Netflix (NFLX - Get Report) shares slipped Wednesday amid signs of increasing competition in the streaming market, defying a vote of confidence from a top analyst.

Netflix's stock dropped 1% to $267, even as Piper Jaffray released a survey showing subscribers were unlikely to abandon the Los Gatos, Calif., streaming-video giant in favor of new offerings coming out from Apple (AAPL - Get Report) and Walt Disney (DIS - Get Report)  , Bloomberg reports.

Roughly three-quarters of Netflix subscribers say they don't intend to move to Disney or Apple, both of which are muscling into the video-streaming sector.

And of those that are interested in signing up for the rival streaming services, the "vast majority" still also plan to keep their Netflix subscriptions, the survey of 1,500 Netflix subscribers found.

Netflix will continue to "capture a significant portion of traditional content dollars," the report noted.

Piper Jaffray analysts also affirmed their overweight rating and their $440 price target on Netflix, while suggesting the stock's current valuation offers an opportunity for investors, the news service reported.

Netflix share are trading at "multiyear valuation lows," suggesting concern about rising competition has already been baked into the price, the report argues.

The uncertainty around the direction of Netflix shares comes as Apple gets ready to launch a $4.99-a-month streaming service this fall, having recently unleashed a wave of TV ads to promote it.

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