Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fitbit (FIT) downgraded to Hold from Buy at Deutsche Bank with analyst Sherri Scribner saying growth in the wearables market is slowing while the company's recent demand has decelerated. 2. AZZ Inc. (AZZ) downgraded to Sell from Hold at Stifel with analyst Noelle Dilts saying she believes shares are extended ahead of third quarter results that could miss investor expectations. 3. CYS Investments (CYS) downgraded to Sell from Neutral at Compass Point analyst Fred Small citing increased interest rate volatility. 4. L-3 Communications (LLL) downgraded to Neutral from Buy at BofA/Merrill analyst Ronald Epstein citing valuation and a disappointing 2017 revenue outlook. 5. EMCOR downgraded to Hold from Buy at Stifel with analyst Noelle Dilts citing balanced risk/reward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Raises FY24 revenue view to $14B-$14.5B from $13.5B-$14B, consensus $13.71B. Guzzi concluded, "We feel confident in raising our guidance and believe we have the right strategy being implemented by a team that can execute very well against the available market opportunities. We will continue to be balanced capital allocators, as evidenced by our year-to-date actions, including four recently disclosed acquisitions, share repurchases, and our increased dividend. Our priority is always to deploy capital to organic growth first, and then expand our capacity and capability through acquisitions to better serve our customers and increase value for our shareholders."

Reports Q1 revenue $3.43B, consensus $3.22B. Tony Guzzi, chairman, president, and CEO of Emcor, commented, "The Company had an exceptional start to the year, sustaining momentum throughout the first quarter and setting new records in key financial and operational metrics. Our confidence is reinforced by the significant year-over-year increase in our remaining performance obligations and a healthy project pipeline, all of which provide us with strong visibility into the remainder of the year and is reflected in our increased financial guidance for 2024."

AZZ Inc. announced that it is offering 4M shares of its common stock in an underwritten public offering. Evercore ISI and Jefferies are acting as joint lead book-running managers. Baird, Wells Fargo Securities and Wolfe Nomura Alliance are acting as additional book-running managers. Roth Capital Partners is acting as co-manager for the offering. AZZ intends to use the net proceeds for the redemption of all of the company's 6.0% Series A Convertible Preferred Stock.