Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Reduce from Overweight at HSBC... BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS... DiamondRock (DRH) downgraded to Reduce from Neutral at SunTrust... Ethan Allen (ETH) downgraded to Hold from Buy at Gabelli... Felcor Lodging (FCH) downgraded to Neutral from Buy at SunTrust... Finish Line (FINL) downgraded to Neutral from Buy at B. Riley... Hannover Re (HVRRY) downgraded to Sell from Hold at Deutsche Bank... Hersha Hospitality (HT) downgraded to Reduce from Neutral at SunTrust... Host Hotels (HST) downgraded to Reduce from Neutral at SunTrust... ING Groep (ING) downgraded to Neutral from Buy at Goldman... Informatica (INFA) downgraded to Neutral from Buy at Mizuho... Kofax (KFX) downgraded to Hold from Buy at Canaccord... LRR Energy (LRE) downgraded to Sell from Neutral at UBS... LaSalle Hotel (LHO) downgraded to Reduce from Neutral at SunTrust... Munich Re (MURGY) downgraded to Sell from Hold at Deutsche Bank... Orbital ATK (OA) downgraded to Market Perform from Outperform at Wells Fargo... PCTEL, Inc. (PCTI) downgraded to Neutral from Buy at B. Riley... Quest Diagnostics (DGX) downgraded to Hold from Buy at Deutsche Bank... SJW Corp. (SJW) downgraded to Neutral from Outperform at RW Baird... Selective Insurance (SIGI) downgraded to Neutral from Buy at BofA/Merrill... Sonus (SONS) downgraded to Hold from Buy at Wunderlich... Starwood (HOT) downgraded to Neutral from Buy at SunTrust... Synchrony Financial (SYF) downgraded to Neutral from Buy at BofA/Merrill... Tesla (TSLA) downgraded to Underperform from Outperform at CLSA... Twitter (TWTR) downgraded to Hold from Buy at Pivotal Research... ZAGG (ZAGG) downgraded to Market Perform from Outperform at Northland... iDreamSky (DSKY) downgraded to Neutral from Overweight at JPMorgan.

Roth MKM analyst Craig Irwin keeps a Neutral rating and $85 price target on Tesla after its Q1 earnings miss while noting that the stock's valuation now looks "even more stretched". The company has shifted the focus to a pull-forward in low-cost vehicle production to as early as late-2024, vs. prior expectation of the second half of 2025, noting that it will use existing production lines and believes the new vehicles will allow for annual production of around 3M vehicles before additional capex, the analyst tells investors in a research note. The planned unveiling of RoboTaxi at the August 8th Analyst Day could also backfile, with the management continuing to talk up autonomy in spite of the "too slow" progress, the firm added.

At the conclusion of the company's earnings conference call yesterday, Martin Viecha stated: "I wanted to let the investment community know that about a month ago, I met up with Elon and Vaibhav and announced that I'll be moving on from the world of Investor Relations. I'll be hanging around for another couple of months or so. So feel free to reach out at any time. But after the seven year sprint, I'm going to be taking a break and spending some good quality time with my family."

Wedbush analyst Daniel Ives lowered the firm's price target on Tesla to $275 from $300 and keeps an Outperform rating on the shares. Tesla delivered a rip the band-aid off Q1 and disaster results that were well expected by the Street after a brutal delivery quarter as demand softened globally with China the main culprit for weakness, the firm says. Last night, in a much needed conference call, "Elon Musk finally stepped up as the adult in the room and laid the foundation for Tesla's growth strategy with most importantly a lower cost vehicle now slated for 2025 production and delivery." While the firm believes the bears so far in 2024 have won this battle and been very right, the next wave of the Tesla growth story and autonomous vision is now forming.

Truist lowered the firm's price target on Tesla to $162 from $176 and keeps a Hold rating on the shares. The company's Q1 results underperformed expectations, but its messaging around new auto products and improving AI developments were distinctly positive surprise intended to smoothe the performance between the prior growth wave of Model 3/Y demand and the next growth wave around the next-gen vehicle ramp, the analyst tells investors in a research note. The firm adds however that risks remain elevated and include a big recent price cut, significant recent management dislocations, and the overhang from CEO Musk's compensation package dispute.

Reports Q1 revenue $4.8B, consensus $4.45B. Reports Q1 CET1 capital ratio 12.6%. Reports Q1 net charge-offs 6.31%. "Synchrony's first quarter performance highlights the resiliency of our business model and focus on delivering sustainable, strong results for each of our stakeholders," said Brian Doubles, Synchrony's President and Chief Executive Officer.

UBS raised the firm's price target on Quest Diagnostics to $146 from $139 and keeps a Neutral rating on the shares. UBS is more confident that Quest can hit its margin expansion story following the Q2 print and the firm's call with management, the analyst tells investors in a research note. Labor cost trends seem to have already peaked and Covid revenues should no longer be a headwind starting 2H, while above market base volume growth continues, the firm notes.

UBS lowered the firm's price target on Tesla to $147 from $160 and keeps a Neutral rating on the shares. UBS remains on the sidelines after Tesla's Q1 results, and while Tesla is increasingly a play on autonomy and progress is being made, the firm is cautious on near-term viability. UBS sees limited growth for the current lineup and lack of clarity on what these "new vehicles" could bring, the analyst tells investors in a research note.

Citi raised the firm's price target on Quest Diagnostics to $145 from $135 and keeps a Neutral rating on the shares post the Q1 report. The company increased the midpoint of its fiscal 2024 revenue target and management anticipates the rest of fiscal year to follow regular seasonality on a revenue and margin basis with a step-up into Q2, the analyst tells investors in a research note.

BofA upgraded Tesla to Buy from Neutral with a $220 price target.