Statement came from UBS analyst John Janedis, who upgraded the stock to “buy” from “neutral” at the start of the trading day. It also follows a strong international opening for “Iron Man 3,” which earned a whopping $198.4 million over the weekend, besting the $185.1 million collected from “The Avengers” during its overseas debut. Wall Street also approves of a recent round of cost cutting at the studio to trim overhead.
Disney’s stock opened at $62.82 and rose to $63.25, a gain of 2.2% before noon on Monday — reaching a 52-week high. Disney was already trading at record levels. Its shares are up nearly 50% since the same time last year.
Company was among the top stocks trading on the Dow Jones Industrial Average, as a result of the UBS report, which put a new price target on Disney shares to $72 from $55.
Walt Disney Studios has a strong summer slate. In addition to “Iron Man 3,” it will also release “Monsters University,” “The Lone Ranger” and “Planes,” and has “Thor: The Dark World” later this year. “Oz the Great and Powerful” has earned $481 million worldwide since March.
The Mouse House reports second quarter earnings May 7.
Overall stock market is up, boosted by technology shares.