Goldman Sachs Upgrades Walt Disney (DIS) to Conviction Buy

Goldman Sachs upgraded Walt Disney (NYSE: DIS) from Neutral to Conviction Buy with a price target of $51 (up form $44) citing ESPN and theme parks drive earnings upside.

The firm said they expect accelerating ad growth, more NBA games and the ongoing auto recovery, to benefit ESPN. The expect improving US employment and new businesses, such as cruise ships, and a refurbished California Adventure park to drive double-digit US Park top line and OI growth.

The firm raised FY12/13E EPS by 1%/4%.

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 $41.31 yesterday.

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