Disney stock exploded higher after the company released its Disney+ sign up metrics on the first day roll-out.
On Tuesday, The Walt Disney Company (DIS) launched its Disney+ streaming service, and one day later the company announced it has already achieved 10 million sign-ups.
Wedbush analyst Daniel Ives said Disney’s (DIS) just announced 10 million subscribers for Disney+ is a “jaw dropping” figure that he believes is considerably higher than many on Wall Street were anticipating. He also thinks Disney could hit its long term subscriber target of 60 to 90M by s by 2024 potentially two years earlier at this pace. The company’s “unmatched content” and “massive” brand and distribution make Disney+ a “legitimate streaming competitor on Day One” to Netflix (NFLX), Ives added. Commenting on the recent launch of Apple’s (AAPL) TV+, Ives said pricing, content, and especially the company’s installed base remain its “major strategic weapons.”
Disney price target was raised to $163 from $150 at Credit Suisse.