Disney (DIS) has a massive hit on its hands as the legendary Meryl Streep returns to her role as the high-fashion boss Miranda Priestly. The new movie, which also stars Anne Hathaway, earned an estimated $77 million in the United States and Canada over its opening weekend. This performance easily put the film at the number one spot on the box office charts.
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Trade AMZN with leverageMiranda Priestly Creates a Global Fashion Frenzy
While the movie was popular in North America, it was an even bigger success in other parts of the world. People in international markets spent $156.6 million to see the film, which is more than double the amount made at home.
When you combine those numbers, the movie had a global opening of $233.6 million. Fans were eager to see the original cast and creative team back together again for the first time since the first movie came out in 2006.
Hollywood Launches the Summer Movie Season Early
The movie industry used to wait until late May to start the summer season, but that has changed. This year, the summer season began on the first Friday in May to give theaters an extra three weeks of big releases. This 18-week period is incredibly important for the business. It usually brings in about 40% of all the money movies make in an entire year. Experts believe this could be one of the best summer seasons in years.
In addition, the total amount of money made by all movies this weekend was $172.5 million, which is 18% higher than the same weekend last year. This brings the total for the year to $2.79 billion. Other films helped drive these strong numbers:
- Michael: The story about the life of Michael Jackson earned $54 million in its second weekend and has made $423.9 million worldwide so far.
- The Super Mario Galaxy Movie: This animated hit from Nintendo (NTDOY) and Universal earned $12.1 million in its fifth weekend.
- Project Hail Mary: This space story from Amazon (AMZN) has earned a global total of $638.4 million.
Strong Sales Impact Disney Stock’s Outlook
A successful debut helps build momentum for Disney as the company enters its most important 18-week financial period. Market analysts are currently comparing this year to the record-breaking summer of 2023. While some experts have concerns about upcoming releases like the new Star Wars film, the strong year-to-date growth of 14% provides a healthy cushion for investors.
High ticket sales from international audiences specifically show that Disney’s brands still have massive global appeal.
Is Disney Stock a Buy or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DIS stock based on 18 Buys and three Holds assigned in the past three months, as indicated by the graphic below. After a 9.4% decline in its share price year-to-date, the average DIS price target of $132.11 per share implies 28.2% upside potential.
