UPDATE: Miller Tabak & Co Lowers PT on Walt Disney from $48 to $44

Miller Tabak & Co has published a research report on the Walt Disney Company (NYSE: DIS) lowering the price target amid fears of global recession.

In the report, Miller Tabak wrote, "While the credit markets may have dried up for high-yield issuers due to the recent weeks' shift back to the risk-off mentality, Disney, a Single-A-rated company, last night priced $1.85 bn of debt in three tranches at very attractive rates: $750 mm 1.35% 5-yr notes (+60 bps over Treasuries); $750 mm 2.75% 10-yrs @+72 bps; and $350 mm 4.375% 30-yr sr notes @+87.5 bps. We increase our share buyback activity estimate for 4Q11 to $706 mm from $417 mm."

Miller Tabak rated Walt Disney a Buy with a price target lowered from $48 to $44.Walt Disney closed Wednesday at $33.37.