Update: Wunderlich Weighs In On Disney's ESPN Branch

Walt Disney Co (NYSE: DIS) is scheduled to report its first-quarter 2015 results on Tuesday after the market closes. In a report published this morning, Wunderlich Securities analyst Matthew Harrigan provided a preview to the earnings and briefly looks into the business.

The firm maintained a Hold rating and an $88 price target. Shares traded recently at $92.47.

A couple key points:

ESPN's dominance in the sports arena, “and the distinctive appeal of its WatchESPN app, is evinced by 2014 overall Disney distribution deals with DirecTV (NASDAQ: DTV),” among others.

In spite of the global appeal that Marvel, Pixar, Disney Animation, Lucasfilm/Star Wars, and ESPN have, the company is "quite exposed to the global macro, including the strong dollar and its implications for the Park business. The WSJ is also now reporting that the opening of Shanghai Disneyland is delayed until first half 2016 off expanded attractions and consumer survey reactions)."