Disney's (DIS) "The Jungle Book" opened to a "massive" $103M, outperforming even the most optimistic expectations of $82M, Piper Jaffray analyst Stan Meyers tells investors in a research note. The film ranks as the second-biggest April debut ever, behind last year's Furious 7, the analyst points out. He now expects the movie to gross over $300M, well above his previous estimate of $180M.
The analyst believes Disney's "robust" film slate will drive "significant value across multiple segments" and says his firm remains a buyer of the shares. He has an Overweight rating on the name with a $120 price target. Disney closed Friday down 5c to $98.58.
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