Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) downgraded to Hold after Broadcom bid at Stifel with analyst Kevin Cassidy arguing the risk in the shares is now greater than the potential reward following the company's recent rejection of Broadcom's (AVGO) $70 per share bid. 2. Paccar (PCAR) downgraded to Neutral from Buy at Citi with analyst Timothy Thein saying he no longer sees catalysts in place to warrant a Buy rating. 3. Colgate-Palmolive (CL) downgraded to Sell from Hold at Societe Generale with analyst Iain Simpson saying Colgate's new focus on investing aggressively in both price and A&P is the right move, but believes consensus is underestimating how long it will take to yield positive results and how much it will cost. 4. Chipotle (CMG) downgraded to Market Perform from Outperform at William Blair with analyst Sharon Zackfia citing the announcement that its founder and CEO Steve Ells will step down following the completion of a search to identify a new CEO. While a new leader may accelerate the company's turnaround longer term, today's move likely signals that Chipotle's trends remain under pressure and creates more near-term uncertainty, Zackfia tells investors in a research note. 5. MAA (MAA) downgraded to Market Perform from Outperform at Raymond James with analyst Buck Horne saying a material acceleration of construction in MAA's core submarkets will create near-term headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.