Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. eBay (EBAY) downgraded to Underweight at Barclays by analyst Paul Vogel, who said the company's fundamentals continue to be weak and share buybacks may not be enough to drive outperformance. Vogel added that large share repurchase potential provides share upside but it ignores the lack of momentum at the core turnaround. 2. Chipotle (CMG) downgraded to Underperform at Wedbush with analyst Nick Setyan saying that the company's current valuation reflects an overly optimistic outlook towards a path to recovery. He believes a sales recovery by 2018 is the best-case scenario, not the base-case scenario. The analyst said there is no visibility into the level at which sales have bottomed, let alone visibility into the trajectory of a recovery moving forward if there were no promotional activity. 3. HSBC (HSBC) downgraded to Underperform at Exane BNP Paribas because the bank's dividend policy is likely no longer sustainable amid ongoing capital requirements. 4. Lexington Realty (LXP) downgraded to Underperform at BofA/Merrill by analyst James Feldman, who cited valuation, below average growth, reduced market activity for dispositions, and potentially higher cap rates. 5. Itau Unitbanco (ITUB) downgraded to Sell at Goldman citing valuation and weaker asset quality. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo raised the firm's price target on Chipotle to $3,300 from $3,285 and keeps an Overweight rating on the shares. The firm says that Chipotle's Q1 impressed with +7% comps, +5.4% traffic and accelerating Q2 on tap. Throughput initiatives are resonating, the FY24 comp guide steps up and Wells' estimates grind higher.

Baird raised the firm's price target on Chipotle to $3,500 from $3,250 and keeps an Outperform rating on the shares. The firm raised its estimates and target following Q1 results and still sees a favorable risk/reward on shares for investors with a 6-12 month horizon, as they believe premium valuation metrics can be supported by the company's strong near-term operating momentum.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.