Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CarMax (KMX) downgraded to Neutral from Positive at Susquehanna with analyst Ali Faghri saying "more challenging comparisons and moderating tailwinds" from online initiatives "will lead to a gradual slowdown in sales trends." 2. DuPont Fabros (DFT) was downgraded to Sector Weight from Overweight at KeyBanc and to Market Perform from Outperform at Raymond James. 3. TSMC (TSM) downgraded to Hold from Buy at HSBC with analyst Steven Pelayo citing valuation. 4. Sandstorm Gold (SAND) downgraded to Neutral from Outperformer at CIBC. 5. Dana Holding (DAN) downgraded to Hold from Buy at Deutsche Bank with analyst Rod Lache saying the stock has risen to within 5% of the firm's target. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Barclays raised the firm's price target on TSMC to $150 from $145 and keeps an Overweight rating on the shares. The company beat Q1 expectations and guided Q2 revenue ahead of consensus but revenue growth and capex guidance for 2024 were reiterated, the analyst tells investors in a research note. The firm says TSMC has lowered its industry growth expectations slightly and continues to expect a gradual recovery in most end markets this year.

SK hynix (HXSCL) announced that it has recently signed a memorandum of understanding with TSMC (TSM) for collaboration to produce next-generation HBM and enhance logic and HBM integration through advanced packaging technology. The company plans to proceed with the development of HBM4, or the sixth generation of the HBM family, slated to be mass produced from 2026, through this initiative. SK hynix said the collaboration between the global leader in the AI memory space and TSMC, a top global logic foundry, will lead to more innovations in HBM technology. The collaboration is also expected to enable breakthroughs in memory performance through trilateral collaboration between product design, foundry, and memory provider.

Unusual total active option classes on open include: Wrap Technologies (WRAP), AstraZeneca (AZN), JetBlue (JBLU), United Continental (UAL), Taiwan Semi (TSM), Nokia (NOK), EBay (EBAY), Maplebear Inc (CART), Airbnb (ABNB), and UnitedHealth (UNH).

Scotiabank lowered the firm's price target on Sandstorm Gold to $6.25 from $6.50 and keeps a Sector Perform rating on the shares. The Gold & Precious Minerals sector will soon be reporting Q1 results, which the firm notes it does not expect margins to increase quarter-over-quarter or year-over-year based on the average quarterly prices, the analyst tells investors. The firm is expecting Q1 to be the weakest quarter in FY24 for the sector.

Gross profit margin is expected to be between 51% and 53%; Operating profit margin is expected to be between 40% and 42%.