research note.
On the film side, the analyst believes Disney's slate could drive a $3B calendar year Studio operating profit. Further, he thinks the Disney+ streaming service is well positioned to have an "extremely strong launch" that surpasses consensus subscriber expectations.
Creutz, however, still has longer-term concerns about Disney's Fox acquisition and the ability of its direct-to-consumer video to improve "deteriorating content aggregation economics."
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