Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Amazon.com (AMZN) downgraded to Market Perform from Outperform at Raymond James with analyst Aaron Kessler saying the shares are fairly valued after rallying 21% this year and 44% over the last 12 months. The analyst expects Amazon's investment levels to remain elevated in the near-term and he views consensus operating income estimates for the second quarter as aggressive. 2. General Electric (GE) downgraded to Neutral from Buy at BofA/Merrill with analyst Andrew Obin saying he sees headwinds from weaker Oil & Gas margin, Healthcare, and Power and reduced estimates below consensus. 3. Conagra Brands (CAG) downgraded to Sell from Neutral at UBS with analyst Steven Strycula citing expectations the stock's relative valuation premium will contract amid a decelerating rate of margin improvement and "limited room" for positive earnings estimate revisions. Conagra's portfolio is not well positioned for a consolidating merchandise set, the analyst contends. He cut his price target for the shares to $35 from $38. 4. NGL Energy Partners (NGL) downgraded to Market Perform from Outperform at FBR Capital with analyst Robert Balsamo saying the company's guidance reflects underappreciated risks to its cash flows. 5. Akorn (AKRX) was downgraded to Hold from Buy at Jefferies and Craig-Hallum, to Market Perform from Outperform at William Blair, and to Neutral from Overweight at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Snap (SNAP) is expected to report results of its first quarter on Thursday, October 25, with a conference call scheduled for 5:30 pm EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Amazon (AMZN), Rogers Communications (RCI), and the National Hockey League announced a "milestone two-year agreement" in Canada to bring hockey fans Monday night NHL hockey exclusively on Prime Video. "Prime Monday Night Hockey will stream all national regular season Monday night NHL games in English for the 2024/25 and 2025/26 NHL seasons. The deal is the NHL's first exclusive national broadcast package with a digital-only streaming service in Canada. The Prime Monday Night Hockey package, produced by Prime Video, will feature a new broadcast team offering in-depth analysis and play-by-play coverage, and stream live exclusively to Prime members in Canada," the companies stated.

UBS analyst Stephen Ju raised the firm's price target on Amazon.com to $215 from $198 and keeps a Buy rating on the shares ahead of the Q1 results on April 30. Expectations for revenue seems to be at the high-end of the guidance range of $143.5B, operating income between $13B-$13.5B, and AWS growth is at 15%-16%, the analyst tells investors in a research note. In addition, 2024 will be the first year in some time in which most if not all of the overhangs on Amazon shares should lift to clear the way for the stock to continue to outperform, UBS adds.

Citi raised the firm's price target on GE Aerospace to $186 from $120.43 and keeps a Buy rating on the shares. The company's' Q1 was better than expected and it modestly increased its full-year EBIT outlook, the analyst tells investors in a research note. The firm says commercial aftermarket demand remains robust.

Meta (META), Google (GOOGL), Snap (SNAP), and Amazon (AMZN) all benefit from the U.S.' ban of TikTok, The Washington Post's Will Oremus reports. Meta CEO Mark Zuckerberg criticized TikTok's Chinese roots in 2019, part of Meta's broader campaign, Oremus writes. Reference Link

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Microsoft (MSFT) is scheduled to report results of the third quarter of its fiscal year 2024 after the market close on Thursday, April 25, with a conference call scheduled for 5:30 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here

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Tuesday's total option volume of 40.6 million contracts resulted in net open interest growth of 5.36 million calls and 4.67 million puts. Tesla (TSLA), AGNC Investment Corp. (AGNC), Amazon (AMZN) and Ford (F) saw the greatest growth. Top five new positions opened include 40k Wal-Mart (WMT) May-24 59 calls, 37k AGNC Investment Corp. (AGNC) Sep-24 8 puts, 36k AGNC Investment Corp. (AGNC) Sep-24 7 puts, 28k Ford (F) 4/26 weekly 13 calls and 26k Cleveland-Cliffs (CLF) May-24 20 calls.

Wedbush analyst Scott Devitt raised the firm's price target on Amazon.com to $225 from $220 and keeps an Outperform rating on the shares ahead of quarterly results. The firm thinks Amazon is well positioned this year with multiple drivers of sustainable margin expansion in place. The company has reported operating income ahead of Street estimates for five consecutive quarters, and Wedbush estimates Q1 operating income of $11.6B, approximately 5% above consensus. Heading into results, the firm is looking for sustained advertising momentum given positive feedback from advertisers in its Q1 Digital Advertising Survey and from digital advertising agencies, accelerating AWS growth and incremental commentary on AI-related demand, and ongoing improvements in both North America and International retail margins.

BofA analyst Ronald Epstein raised the firm's price target on GE Aerospace to $180 from $165 and keeps a Buy rating on the shares. GE boasts a unique portfolio with exposure across aircraft manufacturers, aircraft classes, legacy/new/nextgen platforms, and aftermarket/OE customers, says the firm, which believes GE is "strongly positioned to benefit from secular commercial aero growth."

Citi analyst Ronald Josey raised the firm's price target on Amazon.com to $235 from $215 and keeps a Buy rating on the shares. The analyst "materially" raised operating income projections on Amazon following an analysis of the company's Advertising and Retail businesses. Citi now projects operating income to reach 10% margins in 2025 on continued advertising strength and improving retail efficiencies. Given faster shipping speeds, the firm believes conversion rates are improving as Amazon's retail business benefits from its regionalization approach with shorter transport distances as the overall cost to serve comes down. Amazon remains one of its top picks across the internet sector.