When gauged by attendance, only 2 of the top 20 animated movies of all time were produced in 3D (Disney/Pixar's Up and Toy Story 3 ), BTIG analyst Richard Greenfield observed in a note to clients on Tuesday. "Despite investor excitement around 3D over the past few years, 3D does not appear to be causing more consumers to actually see animated movies," he wrote, adding, "We are increasingly concerned by the fact that attendance levels for 3D movies are falling." Greenfield expresses further concern that studios are emphasizing technology over storytelling and worries that the increasing number of animated features is having a cannibalizing effect. In a separate note, Greenfield lowered his earnings estimate for Dreamworks Animation based on "the continued erosion of the DVD market and diminishing appeal of 3D."