Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Gildan Activewear (GIL) downgraded to Sell from Buy at Desjardins, to Hold from Buy at Stifel, and to Underperform from Buy at BofA/Merrill. 2. Caterpillar (CAT) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Courtney Yakavonis saying she believes that the U.S. Construction Equipment market peaked in 2019 and that Energy & Transportation, or E&T, markets will fail to re-accelerate in 2020. 3. Charles River (CRL) downgraded to Neutral from Buy at BofA/Merrill with analyst Juan Avendano saying the company's acquisition growth opportunities "seem less compelling" going forward. 4. Macy's (M), Gap (GPS), and L Brands (LB) downgraded to Underperform from Neutral at Credit Suisse. 5. Waste Management (WM) downgraded to Neutral from Buy at BofA/Merrill and to Sector Weight from Overweight at KeyBanc. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

The board also provided an update on its previously communicated sale process in response to the receipt of a confidential non-binding expression of interest to acquire Gildan: "There continues to be external interest in acquiring the Company and the process is ongoing. Due to the timing of the upcoming Annual Meeting, which the Board is fully committed to hold on May 28, as originally planned, we do not expect to make any further announcements on the potential sale process before then. We are confident that with the stability resulting from the resolution of the contested directors' election issue at the Annual Meeting, the newly reconstituted Board that we are recommending to our shareholders will, if elected, pursue their fiduciary duties by reviewing such external interest and assessing it against the Company's future plans." Gildan intends to file by April 29 its management proxy circular with the Canadian securities regulatory authorities on SEDAR+ in connection with its upcoming 2024 annual meeting to be held on May 28.