Morgan Stanley analyst Alan Kassan upgraded his rating of Walt Disney Co. to “buy” from “hold.”Kassan says Disney shares are selling at a discount to its peers based on cash flow and that its theme park and filmed entertainment businesses will get a boost next spring and summer. On a valuation basis, Disney’s market capitalization is trading at about 11 times cash flow or earnings before interest, taxes and amortization. Disney’s filmed entertainment should see a good return from animated feature “The Lion King,” set for June. And theme park attendance will get a boost from Disney-MGM Studios’ new ride, the Twilight Zone Tower of Terror.
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- Save the Children, Fairfield, Connecticut