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Nomura Raises Numbers on Walt Disney (DIS) Following Solid Q1

February 6, 2013 8:50 AM EST Send to a Friend
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Price: $86.80 +0.88%

Rating Summary:
    20 Buy, 11 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 23 | Down: 25 | New: 18
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Nomura Securities raised estimates and its price target on Walt Disney (NYSE: DIS) from $59 to $62 following Q1 results.

Analyst Michael Nathanson comments, "Let the affiliate fees roll. Disney posted adjusted F1Q EPS of $0.79, $0.05 above our below-consensus estimate of $0.74. The quarter benefited from stronger results at Media Networks offset by weaker Park and Studio results. Consumer Products and Interactive were also positives in the quarter. Disney now appears poised to benefit from multiple drivers that were built over recent years. We estimate Cable Network affiliate fees to ramp in CY13 owing to the new deals Disney cut with distributors. We forecast FY13 U.S. Parks margins to expand by 140bps to 17.6% despite the headwinds from the new initiatives and even further in the next two years reaching back to peak levels. We maintain our Buy and raise our target by $3 to $62 to reflect a higher market multiple and increased estimates."

FY13E EPS estiamtes go from $3.46 to $3.50; FY14E EPS from $3.90 to $3.93.

For an analyst ratings summary and ratings history on Walt Disney click here. For more ratings news on Walt Disney click here.

Shares of Walt Disney closed at $54.29 yesterday.




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