Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) downgraded to Hold from Buy at Argus with analysts Katelyn Bayone and John Eade citing valuation. 2. American Airlines (AAL) downgraded to Neutral from Overweight at JPMorgan with analyst Jamie Baker saying he's troubled by the company's $1B wealth transfer to labor groups. The analyst cut his price target for American shares to $52 from $59. 3. Buffalo Wild Wings (BWLD) downgraded to Neutral from Outperform at Baird with analyst David Tarantino citing disappointing first quarter results. The analyst also cited its weak guidance and a disappointing update on core operating fundamentals. Tarantino believes shares will remain range bound until the company demonstrates more top-line momentum. Tarantino lowered his price target to $160 from $170 on Buffalo Wild Wings shares. 4. Wyndham (WYN) downgraded to Underperform from Peer Perform at Wolfe Research with the firm saying shares are rich given earnings headwinds and should trade at a discount to timeshare peers. 5. RBS (RBS) downgraded to Sell from Hold at Investec. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Strengthening the balance sheet remains a top priority for American. In the first quarter, the company reduced total debt by nearly $950 million and has now achieved more than $12 billion, or over 80%, of its goal of reducing total debt by $15 billion by the end of 2025.

The company said, :American is running the best operation in its history because of a steadfast commitment to operational excellence and strong collaboration across the entire airline. The company produced its best-ever first-quarter completion factor and improved its mishandled baggage rate year over year. American achieved these results despite air traffic control challenges and significant weather events across its network during the quarter."

Reports Q1 revenue $12.6B, consensus $12.6B. "The American Airlines team continues to build a reliable, efficient and resilient airline," said American's CEO Robert Isom. "While we aren't satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets. Our team is running a fantastic operation, driving revenue through our commercial initiatives, efficiently managing costs, and producing free cash flow to further strengthen our balance sheet."

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.