'Star Wars' and the Fox deal could be the ‘shot in the arm’ Disney needs to surge

Disney shares could see a boost on the heels of the deal between the company and Twenty-First Century Fox as well as the release of the newest "Star Wars" film, some strategists say.

The deal between the two companies — which values Fox assets at $66 billion — is attractive, said Mike Binger, senior portfolio manager at Gradient Investments.

Disney has underperformed the market over the last two years, Binger said, and a move like this "could be the shot in the arm the stock needs." The company's shares are up 3 percent this year as the S&P 500 index has risen 19 percent. Disney shares rose 0.8 percent in premarket trading Thursday after the deal was announced.

"The combination of their studio libraries really boosts Disney's entertainment content. Especially as Disney is readying to unleash their new streaming video and on-demand services," Binger wrote to CNBC on Tuesday, adding that the deal would add global cable networks and help diversify away from the ESPN brand, which has recently struggled.

"Investors like scale as traditional media companies compete against heightened competition. This is a blue chip company trading at a discount to the market. And don't forget, Star Wars is coming, and Coco is topping the box office recently," Binger added.

From a technical perspective, Disney has "a lot of potential," said Matt Maley, equity strategist at Miller Tabak.

"Disney has broken above its trend line from April ... so if it can follow this up with a break above the 110.50 level (its highs from July & earlier this month), it's going to be quite positive for the stock," Maley wrote to CNBC on Tuesday.

As for the newest "Star Wars" release, Maley said, Disney shares should see a boost given the international fanfare for the movie franchise around the world.

Disclosure: Mike Binger does not own shares of Disney.

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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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