Disney(US:DIS) 智通财经网·2025-05-09 09:18Core Viewpoint - Morgan Stanley reiterated an "Overweight" rating for Disney (DIS.US) and raised the target price from $110 to $120, citing better-than-expected growth in theme parks and streaming services, leading to an upward revision of the annual outlook [1] Group 1: Financial Performance - Disney's Q2 FY2025 performance exceeded expectations with a 7% year-over-year revenue growth, surpassing forecasts by 200 basis points, driven by strong domestic theme park and ESPN performance [1] - The company raised its adjusted earnings per share guidance for FY2025 to +16% from a previous high single-digit percentage [1] - Following the earnings announcement, Disney's stock price increased by 10%, although current valuations do not fully reflect macro risks [1] Group 2: Streaming and Theme Park Growth - Disney+ streaming service saw a counter-cyclical increase in subscriber numbers, benefiting from high-quality IP content such as "Thor: Love and Thunder" and "Andor" [2] - ESPN achieved record high viewership during prime time, resulting in a significant surge in advertising revenue [2] - ESPN's streaming service is set to announce pricing soon, with tests indicating a competitive price of $25/month, which has long-term potential despite limited short-term contributions expected for FY2026 [2] Group 3: Theme Park Metrics - Despite warnings about reduced international tourist numbers due to tariffs, Disney's domestic park revenue grew by 9%, with per capita spending up by 5% and visitor numbers increasing by 2% [2] - The Orlando Walt Disney World hotel bookings showed strong performance, achieving 80% booking for the June quarter (up 4% year-over-year) and 50-60% for the September quarter (up 7% year-over-year) [2] - Disney's booking trends remain resilient despite competition from the new "Epic Universe" theme park in Orlando [2]