Barclays analyst Kannan Venkateshwar downgraded Walt Disney Co. to Underweight, his firm's equivalent of a Sell rating. The analyst cut his price target for the shares to $89 from $98. Disney closed yesterday up 60c to $99.08. Subscriber losses at the company's ESPN unit are likely to have a "disproportionate impact on the business model," Venkateshwar tells investors in a research note. In addition, even with the recent 12% selloff in the shares, Disney shares still trade at a premium to other names in the U.S. Media sector, the analyst contends. Venkateshwar expects Disney to underperform as investors turn their attention to ESPN.