Walt Disney Co (DIS) said over the past weekend that 25 stores would be opened inside certain Target Corp locations across the United States on October 4th in a collaboration effort between the two companies.
There are also plans for 40 more stores by October 2020, the entertainment company said.
Disney stores are to be opened inside Target in key locations, including Chicago, Denver and Philadelphia.
Walt Disney shares closed higher for the seventh time in the past eleven trading sessions in New York on Monday. It has also been the sharpest daily surge since August 8th. The stock went up 2.23% ($2.94) to $134.61, after touching an intraday low at $132.55 and an intraday high at $134.64.
Shares of Walt Disney Company have risen 22.76% so far in 2019 compared with a 14.82% gain for the benchmark index, S&P 500 (SPX).
In 2018, Walt Disney’s stock went up 1.99%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
According to Walt Disney Co, the “shop-in-shop” layout will include a wide range of over 450 items from the entertainment company. Among those products will also be at least 100 items, which previously were available only at Walt Disney locations.
Customers will be able to search through and buy Disney store specialty merchandise from Disney, Marvel, Pixar and Star Wars at certain Target locations, the companies said.
“We believe the combination of Disney’s unmatched entertainment and storytelling with our omni-channel retail platform will create inspiring and unique experiences for our guests,” Brian Cornell, Target Corps Chairman and Chief Executive Officer, said in a statement, cited by Reuters.
“This collaboration reflects the strength of our platforms and assets to create value for guests and growth for both companies beyond the traditional retail model,” Cornell also said.
Analyst stock price forecast and recommendation
According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Walt Disney’s stock price, have a median target of $155.00, with a high estimate of $174.00 and a low estimate of $133.00. The median estimate represents a 15.15% upside compared to the closing price of $134.61 on August 26th.
The same media also reported that at least 18 out of 24 surveyed investment analysts had rated Walt Disney’s stock as “Buy”, while 6 – as “Hold”.
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