MoffettNathanson Upgrades Disney To Outperform On Iger's Return
MoffettNathanson analyst Michael Nathanson upgraded Disney (DIS) to Outperform from Market Perform with a $120 price target. The analyst cites the news that Disney is bringing back former CEO Bob Iger for a two-year term for the upgrade. "We applaud Disney's Board for the courage to make this change," Nathanson tells investors in a research note. He expects Iger to examine the investment plans at Disney+ and refocuses investment on "areas of franchise strength and away from broader general entertainment content." Disney's multiple will likely move higher as these new changes are implemented, contends Nathanson.
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Oh memories...remember when Disney had the phone market, lol!