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17.01.2020 14:04:17

Comcast's Peacock streaming service gets glowing review from Wells Fargo

Comcast Corp.'s new streaming service Peacock got a glowing review early Friday from Wells Fargo with analysts predicting that it will be a growing part of the company's messaging. Comcast offered details on the new service for the first time Thursday at an analyst day, with the cable giant explaining that it would be available via a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series. The service will launch April 15 for Comcast customers and July 15 for everyone else. Peacock, which gets its name from the iconic NBC logo, is similar to Hulu, the streaming service controlled by Disney . Hulu's ad-supported service is $5.99 a month. Peacock will offer a $4.99 a month and $9.99 a month product. "In our view, CMCSA management (very deep bench!) effectively laid the case why Peacock will have a place in the streaming field," Wells Fargo analysts led by Jennifer Fritzsche said in a note to clients. "The elevator pitch is there (here it is: CMCSA is relevant because it the only streaming player of scale that is going after the ad-supported premium content group)." Estimates offered by Comcast management are likely conservative and beatable and with the distribution agreement signed with Cox, it starts with a subscriber base of more than 24 million. "While we recognize there is no incremental revenue from this subscriber base directly, there is a significant intangible benefit of improving the overall retention of video subscribers that can come from such an offering," said the note. Wekks ?Fargo rates Comcast as overweight. Comcast shares were slightly higher premarket Friday, but have gained 31% in the last 12 months, while the S&P 500 has gained 26%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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