NEW YORK (TheStreet) -- Shares of Disney (DIS) may trade at a premium, but they remain a buy, said Tuna Amobi, senior equity analyst at S&P Capital IQ.

Amobi said that in all the years he's covered Disney, the company's pipeline has never been more robust than it is now.

He also said the company's catalysts are evident across all of Disney's core businesses -- including its theme parks, television, movie studio and consumer products.

Amobi stressed that every division should contribute significantly to the company's results over the next several years.

In terms of risks to the stock, Amobi said one of the biggest concerns is consumer spending.

Disney's core business is tied to discretionary consumer spending, and U.S. consumer spending came in flat for April, something Amobi acknowledged is important to watch.

He said that every time there are concerns about a recession, Disney is typically one of the first stocks to pull back. However, he said that all of the macro indicators continue to suggest that that concern is limited in the near term.

Although shares of Disney currently trade at a premium, Amobi said that he believes the stock's valuation is warranted.

He said that the idea of an economic slowdown is something to keep an eye on as well as geopolitical anxieties.

Amobi said Disney is a very cyclical name but over the years Disney has done a good job of trying to reduce its cyclical exposure.

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