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

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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.

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