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Disney (DIS) stock analysis: Buy, Sell, or Hold in 2024?

Disney (DIS) stock analysis: Buy, Sell, or Hold in 2024?
Elmaz Sabovic

Although last year saw a receding performance for Disney (NYSE: DIS), the first months of 2024 have brought a strong performance and new collaborations that will potentially elevate this stock further.

While suffering a decrease of -11.31% throughout 2023, this stock has already recuperated 9.29% of its value since the beginning of this one, presenting a question of whether to buy, sell, or hold.

On February 8th, we delve into what the next 11 months may have in store for DIS, examining the potential for further advancements.

Why are analysts so bullish on DIS stock?

Several notable financial institutions have recently adjusted their stock price targets (PT). Barclays increased its PT to $95 from $88, while UBS raised its to $120 from $110. Additionally, Needham upgraded its rating from hold to buy, setting a target of $120.

Wells Fargo also adjusted its PT upward to $128 from $115. Lastly, Bank of America Securities raised $130 from $110. These revisions reflect varying levels of optimism and confidence in the stock’s future performance, indicating positive sentiments among analysts regarding its potential growth and value.

In the latest financial report, the expected earnings per share (EPS) stood at $1.04, while the reported EPS exceeded expectations at $1.22, resulting in a surprise of 17.80%. The anticipated figure was $23.77 billion on the revenue front, yet the reported revenue came in slightly lower at $23.55 billion, resulting in a surprise of -0.94%. 

Disney’s collaboration with Epic Games as a catalyst for further growth

On February 7, Disney announced a significant investment of $1.5 billion in Epic Games, marking its largest venture into the gaming industry. CEO Bob Iger revealed the partnership, indicating plans for collaboration with the Fortnite studio to develop new games and expand into an entertainment universe aimed at consumers.

The partnership follows Disney’s success in licensing iconic figures like Spider-Man for popular video games. Additionally, Disney has previously collaborated with Epic to introduce characters from Marvel, Star Wars, “The Nightmare Before Christmas,” “Tron,” and other franchises into Fortnite.

DIS stock price analysis

At the time of publication, DIS stock has added 8.25% to its value since the previous closure, putting its valuation at $107.32. 

DIS 24-hour stock price chart. Source: Finbold
DIS 24-hour stock price chart. Source: Finbold

This adds to the gains of 12.20% over the past five trading sessions.

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