Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Cal-Maine Foods (CALM) downgraded to Underperform at DA Davidson based on the firm's concerns about industry production levels, the trade balance, current inventory levels and insider selling. 2. LendingClub (LC) downgraded to Underperform at Sterne Agee CRT and to Hold at Stifel after the company announced the resignation of Renaud Laplanche as its Chairman and CEO. 3. L Brands (LB) downgraded to Neutral at UBS by analyst Michael Binetti, who said same-store-sales volatility, elevated execution risk in the core business and "sluggish" industry trends provide less support for the valuation multiple. 4. Workday (WDAY) downgraded to Sell at Brean Capital with analyst Yun Kim saying channel checks indicate that a portion of the company's target customers are expected to undergo a "major accounting change" over the next couple of years, which will make it difficult for them to migrate to a new financial system. 5. Ulta Beauty (ULTA) double downgraded to Market Perform at Raymond James by analyst Joseph Altobello, who cited valuation following the stock's multiple expansion over the past three months. The analyst sees limited near-term upside in the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo lowered the firm's price target on Ulta Beauty to $350 from $450 and keeps an Underweight rating on the shares. The category is slowing faster than anticipated as the competitive backdrop has become more challenging, the firm says. Margins will likely continue to erode as the need to invest accelerates, Wells adds.