Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AMD (AMD) downgraded to Underperform from Market Perform at Bernstein with the firm saying it thinks that the company's second quarter results could miss expectations. 2. Transocean (RIG) downgraded to Sell from Hold at Canaccord with analyst Alex Brooks saying the current valuation is not sustainable following management's decision this week to launch a $1.5B junk bond issue. 3. Citi (C) downgraded to Market Perform from Outperform at Wells Fargo with analyst Matthew Burnell citing weaker expectations for growth in emerging economies. 4. Phillips 66 (PSX) downgraded to Market Perform from Outperform at Wells Fargo with analyst Roger Read citing the stock's relative outperformance and a "shakier outlook" for the company's refining operations. 5. Humana (HUM) downgraded to Neutral from Overweight at JPMorgan with analyst Gary Taylor saying he sees a "much lower" than 50/50 probability of the acquisition by Aetna (AET) getting approved. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

RBC Capital lowered the firm's price target on Humana to $353 from $415 but keeps an Outperform rating on the shares after its Q1 results and updated outlook. While the management is taking 2025 adjusted EPS growth targets off the table for now, the company also stressed its continued commitment to margin improvement next year, indicating that pulling guidance does not signal that 2025 is a no-growth year, the analyst tells investors in a research note. RBC adds however that it is still cutting its FY25 EPS outlook for Humana to $20.28 from $23.87.

Oppenheimer analyst Michael Wiederhorn lowered the firm's price target on Humana to $370 from $415 and keeps an Outperform rating on the shares. The firm says Humana handily topped Q1 2024 expectations and maintained FY2024 guidance, highlighted by improving IP trends in March, leading to an in-line MLR without any contribution from favorable Q4 PPRD that seems likely. Looking forward, management pulled its 2025 growth guidance of $6-$10 EPS due to the rate pressures and TBC limitations, and also extended its return to 3% margins beyond 2026, says Oppenheimer. Overall, Humana continues to face the magnified impact from MA due to its significant exposure, but also boasts a portfolio with significant long-term margin upside, the firm adds.

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Affirms FY 2024 Insurance segment benefit ratio of approximately 90%. Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8%.

Reports Q1 revenue $29.61B, consensus $28.47B.