Despite The June 13th edition of WWE RAW fetching it’s lowest cable rating since 1997, one stock analyst expects the company to do just fine.

CNBC spoke with Pacific Crest analyst Evan Wingren about WWE, and specifically their WWE Network streaming service. Wingren says the streaming business will cause WWE’s stock to take off, and that using the Nielsen ratings to gauge the company’s business isn’t viable anymore.

“We believe WWE’s model is at an inflection point, and that it is on the cusp of demonstrating profitability that greatly exceeds its historical earnings power,” Wingren wrote. “A deep dive into WWE Network’s cost structure suggests greater leverage than we previously thought.”

Earlier this year, WWE revealed that their streaming service now has 1.82 million subscribers, a 39% increase from the year before.

You can read the full article here.

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