Raymond James upgraded Disney to Outperform from Market Perform with a $115 price target. The current macro backdrop and Disney's international visitation headwinds provide an opportunity to invest at a "very attractive valuation," the analyst tells investors in a research note. The firm believes Disney shares are "historically cheap even in some of the more draconian scenarios" it stress tested. Raymond James points out the company's streaming business represents the majority of its operating income growth. It sees Disney's risk/reward as attractive at current levels.
