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[DIS  Loading...      ()   ] story might not have a happy ending after all, at least according to Lehman analyst Anthony DiClemente. He downgraded shares of the Mouse House to "Underweight" from "Equal Weight" and cut the price target to $29 from $40.

The growth of digital content distribution poses a threat to Disney's film and TV divisions, while the company's theme parks could see weaker attendance, says DiClemente who compared the scenario to that faced by the music industry earlier in the decade.

"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," DiClemente wrote in a note to investors.

“We’re taking a cautious view structurally on the movie and TV content business,” DiClemete tells Fast Money. “We just don’t think profitability 2-3 years from now is going to be as great.”

DiClemente also said although Disney's theme parks appear to have been insulated from the broader economic downturn so far, attendance may soon begin to decline as the price of flights to Orlando - home of its Walt Disney World parks - continue to rise amid airline capacity cuts.

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Trader disclosure: On July 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (WMT), (DIS), (MSFT); Najarian Owns (AAPL), (NOK), (TSO), (XLF), (XTO), (FNM), (ANR); Najarian Owns (FNM) Puts, (MER) Puts; Najarian Owns (RIMM) Calls, (SLB) Calls; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (GE), (MPG), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (FLS); Finerman's Firm Is Short (SPG), (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short (XME) And Owns (XME) Puts

GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Vivendi Owns 20% Of NBC Universal, The Parent Company Of CNBC

Lehman Brothers And/Or Affiliate Has Received Inv. Bank. Comp. From (DIS), (TWX), CBS, Viacom, News Corp. In Past 12 Mos., Lehman Brothers Has Received Non-Inv. Bank. Compensation From (TWX), (CBS), (DIS) Within Last 12 Mos.,  (DIS), (TWX), (CBS), Viacom, News Corp. Are Or In Past 12 Mos. Have Been Inv. Bank. Clients Of Lehman Brothers And/Or Affiliate, (DIS), (CBS), (TWX) Are Or During Last 12 Mos. Have Been Non-Inv. Bank Clients (Securities Related Services) Of Lehman Brothers

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