Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lumentum (LITE) downgraded to Neutral from Overweight at JPMorgan with analyst Samik Chatterjee saying yesterday's negative pronouncement underscored the challenges likely to be faced by Apple (AAPL) supply chain companies in delivering to investor expectations as Apple continues to prioritize its premium pricing strategy on iPhones relative to volumes. 2. Best Buy (BBY) downgraded to Neutral from Buy at BofA/Merrill with analyst Curtis Nagle citing expectations for slowing industry growth, difficult comps in key products and cost inflation. 3. Perrigo (PRGO) downgraded to Hold from Buy at Berenberg with analyst Patrick Trucchio saying although the key reason to own Perrigo shares remains intact, namely the U.S. government's push to shift more products from prescription to nonprescription, "too much uncertainty in generics has placed us on the sidelines." 4. Sabra Health Care (SBRA) downgraded to Neutral from Buy at Mizuho with analyst Richard Anderson saying he wants to a take a "pause" until the earnings reset from the "surprise news" of Senior Care stopping rent payments since May becomes better understood. 5. Infinera (INFN) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Meta Marshall saying she sees "no reason to race in" until there are signs that the revenue base has stabilized. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.