Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Adobe (ADBE) downgraded to Neutral from Buy at Citi with analyst Walter Pritchard saying he believes the stock's risk/reward is "more balanced" with the company's fiscal 2020 guidance "likely to be less conservative." 2. Acuity Brands (AYI) downgraded to Neutral from Outperform at Baird and to Perform from Outperform at Oppenheimer. 3. Costco (COST) downgraded to Neutral from Buy at Northcoast with analyst Chuck Cerankosky citing valuation. 4. ServiceNow (NOW) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Keith Weiss saying the company remains "best-in-class," but it faces increasing near-term risks, including a CFO transition that may result in more cautious initial guidance for FY20 than most investors expect; tougher subscription billings comparisons in the second half of the year; and high expectations with the stock up more than 50% year-to-date. 5. Extraction Oil & Gas (XOG) downgraded to Equal Weight from Overweight at Stephens with analyst Gail Nicholson citing the Q3 production miss, and increased cautiousness around oil. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Citi analyst Tyler Radke raised the firm's price target on ServiceNow to $906 from $896 and keeps a Buy rating on the shares. The analyst maintains a positive view on ServiceNow, holding estimates just above the high end of guidance as the firm's partner checks suggest solid demand and further Pro Plus interest. Commentary continued a similarly positive tone to Q4, as partners saw larger deal sizes and stronger pipelines than this time last year, the analyst tells investors in a research note. Citi says that while the shares have outperformed peers and the current valuation creates a high bar, a "beat/raise" quarter heading into the analyst and second half of 2024 growth acceleration "provide a positive event path."