Morgan Stanley analyst Benjamin Swinburne sees more upside than risk from ESPN due to stabilizing volume trends from streaming bundles and potential upside in pricing from carriage renewals with traditional distributors. The analyst believes Disney has approximately 20-25% of its cable distribution up for renewal in 2018, providing potential upside in pricing power above cautious Street expectations. Swinburne also believes a continued recovery at ESPN could drive Disney shares towards its historical valuation range, supporting a $160 bull case. The analyst rates Disney an Overweight and raised his target to $130.

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