Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Disney (DIS) downgraded to Hold from Buy at Stifel with the firm citing valuation. 2. Verizon (VZ) downgraded to Perform from Outperform at Oppenheimer with analyst Timothy Horan saying he believes that wireless is facing some pressures which have historically hurt the stock. Long-term, however, Horan remains "very optimistic" on wireless/fiber fundamentals. 3. Yelp (YELP) downgraded to Neutral from Buy at Citi with analyst Mark May citing the stock's outperformance since the company's first quarter results as well as his below consensus estimates for 2017. 4. Hyatt (H) downgraded to Sell from Hold at Evercore ISI analyst Rich Hightower citing recent share outperformance, underperformance of investment capital over the last few years, and a deteriorating fundamental outlook. 5. Splunk (SPLK) and Workday (WDAY) downgraded to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Jefferies raised the firm's price target on Yelp to $43 from $42 and keeps a Hold rating on the shares. In a preview note for the U.S. Internet group, the firm says it will be looking for signs of sustainability in elevated ARPU growth at Yelp, especially as locations/app MAUs remain in decline.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.

New option listings for April 23rd include Express Inc (EXPRQ). Option delistings effective April 23rd include PGT Innovations Inc (PGTI), NGM Biopharmaceuticals Inc (NGM), Karuna Therapeutics Inc (KRTX), KINNATE BIOPHARMA INC (KNTE), Daseke Inc (DSKE), Tritium Dcfc Ltd (DCFC), Xtrackers MSCI All China Equity ETF (CN), CymaBay Therapeutics Inc (CBAY), Alteryx Inc (AYX), XTRACKERS MSCI CHINA A INCLUSION EQUITY ETF (ASHX), Recro Pharma, Inc. (SCTL), Splunk Inc (SPLK), and Textainer Group Holdings Limited (TGH).

Wells Fargo lowered the firm's price target on Verizon to $40 from $44 and keeps an Equal Weight rating on the shares. The firm sees encouraging signs in Q1 - improvement in sub trends and limited churn from price-ups - offset by some softness in the business segment and prepaid. Wells would get more constructive when there's visibility on a sustainable improvement in sub trends.