JPMorgan analysts reiterated an Overweight rating on Walt Disney (NYSE:DIS) with a $130 price target, emphasizing the long-term strength of the company’s Parks & Experiences division.

According to the bank Disney’s theme parks remain the company’s biggest revenue and profit driver, a trend expected to continue even as its direct-to-consumer (DTC) streaming segment expands and improves margins. The analysts view Disney’s parks as a key differentiator in the media landscape, offering unique real-world experiences tied to its intellectual property, such as rides, character interactions, and branded merchandise.

JPMorgan remains optimistic about the earnings potential of the parks business, particularly as Disney invests in new attractions, cruise line expansion, and pricing optimizations. While macroeconomic factors pose challenges to any consumer discretionary business, the firm believes Disney retains significant control over key operational levers, allowing it to navigate market shifts effectively.