Walt Disney's (DIS) "Moana 2" saw an "impressive" Thanksgiving holiday weekend box office opening and is poised to exceed collection estimates, B. Riley Securities said Friday.

The animated fantasy musical sequel opened to a domestic box office total of $57.5 million Wednesday, according to data from BoxOfficeMojo, which is owned by Amazon.com (AMZN) company IMDb.

The movie is projected to collect at least $175 million over the first five days and could top $200 million, surpassing the original estimates of between $135 million and $145 million, B. Riley analyst Eric Wold said in a note to clients.

Current box office projections indicate that Paramount Global's (PARA, PARAA) "Sonic the Hedgehog 3" will likely rake in at least $55 million domestically over its Dec. 20 opening weekend, according to B. Riley.

Toymaker JAKKS Pacific (JAKK), which has secured product licenses for both the franchise films, could see "solid" toy and merchandise demand throughout the holiday season, Wold wrote.

JAKKS Pacific recently said it sold around $40 million to $50 million of products related to the original "Moana" movie in November 2016 for the 12 to 18 months that products were on retail shelves, according to the note. That film had a $56.6 million opening and amassed $248.8 million in domestic box office revenue, BoxOfficeMojo data showed.

"While we acknowledge that there is probably not a completely direct correlation between box office revenues and licensed product demand, we believe it cannot hurt to have stronger-than-expected movie-going demand for the sequel," Wold said.

Strong product demand tied to "Moana 2" and "Sonic the Hedgehog 3" could translate into "continued sales well into (the first half of 2025) to help bolster the start of the year on top of our projected evergreen product sales strength," the analyst said.

B. Riley reiterated its buy rating and a $41 price target on the JAKKS Pacific stock.