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☆ Wells Fargo boosts Spotify to $250 price target after recent cost cutting measures
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo boosts Spotify to $250 price target after recent cost cutting measuresSteven Cahall, Wells Fargo Equity Analyst, joins 'Tech Check' to discuss Spotify as Wells Fargo boosts the stock to a $250 price target.

Persons: Steven Cahall Organizations: Spotify, Wells, Equity

☆ ESPN's layoffs underscore its desperate need for a post-cable lifeline, but analysts are split on Disney's streaming plan that puts $20 billion of revenue at risk
▼ + stars: | 2023-07-07 | by ( James Faris | ) www.businessinsider.com time to read: +13 min

But that plan carries serious risk, as it would jeopardize still-sizable cable revenue without guaranteeing that enough sports fans would support such a product. Several other analysts — including Barton Crockett of Rosenblatt Securities, who has a buy rating for Disney shares — seconded those concerns about cannibalizing cable revenue. Nollen estimated 35 million current cable customers would switch to ESPN DTC. ESPN DTC is zero incremental cost and potentially billions in incremental revenue." An ESPN streamer (in light purple) would gradually drive revenue for Disney, Wells Fargo predicts.

Persons: Disney, that's, Jalen Rose, Todd McShay, Bob Iger, Macquarie's Tim Nollen, Nollen, Barton Crockett, —, Crockett, who'd, Will, you've, they'll, William Cohan, Cohan, Joe Bonner, Bonner, Brandon Nispel, Iger, Nispel, We've, Jason Bazinet, Bazinet, Hulu —, Wells Fargo's Steven Cahall, Cahall, Wells Organizations: ESPN, Disney, Bank of America, NBA, Sports, ESPN Disney's ESPN, Rosenblatt Securities, ESPN DTC, Will Disney, Citigroup, NFL, NBC, Apple, Comcast, NBC Sports, Netflix Netflix, Hearst, Argus Research, Netflix, KeyBanc, Hulu, DIS, Wells Fargo Sports Locations: Wells Fargo, it's, Wells, Hulu, Puck

☆ Wells Fargo's top ideas for the third quarter including a possible stock double
▼ + stars: | 2023-07-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

As the third quarter kicks into high gear, Wells Fargo is offering up its top short picks for the months ahead. Here are some of the names that made the cut: Wells Fargo highlighted consumer electronics stock Vizio as one of its top picks with about 126% upside potential with strong top-and-bottom line growth potential. VZIO YTD mountain Vizio shares in 2023 Within the technology sector, Wells Fargo also highlighted Pinterest as a third-quarter pick. Wells Fargo views the latest technological whirlwind as a "once-in-a generation product cycle" for the company that could contribute to about 17% upside potential in shares. Wells Fargo also included lithium producer Albemarle and J.B. Hunt Transport Services among its top third-quarter ideas.

Persons: Wells, Steven Cahall, Wells Fargo, Ken, Wednesday's, Gary Mobley, Albemarle, — CNBC's Michael Bloom Organizations: Technology, Nasdaq, Wall, CTV, Amazon, Hunt Transport Services Locations: Wells Fargo, Wells, J.B

☆ Disney has a math problem as it strives to compete with Netflix, Wall Street analysts warn. Here's why Bob Iger is destined to make a $9 billion bet on Hulu anyway.
▼ + stars: | 2023-06-16 | by ( James Faris | ) www.businessinsider.com time to read: +11 min

Disney CEO Bob Iger must decide whether to acquire all of Hulu and fold it into Disney+. By buying all of Hulu, Disney could integrate its content into Disney+, which would make the flagship Disney streamer a formidable challenger to Netflix. "You look at the Disney+ bundle with Disney+, Hulu, and ESPN+, and it's a pretty powerful combination," Nispel told Insider. Currently, the ad versions of Hulu and Disney+ each cost $8 per month while ad-free Hulu and Disney+ cost $15 and $11, respectively. The consensus among analysts about Disney's Hulu dilemma was neatly summarized by Barton Crockett of Rosenblatt Securities, whose price target implies 26% upside for Disney.

Persons: Bob Iger, Iger, that's, Joe Bonner, Brandon Nispel, Nispel, Disney's, Wells, Steven Cahall, Cahall, Hulu, Michael Morris, He's, Morris, Disney, Will Iger, Barton Crockett, Crockett Organizations: Disney, Hulu, Comcast, Netflix, Wall, Argus Research, KeyBanc, ESPN, TAM, Rosenblatt Securities Locations: Hulu

☆ Warner Bros. Discovery stock rises for second straight day as company pays down debt
▼ + stars: | 2023-06-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The media giant has been contending with a heavy debt load stemming from the 2022 merger of Warner Bros. and Discovery. Warner Bros. Warner Bros. Warner Bros. Warner Bros.

Persons: Chris Licht, Wells Fargo, Steven Cahall, Cahall, David Zaslav Organizations: Warner Bros, CNN, Discovery, Warner Bros . Discovery, Public, Max, HBO, Discovery Channel, TLC Locations: U.S

☆ JPMorgan hikes Netflix price target, says password sharing crackdown can drive revenue growth
▼ + stars: | 2023-06-07 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

This comes after Netflix said at its Upfront presentation last month that the company's ad-supported tier and password sharing crackdown are gaining traction. The analyst forecasts total paid sharing revenue of $2.4 billion in 2024 and $3.5 billion in 2025. We now model GAAP EPS of $15.40 in 2024 & $18.89 in 2025, along [with free cash flow] of $6.0B in 2024 & $8.6B in 2025," Anmuth wrote. Netflix shares are trending higher this quarter, up more than 15%, while the S & P 500 climbed 4%. JPMorgan was not the only Wall Street firm to hike its price target on Netflix.

Persons: Doug Anmuth, Anmuth, Wells Fargo's Steven Cahall, — CNBC's Michael Bloom Organizations: Netflix, JPMorgan Locations: Tuesday's

☆ Netflix vs. Disney? Analysts have a favorite, and give it nearly 30% upside
▼ + stars: | 2023-04-05 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

There's plenty of competition in streaming services, but Netflix and Disney are undoubtedly two of the biggest names — and both are facing a number of headwinds. However, analysts' average potential upside tells a different story: Disney gets average potential upside of 26%, according to FactSet data, while Netflix's comes in at just 3.8%. The case for Netflix For Bank of America, Netflix is a "world class brand" with a "leading global subscriber base." "I think Netflix is certainly going to have a lot of leverage on revenue growth and cost discipline. With the kind of blended businesses and the opportunities for improvement, I think Disney is a little bit better in my favor," he said.

☆ Wells Fargo thinks Netflix has 20% upside from here. Here's why
▼ + stars: | 2023-03-30 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Netflix will likely see improved earnings and a continued rally as its password sharing crackdown continues, Wells Fargo said. "That said, we're confident that numbers will be moving higher as paid sharing is better understood, but it's tougher to know by how much." With these expected changes and uptake, incremental revenue should be around $1.5 billion by the 2024 fiscal year. His base case shows incremental revenue could increase by around $1.3 billion by 2024. Investors have already been excited by the potential for paid account sharing, Cahall said.

☆ Wells Fargo upgrades Warner Bros. Discovery, cites growing confidence in media company's debt reduction efforts
▼ + stars: | 2023-03-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

The risk-reward is improving for shares of Warner Bros. Shares of Warner Bros. WBD YTD mountain Warner Bros. Discovery shares so far this year Improvement within the company's direct-to-consumer business and consolidation should also provide upside potential ahead, Cahall said. "The new WBD is emerging with strong FCF, a tactical approach, greater command and control, and excellent HBO content," Cahall wrote.

☆ Why some analysts are still worried about Roku even after it posted strong Q4 results
▼ + stars: | 2023-02-16 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Roku is not out of the woods yet, even after posting strong results for the fourth quarter, according to some analysts. The company's first-quarter revenue guidance of about $700 million also beat a StreetAccount estimate of $691.6 million. While those results and guidance are welcome by the market — Roku shares rallied 12% in the premarket — some analysts covering the stock remain skeptical about the company's prospects going forward. The ad market has taken a hit in recent months as companies pulled back as a way to save money. "Given mgmt's track record of conservative guidance ... we think investors will look past weaker 1Q revenue guidance," Helfstein said in a Wednesday note to clients.

☆ Analysts praise Disney's cost-cutting plan, say focus on profitability is 'restoring the magic'
▼ + stars: | 2023-02-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

The cost-saving initiatives unveiled by Disney on Wednesday give analysts another reason to remain bullish on the media giant. The commentary from analysts comes after the company on Wednesday revealed plans to cut 7,000 jobs and slash $5.5 billion in costs . "Bob Iger laid out a plan for cost cuts, content and streaming rationalization and ultimately improved profitability," said Wells Fargo's Steven Cahall in a Wednesday note to clients. "An execution story is a cleaner catalyst path, and the shares should track higher on confidence + estimates." "Bob Iger has a long, strong track record which provides confidence he will manage this transition for DIS," she said.

☆ Wells Fargo upgrades Spotify, says stock can rally nearly 50% as margins expand
▼ + stars: | 2023-02-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

It's time to jump back into the Spotify bandwagon, according to Wells Fargo. Analyst Steven Cahall upgraded the audio streaming stock to to overweight from equal weight, saying the company is now "off margin probation." An expected price hike could also further improve gross margins for Spotify's Music division, according to Cahall. Additionally, Spotify received an upgrade to overweight by Atlantic Equities, which is optimistic about the company's gross margin expansion and advertising outlook. The stock has jumped 53.4% in 2023, as part of the tech stock rally .

☆ Netflix's subscriber growth signals better times ahead, but some analysts say it's still too early to buy
▼ + stars: | 2023-01-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Netflix 's strong fourth-quarter subscriber growth and solid content slate may signal the start of better times for the streaming stock, but it may be too early to buy up shares, according to some Wall Street analysts. Netflix reported 7.66 million adds, compared to 4.57 million subscribers expected by StreetAccount estimates. Analysts view the company's new advertising tier and its content slate as key to Netflix's financial performance in the months ahead. Since reporting second-quarter earnings results, Netflix shares have risen more than 46%. On the leadership front, Supino and analysts view the CEO transition as a positive for the company.

☆ How Scripps News, the streaming and broadcast network formerly known as Newsy, is pivoting to anti-partisan, 'fact-based' reporting
▼ + stars: | 2023-01-19 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Streaming and broadcast news network Newsy has been rebranded as Scripps News. The network formerly known as Newsy has a presence on TV stations owned by Scripps and its ION Media stations and is accessible via free over-the-air digital antenna and several streaming platforms — including Roku, Amazon Fire and Apple TV. The company, which pulled Newsy from cable packages in 2021, boasts that Scripps News offers the only free 24/7 national news broadcast. Scripps News is also absorbing scores of executives from a national desk that fed the company's 61 local stations. Its local stations pulled in $208 million in ad revenue thanks to the midterm elections.

☆ No more Newsy: The streaming and broadcast network rebrands as Scripps News under Warren Buffett-backed E.W. Scripps
▼ + stars: | 2022-12-31 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Streaming and broadcast news network Newsy is being scrapped and rebranded as Scripps News. Parent company E.W. Bellini is a San Francisco-based reporter for Newsy, the 14-year-old streaming news platform owned by E.W. Scripps News is also absorbing scores of executives from a national desk that fed the company's 61 local stations. Its local stations pulled in $208 million in ad revenue thanks to the midterm elections.

☆ Here are the 10 Dow stocks analysts think will see the most gains in 2023
▼ + stars: | 2022-12-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

With that in mind, CNBC Pro looked at stocks in the Dow that have the most upside to the average analyst price target, per FactSet. Salesforce takes the top spot, with nearly 50% upside to the average analyst price target. Tech giant Apple could also see big gains, with the average analyst price target implying upside of 28%. The stock has had a lackluster year, losing 25%, but 62% of analysts covering Apple rate it a buy. 4 spot with nearly 21% upside to the average analyst price target.

☆ Wells Fargo sees Disney rallying nearly 50% next year if Iger makes this big move
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Spinning off ESPN and ABC from Disney is the best move that CEO Bob Iger can make for the entertainment giant and its stock, according to Wells Fargo. The bank is predicting the split will likely come in late 2023, after Disney implements cost-cutting and balance-sheet initiatives. "Recall that Iger built DIS into what it is today: a franchise [intellectual property] leader with global scale. ESPN, traditionally the cash cow, is neither owned-IP nor global the way the rest of DIS is," he wrote. We believe that there is very little reason for DIS and ESPN to remain together given the evolution of media consumption."

☆ Disney should spin off ESPN and ABC, analyst says
▼ + stars: | 2022-12-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But one Wall Street analyst has an idea for how Disney could get back on track. Wells Fargo’s Steven Cahall thinks Disney should spin off cable sports giant ESPN and traditional TV network ABC… two slow-growth (and some would argue, dying) businesses. Cahall wrote in his report that “we think Bob Iger is returning to {Disney] ready to make big changes. ESPN, in theory, may have an easier time negotiating with sports leagues as part of a pure play media network. “We think ESPN and ABC are integrally linked as the broadcast [network] improves negotiations in sports rights, and we’re seeing more of those sports on both networks,” he wrote.

☆ Wells Fargo upgrades Netflix, says ad-supported video can drive stock in 2023
▼ + stars: | 2022-12-09 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Netflix could have a strong 2023 thanks to its newly implemented ad-supported video tier, Wells Fargo said Friday. "Our deep dive into NFLX sees content improving churn, while AVOD [advertising-based video on demand] and paid sharing improve estimates." The analyst sees revenue growth of 7% in 2023, noting that sales "should benefit from advertising, paid sharing, and lower SVOD [subscription video on demand] churn/pricing post the AVOD launch. The streaming stock is down 48.5%, on pace for its third-worst annual performance ever. Paid sharing refers to the company's crackdown on password sharing — another potential revenue booster.

☆ Analysts cheer Iger's return to Disney; MoffettNathanson upgrades and sees 30% upside
▼ + stars: | 2022-11-21 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Wall Street analysts broadly approved of Bob Iger's return to Disney . MoffettNathanson's Michael Nathanson upgraded Disney to outperform from market perform, and raised his price target, on the news of Iger's return. His $120 price target represents roughly 30.7% upside from Friday's closing price of $91.80. Iger's return comes less than a year after Bob Chapek took the reins as chief executive. Meanwhile, Wells Fargo's Steven Cahall said Iger's return is a "positive surprise," as it is viewed by investors as a catalyst for the stock.

☆ Paramount Global shares jump after Warren Buffett's Berkshire Hathaway increases stake
▼ + stars: | 2022-11-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount Global 's stock got a boost Tuesday after Warren Buffett's Berkshire Hathaway upped its stake, a fresh signal that the media and entertainment company could be an acquisition target. Berkshire disclosed in public filings late Monday that it now owns more than 91 million shares in Paramount. Buffett's firm first disclosed its new stake in Paramount in May. Paramount is controlled through its class A shares by National Amusements, chairman Shari Redstone's holding company. Paramount owns "Top Gun: Maverick" movie studio Paramount Pictures, as well as the broadcast network CBS, cable channels including MTV and VH1, the premium network Showtime, and fledgling streaming service Paramount+.

☆ Paramount investors seem 'squeamish' about cash burn, says Wells Fargo's Steven Cahall
▼ + stars: | 2022-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailParamount investors seem 'squeamish' about cash burn, says Wells Fargo's Steven CahallSteven Cahall, Wells Fargo, joins 'Squawk on the Street' to discuss the market's response to Paramount's earnings, how long it will take for streaming companies to turn a profit and how Cahall sees Netflix's ad-supported tier playing out.

☆ 'Best smidcap stock that investors don't know about' is in billboards and broadband, Wells Fargo says
▼ + stars: | 2022-11-01 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Boston Omaha, an outdoor advertising and broadband telecom services company, is "the best smidcap stock that investors don't know about," according to Wells Fargo. Wells Fargo analyst Steven Cahall raised the price target to $34 (from $27), implying shares of Boston Omaha can surge roughly 22% on the back of strong internal and external growth. "We're raising 2022/23 EBITDA at Billboards and Broadband, as organic growth remains solid. Boston Omaha shares have outpaced the S & P 500 this year, down nearly 3% compared to the roughly 19% decline in the broader market index. "We think BOC likes to find mid-stage growth businesses that have long-term ROICs and would benefit from expansion capital," Cahall wrote.

☆ Wells Fargo downgrades Paramount to underweight, sees shares declining more than 30% from here
▼ + stars: | 2022-10-31 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to sell Paramount as it struggles with both its cable and streaming businesses, according to Wells Fargo. Analyst Steven Cahall downgraded shares of Paramount to underweight from equal weight, saying that his view on cable and streaming TV has worsened in the past few weeks. Shares of Paramount are down nearly 37% this year as the media company contends with cord cutting amid a broader transition to streaming. The analyst said he expects that Paramount is being traded at a premium compared to media peers such as Warner Bros. Cahall cut his price target on Paramount to $13 from $19, implying roughly more than 30% downside from Friday's closing price of $19.02.

☆ Stocks making the biggest moves midday: Wynn Resorts, TuSimple, Newell Brands, First Solar and more
▼ + stars: | 2022-10-31 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Newell Brands – Shares of Newell Brands, a consumer goods manufacturer, slipped 7.3%. Paramount Global –Shares of Paramount Global shed 3.6% after being downgraded by Wells Fargo Securities to underweight from equal weight. Meta Platforms – Shares of Meta Platforms fell 5.5%, leading declines in megacap technology stocks following disappointing earnings results last week. The firm has an equal weight rating on the stock. Amgen — The biopharma stock dipped 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an obesity drug update next week may be overdone.

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