Shares of Disney (DIS) - Get Walt Disney Company Report are falling 1.6% Monday after analysts at Imperial Capital downgraded the stock to in-line from outperform on concerns about valuation. 

Imperial analyst David Miller weighed in on Disney in November, setting the company with an outperform rating. Since then, the stock has risen 26%, making Disney's valuation too rich for the firm. 

In spite of the downgrade, the firm kept its $147 price target on the stock, while Disney closed at a record level of $141.74 on Thursday. Disney was trading at $139.35 Monday. 

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Imperial analyst David Miller sees all of the near-term catalysts he anticipated -- like the release of "Avengers: Endgame," the opening of two Star Wars theme parks, and the refinancing of various debts from the company's purchase of 21st Century Fox assets -- as already  baked into the stock.

The one catalyst yet to be executed by the company is the resumption of share buybacks, which could happen about a year from now, according to Miller. 

Disney is a key holding in Jim Cramer's Action Alerts PLUS charitable trust