Shares of Netflix Inc. NFLX, +0.73% surged 1.8% toward a 7-month high in premarket trading Wednesday, as Stifel Nicolaus analyst Justin Patterson said the strong showing by Walt Disney Co.'s DIS, -0.96% Disney+ streaming service is a positive for Netflix rather than a worry about competition, as it reinforces a notion that linear TV is struggling and that streaming services can co-exist. "The success of Disney+ is partially attributable to Netflix's role as a pioneer, which helped drive video hardware and software innovation, encourage media bundling by broadband and wireless providers and shift consumer behavior away from linear," Patterson wrote in a note to clients. "Consumers want their Netflix...and now Disney+. We continue to see Netflix and Disney co-existing." Netflix's stock has rallied 28.1% over the past three months through Tuesday, while Disney shares have gained 10.1% and the Dow Jones Industrial Average DJIA, +1.13% has tacked on 4.8%.
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February 05, 2020 at 05:51AM
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Netflix's stock surges as analyst sees Disney+ strength as a positive, not increased competition - MarketWatch
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