Loop Capital analyst David Miller downgraded 21st Century Fox (FOXA) to Sell citing the stock’s rally post the Disney (DIS) deal announcement.

The analyst advises Fox shareholders to take profits. At $34.27 per share, the market is affording too high a multiple for the “New Fox” stub equity piece, Miller tells investors in a research note.

He believes comparisons to CBS (CBS) are inappropriate given the difference in asset mix between the two companies.