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The wind is blowing at Disney’s (DIS) back right now. But one factor is keeping us from going outright bullish on the “House of Mouse.”

As Hedgeye Communications analyst Andrew Freedman explains in the clip above, Disney’s tether to traditional distribution is a big reason he is continuing to wait and watch on the stock – but even that could be a bullish catalyst for Disney in the long run.

“I really like [Disney]. I like the story. I like the OTT [over-the-top streaming] angle,” Freedman explains.

“Disney still has a large-portfolio of cable and broadcast networks. They’ll be able to capture a lot of lost subs through their DTC [direct-to-consumer] offering and still generate a lot of revenue off of that. So I don’t think it’s going to be as dire as some people think it will be. I think it’s going to be much more manageable.”

Watch the full clip above for more.

Why Our Analyst Andrew Freedman Likes Disney (DIS) - real time alerts