Disney has the opportunity to 'meaningfully improve' streaming profits, and that's one reason Wells Fargo's Steven Cahall sees its stock as attractive.
Walt Disney Co. has the opportunity to “meaningfully improve” streaming profits, and that’s one reason Wells Fargo’s Steven Cahall sees its stock as attractive.
He called Disney DIS shares the “best opportunity in media” in a Monday note to clients, writing that the company is “under-earning” in various parts of the business aside from parks. A look at rival Netflix Inc. NFLX offers a glimpse of the potential, Cahall noted, as the company had 15% margins back when it was doing $20 billion in revenue, compared with negative 17% margins for Disney’s direct-to-consumer business currently.
“Disney+ will increasingly be about pricing vs volume in our view, with the most recent price increase seeming to deliver high efficacy despite a significant increase in the U.S. from $7.99/[month] to $10.99/[month],” Cahall wrote.
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