Piper Jaffray Bullish on Walt Disney (DIS) Into Next Week's Print
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Piper Jaffray analyst Stan Meyers is positive on Walt Disney (NYSE: DIS) into Q3 results on Tuesday, 8/9. The analyst expects the company's results to come in slightly ahead on revenues and EPS.
Meyers said the quarter should be positively impacted by: (1) solid box office across The Jungle Book, Captain America and Finding Dory; (2) Star Wars' robust home video sales; (3) strong NBA Playoffs ratings (Game 7 drew over 31M viewers, setting a record for ABC); (4) Solid merchandise sales (NPD reported Q2 toy sales were up over 7%); (5) Some top-line growth from Shanghai opening (1M attendees in the first month).
On the negative side, they expect a few negative items to modestly impact the quarter including the underperformance of Alice 2 and shift of the Easter Holiday to F2Q.
The firm reiterated an Overweight rating and price target of $120 into the print.
Shares of Walt Disney closed at $95.16 yesterday.
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