UPDATE: Gabelli & Company Downgrades The Walt Disney Company from Buy to Hold

Gabelli & Company downgraded The Walt Disney Company

from Buy to Hold in a report published Wednesday. In the report, Gabelli & Company stated, "Disney owns a collection of uniquely valuable media businesses with strong barriers to entry and growth potential but trades at a meaningful premium to other media conglomerates. We do not believe there to be a margin of safety at current prices and recommend investors hold shares." Shares of The Walt Disney Company closed Tuesday at $49.81.