Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Deutsche Bank and Stifel, to Sector Weight from Overweight at KeyBanc, and to Market Perform from Outperform at BMO Capital. 2. Travelers (TRV) downgraded to Neutral from Buy at BofA/Merrill with analyst Jay Cohen citing valuation. 3. TerraForm Power (TERP) downgraded to Neutral from Overweight at JPMorgan with analyst Mark Strouse citing valuation. 4. Blackstone (BX) downgraded to Neutral from Buy at Citi with analyst William Katz citing valuation. 5. Masco (MAS) downgraded to Neutral from Buy at Buckingham with analyst Megan McGrath saying that given Masco's muted three-year pro forma outlook provided at its investor day on Tuesday, she believes that much further upside to the shares would require a belief that 2021 guidance is meaningfully conservative. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Loop Capital lowered the firm's price target on Masco to $76 from $79 and keeps a Hold rating on the shares. The company reported a solid beat on the back of stronger-than-expected plumbing margins, but while its FY24 guidance was only reiterated, with no imminent negative change in trend expected in Q2, this outlook is "potentially conservative", the analyst tells investors in a research note. Masco is executing well despite weak volumes, but the firm still wants better visibility as the margin for error with investors has narrowed, Loop added.

Blackstone announced that private equity funds managed by Blackstone have entered into a definitive agreement to acquire Tropical Smoothie Cafe, a franchisor of fast casual restaurants, from Levine Leichtman Capital Partners. This would be the first transaction from Blackstone's most recent vintage of its flagship private equity vehicle, and is intended to help accelerate Tropical Smoothie Cafe's already-rapid expansion through continued investment in menu innovation, operating excellence, and best-in-class marketing. Peter Wallace, a Senior Managing Director in Blackstone's Private Equity business, said, "Tropical Smoothie Cafe has had an impressive growth trajectory consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of leading franchise businesses as one of our highest-conviction investment areas. We believe our capital and resources will help position Tropical Smoothie Cafe for continued success and innovation for the benefit of its guests and franchisees." Terms of the transaction were not disclosed. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe.

Argus analyst Stephen Biggar raised the firm's price target on Blackstone to $135 from $133 and keeps a Buy rating on the shares. The company's Q1 earnings beat benefited from growth in fee-related earnings, while its management has previously laid out a constructive case for a recovery in the commercial real estate market, noting values are bottoming, new construction has declined substantially, and the cost of capital has peaked, the analyst tells investors in a research note. Argus adds that stable to lower interest rates should also improve transaction activity.