Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 3M (MMM) downgraded to Neutral from Buy at Citi with analyst Andrew Kaplowitz saying with industrial production having peaked in December 2018, the "industrial cycle" is in the midst of a mild downturn that could stabilize. 2. PNC Financial (PNC) downgraded to Outperform from Top Pick at RBC Capital with analyst Gerard Cassidy saying while the outlook for the stock remains "robust" and he still views the company as one of the top performing U.S. banks, he prefers Truist Financial Corporation as his new Top Pick rated bank stock given the opportunity offered by its recent merger combining BB&T (BBT) and SunTrust (STI). 3. Macy's (M) downgraded to Sell from Neutral at Goldman Sachs with analyst Alexandra Walvis saying while acknowledging the stock's year-to-date underperformance and "already weak sentiment" following the recent deterioration in fundamentals, she sees "significant additional downside" to Macy's retail operations. 4. Chevron (CVX) downgraded to Neutral from Buy at Citi with analyst Alastair Syme saying Chevron has emerged as a "relative safe haven" for energy investors given its balance sheet strength and clear capital allocation; however, the "safe-haven status might now be overplayed." 5. Harvard Bioscience (HBIO) downgraded to Speculative Buy from Buy at Benchmark with analyst Bruce Jackson citing the corporate restructuring that the company is undergoing as part of the new strategic plan introduced in September. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.