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☆ Disney asset sales won't break the bank, but they will move legacy media forward
▼ + stars: | 2023-09-17 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Disney 's motivation to potentially sell ABC and its owned affiliates, linear cable networks and a minority stake in ESPN isn't predicated on what these assets will fetch in a sale. It's about signaling to investors the time has come to stop thinking about Disney as old media. Rather, a sale of ABC and linear cable networks would be a message to the investment community: The era of traditional TV is over. "Disney almost has a good bank and a bad bank at this point," Wells Fargo analyst Steven Cahall said in a CNBC interview. Nexstar has held preliminary conversations with Disney to acquire ABC and its owned and operated affiliates, Bloomberg reported Thursday.

Persons: Walt Disney Company Bob Iger, Mickey Mouse, that's, Bob Iger, Wells, Steven Cahall, Disney, Byron Allen Organizations: Walt Disney Company, New York Stock Exchange, ABC, ESPN, Disney, CNBC, Nexstar, Bloomberg, . Media, Geographic Locations: New York City

☆ Wells Fargo says this could be a good long-term buying opportunity for Disney, sees more than 30% upside
▼ + stars: | 2023-09-05 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Investors should look to Disney as an investment for the future, Wells Fargo says. Analyst Steven Cahall maintained his overweight rating on the stock and lowered his price target to $110, a $36 cut. With kids and families comprising two-thirds of core Disney+ subscribers, Cahill thinks the story of Disney+ will now be about its price and margins, not its subscriber growth. The Wells Fargo analyst added that Disney's direct-to-consumer business's longer-term DTC earnings and margins will "emerge as the key reason" to own the stock. Additionally, if ESPN does not transition well to Disney's DTC business, the analyst said that could create a "long-term EPS hole."

Persons: Wells Fargo, Steven Cahall, Cahill, Wells, Michael Bloom Organizations: Disney, DIS, Media, Communications, ABC, ESPN, FX Locations: Hulu

☆ Disney reiterated as a buy despite struggles. Here's what the experts say to do next
▼ + stars: | 2023-08-28 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney reiterated as a buy despite struggles. Here's what the experts say to do nextSteven Cahall of Wells Fargo Securities, Amy Raskin of Chevy Chase Trust and Joe Terranova of Virtus Investment Partners discussed Disney as UBS reiterated the stock as a buy despite barely coming off a 9-year low.

Persons: Steven Cahall, Amy Raskin, Joe Terranova Organizations: Wells Fargo Securities, Chevy Chase Trust, Virtus Investment Partners, Disney, UBS Locations: Wells Fargo

☆ How Bob Iger's big plan to shrink Disney could pay off and how it could backfire, according to industry insiders
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." Verizon has reached out to Disney about partnering on a new ESPN streaming service, The Information reported. 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

Persons: Bob Iger, He's, Iger, Wells, Steven Cahall, MoffettNathanson's Michael Nathanson, Iger's, hasn't, Macquarie, Tim Nollen, Doug Shapiro, Shapiro, Disney, It'll, there's, Tim Cook, Eddy, Drew Angerer, Disney's, Penn, Joel Simkins, Stratechery's Ben Thompson, Thompson, — Iger, mused, signups, he's, Kevin Lansberry, I'm, Nollen Organizations: Disney, ABC, FX, Geographic, ESPN, Google, Netflix, Warner Bros, Discovery, Warner Bros . Discovery, Comcast, Marvel, Pixar, Apple, Walt Disney, Turner Broadcasting System, Apple's, Hulu, ESPN Iger, Penn Entertainment, Houlihan, Global Technology Group, LightShed Partners, Verizon, Flagship Locations: Orlando , Florida, Sun

☆ Bob Iger is moving to shrink Disney — here's how industry insiders see his playbook and its potential pitfalls: 'Everything is not OK'
▼ + stars: | 2023-08-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. He's looking to Disney's IP-driven parks, streaming, and film studios to drive growth. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

☆ Analysts say Netflix investors should 'buy the pullback,' as password sharing 'supercharges' subscriber growth
▼ + stars: | 2023-07-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Wall Street analysts were positive on Netflix after its latest subscriber additions and largely dismissed concerns of that the monetization of paid sharing is too slow. The company added 5.9 million subscribers in the quarter in a sign that its password sharing crackdown and advertising tier is generating new subscribers. "2Q review: Password sharing supercharges subs Netflix (NFLX) reported healthy 2Q results, which reflected strong net adds of 5.9mn (vs. guidance of ~1.75mn and our 2.95mn est. ), indicating the initial rollout of password sharing has been very positive," the analyst wrote on Thursday. Wells Fargo's Steven Cahall said investors are "over-exuberant on paid sharing," though he reiterated an overweight rating on the stock.

Persons: Doug Anmuth, Anmuth, America's Jessica Reif Ehrlich, Wells Fargo's Steven Cahall, Needham's Laura Martin, NFLX, OTT, — CNBC's Michael Bloom, Alex Sherman Organizations: Netflix, " Bank, America's, DIS Locations: Wednesday's

☆ Netflix stock sinks as Wall Street looks for clarity on revenue growth
▼ + stars: | 2023-07-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

"I think people expected a lot more revenue growth in the third quarter, plus there was the weakness in [average revenue per membership]," said analyst Michael Nathanson of MoffettNathanson. Netflix stock sank more than 9% Thursday after a quarterly earnings report that was largely positive, but left Wall Street underwhelmed and uncertain about key revenue drivers. Netflix's stock has risen on the rollout of ad-supported streaming and a new password sharing policy, which are both meant to boost revenue. "Most of our revenue growth this year is from growth in volume through new paid memberships, and that's largely driven by our paid sharing rollout," Neumann said. In a note following the earnings report, however, Cahall said "patience is a virtue," and called out investors that were "over-exuberant on paid sharing," noting revenue growth will take longer.

Persons: Michael Nathanson, Spencer Neumann, Neumann, Wells, Steven Cahall, Cahall, Greg Peters Organizations: MoffettNathanson, Netflix, Wall Street, Hollywood

☆ Analysts caution expectations may be too high for Netflix heading into earnings
▼ + stars: | 2023-07-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Some Wall Street analysts are raising the alarm on Netflix ahead of the streaming company's second-quarter earnings after the bell Wednesday. NFLX YTD mountain Netflix shares since the start of 2023 "We're raising #s into the print for NFLX, but also note very high buyside expectations," wrote Wells Fargo analyst Steven Cahall. "We actually think investors would buy a pullback on the [long-term] outlook in the event NFLX has [short-term] pressure on the print (de ja vue)." Jefferies analyst Andrew Uerkwitz is also bracing for a pullback, viewing any dip on the back of earnings as a buying opportunity. Early Netflix password crackdown data boosts his confidence in the company's short-term path, he added.

Persons: Wells, Steven Cahall, Jefferies, Andrew Uerkwitz, Cahall, Uerkwitz, — CNBC's Michael Bloom Organizations: Netflix, Jefferies

☆ Netflix is about to report earnings — here's what to expect
▼ + stars: | 2023-07-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Netflix reports second-quarter earnings on Wednesday and investors will pay close attention to the streaming giant's crackdown on password sharing, as well as the recently launched ad-supported tier. Here's what analysts are expecting for the quarter, according to Refinitiv:Earnings: $2.86 per share$2.86 per share Revenue: $8.30 billionIn May, Netflix began alerting members about its new sharing policy, which prevents freeloaders from sharing accounts. Netflix saw its subscriber base rise weeks after the rollout, according to a report from Antenna. Investors will also watch for any details Netflix provides on its recently launched cheaper, ad-supported tier. During its pitch to advertisers in May, Netflix unveiled few details about its ad-supported tier, albeit enough to push its stock higher.

Persons: MoffettNathanson, Wells, Steven Cahall Organizations: Netflix, Media, Hollywood Locations: Wells Fargo

☆ Wells Fargo says Disney shares to rally 60% with Iger's possible divestitures adding $10 a share
▼ + stars: | 2023-07-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Wells Fargo is bullish on the potential sale of Disney 's noncore linear assets. Disney's segment operating income compound annual growth rate is currently 15% and could jump to 20% with the divestitures, Cahall calculated. "They may not be core to Disney," Iger told CNBC's David Faber at Allen & Co.'s annual conference in Sun Valley, Idaho. Disney's TV network portfolio includes ABC and ESPN, although Iger said he's open to finding a strategic partner with ESPN . Wells Fargo sees the potential sale of the TV assets as just one step in the company's turnaround plan.

Persons: Wells, Steven Cahall, Bob Iger, Iger, CNBC's David Faber, Wells Fargo, Cahall, Rome wasn't, Iger's, — CNBC's Michael Bloom Organizations: Disney, ESPN, Allen & Co, ABC Locations: Sun Valley , Idaho, Rome

☆ 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

☆ 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

☆ 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

☆ 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.

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