RBC Capital analyst Steven Cahall contends that investors are increasingly discussing how Disney (DIS) could be an acquisition target for Apple (AAPL) in the event of cash repatriation.

As this M&A speculation "creeps into" the Disney narrative, anticipation only adds conviction to the momentum already seen in Disney's shares from improved affiliate sentiment and expectations for increased competition in distribution to support strong step-ups on new carriage deals, said Cahall, who maintains an Outperform rating and $130 price target on Disney shares.

Meanwhile, his peer at RBC, Amit Daryanani, who covers Apple for the firm, said he views an acquisition of Disney as a "greater than 0%" probability event," but added the odds are low. The analysts each noted they assume that Apple would pay about a 40% premium to Disney's current price, yielding a theoretical deal price near $157 per share.