Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Novo Nordisk (NVO) downgraded to Hold from Buy at Deutsche Bank with analyst Richard Parkes citing valuation. 2. Shopify (SHOP) downgraded to Neutral from Outperformer at CIBC with analyst Todd Coupland stating that while he is encouraged by the company's product announcements, he believes the upside seen in his investment thesis has now been priced into the stock. 3. Enphase Energy (ENPH) downgraded to Neutral from Buy at H.C. Wainwright with analyst Amit Dayal saying at current levels, the shares are more than adequately pricing in another earnings beat for Q2 and potential guidance raise for 2019. 4. Hershey (HSY) downgraded to Underweight from Neutral at Piper Jaffray with analyst Michael Lavery stating the company has a U.S.-centric portfolio with generally stable sales and earnings growth, but the valuation at current share levels "now looks inconsistent with consensus expectations". 5. Carnival (CCL) downgraded to Market Perform from Outperform at William Blair with analyst Sharon Zackfia noting the company lowered expectations for the remainder of the fiscal year, with constant-currency net yields now expected to be flattish to slightly down in Q3 and down in Q4. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Senator Bernie Sanders is set to lead a Senate investigation into the high prices charged by Novo Nordisk for its diabetes and anti-obesity medications Ozempic and Wegovy, The Financial Times' Oliver Barnes reports. Sanders wrote to Novo Nordisk CEO Lars Fruergaard Jorgensen to inform him the U.S. committee that oversees healthcare is probing "the outrageously high prices" the company charges for the drugs, saying that the drugs "will not do any good for the millions of patients who cannot afford them." Reference Link

Northland lowered the firm's price target on Enphase Energy to $125 from $135 and keeps an Outperform rating on the shares. The company missed Q1 consensus revenue and earnings estimates and its 2025 numbers were meaningfully below consensus, the analyst tells investors in a research note. The firm, however, believes Q1 is the bottom of the cycle, with channel inventory cleared by the end of Q2. It expects rising utility rates, $7B in solar grants in the U.S., and growth in residential storage to reignite Enphase's growth.

Jefferies analyst Dushyant Ailani downgraded Enphase Energy to Hold from Buy with a price target of $111, down from $135. The firm expects residential macro headwinds to persist and while it says Enphase management continues to take the right steps in managing under shipment and expanding internationally, delayed interest rate cuts and weaker U.S. demand push out its forecasts for a recovery. The firm, which expects the recovery to be slower than its prior expectations, lowered its FY24 and FY25 EPS forecast to $2.91 and $4.90, which it notes are 3% and 6%, respectively, below consensus.

BMO Capital analyst Ameet Thakkar lowered the firm's price target on Enphase Energy to $113 from $118 and keeps a Market Perform rating on the shares after its Q1 earnings miss and "underwhelming" Q2 revenue guidance. The firm is also less confident in the company's ability to achieve the upper end of what it had described as $450M-500M normalized demand, reducing its FY24 EPS view to $3.28 from $3.71 and its FY25 view to $5.93 from $6.21.

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

Guggenheim analyst Joseph Osha downgraded Enphase Energy to Sell from Neutral with a $92 price target.