Goldman Sachs has reaffirmed its buy rating on Walt Disney (DIS) - Get Report stock and increased its 2017 earnings per share estimates on the House of Mouse, due to the success of the company's latest theatrical release, Beauty and the Beast.

The 2017 film is a live action remake of the classic 1991 animated feature and stars Emma Watson as the popular Disney heroine Belle.

Goldman has also added Disney to its Americas Conviction Buy list. The firm forecasts for 2017 earnings of $6.05 per share, up from its previous expectations of $5.87. Wall Street is anticipating earnings of $5.95.

"Beauty and the Beast and a promising FY18 slate should drive record studio profits in FY17 and FY18. We expect FY18 to be DIS' best film slate ever with 4 Marvel films, 2 Star Wars film, and 3 animated films," the firm said, CNBC noted.

Goldman sees these films as having large consumer product opportunities as well.

The analyst sees 23% upside in the stock, assigning a $138 price target, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The movie slate, as Goldman pointed out, is great. But it's the analyst's take on ESPN that piqued Cramer's interest. The analyst notes accelerating profit growth at ESPN -- which has been a big, negative catalyst for the stock -- through over-the-top platforms and a normalization of NBA costs. 

This is sort of a contrarian call, Cramer noted, given how many people have been negative or lukewarm on shares of Disney, particularly because of its ESPN woes. 

Cramer also said the movie slate is underrated, despite its Star Wars, Marvel, Pixar and Disney franchises. 

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Updated from 8:36 ET to include Jim Cramer's comments.

At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.