Imperial Capital analyst David Miller upgraded Disney (DIS) to Outperform from In-Line and raised his price target for the shares to $129 from $113. The stock closed yesterday up 47c to $112.55.

While fiscal 2019 should be a "transitional year," fiscal 2020 brings an "abundance of catalysts," Miller tells investors in a research note. The analyst sees Disney in fiscal 2019 continuing its campaign with the various regulatory agencies abroad in seeking approval for the 21st Century Fox (FOXA) merger and continuing its investment spending in the BAMTech platform.

However, in fiscal 2020, Miller sees shareholders benefiting from "four distinct catalysts," and he thinks the market may price these in "fairly quickly."

The catalysts are a strong film slate, the opening of the two Star Wars lands, "substantial pricing power" around its three over-the-top services, and the resumption of share buybacks.