Disney: biggest rise on the Dow Jones, Barclays to buy
March 25, 2024 at 11:32 am EDT
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Disney was the Dow Jones' biggest riser on Wall Street on Monday, as Barclays upgraded its recommendation on the stock.
In a research note, the research firm said it had upgraded its rating on the stock from 'in-line weighted' to 'overweight', with a price target raised from $95 to $135.
According to the analyst, it's time to take a fresh look at the stock following the latest earnings release, which showed better-than-expected cash generation and better-than-expected forecasts.
From his point of view, these figures suggest that the media group's results may have bottomed out, a dynamic that has enabled the stock to outperform the market since the start of the year, with a gain of 28% versus a 10% rise for the S&P 500 index.
The entertainment giant's shares gained 2.3% following these comments.
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The Walt Disney Company is a media and entertainment group. Net sales (including intragroup) break down by activity as follows:
- operation of theme parks and hotel resorts (33.9%): operation, as of 01/10/2022, of 10 theme parks (35 hotels) located in the United States (Walt Disney World Resort, Disneyland Resort and Aulani; 6 theme parks and 23 hotels), France (Disneyland Paris; 2 theme parks and 7 hotels), Japan (Tokyo Disney Resort; 2 theme parks and 5 hotels), Hong Kong (Hong Kong Disneyland; 1 theme park and 3 hotels) and China (Shanghai Disney Resort; 1 theme park and 2 hotels). The group is also involved in cruise sales (Disney Cruise Line), travel organization (Disney Vacation Club and Adventures By Disney), design and development of parks and other real estate properties, and sale of consumer products (children's books, toys, game software, films, etc.);
- operation of TV and radio channels (33.4%): domestic channels (Disney Channels, ESPN, ESPN Radio, Freeform, FX Channels and National Geographic Channels) and international channels (Disney, ESPN, Fox, National Geographic and Star). The group is also developing film post-production and website operation businesses;
- video streaming (23.1%);
- audiovisual content production and distribution (9.6%): TV programs, animated films, TV series, music, live entertainment, etc.
Net sales are distributed geographically as follows: Americas (81.5%), Europe (10.4%) and Asia/Pacific (8.1%).