Shares rose more than 2.5% to $76.50 in early morning trading. By mid-day it was at around $76.29.
The latest stock bump was prompted by a report released by Guggenheim on Monday that raised its target price for Disney by $10 to $87 per share. Its previous price target was $77. Guggenheim’s Michael Morris said he was encouraged by the strong performance of Marvel’s “Thor” sequel and the animated hit “Frozen,” with both outperforming expectations, along with Disney’s future slate of films and prospects for international growth opportunities from its theme parks, consumer products and movie releases from Marvel, Pixar and Lucasfilm.
Morris especially pointed out Disney’s parks biz as noteworthy, estimating revenue to reach $15.7 billion in 2014 and $16.22 billion in 2015. Shanghai Disneyland opens in late 2015.
Disney wasn’t alone on Monday, with all of the major entertainment media stocks enjoying an end-of-year rise.
CBS Corp. hit a new high of $63.66, up nearly 1%; while shares of Lionsgate were up 3.7% to $31.94; Sony rose 1.8% to $17.39; and 21st Century Fox was up 0.7% to $35.19 before losing any gains. NBCUniversal-parent Comcast also was up to $51.79.