Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PepsiCo (PEP) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Dara Mohsenian citing valuation. 2. Urban Outfitters (URBN) downgraded to Hold from Buy at Loop Capital with analyst Laura Champine saying although the stock price has bounced following an earnings miss driven sell-off last month, she warns that the company's promotional activity has intensified recently among specialty apparel retailers and believes that FY20 EPS consensus has not come down low enough. 3. Amarin (AMRN) downgraded to Hold from Buy at Stifel with analyst Derek Archila saying "there is no doubt in our mind Vascepa will be a multi-billion dollar product," he prefers to "take profits" at the stock's current valuation near $11B fully diluted. 4. Cardinal Health (CAH) downgraded to Neutral from Buy at Guggenheim with analyst Glen Santangelo saying he sees a more balanced risk/reward at current share levels. 5. WPX Energy (WPX) downgraded to Hold from Buy at SunTrust with analyst Neal Dingmann citing the Bloomberg report late on Friday that the company was in talks to buy Felix Energy's upstream assets for $2.5B. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Notable profits for the buyer who lifted the $0.43 offer for 1,999 PepsiCo (PEP) May-24 180 calls yesterday at 10:11ET when underlying shares were trading at $172.36. Shares closed at $177.41, and the calls at $1.65 for a mark-to-market profit of 285%, or $245K, on the $86K outlay.