Ahead of the Bell: Disney climbs premarket on 2Q earns
NEW YORK—Shares of The Walt Disney Co. climbed in premarket trading Wednesday after the entertainment company said its fiscal second-quarter profit rose 22 percent, beating Wall Street estimates.
The stock gained 77 cents, or 2.3 percent, to $34.50.
Oppenheimer analyst Jason Helfstein raised his price target on the Burbank, Calif., company to $42 from $38 on its "blowout" results of 58 cents per share. Analysts polled by Thomson Financial expected 51 cents per share.
In a note to investors, Helfstein reiterated his "Outperform" rating on Disney and highlighted its strong international sales and better-than-expected performance at its theme parks.
Separately, Goldman Sachs analyst Ingrid Chung raised her six-month price target to $39 from $35 and maintained her "Buy" rating.
"We continue to view Disney's ability to leverage franchises across multiple platforms favorably as we believe this ability drives superior returns," Chung said.
However, she cautioned that theme park attendance, a possible slowdown in advertising growth on its networks and weaker box office performance could undermine earnings in the near term.
On Tuesday, Disney shares climbed 44 cents to $33.73.
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