Disney stock closes in on $100 after hitting $90 high

Disney enjoyed a magical day on Wall Street Tuesday with its stock trading at record levels of $90 a share -- the highest in more than 16 years.

The stock ended the day at $90.09, up 12 cents, a 52-week high. It nearly broke the $90 mark on Monday, closing at $89.97.

It was up another 16 cents in after-hours trading at $90.16.

Analysts currently recommend Disney's stock with a moderate buy, although Jeffries analyst John Janedis predicted in June that the company's shares will break $100. "We think Disney is still at the early stages of a multi-year run where all segments will post solid growth," he said at the time.

Others also were optimistic.

Argus raised its price target from $96 to $101 last week. JPMorgan Chase & Co. raised its price from $90 to $100, earlier in the month. And Nomura was more cautious with a price target of $97, up from $95.

The last time Disney's stock traded at this level was the 1990s, but stock splits brought it back down to the $34.50 range in 1998, after hitting $106.

Disney's third quarter, which wrapped June 30, marked the best three months in the company's history, with profits rising 22% to $2.2 billion on a 8% gain in revenue of $12.46 billion.

The gains came as the studio is firing on all cylinders with "Frozen" earning $1.3 billion at the box office, Marvel's "Captain America: The Winter Soldier" and "Guardians of the Galaxy" performing strongly this summer and "Maleficent" also scoring big worldwide.

During the period, all of the company's divisions -- cable, broadcast, theme parks, consumer products and interactive -- saw considerable gains. But analysts have their eye on what's coming next year: a slate of high-profile tentpoles like "The Avengers" sequel "Age of Ultron," the potential launch of the "Ant-Man" franchise, and a new "Star Wars."

In fact, Disney is planning on upping the presence of the sci-fi franchise at the company's theme parks; it has new animated series "Star Wars Rebels" launching in October.

A focus on franchises and tentpoles boosted revenue at the studio 14% to $1.8 billion during the company's third quarter that doubled profits to $411 million.

Overall, Disney's stock is up 18% since January.

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