“Star Wars: The Force Awakens” was great, but the hype is over and it won’t save the Walt Disney Co. from the lingering fears of cord-cutting at ESPN.

Macquarie analyst Tim Nollen downgraded Disney’s DIS, -2.02% stock to neutral from outperform on Tuesday. Nollen said with “The Force Awakens” in the rear view window, it’s hard to justify Disney’s high valuation—shares outperformed the S&P 500 index by 12 percentage points last year. “The Force Awakens” has grossed more than $1.5 billion at the global box office so far and is on track to surpass $2 billion, and Nollen expects sales of merchandise tied to the film to hit $5 billion.

But industry concerns surrounding the traditional pay-TV business won’t go away, he said.

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