NEW YORK (TheStreet) -- TheStreet's Jim Cramer says he believes in Disney (DIS) CEO Bob Iger because he decided to create brands. Wall Street wants hit after hit when it comes to franchises, and Disney has Marvel, the upcoming Star Wars movies and Pixar under its umbrella.
The unexpected boost was Frozen, which Cramer says is "the biggest thing that's happened in a long time" for anyone with children. Iger now has a new franchise on his hands with the sixth-highest grossing movie of all-time, so Cramer expects to hear about a Frozen 2 for release in 2017, which would give a road map for Disney's future.
Cramer points out ESPN is still performing well and Disney has increased resort spending in Shanghai, China. He also expects share buyback to be very aggressive and knows Iger would be willing to pay up to $80 a share without a problem. He is also not worried about attendance at theme parks.
Cramer notes Disney reported a strong quarter two quarters ago, but the stock immediately dropped four points into the $60 range and then bounced back after the conference call. Last quarter was so outstanding that the stock gapped up. Cramer says the stock is inconsistent in how it reacts, but he wants to buy it at its current level.