Walt Disney Co. (NYSE: DIS) saw its stock plummet Wednesday amid concerns that it won't perform well in a weakened economy.
Disney saw its stock drop as much as 14 percent during early morning trading, as multiple analysts downgraded it.
Numerous firms, including Wunderlich Securities, RBC Capital Markets and Nomura Securities all cut their price targets for the company.
"Recently, [Disney] has not lived up to the earnings-beatings behavior it is known for," Nomura Securities analyst Michael Nathanson wrote in a note to clients. Nathanson dropped his price target for Disney to $42 from $45.
Interestingly enough, Disney actually beat analysts' expectations in the quarter for earnings and revenue.
Disney posted profits of 78 cents per share, beating expectations of 73 cents, according to FactSet. The company's quarterly profits of $1.48 billion bested last year's quarter profits of $1.33 billion.
The company saw its boost through additional ad revenue with sports entertainment giant ESPN and with increased revenue at its theme park properties, including Walt Disney World in Florida and Disneyland in California. ESPN saw its profits rise 10 percent, while theme park income revenue went up 8.8 percent.
These revenue gains have not been enough for investors or analysts, though. Wunderlich Securities analyst Matthew Harrigan lowered his rating from "buy" to "hold" due to the company not maximizing profits in its theme parks.
"Disney has major upside off better monetization of Disney Pixar, Marvel, ABC, and the parks, but this hinges on creative execution and the economy," Harrigan wrote in a note to clients.
Disney also saw its film and television production studio earnings drop 60 percent, as few Disney-backed movies were able to find worldwide financial success.
At midday, Disney was trading down 10.17 percent at $31.17, a loss of $3.53.