Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 3M (MMM) downgraded to Sell from Neutral at Goldman with analyst Joe Ritchie saying he believes 3M's "undifferentiated" organic growth driven by Electronics and Energy weakness and margin headwinds will result in shares underperformance. 2. Abercrombie & Fitch (ANF) downgraded to Underperform from Sector Perform at RBC Capital, citing the company's Q3 results and a belief that it faces multiple challenges, including macro, secular, and brand perception issues. 3. BNY Mellon (BK) downgraded to Neutral from Buy at Buckingham. 4. Foot Locker (FL) downgraded to Neutral from Overweight at Piper Jaffray with analyst Erinn Murphy saying the stock is "priced for perfection" with the company at peak operating margins. 5. Allegiant Travel (ALGT) downgraded to Peer Perform from Outperform at Wolfe Research with the firm citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Argus analyst Stephen Biggar keeps a Buy rating and $67 price target on BNY Mellon after its Q1 earnings beat but raises its FY24 EPS view to $5.49 from $5.16 and its FY25 forecast to $5.97 from $5.69. Fee revenue growth for the company has resumed in 2024, supported by a healthy pipeline of mandates, even though its net interest income is expected to turn down about 10% on continued deposit pricing pressures, the analyst tells investors in a research note. An improving pre-tax margin and ROTCE should also aid the price-earnings multiple for BNY Mellon shares, Argus added.