Disney(US:DIS) 智通财经网·2026-01-07 09:08Core Viewpoint - Citi Research has issued a "Buy" rating for The Walt Disney Company (DIS.US) with a target price of $145, indicating a potential upside of 27% from the current stock price of $114.57, along with an expected total return of 28% including a 0.9% dividend yield [1] Entertainment Business - Disney has completed the acquisition of Fubo, expected to contribute approximately 50% of its earnings in the first quarter of fiscal year 2026. However, the CSL&O (Content Sales and Licensing) department is projected to face a year-over-year EBIT pressure of about $400 million due to comparisons with several films and an increase in general entertainment film releases [1] - The earnings of "Avatar" and "Zootopia 2" will be compared with "Moana 2" and "The Lion King: Mufasa," with the economic benefits of "Avatar" not being typical due to its terms inherited from the acquisition of 21st Century Fox [1] Sports Business - Disney's management remains optimistic that the ESPN Unlimited product will not trigger an incremental "cord-cutting" trend, believing sports fans prefer a linear package for all sports content rather than multiple direct-to-consumer apps. Disney plans to continue collaborating with pay-TV companies to offer streamlined sports-focused packages [2] - ESPN Unlimited and ESPN Select reportedly have around 3 million subscribers, but Disney's management did not comment on this figure [2] Theme Parks and Experiences - Domestic parks are expected to benefit from increased attendance in the first quarter of fiscal year 2026 due to two days of closures caused by a hurricane in the same period of 2025. However, a decrease in international visitors and competition from Epic Universe will pose challenges [2] - The cruise business maintains a healthy occupancy rate of over 90%, despite new ships being launched. Disney plans to continue expanding its cruise fleet until 2031, although recent profit margins may be impacted by the costs associated with new ship launches [2] Other Business Developments - Disney has terminated its gaming partnership with Penn Entertainment and established a new fixed-payment agreement with DraftKings, which does not include equity components. Additionally, Disney has strategically invested in OpenAI, similar to its collaboration with Epic, aiming to invest in areas with significant consumer engagement and control over intellectual property [3]