BMO Capital Markets Corp. maintained an Outperform rating on Walt Disney (NYSE: DIS) and raised its target price to $125 (from $115) after a strong quarter. Despite a slight miss for Cable OI due to programming expenses, a 15% ad growth driven by College Football, and an NFL wild card game showed continued value in ESPN.

BMO Capital Markets analyst Daniel Salmon comments on the subject. "FY2Q15 EPS of $1.23 beat our $1.13 and consensus of $1.11. Operating income for all segments except Media Networks was above our expectations and consensus; within Media Networks, Cable OI declined 9%, due to higher content costs at ESPN, and Broad cast was up 90%. The largest % outperformance came from the Studio segment despite a 10% decline in OI due to Frozen theatrical and home entertainment comps. Parks and Resorts OI was up 24%, while Consumer Products OI was up 32% and Interactive was up 86%."

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Shares of Walt Disney closed at $110.81 yesterday.