Anthony DiClemente claimed the company is threatened by the growth of digital content distribution and potential weaknesses at its theme parks.

DiClemente cut his rating on Disney to ‘underweight’ from ‘equal weight’ and cut his price target to US$29 from $40 causing shares to fall 80 cents (2.6 per cent) to $30.10 in the afternoon trading.

According to DiClemente the rise of digital distribution of film and television content could significantly disrupt media companies’ revenue and profit and he compared the scenario to that faced by the music industry earlier in the decade.

In a note to investors he wrote: "The structural shift created by ubiquitous technological change – a shift that has materially impacted the music industry – could also disrupt the core economic models of the film and television studios."

With regard to Disney’s theme parks DiClemente said that "although they appear to have been insulated from the broader economic downturn so far, attendance may soon begin to decline as the prices of flights to Orlando, Florida, continue to rise."