Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PayPal (PYPL) downgraded to Neutral from Buy at Guggenheim with the firm citing balanced risk/reward. 2. Arlo Technologies (ARLO) downgraded to Underperform from Neutral at BofA/Merrill and to Market Perform from Outperform at Cowen. 3. Celanese (CE) downgraded to Market Perform from Outperform at Cowen with analyst Charles Neivert saying recent subtle changes in industry fundamentals and the macro outlook have made him more cautious. 4. Estee Lauder (EL) downgraded to Hold from Buy at Berenberg with analyst Rosie Edwards saying that while the company's Q2 results were "strong across the board," she expects top-line growth to moderate, due mainly to skincare and Asia-Pacific. 5. Vanda Pharmaceuticals (VNDA) downgraded to Neutral from Overweight at Cantor Fitzgerald with analyst Charles Duncan saying the company's complaint against the FDA reduces visibility on development timelines for tradipitant in gastroparesis, perhaps even pruritus, and may also affect Hetlioz label expansion efforts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,
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