Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Michaels (MIK) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Simeon Gutman saying while the company is trying to transform, it is challenged by declining core comparable sales, a continuing ramp up in competition and the liquidation of A.C. Moore. 2. Galapagos (GLPG) downgraded to Neutral from Buy at UBS. 3. CalAmp (CAMP) downgraded to Neutral from Outperform at First Analysis with analyst Howard Smith saying after the company's "mixed" Q3 results, he feels the company's margin profile is not following suit with management commentary, "suggesting expansion is being delayed at least a few quarters." 4. Hershey (HSY) downgraded to Neutral from Buy at BofA/Merrill with analyst Bryan Spillane citing valuation. 5. BOK Financial (BOKF) downgraded to Neutral from Outperform at Wedbush with analyst Peter Winter saying BOK Financial is "a high quality company with a strong management team," but also one that is very asset sensitive. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.