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Disney Stock Gets Kick as Wall Street Rallies Around Iger’s Moves to Defang Activist Investors
Did activist investors light a fire under Disney CEO Bob Iger?
He also announced a$1.5 billion investment in Epic Games and a long-term commercial partnership with the “Fortnite” developer; unveiled a surprise November 2024 premiere date for the animated “Moana 2”; and revealed an exclusive deal for Taylor Swift’s Eras Tour concert film for Disney+(complete with five bonus songs). That came after Nelson Peltz’s Trian Fund Management, which ostensibly is waging a battle to replace two Disney board members with its own candidates, had called on the media conglomerate to “target and achieve Netflix-like margins” of 15%-20% by fiscal year 2027. “Our heads are spinning from the newsflow, nearly all positive,” Tim Nollen, senior media tech analyst at Macquarie, wrote in a research note raising his price target on Disney shares from $94 to $104 based on upward revisions on financial estimates.
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