Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Dominion (D) downgraded to Neutral from Buy at UBS and to Neutral from Overweight at JPMorgan. 2. WideOpenWest (WOW) downgraded to Neutral from Buy at UBS with analyst John Hodulik saying he believes the company's rising investment pushes out its growth. 3. Valvoline (VVV) downgraded to Underweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas citing valuation. 4. RPM (RPM) downgraded to Underweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying RPM shares trade at the high end of a valuation range for its coatings peers. 5. Wayfair (W) downgraded to Underperform from Neutral at DA Davidson with analyst Tom Forte saying "in hindsight" he now sees management's declaration on its fourth quarter earnings call of plans to significantly ramp investment spending as influenced by increased competition from Overstock (OSTK). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Bullish option flow detected in Wayfair with 10,218 calls trading, 1.2x expected, and implied vol increasing almost 4 points to 81.40%. May-24 60 puts and Sep-24 60 calls are the most active options, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 2nd.

TD Cowen raised the firm's price target on Wayfair to $55 from $50 and keeps a Hold rating on the shares. The firm said they expect the company to report revenue and EBITDA slightly below current consensus estimates when it reports earnings.