The selloff in Walt Disney shares after the release of its latest earnings on Tuesday was “overdone,” according to Barclays, which is bullish on the company’s streaming results. Shares tumbled nearly 10% Tuesday after Disney missed revenue estimates for a fourth quarter in a row. Disney’s guidance for its experiences segment in the current quarter was also weaker than expected. Nonetheless, earnings topped estimates and the company reported a combined profit for its Disney+ and Hulu segments for the first time. DIS 1Y mountain Disney shares over the past 12 months. Barclays analyst Kannan Venkateshwar believes that concerns around theme park operating income growth were overblown. He said he is optimistic about Disney’s streaming segment results. He remains overweight on the stock while slightly pulling back his price target to $130 from $135, implying 23% upside from Tuesday’s close. “Stepping back, what is more impressive in our opinion is that this business is now likely to be consistently profitable, especially adjusted for the India business, just 4 years after launch of streaming, something that other streaming services, including market leaders like Netflix, took a lot longer to achieve,” he wrote in a Wednesday note. Down the line, Disney’s streaming margins could potentially top those of Netflix, he added. “Management may not be able to fully articulate this path or its cadence until the deal with Comcast on Hulu is consummated, but this path is likely to be better than present consensus estimates,” Venkateshwar said. — CNBC’s Michael Bloom contributed to this report.