MoffettNathanson upgrades its rating on company shares to 'outperform' after 'concern that the former CEO Bob Chapek had become wedded to astreaming strategy that did not make sense given today’s reality.'
. And experts started discussing possible strategic changes that he could usher in.
Disney shares, in pre-market trading on Monday, were up 9.3 percent at $100.29 as of 7 a.m. ET. The stock had hit a 52-week low of $86.28 earlier this month. As of Friday’s market close, it had fallen about 40 percent so far this year. “Magic is back,” MoffettNathanson analyst Michael Nathanson cheered the return of Iger and upgraded the rating from “market perform” to “outperform,” while raising his stock price target by $20 to $120. “We raise the valuation multiple to reflect our greater confidence in the company’s trajectory under the leadership of returning CEO Bob Iger,” he explained in a Monday report, adding that the company veteran could “help guide the company through this period of massive secular change.
Nathanson noted that “we have never hidden our affection for Mr. Iger and the job that he did in building Disney into the global powerhouse that it has become.” He explained: “Over the many years, Mr. Iger’s decision-making and strategic positioning – which ignored the Street’s often incorrect short-term focus – would ultimately separate Disney from the media pack.
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