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Walt Disney is on the docket to release fiscal third-quarter results before the stock market’s opening bell Wednesday, and most analysts expect the entertainment giant to beat Street expectations once again. An LSEG survey shows analysts, on average, estimate that Disney will earn $1.47 per share on $23.73 billion in revenue. Those results would correspond to earnings growth of 1.5% year over year, as well as a 2.5% rise in revenue when compared to the year-earlier period. The low-single-digit growth comes after Disney’s fiscal second-quarter earnings and revenue beat analysts’ expectations, boosted by better-than-anticipated subscriber growth for the Disney+ streaming platform. In the March quarter, Disney saw revenue growth in all three of its business segments — entertainment, sports and experiences — and selectively raised some of its fiscal 2025 guidance. Since the start of 2025, shares of Disney have gained almost 7%, trailing the S & P 500 by a hair. DIS YTD mountain DIS YTD chart Heading into June quarter earnings, most of Wall Street is bullish on Disney, with some analysts pointing to potential catalysts in Disney’s parks and experiences segment. LSEG data shows that 28 analysts covering the stock rate it a strong buy or buy, while five give it a hold and one rates it underperform. Here’s what analysts at some of Wall Street’s biggest banks are saying before Disney’s latest earnings report. UBS: Buy rating, $138 price target UBS recently raised its price target to $138 from $120, implying upside of nearly 16% from Disney’s Monday close. “We expect F3Q results to highlight resilient demand at the Parks and similar improvement in [direct-to-consumer] profitability, supporting a continuation of double digit earnings growth. We’re looking for revenues of $23.3B and segment [operating income] of $4.75B, up 1 and 12% y/y. We expect Disney to generate EPS of $1.59 in F3Q (+13% y/y) and $5.89 for the year, or 17% growth vs. guidance/Street at 16%. We remain constructive on the outlook for F26 given underlying trends at the parks, new cruise capacity, strong content pipeline and inflecting margins in DTC with upside from full control of Hulu.” JPMorgan: Overweight, $138 JPMorgan recently increased its price forecast to $138 per share from $130. “We’re updating Disney estimates ahead of F3Q earnings. For the quarter, we raise our segment operating income 1% to $4.56b on the shift of some Linear Networks expenses in F4Q; for the year, our [segment operating income] reduces marginally to $17.8b (+14%) on lower [content sales and licensing] contribution. Our EPS is now $1.46 for F3Q and $5.80 for F25 … From a financial perspective, we’re comfortable with our F25 EPS at $0.05 above guidance, and see room for a modest increase to the outlook driven by multiple segments.” Wolfe Research: Outperform, $139 The firm’s price target, recently raised from $120, is roughly 16% above Disney’s current price. “We raise revenue to $23.6B (prev. $23.3B) reflecting less bad advertising declines at linear networks, which we previously modeled to bake in a macro-slowdown, along with better results at Content/Licensing primarily driven by Lilo and Stitch. We keep Experiences revenue of $8.9B unchanged reflecting intra-quarter management commentary that trends at the parks remain positive … We model $1.52 of EPS (prev. $1.50) on better operating results.” Morgan Stanley: Overweight, $140 Analyst Benjamin Swinburne’s new price target of $140 , raised from $120, implies upside of 17% ahead. “If the macro backdrop remains healthy, we see Disney generating healthy double digit adj. EPS growth in the years ahead. Thanks to growth in its Experiences and Streaming businesses, it is poised to have rebuilt its pre-pandemic earnings base and hit new heights by FY27.” Citigroup: Buy, $140 The bank raised its target price to $140 per share from $125 in early July. “Consensus estimates call for fiscal 3Q25 segment operating income of $4.55 billion, EPS of $1.48, and 1.4 million Disney+ net additions. We expect Disney to report EBIT relatively in-line with the Street, EPS modestly below consensus, and Disney+ subs slightly ahead of consensus … We expect management to reiterate components [in] its FY 2025 outlook.” Bank of America: Buy, $140 “Exiting last quarter, DIS raised FY25 EPS guidance to $5.75 following a strong earnings beat. We believe this increased guidance is highly achievable as DIS was reporting earnings around the peak of uncertainty related to tariffs which limited visibility. Moreover, while DTC is expected to be an investment year, we believe there will be some discretion around the magnitude of spend, and momentum thus far in the parks (a key concern heading into the year) should be positive for underlying fundamentals.” Rosenblatt: Buy, $140 “At Disney, core parks are benefiting from launches of new cruise ships, and should also benefit from the pending launch of the new fulsome-priced ESPN streaming service, helping support a historically premium valuation relative to growth … Overall, we have confidence that Disney can fare somewhat better than its guide for 16% Y/Y growth in adj. EPS to $5.75 (we model $5.93) in F2025. Our $1.63 estimate for F3Q25 is 12% above consensus.” MoffettNathanson: Buy, $140 “We are increasing our F3Q 2025 forecasts driven by higher Entertainment revenue (+1%) and EBIT (+9%) estimates, primarily to reflect the stronger-than-anticipated box office performance of Lilo & Stitch plus continued improving DTC profitability … Relative to consensus, we remain slightly behind on our FY 2025 revenue forecast but ahead on EBIT as we believe Disney will exhibit stronger expense control. For FY 2026, however, we are -2% below consensus on revenue and -1% below on EBIT, culminating in a -3% EPS lower forecast. We continue to take a more conservative approach to the impact Epic Universe could pose for FY 2026 (vs. FY 2025) for Walt Disney World, as well as attempting to factor in the macro uncertainty from higher tariffs.” Jefferies: Buy, $144 In June, Jefferies analyst Ed Alter upgraded shares of Disney to buy from hold and raised his price target to $144 per share from $100, implying nearly 21% upside from Monday’s close. “We upgrade DIS to Buy for 4 primary reasons: 1) Now see limited risk of a 2H25 Parks slowdown from Epic Universe/Macro. 2) More positive on FY26 Cruise upside, JEFe $1B+ rev uplift. 3) Continued DTC margin expansion (0% FY24 to 13%+ by FY28E). 4) View next 6 months content & sports slate favorably, including ESPN DTC launch, Zootopia 2 and Avatar 3. DIS has failed to grow Op. Inc FY16-FY24, but we believe this dynamic is set to change.”
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