Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Hold from Buy at Pivotal Research with analyst Michael Levine saying the slowdown, particularly in the U.S. advertising, in last night's Q4 results was "far greater than we expected and sounds likely to persist." 2. Expedia (EXPE) downgraded to Neutral from Buy at Goldman Sachs with analyst Heath Terry saying he expects continued pressure on the company's advertising returns and believes the window for incremental efficiency as a result of competitor pullbacks has lapped. 3. AT&T (T) downgraded to Neutral from Buy at UBS with analyst John Hodulik saying he points to the company's valuation having recovered to a "slight premium" relative to Verizon (VZ) on a enterprise value to expected EBITDA basis, even as its cost cutting continues and competition is intensifying. 4. Skyline (SKY) downgraded to Hold from Buy at Jefferies with analyst Philip Ng saying while he thinks the company's long-term growth drivers seem to be in place, Skyline is expecting flattish growth in the near-term and shipments won't inflect until late spring or early summer, which Ng thinks will result in the shares likely being range-bound in the near-term. 5. Arista Networks (ANET) downgraded to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Scotiabank raised the firm's price target on AT&T to $22.50 from $22 and keeps an Outperform rating on the shares. The companies continued execution of simplifying and streamlining operations continues to bear fruit, the analyst tells investors. While the wireless market remains competitive, reduced handset subsidies and positive pricing actions are leading to improved overall profitability metrics, the firm adds.