International Drives Disney


Miller Tabak & Co. media analyst David Joyce initiated coverage of The Walt Disney Co. with a “buy” rating and $34 per share price target.

In his research report, Joyce said that on the upside, Disney’s brands and characters are known around the world, there is still room to expand its cable-network presence internationally. Additionally, he said, Disney has also been a front-runner in embracing more distribution outlets, points of contact with consumers and potential revenue streams.

On the downside: New technologies that allow users to skip advertisements, like digital video recorders, could put a new onus on management to determine how to generate returns while keeping costs down.