Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Kroger (KR) downgraded to Hold from Buy at Pivotal Research with analyst Ajay Jain citing valuation following "very strong" Q1 results. 2. OGE Energy (OGE) downgraded to Neutral from Buy at Goldman Sachs with analyst Michael Lapides citing valuation and saying few catalysts remain following share outperformance. 3. Intel (INTC) downgraded to Neutral from Buy at Nomura Instinet with analyst Romit Shah calling the departure of CEO Brian Krzanich "disappointing on multiple levels." 4. Omega Healthcare (OHI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Todd Stender citing valuation. 5. Estee Lauder (EL) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Dara Mohsenian stating that his long-term favorable view of the company's growth potential appears priced into valuation after a large run-up in the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo analyst Edward Kelly upgraded Kroger to Overweight from Equal Weight with a price target of $65, up from $58.

Evercore ISI initiated coverage of Intel with an In Line rating and $40 price target. The firm views the risks for Intel as balanced. On the negative side, the center of gravity of computing is drifting away from Intel's x86 standard, the company is seeing competition not just from traditional processor companies, but also its own customers, the analyst tells investors in a research note. The firm noted, however, that on the positive side, Intel is one of only three companies in the world that can make leading edge transistors at scale, and the only one in the U.S. that can.