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Walt Disney shares hit 52-week high on upgrade

NEW YORK (AP) -- Shares of Walt Disney Co. hit a new all-time high Monday after a UBS analyst upgraded the company to "Buy" from "Neutral," saying that its revenue potential isn't fully appreciated by the market.

THE OPINION: John Janedis, who also boosted his price target for the stock by $17 to $72, said he thinks the company can generate annual broadcast and other fees of $500 million in fiscal 2014 and $650 million in fiscal 2015.

Janedis also said he now expects Disney's theme parks to be more profitable than previously expected, since most of their opening and startup costs from recent projects are now in the past. That will allow more revenue to translate into profits beginning in the third calendar quarter of this year, he said.

The analyst added that Disney's recent acquisitions and investments — including its 2009 purchase of Marvel Entertainment, its Lucasfilm purchase last year, and upgrades and expansions at its parks — will become more visible soon.

THE SHARES: The Burbank, Calif.-based company's shares rose $1.18, or 2 percent, to $63.05 in midday trading after peaking at a new all-time high of $63.25 earlier in the day.

Disney shares have been on a steady climb for most of the last year, gaining about 45 percent while the benchmark S&P 500 index is up about 14 percent.