Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. American Airlines (AAL) downgraded to Underperform from Neutral at BofA/Merrill with the firm's analyst saying elevated capacity this summer could leave the group vulnerable to demand shocks and notes American Airlines has the highest leverage, earnings volatility, and a premium valuation. 2. Korn/Ferry (KFY) downgraded to Neutral from Outperform at Baird with the firm citing the sluggish macro environment, which will limit the potential for the stock to outperform in the near-term. 3. Check Point (CHKP) downgraded to Hold from Buy at Deutsche Bank with analyst Karl Keirstead citing weakening demand trends. 4. VMware (VMW) downgraded to Underperform from Outperform at CLSA with analyst Louis Misciosia saying the company faces a number of headwinds. 5. Cavium (CAVM) downgraded to Perform from Outperform at Oppenheimer, to Sector Weight from Overweight at Pacific Crest, to Hold from Buy at Canaccord, and to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.