Benchmark Sticks with 'Buy' Rating on Walt Disney Amid Mixed Box Office Performance

Benchmark has reconfirmed its 'Buy' rating on Walt Disney stock, maintaining a price target of $115.00. This comes as the entertainment giant's mixed summer box office performance did not raise significant concerns for investors. Disney's recent releases included The Dog Stars and Moana, which had budgeted over $250 million but only earned $308 million.

The studio also released major successes such as Toy Story 5, which brought in $1.12 billion, and The Devil Wears Prada 2, earning $692 million. However, Disney's summer performance was marked by a lackluster opening for The Dog Stars, which opened to $8 million domestically from 3,330 theaters.

Benchmark noted that despite these setbacks, Disney should have limited concerns with the upcoming release of Avengers: Doomsday in December. Additionally, the company is expanding its video game business and strengthening its partnership with Epic Games.