On Friday, Disney shares closed off 4 percent, nearly twice that of the broader markets, as the conglomerate was the topic of at least two negative research notes in the past two days.

On Friday, BTIG analyst Richard Greenfield downgraded Disney to "sell" and put a $90 price target on the stock, suggesting it will fall about 16 percent in the next 52 weeks or so.

"Even The Force cannot protect ESPN," Greenfield wrote, accusing management of "overpaying for sports rights based on overly aggressive multichannel video subscriber projections."

Greenfield says Disney's cable network operating income will shrink in fiscal-year 2017, causing total Disney operating income to be flat.