Today's noteworthy downgrades include: lon USA Partners (ALDW) downgraded to Sell from Hold at Tudor Pickering... Approach Resources (AREX) downgraded to Neutral from Outperform at Macquarie... Atwood Oceanics (ATW) downgraded to Hold from Accumulate at Tudor Pickering... Banco Popolare (BPSAY) downgraded to Hold from Buy at HSBC... Basic Energy (BAS) downgraded to Accumulate from Buy at Tudor Pickering... Bonanza Creek (BCEI) downgraded to Neutral from Outperform at Macquarie... BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS... Chesapeake (CHK) downgraded to Underweight from Equalweight at Capital One... Comstock Resources (CRK) downgraded to Underweight from Overweight at Capital One... Energy XXI (EXXI) downgraded to Underweight from Equalweight at Capital One... Ensco (ESV) downgraded to Hold from Accumulate at Tudor Pickering... Finisar (FNSR) downgraded on lack of catalysts, increased competition at RBC Capital... GOL Linhas (GOL) downgraded to Underweight from Overweight at JPMorgan... Goodrich Petroleum (GDP) downgraded to Underweight from Equalweight at Capital One... Halcon Resources (HK) downgraded to Underweight from Equalweight at Capital One... Helmerich & Payne (HP) downgraded to Hold from Accumulate at Tudor Pickering... Jabil Circuit (JBL) assumed with a Neutral from Buy at UBS... Legacy Reserves (LGCY) downgraded to Sell from Neutral at UBS... Lumentum (LITE) downgraded to Sector Perform from Outperform at RBC Capital... MannKind (MNKD) downgraded to Underweight from Neutral at Piper Jaffray... Marathon Oil (MRO) downgraded to Underweight from Equalweight at Capital One... MobileIron (MOBL) downgraded to Neutral from Buy at Goldman... Pacific Sunwear (PSUN) downgraded to Hold from Buy at Topeka... Parker Drilling (PKD) downgraded to Hold from Buy at Tudor Pickering... Patterson-UTI (PTEN) downgraded to Hold from Accumulate at Tudor Pickering... Penn Virginia (PVA) downgraded to Underweight from Equalweight at Capital One... Polaris Industries (PII) downgraded to Neutral following dealer checks at Longbow... Quiksilver (ZQK) downgraded to Sell from Buy at Roth Capital... Resolute Energy (REN) downgraded to Underweight from Equalweight at Capital One... Rowan Companies (RDC) downgraded to Hold from Accumulate at Tudor Pickering... Ryder (R) downgraded to Sector Weight from Overweight at KeyBanc... Strategic Hotels (BEE) downgraded to Market Perform from Outperform at Raymond James... TECO Energy (TE) downgraded to Hold from Buy at Argus... Terex (TEX) downgraded to Underweight from Neutral at JPMorgan... Theravance (THRX) downgraded to Underperform from Neutral at BofA/Merrill... WCI Communities (WCIC) downgraded to Neutral from Buy at Sterne Agee CRT... Yingli Green Energy (YGE) downgraded to Sell from Neutral at Roth Capital.

Reports Q1 revenue $1.3B, consensus $1.24B. "Terex delivered excellent first quarter results, achieving sales growth and margin expansion versus the prior year," said CEO Simon Meester. "The Terex team continues to perform at a high level and demonstrate the power of its focused strategy and its proven ability to create value. We are raising our full-year outlook to reflect our strong first quarter performance, while also prudently planning for continued softness in Europe over the balance of the year." Meester continued, "Overall, customer demand remains strong for Terex's differentiated products as evidenced by our robust backlog. In addition, we are advancing our new product initiatives to bolster the Company's portfolio of market-leading businesses that will continue to benefit from megatrends over the coming years. We are focused on accelerating our profitable growth strategy and are committed to delivering strong performance through the cycle."

RBC Capital lowered the firm's price target on Polaris to $97 from $103 and keeps a Sector Perform rating on the shares. The company's Q1 results were "in-line to ahead" of estimates and the management affirmed its guidance, but while Polaris believes the company's inventory is largely healthy relative to the overall industry, dealers view their general inventory as being too high given the weaker retailing environment and higher/rising floorplan financing costs, the analyst tells investors in a research note.

Baird lowered the firm's price target on Polaris to $100 from $110 and keeps an Outperform rating on the shares. The firm said they beat expectations and reiterated guidance, but shares fell 2% on persistent inventory concerns. Baird believes the stock seems washed out or close to it, but investors need to be convinced "the last cut" to guidance is in place before buying into the 2026 plan.

Citi analyst James Hardiman lowered the firm's price target on Polaris to $96 from $100 and keeps a Neutral rating on the shares. The Q1 upside appears to be a function of expense timing if the reiterated guidance is any indication, the analyst tells investors in a research note. Citi continues to see risk to the remainder of the year, but sees limited downside to shares from here, with its base case implying modest upside over the next twelve months. It believes elevated promotions continue to weigh on the leisure industry.