That’s the basic takeaway from a new research report by Macquarie analysts Tim Nollen and Stephen Beckett. In the 18-page note to clients, the analysts reiterate their “outperform” rating on the stock, which has moved sideways since Disney prevailed over Comcast last July in the final battle over the Murdoch family jewels. Macquarie’s 12-month price target is $125. Disney closed today at $113.51, up nearly 1%.
The mega-deal will redraw the Hollywood map, transferring to Disney assets such as the Fox film and TV studio and cable networks like FX, as well as giving it majority control of Hulu.
“Strategically, Disney is making the right moves, but financially we don’t see a near-term positive catalyst,