Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) downgraded to Hold from Buy at Jefferies with analyst Ian Hilliker citing valuation following the stock's outperformance since he upgraded it in March. 2. Cemex (CX) downgraded to Hold from Buy at HSBC with analyst Eduardo Altamirano saying Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. 3. Cenovus Energy (CVE) downgraded to Hold from Buy at Canaccord with analyst Dennis Fong saying cash flow valuation is in line versus the large-cap group, which he thinks is appropriate given the company's above-average heavy oil exposure, moderated production growth profile, and higher leverage. 4. Nanometrics (NANO) downgraded to Neutral from Buy at DA Davidson with analyst Thomas Diffely saying that after outperforming its peer group over the past few years, the stock now trades at a 40% premium to its peers. 5. Coty (COTY) downgraded to Underperform from Buy at BofA/Merrill with analyst Olivia Tong citing inconsistent execution and increasing disruption across the mass beauty segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.