Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Dillard's (DDS) downgraded to Sell at Deutsche Bank by analyst Paul Trussell, who said he believes the company's revenue growth has stalled while its margins have likely peaked. 2. HSBC (HSBC) downgraded to Underperform at Bernstein, citing lowered interest rates, muted global credit demand, and weak markets. 3. Southwestern Energy (SWN) downgraded to Underperform at Raymond James, with analyst Kevin Smith saying he is surprised by the forecast level of cash flow outspending in 2016 and the high year-over-year production decline rates. 4. Orexigen (OREX) downgraded to Sector Perform and Neutral at RBC Capital and JPMorgan, respectively. RBC Capital said that it expects the company's obesity drug, Contrave, to have a "difficult 2016," due to smaller than expected size of the obesity pharmacotherapy market. JPMorgan analyst Jessica Fye added that she sees little in the near-term that will encourage new investors to get involved and believes management will need to demonstrate execution on at least one partnership outside the United States. 5. Valeant (VRX) downgraded to Hold at TD Securities by analyst Lennox Gibbs, after the company postponed the release of its Q4 results and withdrew its FY16 guidance. The analyst believes the events will potentially worsen the decline in investor confidence. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.