Wells Fargo upgrades Disney before investor day, says streaming business will continue rapid growth

Attendees visit the Disney+ streaming service booth at the D23 Expo on August 23, 2019 at the Anaheim Convention Center in Anaheim, California.
ROBYN BECK | AFP | Getty Images

(This story is for CNBC Pro subscribers only).

Wells Fargo upgraded Disney to overweight from equal weight on growing confidence in the company's streaming business, saying that total subscribers could nearly triple over the next five years.

The upgrade comes ahead of Thursday's investor day for Disney, and Wells Fargo said in the note that it expects the event to focus on the growth of the media giant's streaming video business. The investment firm said in a note that streaming will soon become the defining characteristic for the company.

More In Street Calls

CNBC ProHere are Wednesday's biggest analyst calls: Apple, Nvidia, Amazon, Teladoc, Nasdaq, Uber & more
CNBC ProWeber shares could tumble more than 65% from here as sales weaken, Citi says in downgrade
CNBC ProGuggenheim downgrades Teladoc to sell, citing slowing growth going forward