Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) downgraded to Neutral from Buy at Citi with analyst Andrew Baum saying after 40% of outperformance versus the sector over the last 10 months, the stock is now trading close to estimated net present value. 2. Cognizant (CTSH) downgraded to Market Perform from Outperform at Cowen with analyst Bryan Bergin saying he is more cautious about a near-term pickup in revenue growth that is implied in the 2019 consensus following weaker performance in Cowen's semi-annual IT Services survey. 3. Westpac Banking (WBK) double downgraded to Sell from Buy at Deutsche Bank with analyst Matthew Wilson saying the Australian banking sector confronts a "raft of real challenges and uncertainty." 4. DHX Media (DHXM) downgraded to Neutral from Buy at B. Riley with analyst Eric Wold citing valuation. 5. Southern Copper (SCCO) downgraded to Reduce from Hold at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Citi analyst Ryan Potter lowered the firm's price target on Cognizant to $82 from $90 and keeps a Buy rating on the shares. The analyst continues to have a cautious view toward the enterprise IT spending environment into the Q1 reports with the demand environment relatively unchanged from late 2023. This includes continued pressures on discretionary spend and delayed decision-making as macro, geopolitical, and some industry-specific concerns remain, the analyst tells investors in a research note.