Disney Shares Trending Higher Heading Into Q1 Earnings

Walt Disney Co DIS is scheduled to report fiscal Q1 earnings after the market close Tuesday. The Street is expecting revenue of $12.87 billion with EPS of $1.07.

Wedbush analyst Matthew Harrigan noted that “Disney is quite exposed to the global macro, including the strong dollar and its implications for the Park business” and cited a Wall Street Journal report that Shanghai Disneyland’s opening will be delayed until the first half 2016.

Harrigan thought that Q1 results would come in at $12.942 billion for revenue and $1.06 in adjusted EPS, $0.01 below consensus.

Wedbush rated the company Hold, with an $88 price target.

FRB & Co. analyst Barton Crockett had different expectations and estimated Q1 EPS at $1.10, $0.03 above consensus.

Crockett also raised the firm’s price target on Disney from $105 to $120. The price target was raised on Monday and could not account for Tuesday’s news that Shanghai Disneyland would not open in December of 2015.

With regard to films, Crockett felt “the step-up to a movie slate of historically large and profitable proportions, anchored by the Star Wars reboot launching in December and a strong slate from Marvel, Pixar, and Disney Animation.”

FRB & Co. maintained an Outperform rating on the stock.

Over the past month, shares of Disney have fallen about 1 percent. Heading into earnings, the stock traded at $92.95, up 1.1 percent from Monday’s close.