Deutsche Bank analyst Paul Trussell downgraded J.C. Penney (JCP) to Hold and cut his price target for the shares to $5.50 from $9. The stock closed Friday down 14%, or 74c, to $4.55 following the retailer's Q1 earnings report. The analyst says his thesis of sustainable outperformance versus the peer group has not transpired. Penny's same-same-sales in Q1 were in-line with the weakness experienced by peers and its cost savings were limited, Trussell tells investors in a research note. The analyst this morning also upgraded Coach (COH) to Buy from Hold.

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Sell from Neutral at Goldman by analyst David Tamberrino, who also lowered his price target for the shares to $185 from $190. The analyst has concerns over the execution of the Model 3 launch, the company's "unproven" solar business as well as its near-term cash needs. 2. Under Armour (UAA) downgraded to Reduce from Neutral at Nomura by analyst Simeon Siegel, who cut his price target to $16 from $27, saying the company's Q4 report affirmed many of his concerns. Siegel is concerned Under Armour has matured past its high growth phase, and even in an overly optimistic scenario, believes shares are fairly valued at best and anything short of perfection could pressure shares as slowing growth rates normalize the lofty multiple. 3. Urban Outfitters (URBN) downgraded to Sell at MKM Partners by analyst Roxanne Meyer, who expects sales and margins to deteriorate meaningfully in 2017 at Anthropologie, and sees risk at the flagship brand as it laps reductions in markdowns and as key brands widen distribution. 4. Lumentum (LITE) downgraded to Neutral from Buy at MKM Partners by analyst Michael Genovese, who said demand conditions in China are not as strong as last year and there are technology transitions in Chinese Optical. He believes Lumentum will lose share in Chinese line-side and client-side transmission and believes shares reflect a lot of potential good 3D sensing news. 5. J.C. Penney (JCP) downgraded to Neutral from Buy at B. Riley by analyst Jeff Van Sinderen, who cut his price target for the shares to $7.50 from $12 following the company's Q4 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.