Disney’s stock may be getting ahead of itself after the return of legendary CEO Bob Iger, according to JPMorgan. Shares of the media giant rallied after the Sunday night announcement that Iger was replacing Bob Chapek , his former successor. Wall Street analysts largely cheered the move, with MoffettNathanson upgrading Disney to outperform from market perform . Shares were last up more than 5% on Monday. But JPMorgan’s Philip Cusick, who already had an overweight rating on the stock, said in a note to clients that it may already be too late for investors to get much benefit from the move, at least in the short term. “We like Disney shares long-term, and advised to buy the recent selloff on the numbers flush, but are reluctant to recommend chasing shares here (currently up ~8%). While we would love to hear an update from CEO Iger, the company does not have any public appearances scheduled in the fourth quarter, and any commentary from Iger before earnings seems optimistic,” the note said. JPMorgan said Iger is unlikely to make major changes to Disney’s strategy in the near term, other than possibly accelerating Disney’s planned purchase of Comcast ‘s stake in Hulu. JPMorgan still has an overweight rating and a price target of $135 per share for Disney. The stock was trading near $97 per share around midday Monday. Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.
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