Benchmark initiates coverage on Walt Disney with an 'outperform' rating

Benchmark initiated coverage on Walt Disney DIS.N with an "outperform" rating and a price target of $115.

Shares of the entertainment company were marginally up at $95.67 in premarket trading.

The brokerage sees the company as one of the world’s most powerful consumer engagement platforms, with globally recognized IP that can be monetized repeatedly across streaming, sports, parks, cruises, consumer products, gaming, advertising, and theatrical releases.

"While linear television remains under pressure and theatrical performance remains volatile, we believe Disney’s long-term value is increasingly tied to its ability to deepen engagement and monetize consumers across a broader physical and digital ecosystem," says Benchmark.

Thirty-two analysts rate the stock "buy" on average; the median price target is $131.5, according to data compiled by LSEG.

Up to the last close, the stock had fallen about 16% year to date.