Disney share rose in midday trading following an analyst upgrade as the market looked forward to details of its streaming service at its investor day Thursday.
Walt Disney (NYSE:DIS) rose 1.4% and the S&P 500 consumer discretionary sector rose 0.4%.
S.G. Cowen upgraded the stock to outperform from market perform and boosted its price target to $131 from $102, Briefing.com reported.
Cowen noted the potential for the streaming service, Disney+, and the company’s strong pipeline of films.
"We view Disney's catalyst path for the next year as highly attractive, and believe Thursday’s investor day will likely be a deck-clearing event for sentiment,” Cowen said.
But the are longer-term concerns about the company’s Fox acquisition, it added.
Wall Street already has a grasp on the content Disney can bring to its streaming service but will be looking for more details of how Disney+ will actually work, including pricing, on Thursday.
