UPDATE: UBS Investment Research Raises its Target to $42 on Walt Disney

UBS Investment Research reiterates its Neutral rating on Walt Disney (NYSE: DIS) and raises its price target to $42 from $35 a share on a generally solid quarter for the company.

UBS Investment Research says, "DIS's F1Q results were light on revenue, but ahead on EBIT ($2.34B vs. our $2.17B estimate). Revs of $10.8B were $400M below on film/ media. EBIT upside was primarily driven by operating leverage at the parks/ media, leading to total co. margins 230bps better than expected at 21.7%. We are raising our F2Q/ F12 EPS estimates to $0.66/ $3.02 vs. prior $0.62/ $2.85."

DIS closed at $40.98 a share on Tuesday.