Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Mattel (MAT) downgraded to Underweight from Equal Weight at Barclays, with analyst Felicia Hendrix saying Mattel faces downside risk from the potential Toys R Us liquidation. 2. Himax (HIMX) downgraded to Market Perform from Outperform at Northland and to Neutral from Buy at Nomura Instinet. 3. Ecopetrol (EC) downgraded to Underperform from Hold at Santander. 4. Acacia Communications (ACIA) downgraded to Underweight from Equal Weight at Morgan Stanley, with analyst Meta Marshall saying he thinks Wall Street estimates remain too high for 2019 as he does not see a rebound in Acacia's biggest markets -- namely China and datacomm systems -- being as lucrative as consensus expectations given competition and pricing pressures. 5. Match Group (MTCH) downgraded to Market Perform from Outperform at Wells Fargo, with analyst Peter Stabler saying he believes further share appreciation will need to rely "more squarely on positive revisions rather than multiple expansion." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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BofA analyst Alexander Perry raised the firm's price target on Mattel to $26 from $25 and keeps a Buy rating on the shares after the company reported Q1 losses that were ahead of the firm's forecast on significant gross margin upside. Following the report, the firm is raising its calendar 2024 EPS forecast to $1.44 from $1.40, which reflects a 2% sales increase in Q2 as Mattel laps channel destocking from last year, a 3% decline in sales in Q3 given tough Barbie comps, and relatively flat Q4 sales given expected share gains and shelf expansion for key brands at retail through holiday.

In an interview on CNBC's Mad Money, Ynon Kreiz said Mattel has a very clear strategy to grow its IP-driven toy business. The priority is "first and foremost" to drive organic growth. He "couldn't be more excited" with Barbie's growth trajectory.

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

Sees FY24 free cash flow $500M. Says has more than $1.1B in cash. Says bent portfolio well positioned with no maturities until 2026. Says trends in consumer demand for product improved through the quarter and expects to outpace the industry and gain market share in 2024. Says retail inventory levels have been largely corrected. Says now at appropriate levels to support the business going forward. Comments taken from Q1 earnings conference call and investor presentation slides.

Reports Q1 revenue $810M, consensus $831.8M. Ynon Kreiz, Chairman and CEO of Mattel, said: "We are off to a good start to the year with significant gross margin expansion, positive Adjusted EBITDA, and very strong improvement in free cash flow. Trends in consumer demand for our product improved through the quarter and we expect to outpace the industry and gain market share in 2024. We are executing our strategy to grow our IP-driven toy business and expand our entertainment offering." Anthony DiSilvestro, CFO of Mattel, added: "We achieved strong bottom-line results, primarily driven by margin expansion, repurchased $100 million of shares in the quarter, and are on track to meet our full year guidance. We expect to continue to benefit from the Optimizing for Profitable Growth program, which is targeting $60 million in cost savings in 2024 and a total of $200 million in cost savings by 2026."

Bullish option flow detected in Match Group with 5,462 calls trading, 1.2x expected, and implied vol increasing over 2 points to 47.46%. May-24 36 calls and 5/3 weekly 30 puts are the most active options, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 0.65. Earnings are expected on May 7th.