Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Neutral from Buy at Monness Crespi with analyst James Cakmak saying "the word 'beat' is an understatement when evaluating" the company's second quarter report. However, given the high bar, he sees diminishing upside to revenue prospects, noting he is unsure if any momentum in a mix shift to mobile is sufficient to offset pressures to impression growth and that ad pricing on a like-for-like basis has the potential to temper as well. 2. Dunkin' Brands downgraded to Underperform from Outperform at CLSA with analyst Jeremy Scott saying shares have had solid year-to-date performance and he sees limited catalysts to drive traffic comps and believes a slowdown in unit growth is likely. 3. U.S. Steel (X) downgraded to Underperform from Neutral at BofA/Merrill with analyst Timma Tanners citing the stock's strong move and expectations for steel prices to fall through year end. 4. Activision Blizzard (ATVI) downgraded to Neutral from Buy at MKM Partners with analyst Eric Handler citing valuation, as he believes that investors are "already pricing in" Q2 beat and raise results and may be anticipating that the company will launch mobile ads for King earlier than his 2H17/2018 target date. 5. Infinera (INFN) downgraded to Neutral from Buy at B. Riley, to Neutral from Buy at Nomura, to Neutral from Overweight at JPMorgan, to Market Perform from Outperform at Raymond James, to Market Perform from Outperform at Northland, and to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Says will continue to buy back stock "hand over fist." Says Cleveland-Cliffs (CLF) "the only U.S. solution" for U.S. Steel (X). Says will have to "re-assess value" of U.S. Steel. Says targeting net debt to EBITDA of 2.5x. Says balance sheet in "great shape, near record liquidity." Sees CapEx ~$1B/year from 2025-2028. Comments taken from Q1 earnings conference call.