Legacy Media Waited Too Long For DTC Model, Disney The 'Only Credible Challenger To Netflix,' Analyst Says
Portfolio Pulse from Chris Katje
Bernstein analyst Laurent Yoon initiated coverage on several media stocks, focusing on their direct-to-consumer and subscription video-on-demand initiatives. Yoon rated Walt Disney Co (DIS) and Warner Bros. Discovery Inc (WBD) as 'Outperform', Paramount Global Inc (PARA) as 'Underperform', and Netflix Inc (NFLX), Fox Corp (FOX), Comcast Corporation (CMCSA), and Charter Communications Inc (CHTR) as 'Market Perform'. Yoon believes Disney is the 'only credible challenger to Netflix' and could surpass linear revenue in 2024.

October 06, 2023 | 7:16 pm
News sentiment analysis
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POSITIVE IMPACT
Disney is rated as 'Outperform' by Bernstein analyst Laurent Yoon, who believes the company is the 'only credible challenger to Netflix'.
The analyst's positive rating and comments about Disney's potential growth in the direct-to-consumer market could boost investor confidence and positively impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Warner Bros. Discovery Inc is rated as 'Outperform' by Bernstein analyst Laurent Yoon, who sees potential for the company to generate sufficient cashflow to substantially de-lever.
The analyst's positive rating and comments about Warner Bros.' potential to generate cashflow could boost investor confidence and positively impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Charter Communications Inc is rated as 'Market Perform' by Bernstein analyst Laurent Yoon, who believes the company doesn’t have a catalyst on the horizon and could be hurt by expensive build-outs for its rural network coverage.
The analyst's neutral rating and comments about Charter's lack of a catalyst and potential challenges could lead to a neutral impact on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
Comcast Corporation is rated as 'Market Perform' by Bernstein analyst Laurent Yoon, who sees potential challenges for the company in the future.
The analyst's neutral rating and comments about Comcast's potential future challenges could lead to a neutral impact on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
Fox Corp is rated as 'Market Perform' by Bernstein analyst Laurent Yoon, who is not convinced that Tubi is the company’s Plan B to get streaming subscribers.
The analyst's neutral rating and comments about Fox's lack of a convincing Plan B for streaming subscribers could lead to a neutral impact on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
NEUTRAL IMPACT
Netflix Inc is rated as 'Market Perform' by Bernstein analyst Laurent Yoon, who believes the company could have lower subscriber growth than forecasted.
The analyst's neutral rating and comments about Netflix's potential lower subscriber growth could lead to a neutral impact on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 85
NEGATIVE IMPACT
Paramount Global Inc is rated as 'Underperform' by Bernstein analyst Laurent Yoon, who sees challenges for the company in terms of declines for its linear segment, sub-scale DTC and a poor balance sheet.
The analyst's negative rating and comments about Paramount's challenges could decrease investor confidence and negatively impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80