FBR Capital analyst Barton Crockett downgraded Disney (DIS) to Market Perform from Outperform and lowered his price target for the shares to $108 from $111. Disney closed yesterday down 32c to $97.39. It reports results for its fiscal third quarter on August 9. The analyst lowered his estimates modestly to reflect underperformance of two recent movies, Alice Through the Looking Glass and The BFG. The stock "will struggle to deliver much upside" from current levels, Crockett tells investors in a research note. He recommends paring back exposure to the TV network conglomerates ahead of the Q2 earnings season. Crockett this morning downgraded Time Warner (TWX) along with Disney. The only two TV network conglomerates he continues to recommend are Viacom (VIAB) and CBS (CBS).