Disney ( DIS) shares fell Monday after the stock got downgraded by an analyst who believes shares are trading at fair value after climbing 21% in nine months. Cowen & Co. analyst Lowell Singer downgraded the Burbank, Calif., media conglomerate to neutral from outperform. Disney shares declined 25 cents to $28.24 on the move. "We expect a variety of factors to slow Disney's operating income growth in FY07," writes Singer in a research note. "Additionally, Disney shares have risen 21% over the past 9 months, and we believe the stock is now fairly valued. While the company is one of the best-run in the media industry, we do not expect shares to outperform the market over the next 12 months." Some of the mitigating factors at Disney in coming times, according to Singer, include NFL and Nascar sports rights contracts at cable channel ESPN, and variable performance at ABC because it may not have developed successful new shows. Returning hits like "Desperate Housewives" and "Grey's Anatomy" may see some ratings declines. At the studio division, Singer says the firm remains "concerned that Disney may have overpaid for Pixar." At the parks and resorts segment, "Disney could be challenged to drive meaningful attendance increases in FY07 since the parks will be lapping 50th anniversary celebration-driven attendance gains."