Netflix Inc. (NFLX) - Get Report shares traded higher Tuesday after the streaming service topped its main rival, Walt Disney Co. (DIS) - Get Report, with twenty four Oscar nominations and received a price target boost from analyst at Goldman Sachs.
"The Irishman", Netflix's blockbuster production from iconic director Martin Scorsese, as well as its divorce dram 'Marriage Story', were named as two of the seven films that will compete for the Academy of Motion Picture Arts and Sciences coveted Best Picture honor next month in Los Angeles. The nods topped a list of 23 other nominations for the world's biggest entertainment streaming service, one ahead of Disney, which launched its rival Disney-Plus offering late last year.
Netflix was also getting support from a price target upgrade at Goldman Sachs, which pegs the group at $450 per share, a $50 improvement from its prior estimate.
Netflix shares were marked 1.5% higher in early trading Tuesday to change hands at $343.46 per share, a move that would extend its gain from the Disney-Plus launch date of November 12 to around 17%.
Disney shares, meanwhile, were seen 0.56% lower at $143.08 and have gained around 5% since the streaming service launch.
Netflix said in early December that 26.4 million accounts watched "The Irishman" within the first week, and that it expected 40 million views in the first 28 days. The company defines a view as watching at least 70% of the program.
Sarandos explained at a recent UBS Global conference that it's difficult to measure how much a specific piece of content drives subscriptions in a given period, but the strategy behind big-budget feature films lies in boosting the "value proposition" for consumers.
Netflix is set to publish its fourth quarter earnings on January 21