Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Nike (NKE) downgraded to Neutral from Buy at Buckingham with analyst Eric Tracy saying risk/reward is more balanced at current levels and remains positive on Nike's long-term fundamental positioning. 2. Cheesecake Factory (CAKE) downgraded to Hold from Buy at Maxim with analyst Stephen Anderson citing valuation. 3. Horizon Global (HZN) downgraded tow notches to Underperform from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying the company recently terminated its previous plans to acquire Bring Group and withdrew 2018 guidance and the interim CEO is fighting through operational challenges, combined with significant exposure to recently announced tariffs on Chinese goods that adds to earnings uncertainty. 4. Booking Holdings (BKNG) downgraded to Hold from Buy at Benchmark with analyst Daniel Kurnos saying the risk/reward is more balanced at current share levels. 5. Valeant (VRX) downgraded to Hold from Buy at TD Securities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.