From Standard & Poor's Equity ResearchCIBC downgraded Walt Disney (DIS

) to sector underperform from sector perform.

Analyst Jason Helfstein says his analysis of fiscal year 2007 (ending September) suggests the company will have slower growth, resulting from fewer shows in syndication, difficult ratings comps at ABC, slower growth at Theme Parks, Pixar dilution, and results in single digit earnings per share (EPS) growth. Assuming investors will look beyond this slower growth, he thinks shares are worth $32 to $34 per share.