With Walt Disney Co (NYSE:DIS) preparing to release fiscal fourth-quarter results on November 10, Nomura analyst Anthony Diclemente slightly reduced his price to $110 (from $115), while reiterating a Buy rating for the stock.

Diclemente explained, “We modestly lower estimates, not only to better capture the impact of the extra week in the prior year’s quarter, but also to factor in TV ratings declines; these revisions are modestly offset by operational efficiencies and resilient trends at Parks. In sum, we moderate our F4Q16 and FY17 EPS estimates to $1.13 and $6.00, down from $1.17 and $6.10, respectively.”

The analyst continued, “We lower our ESPN ad growth estimate to -4.0% from -1.5% to reflect the impact of meaningful ratings declines for ESPN’s MNF, modestly offset by strong College Football viewership. We believe interest in political news content, unfavorable NFL matchups, the temporary absence of star players, and other entertainment alternatives have affected NFL ratings in the early season to varying degrees.”

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Anthony Diclemente has a yearly average return of 8.2% and a 60% success rate. Diclemente has an 9.6% average return when recommending DIS, and is ranked #364 out of 4182 analysts.

Out of the 31 analysts polled by TipRanks, 14 rate Walt Disney Company stock a Buy, 15 rate the stock a Hold and 2 recommend Sell. With a return potential of 19%, the stock’s consensus target price stands at $109.12.