I think that $1.2B is going to be hard for everything this year (other than Star Wars). It's conceivable that Fate of the Furious ends up under that as well unless China improves on Furious 7's gross or the drops in North America/Europe aren't too bad. Exchange rates are terrible.
If you are going with $130M opening weekend, the same legs as the Jungle Book beyond OW would be $460M domestic. So, BatB would have to make another $760M Overseas to hit $1.2B. Nothing managed that last year. Civil War was the closest with $745M overseas, and with current exchange rates, that would have been down to around $715M.
Japan might be an x-factor here though. I'm not sure how well the original Beauty and the Beast film did there, but all of these Disney live-action fairy tale films have played well in Japan, and BatB seems to be more suited to their tastes than The Jungle Book was. A big number in Japan and China, along with huge numbers in the Americas and Europe/Australia could get things close to your guess.
Great points. I guess I'm just banking on beauty and the beast having way more international appeal than a typical American blockbuster but only time will tell.