Disney Hits All-Time High
Shares of Walt Disney Co. (NYSE:DIS) hit an all-time high after the company announced an increase in quarterly profit thanks in large part to the success of The Avengers, which broke opening weekend records at the box office this past weekend.
Further Reading: Walt Disney Earnings: Here’s Why The Stock Hit A New 52-Week High.
Shares were up as much as 3 percent to $45.80 during trading on Wednesday. The success of The Avengers, combined with strong attendance at theme parks and an increase in advertising revenues from cable networks such as ESPN provided second-quarter profits, even in the face of box office flops like John Carter.
Several firms including Royal Bank of Canada Capital Markets (NYSE:RY) and Barclays plc (NYSE:BCS) raised their price targets on the company. Still, some are skeptical that Disney will be able to maintain growth in the face of long-term challenges such as a solid television revenue stream.
Disney announced a planned sequel to The Avengers on Tuesday.