Walt Disney (DIS) PT Raised to $130 at Evercore ISI

Evercore ISI analyst Vijay Jayant raised the price target on Walt Disney (NYSE: DIS) to $130.00 (from $115.00) while maintaining a Outperform rating.

The analyst comments "From October 2005, when Bob Iger first became CEO, through 2015, when ESPN began losing subscribers, Disney traded at a premium to the S&P 500 on NTM P/E for 91% of trading days with an average premium of +16% and a median premium of +18% over this period. From 2016 to Disney’s first DTC investor day in 2019 the company traded at a mean and median (5%) discount to the S&P given terminal value concerns with the linear TV ecosystem losing
subscribers. We believe the market is returning to the 2005-2015 valuation paradigm for Disney. We are increasing our price target from $115 to $130 to reflect an 18% premium to the S&P 500 on calendar 2024E EPS of $5.11 (+5% ahead of consensus)."

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