Benchmark reiterated its buy recommendation for The Walt Disney Company on Wednesday, raising its price target to $115 from the prior level while citing accelerating growth in the company's gaming segment.
The rating follows Disney's D23 2026 event and reflects a strategic push into gaming that has delivered consistent revenue gains. Benchmark estimates that Disney's licensed games generated approximately $3.5 billion in annual consumer spending over each of the past four years, with fiscal 2025 revenue projected to exceed $4 billion. Nine Disney game franchises have individually surpassed $1 billion in sales, while mobile game installations total roughly 1.5 billion worldwide.
Disney's broader operations reported trailing twelve-month revenue of $98.86 billion and a market capitalization of $189.97 billion as of the latest data. The company's partnership with Epic Games remains a key focus, with ongoing development of connected digital experiences complementing collaborations with established developers and publishers for premium titles such as Kingdom Hearts IV and Marvel's Wolverine.
The recommendation comes amid regulatory and legal developments. Disney has filed a lawsuit against the Federal Communications Commission to block an early review of broadcast licenses for eight ABC television stations, alleging retaliation linked to the Trump administration. FCC Chairman Brendan Carr stated that no final decision has been made regarding potential license revocations, noting that an investigation into Disney's diversity, equity, and inclusion programs is ongoing.
In streaming, Disney secured a multi-year global broadcast agreement for Formula E, covering 144 territories via Disney+, ESPN, and ESPN+. The 2026–27 season will feature 21 rounds across venues including Jeddah, Austin, and Tokyo.
