Walt Disney shares close higher on Thursday, Disney+ to be launched in the Middle East via OSN

Walt Disney Co’s Disney+ original programming will be featured for the first time in the Middle East and North Africa on Dubai-based pay TV and online streaming service provider OSN, starting April 9th.

Walt Disney shares closed higher for the fifth time in the past ten trading sessions in New York on Thursday. The stock went up 2.16% ($2.05) to $96.97, after touching an intraday low at $94.55 and an intraday high at $97.18.

Shares of Walt Disney Company have retreated 32.95% so far in 2020 compared with a 21.79% loss for the benchmark index, S&P 500 (SPX).

In 2019, Walt Disney’s stock went up 31.90%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

Disney and OSN have inked a long-term exclusive distribution rights agreement, OSN CEO Patrick Tillieux said for Reuters.

Disney+ original content such as popular TV series “The Mandalorian” will be included in OSN’s pay television and online streaming services in 17 Middle Eastern markets, including the United Arab Emirates, Saudi Arabia, Egypt and Lebanon. Clients will be granted access to the online streaming service for a monthly cost of $9.50.

On the other hand, Walt Disney Regional Lead Amit Malhotra noted that Disney+ would not be offered as a standalone service in the region in the near future.

The exclusive distribution rights agreement was signed after a restructuring at OSN during the past year. The company cut over 60% of its workforce of 2,300.

Analyst stock price forecast and recommendation

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Walt Disney’s stock price, have a median target of $140.00, with a high estimate of $175.00 and a low estimate of $100.00. The median estimate represents a 44.37% upside compared to the closing price of $96.97 on April 2nd.

The same media also reported that at least 19 out of 27 surveyed investment analysts had rated Walt Disney’s stock as “Buy”, while 6 – as “Hold”.

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