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Luv2Roam
09-05-2002, 05:47 PM
CSFB issues 'Buy' on Disney stock

Disney stock received a vote of confidence Tuesday when Credit Suisse First Boston initiated coverage of the entertainment company with a "Buy" rating and a 12-month price target of $21.

Disney shares are among those media stocks that have been battered in recent weeks. The industrywide downturn helped push shares to a new 52-week low of $13.48. The stock price has recovered somewhat and currently trades in the $14.86 to $15.58 range.

CSFB also initiated coverage on four other media stocks, including Viacom inc., AOL Time Warner Inc. Metro-Goldwyn-Mayer Inc. and Fox Entertainment Group Inc.

However, the investment banking firm was not equally bullish. It has a "hold" recommendation on Fox, citing declining ratings. Analysts offered no rating at all on AOL Time Warner unrated, writing that the company "has been besieged since the merger with bad news, including significantly lowered growth expectations, management turnover, government investigations of accounting practices, and a strategic crisis as the engine of the future (AOL) has ground to a halt."