Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Cognizant (CTSH) downgraded to Underperform from Hold at Needham with analyst Mayank Tandon saying his "deeper dive" analysis into the near-term challenges facing the company suggests that consensus expectations are "too high," with potential downward revisions coming over the next several months. 2. TechnipFMC (FTI) downgraded to Hold from Buy at Berenberg with analyst Henry Tarr saying he views the company's Q3 results as disappointing and believes its margin weakness will persist into 2020. 3. Enanta (ENTA) downgraded to Market Perform from Outperform at JMP Securities with analyst Liisa Bayko saying that while the company's fiscal Q4 results contained no surprises, she's more cautious on the competitive profile for FXR agonist EDP-305. 4. Marcus (MCS) and Cinemark (CNK) downgraded to Neutral from Buy at B. Riley FBR. 5. Universal Display (OLED) downgraded to Market Perform from Outperform at Cowen with analyst Krish Sankar saying it is a pure play name in the OLED growth theme but it trades at a premium valuation and appears to be fairly valued. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Reports Q1 revenue $2.04B, consensus $1.98B. CEO Doug Pferdehirt stated, "I am very pleased with the strong performance in the quarter, which further highlights our continuing success in delivering on our commitments. Total company revenue was $2B with adjusted EBITDA of $257M when excluding foreign exchange impacts. We had a solid start to the year with total company inbound of $2.8B, driving sequential growth in backlog to $13.5B...As demonstrated by our financial performance in the quarter, operational execution across the portfolio continues at a high level, driven in part by our heightened focus on project selectivity and the favorable impact it is having on the quality of orders in our backlog. Our strong execution and robust backlog give us confidence that we can capitalize on the strong market and achieve our financial targets. We completed the sale of our Measurement Solutions business in March. In keeping with our commitment to shareholder distributions, a significant portion of the proceeds was allocated to repurchasing $150M of shares in Q1. With this acceleration in share repurchases, we now expect total shareholder distributions in 2024 to grow at least 70% when compared to 2023."