Disney (DIS) may be recording the largest loss on a single film following the flop of its pricey John Carter movie, but Nomura analyst Michael Lean sees plenty to like about the world’s largest entertainment company, adding it to the firm’s Conviction Buy List in place of Viacom (VIAB).

Lean writes that with the John Carter announcement out of the way (which he does not expect to affect any of the company’s other segments), investors will be able to focus on Disney’s core theme park and media network businesses–segments that he sees putting in a strong showing throughout 2012. “Specifically, we continue to focus on future affiliate fee growth and stable content costs to lead to ESPN margin expansion.”

Despite removing it from the list, Lean continues to rate Viacom a Buy, with a $54  price target.  ”Although there are concerns about the pace of ad growth and ratings in the coming quarters, we believe Viacom’s valuation is attractive and that its buyback will continue to offer support.”

Other stocks on the firm’s US Conviction Buy List are: Dover (DOV), Goldman Sachs (GS), Limited Brands (LTD), Marriott International (MAR), Maxim Integrated Products (MXIM), News Corp. (NWSA), Oracle (ORCL), PetSmart (PETM), PNC Financial Services (PNC) and Sherwin-Williams (SHW).