MoffettNathanson analyst Michael Nathanson downgraded Disney to Neutral from Buy with a price target of $112, down from $120. The stock closed Friday down $2.65 to $105.50. Disney has “advantaged assets to win” in the new world created by COVID-19, but the uncertainty of the present situation creates “significant and unrivaled earnings risk for the foreseeable future,” Nathanson tells investors in a research note. The economic impact of social distancing is most severe for the two divisions, Theme Parks and Studio Entertainment, that have driven Disney’s free cash flow in the recent term, adds the analyst. Further, Nathanson says the acceleration in cord-cutting, coupled with ESPN’s high fixed cost base, could further negatively impact Disney’s Media Networks. All in, the analyst expects to see further pressure on the company’s earnings, limiting the stock’s performance for the near-to-medium term.