Wall Street analysts over the weekend gave haircuts to earnings expectations for Los Angeles area companies ranging from Alexandria Real Estate Equities to Walt Disney Co., citing limited near-term upside for shares due to the credit crunch, the ongoing recession and industry-specific trends.

Credit Suisse downgraded to “underperform” from “neutral” both Alexandria, a Pasadena real estate investment trust specializing in health care properties, and Kilroy Realty Corp., a downtown Los Angeles office and industrial REIT.

While Alexandria is somewhat protected by having many well-capitalized multinational pharmaceutical tenants, analyst Steve Benyik warned of bankruptcy risks for its smaller biotech tenants, as well as the REIT’s own relatively weak liquidity outlook.

As for Kilroy, Benyik cited the REIT’s high level of scheduled lease expirations in addition to its significant exposure to Southern California’s weak commercial real estate market.

J.P. Morgan analyst Imran Khan, who downgraded Disney to “neutral” from “overweight,” believes the Burbank company faces a variety of challenges, from declining revenue at its theme parks to slower advertising and DVD sales at its media properties, which include the ABC broadcast network.

While attendance at theme parks and resorts were in line with levels seen last year, Khan noted the numbers were “partly driven by discounts and promotions” which will lower overall revenues. Weakness in film and TV series DVD sales will be a primary factor in a 44 percent decline in operating income in that area during fiscal 2009, he said.

In other analyst downgrades, BMO Capital Markets downgraded City National Corp., the Los Angeles parent of City National Bank, to “underperform” from “market perform.” Pali Research lowered its recommendation on Glendale film company DreamWorks Animation SKG Inc. to “neutral” from “buy.”

In midday trading on the New York Stock Exchange, Alexandria Real Estate shares were down $3.74, or 9 percent, to $38.01, and Kilroy shares fell $1.14, or 6 percent, to $17.93. Dreamworks lost $2.27, or 10 percent, to $20.05, and Disney was down 56 cents, or 3 percent, to 19.44. City National shares dropped $2.83, or 8 percent, to $33.46.