Disney continues to ride off of the box office success of "Beauty and the Beast," closing in on a 52-week high today at $113.16 a share after analyst Anthony DiClemente from Instinet raised his price target for the entertainment company.
"I just think at a higher level, [Disney's studio segment] really demonstrates the consistency and the global power of the Disney film studio," DiClemente told CNBC's "Fast Money Halftime Report" on Tuesday. "As a result, we took up our target price on the stock, which is a great buy."
"Beauty and the Beast" clinched the title of highest March opening of all time this past weekend and easily beat Disney's estimates for box office earnings.
"Look, this is the biggest ever March box office opening, you know, in history. This is the seventh biggest opening weekend of all time," DiClemente said. "We were looking for $120 million, and it did $170 [million]."
When asked whether Disney could weather past ESPN troubles, DiClemente remained positive for the entertainment company but acknowledged advertising concerns.
"I think we're out of the woods on traditional cord cutting. Because these newer bundles like YouTube TV and the soon-to-be launched Hulu will include ESPN," DiClemente said. "What I'm incrementally concerned about, actually, is advertising, because ratings on the shoulder programming, like SportsCenter, have really rolled over. So even though we took up the overall earnings estimate, our ESPN advertising estimate went lower."