Nelson Peltz has chosen not to cast a vote in favor of Bob Iger, the CEO of Walt Disney Co (NYSE: DIS). Shares of the entertainment company are trading positively currently.

The decision by Nelson Peltz raises questions about whether he is attempting to remove Bob Iger from his position. This development contrasts previous statements by the activist investor, who had indicated a desire to collaborate with Disney’s management team.

Nelson Peltz's potential board appointment at Disney could escalate tensions further, especially considering his Trian Management holding a relatively modest 1.5% stake in the media conglomerate.

In a separate development on Monday, Blackwells Capital criticized Nelson Peltz in a letter, pushing shareholders to support the list of twelve directors nominated by Disney. Amidst the ongoing proxy battle and uncertainties, analysts at Barclays upgraded DIS to an “overweight” rating with a revised price target of $135, indicating a potential 13% increase. Disney's board meeting is scheduled for April 3rd.