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NEW YORK – Media conglomerate Walt Disney Co., which operates television networks, theme parks, and a film studio, hit a new 52-week high Friday.
Shares added 7 cents to $35.06 in afternoon trading after earlier in the day hitting a new 52-week high of $35.16 on the New York Stock Exchange. Previously, the stock traded in a 52-week range between $24.90 to $35.03, and is up 36% in the same period.
Credit Suisse analyst William B. Drewry in a client note dated Thursday reiterated an “Outperform” rating on the stock.
The analyst noted that Disney Chief Executive Bob Iger earlier this week gave a keynote address at the International Consumer Electronics Show in Las Vegas, and emphasized the company’s focus on technology, including online partnerships and online content distribution.
Disney has guided for $700 million in revenue from advertising and digital downloads in 2007, the analyst noted.
“We believe there could be potential upside given Disney’s slate of high quality content and increased adoption of new technologies in consumer electronics,” wrote Drewry.
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