Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Neutral from Buy with coverage transfer at Citi with analyst Jason Bazinet saying consensus estimates are too high. 2. Valaris (VAL) downgraded to Neutral from Buy at BTIG with analyst Gregory Lewis saying while the offshore recovery is underway, the pace of the recovery has been slower than expected. 3. Ambev (ABEV) downgraded to Underweight from Equal Weight at Barclays with analyst Laurence Whyatt saying he sees "several challenges" for Ambev, particularly in its core Beer Brazil business that he believes are likely to get worse before they can get better. 4. CommScope (COMM) downgraded to Hold from Buy at Jefferies with analyst George Notter saying while he believes that the revenue picture for the overall business is stable and thinks there's some upside to consensus expectations for cost reductions, he believes its "difficult" for the company to get to 4.0 times net leverage in 2021. 5. Cracker Barrel (CBRL) downgraded to Hold from Buy at Argus with analyst John Staszak citing its Q1 earnings miss and a cut in FY20 guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Canaccord analyst Maria Ripps downgraded Netflix to Hold from Buy with a price target of $585, down from $720.

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

Netflix said in its quarterly letter to investors: "We have built a hard to replicate combination of a strong slate, superior recommendations, broad reach and intense fandom, which drives healthy engagement on Netflix. Improvement in these key areas is the best way to delight our members and continue to grow our business." The company added: "Net cash generated by operating activities in Q1 was $2.2B and free cash flow totaled $2.1B (both flat with Q1'23). During the quarter, we paid down $400M of senior notes with cash on hand and we repurchased 3.6M shares for $2B. We finished the quarter with gross debt of $14B and cash and cash equivalents of $7B. We're still forecasting full year 2024 free cash flow of approximately $6B, assuming no material swings in F/X, and cash content spend of up to $17B."

Pre-earnings options volume in Netflix is 1.1x normal with calls leading puts 5:4. Implied volatility suggests the market is anticipating a move near 7.3%, or $44.89, after results are released. Median move over the past eight quarters is 9.6%.

Netflix (NFLX) is scheduled to report its first quarter 2024 financial results and business outlook on Thursday, April 18. A video interview... To see the rest of the story go to thefly.com. See Story Here