Analysts were upbeat on Disney CEO Bob Iger's first earnings report since he returned to lead the company in November.

The media group (ticker:DIS) beat estimates for the fourth quarter, announced plans to cut $5.5 billion in costs, reorganized key parts of the business and promised to return the dividend .

KeyBanc strategists led by Brandon Nispel raised their target price for the company to $130 from $119 and reiterated their Overweight ranking. The shares were up 6% to $118.95 in premarket trading Thursday.

"We're fairly confident Disney's Media future profitability will be greater in three years than it ever was, and feel Parks value is underappreciated," they wrote.

Over at Daiwa, analyst Jonathan Kees also kept his Buy rating. "No longer is it growth at all costs or streaming subscriber market share grab without refrain," he said. "Iger realizes he needs to adapt the company to the changed conditions or else the company and stock will suffer."

Guggenheim's Michael Morris raised his price target to $140 from $115. RBC Capital Markets analysts led by Kutgun Maral have a target of $130.

Of the estimates collected by FactSet, 17 analysts rate Disney shares a Buy while five rank it as a Hold.