Guggenheim raised the firm’s price target on Disney (DIS) to $140 from $120 and keeps a Buy rating on the shares. The firm, which updated its Disney model to better reflect a refined operating expense outlook at Linear Networks, modestly lower theatrical revenue from relative underperformance of recent films, better than previously forecast Sports advertising revenue and “relatively resilient” attendance and travel trends in the Experiences segment, notes that it lifted its full year segment operating income forecast to $17.7B from $17.6B, which is “modestly ahead” of consensus $17.65B. With Hulu now fully under Disney control, the firm views the company as “well positioned to pursue a unified direct-to-consumer strategy” and further lean into bundle packaging to drive incremental revenue, the analyst added.
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