Empty2% 'upside' for Disney
Morgan Stanley on Wednesday raised its price target on shares of the Walt Disney Co. by $4 to $35 but reiterated its "equal weight" rating because of the stock's run-up this year. "Disney has about 2% upside to our target," analyst Richard Bilotti said in a report. "Given the increase in the stock, Disney now trades at 20 times- 21 times fiscal-year 2007 estimated earnings per share, closer to the highest growth quartile of the S&P 100" stock index.
Chandler in talks for PE bid
The Chandler family, a key shareholder in media firm Tribune Co., has held talks with private-equity groups about a possible bid for part of the group, which has seen less-than-hoped-for interest in its auction process, the New York Times said Wednesday. The newspaper said the Chandlers had no interest in buying Tribune when it first clashed with its management and later urged the company to sell itself at least in part. The New York Times said the Chandler family's move was designed to either start a bidding war or provide shareholders value via a buyout. Tribune owns TV stations, big newspapers including the Los Angeles Times, the Chicago Cubs baseball team and other media assets.
EC stalls copyright reform plan
BRUSSELS — The European Commission is shelving plans to reform the copyright levy system for consumer electronics after concluding that the political fallout from such an initiative would be too high. Despite his pledge to propose reforms before year's end, EC president Jose Manuel Barroso decided to shy away from a fight with Europe's artistic community and the French government, two vocal critics of the planned reform. "The commission has decided more reflection is required on this complex issue. When it is ready, it will bring it on the agenda of the commission," spokeswoman Pia Ahrenkilde Hansen said. However, officials have admitted that calls for "reflection" are a euphemism for freezing the dossier.