11:02 AM EST, 11/14/2025 (MT Newswires) -- Walt Disney ( DIS ) can deliver low-teens adjusted earnings per share growth in 2026, with momentum in streaming and US parks to determine multiple expansion, Morgan Stanley said in a note Friday.

The bank said fiscal Q4 results were largely in line as adjusted EPS was $1.11, Disney+ added about 3.8 million subscribers and Hulu added about 8.5 million, though streaming revenue growth and US parks attendance lagged expectations.

Disney ( DIS ) guided fiscal 2026 cash from operations to roughly $10 billion, above the bank's prior $8.9 billion forecast, which Morgan Stanley said supports bigger buybacks and a higher dividend.

Morgan Stanley flagged lower than expected fiscal Q1 guidance for direct-to-consumer subscription operating income and said visibility on streaming, especially Hulu Live, remains limited.

Morgan Stanley reiterated its overweight rating on Disney ( DIS ) with a $140 price target.

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