Market News

Walt Disney Offers Disney+ Streaming Service for $1.99/Month — Report

According to a report published by StreetInsider.com, Walt Disney Co. (DIS) has made its Disney+ streaming service available for only $1.99 per month for a limited time to boost subscriber growth.

In the U.S., the company charges $7.99 per month for the service.

Details of the Deal

The California-based entertainment and media conglomerate said that the deal is available from November 8 to November 14 for both returning and new customers.

Furthermore, the offer celebrates the two-year anniversary of the streaming service. (See Insiders’ Hot Stocks on TipRanks)

Management Comments

The Chairman of Disney Media and Entertainment Distribution, Kareem Daniel, said, “Since launching two years ago, Disney+ has captured the hearts and imaginations of audiences around the world with its best-in-class originals and robust library of beloved films and series.”

Wall Street’s Take

Last month, J.P. Morgan (JPM) analyst Alexia Quadrani reiterated a Buy rating on the stock with a price target of $230 (32.1% upside potential).

The analyst has lowered her Disney+ subscribers estimate to 164 million from 185 million for 2022; to 210 million from 230 million for 2023; and to 235 million from 360 million for 2024 due to “conservatism given still so many unknowns on the rollout over the next few years.”

Analyst Recommendation

Overall, the stock has a Strong Buy consensus rating based on 15 Buys and 4 Holds. The average Walt Disney price target of $215.06 implies 23.7% upside potential. Shares have gained 24% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Walt Disney’s performance.

According to the tool, the company’s website traffic registered a 66.6% increase in global visits in September. Moreover, website traffic has risen 98.55% year-to-date.

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