Credit Suisse thinks Netflix shareholders can rest a little easier when it comes to one of its competitors, as the firm said the streaming service has not taken a notable subscriber loss from Disney's new digital offering so far based on app download data.
"Our Sensor Tower App downloads and Google search data analysis showed little-to-no impact from the Disney+ launch on Netflix trends, reassuring for Netflix relative to the competitive concerns priced into its stock, in our view," Credit Suisse analyst Douglas Mitchelson wrote in a note to investors. Sensor Tower is a research firm that provides mobile download data.
Netflix shares rose in premarket but later slipped, trading down 0.6% from its previous close of $302.57 a share. Credit Suisse has a buy rating on the stock with a $440 price target.
Credit Suisse's finding comes in line with Wall Street's expectation, as most analysts do not believe Netflix will lose many subscribers to Disney's service. Investors disagree, however, and have sold the stock in the second half of this year. Netflix is down nearly 15% in the last six months. Netflix has a dominant position in the streaming wars but faces growing competition from Disney+, Amazon Prime Video, Comcast-owned Peacock by NBC, HBO Max and Apple TV+.
It's still early however, Credit Suisse said.
"Global streaming competition is a marathon rather than a sprint, and it's too early to consider the results of these limited datasets to be conclusive," Mitchelson cautioned.
– CNBC's Michael Bloom contributed to this report.