Iger focuses on technology at CES
Disney stock hit a new 52-week high on Friday.
Shares added 7 cents to $35.06 in afternoon trading after earlier in the day hitting a new 52-week high of $35.16 on the New York Stock Exchange. Previously, the stock traded in a 52-week range between $24.90 to $35.03, and is up 36% in the same period.
Credit Suisse analyst William B. Drewry reiterated an outperform rating on the stock.
The analyst noted that topper Bob Iger earlier this week gave a keynote address at the Consumer Electronics Show in Las Vegas, and emphasized the company’s focus on technology, including online partnerships and online content distribution.
Disney has guided for $700 million in revenue from advertising and digital downloads in 2007, the analyst noted.
“We believe there could be potential upside given Disney’s slate of high-quality content and increased adoption of new technologies in consumer electronics,” wrote Drewry.