Disney stock rose steadily Tuesday morning and remained solidly positive at the midway point of the trading day as investors appeared to look past the tech issues dogging the DisneyPlus streaming debut
stock declined a bit less than 1%, to $292.08. It is in negative territory for the year to date, and has fallen substantially from the $350 range it was in when Disney laid out its streaming plans during an April investor day. That presentation resulted in a one-day 10% gain in Disney shares as Wall Street signaled its belief in other companies’ ability to challenge Netflix’s streaming supremacy.
about Disney’s prospects as it launches Disney+. Jessica Reif Ehrlich of Bank of America Merrill Lynch, reiterated her “buy” rating in a note to clients Tuesday. She has a 12-month price target of $168 and upped her subscriber forecast to more than 90 million by 2024, from 60 million previously. Ehrlich wrote that she is “incrementally more bullish on monetization prospects beyond the legacy pay-TV model” given the arrival of Disney+.
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