Oppenheimer bullish on Angel Studios, initiates with an Outperform

As previously reported, Oppenheimer initiated coverage of Angel Studios (ANGX) with an Outperform rating and $18 price target. The firm’s estimates imply Angel Guild reaches 3.7M subscribers by 2027, 1.0% of Netflix (NFLX) global subscribers or 3.8% of Netflix domestic subscribers, suggesting a significant runway for growth. Additionally, Angel’s focus on uplifting/family-oriented content that is heavily influenced by subscriber feedback is resonating with an audience that appears to be underserved by legacy platforms, as Oppenheimer’s consumer survey indicates 60% of respondents are interested in an uplifting/family-oriented streaming service where they can influence content decisions.