Disney Stock On Track To Open At All-time High

MarketWatch Pulse

Shares of Walt Disney Co. climbed 4.5% in premarket trade and are on track to open at an all-time high after the company's surprise earnings beat late Tuesday triggered a number of price target increases on Wall Street. Nomura backed its buy rating on the media conglomerate and raised its price target to $110 from $105, citing the continued benefit of the "Frozen" franchise and management's upbeat forward-looking tone. J.P. Morgan reiterated its overweight rating and lifted its target by five dollars to $110, saying "Frozen" continues to "shatter expectations" and revenue at Disney's parks increased 9%. Janney Capital Markets was more cautious. The brokerage only backed its neutral rating and $105 target, warning clients that some segment results were "abnormally strong" and may not recur to the same extent next year. Shares of Disney are on track to open above $98, which would mark an all-time high above the company's last record open of $95.50, reached on Dec. 29.

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