Disney+, Walt Disney’s long-awaited debut in the streaming media wars on November 12th was marked by technical glitches. According to the entertainment company, the issues resulted from higher-than-anticipated demand.
Walt Disney shares closed higher for a second consecutive trading session in New York on Wednesday. It has also been the sharpest daily surge since April 12th. The stock went up 7.32% ($10.14) to $148.72, after touching an intraday high at $149.91 and also a fresh all-time high.
Shares of Walt Disney Company have risen 35.63% so far in 2019 compared with a 23.42% gain for the benchmark index, S&P 500 (SPX).
In 2018, Walt Disney’s stock went up 1.99%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
Priced at $7 per month, Disney+ features nearly 500 movies and 7,500 TV episodes from Walt Disney’s vast family entertainment catalogue, along with some new programming.
It was not clear how many users had successfully signed up and how many users had experienced difficulties with their access to the service.
When they attempted to access Disney+, some users received an image of Mickey Mouse on a blue screen and a message to exit the application and try again.
At the same time, other users had difficulty finding the Disney+ app in Apple’s App Store.
Yet, according to a statement by the entertainment company, the “consumer demand for Disney+ has exceeded our highest expectations … we are aware of the current user issues and are working to swiftly resolve them.”
“While it’s easy to focus on the temporary problems, there’s no doubt that this also shows an enormous demand for Disney’s services,” Clement Thibault, an analyst at Investing.com, was quoted as saying by Reuters.
Analyst stock price forecast and recommendation
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Walt Disney’s stock price, have a median target of $157.50, with a high estimate of $170.00 and a low estimate of $131.00. The median estimate represents a 5.90% upside compared to the closing price of $148.72 on November 13th.
The same media also reported that at least 19 out of 25 surveyed investment analysts had rated Walt Disney’s stock as “Buy”, while 6 – as “Hold”.
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