Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. LabCorp (LH) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg saying the company is faced with pressure from "lower lab testing payment rates mandated by the Protecting Access to Medicaid Act of 2014" along with business disruptions and the impact of acquisitions which resulted in lowers margins for the quarter. 2. E-Trade (ETFC) downgraded to Outperform from Strong Buy at Raymond James with analyst Patrick O'Shaughnessy saying the recent board decision not to sell the business and remain a standalone company takes a sales scenario off the table. The analyst remains positive on shares ans believes there is plenty of upside as management executes on its operating plan. 3. Southwest (LUV) downgraded to Underweight from Neutral at JPMorgan while United Continental (UAL) and Spirit Airlines (SAVE) downgraded to Neutral from Overweight. 4. Flex (FLEX) downgraded to Hold from Buy at Argus with analyst Jim Kelleher citing the expected impact from the "shutdown of Mexican operations with key customer Nike (NKE), which he expects to be fully unwound," as well as the retirement of the company CEO Mike McNamara who had presided over the company's business expansion. 5. Elevate Credit (ELVT) downgraded to Market Perform from Outperform at JMP Securities and William Blair. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Seaport Research raised the firm's price target on United Airlines to $66 from $60 and keeps a Buy rating on the shares. The company reported Q1 results that "handily bettered consensus," the analyst tells investors. The firm notes no change has been made to its thesis made in January, but notes consensus for the year has to move higher.

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Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSUnited... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Sees FY25-FY27 CapEx $7B-$9B per year.

United (UAL) has made several adjustments to its long-term fleet strategy based on future needs of the airline and manufacturers production and delivery timelines that are expected to smooth out and moderate the company's aircraft delivery schedule in the coming years including: Converted a portion of Boeing (BA) MAX 10 aircraft orders to Boeing MAX 9 from 2025 through 2027; maintained the right to convert more Boeing MAX 10 into MAX 8 or MAX 9 as needed. Have agreed to letters of intent with two lessors to lease 35 new Airbus (EADSY) A321neos with CFM engines expected in 2026 and 2027. Due to manufacturing and certification delays from prior years, by the end of 2023, the airline's contractual aircraft commitments for 2024 had increased to 183 narrowbody aircraft. At the beginning of 2024, these delays were anticipated to continue and the company expected 101 narrowbody deliveries. Following the 737 MAX 9 grounding and the FAA's announced significant production capacity constraints on Boeing, the company now anticipates 61 narrowbody aircraft and 5 widebody aircraft to be delivered in 2024. In the short run, the company expects a small number of aircraft previously scheduled to enter into service in the second quarter to be pushed into the third quarter, which is expected to have minimal impact on the company's capacity plans.

Reports Q1 revenue $12.54B, consensus $12.45B. "I want to thank the United team for working so hard this quarter to deliver strong operational metrics for our customers and sharpen our focus on safety, while producing excellent financial results for our shareholders," said United Airlines CEO Scott Kirby. "We've adjusted our fleet plan to better reflect the reality of what the manufacturers are able to deliver. And, we'll use those planes to capitalize on an opportunity that only United has: profitably grow our mid-continent hubs and expand our highly profitable international network from our best in the industry coastal hubs."

TD Cowen lowered the firm's price target on Spirit Airlines to $4 from $5 and keeps a Hold rating on the shares. The firm updated their 1Q and 2024 estimates for Spirit to incorporate management's latest guidance.