Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. Expedia (EXPE) downgraded to Sell from Hold based on worries about the economy, and concerns about "maturing U.S. online booking penetration," and increased competition from hotels. The firm also cut TripAdvisor (TRIP) to Sell from Hold. The firm thinks these concerns could become more prominent before the company can show that Instant Booking will help its partners. 2. Express Scripts (ESRX) downgraded to Sell from Hold at Deutsche Bank by analyst George Hill, saying risk to the company's largest client Anthem (ANTM) is not being fully discounted in the shares. Express Scripts is heading towards a "significant negative earnings revision" as it relates to Anthem, Hill said. 3. Perrigo (PRGO) downgraded to Sell from Neutral at Goldman Sachs by analyst Jami Rubin, who said that despite the recent selloff, the stock "continues to trade at a premium that it does not deserve." Perrigo has morphed into a specialty pharmaceutical company as its consumer health business continues to struggle, Rubin said and cut her price target to $124 from $160. 4. Chimerix (CMRX) downgraded to Neutral from Buy at Citi by analyst Yigal Nochomovitz, who said this weekend's data disproved his thesis that brincidofovir can offer a differentiated profile versus Valcyte in kidney transplant. The analyst cut his price target for the shares to $9 from $13 after removing kidney transplant revenues from his model. 5. LinkedIn (LNKD) downgraded to Buy from Conviction Buy at Goldman Sachs by analyst Heath Terry, who said he overestimated growth of Sales Navigator and mobile monetization acceleration. He continues to rate shares a Buy given favorable risk/reward and said multiple and enterprise value could make it a more attractive acquisition target. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.