Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SAP (SAP) downgraded to Hold from Buy at HSBC and to Neutral from Buy at UBS. 2. American Assets Trust (AAT) downgraded to Sector Weight from Overweight at KeyBanc with analyst Todd Thomas saying the stock has surpassed his previous $45 price target. 3. Ball Corp. (BLL) downgraded to Market Perform from Outperform at BMO Capital with analyst Mark Wilde saying that after an "impressive run," the stock is now trading at the upper end of its peer group range. 4. Charter (CHTR) downgraded to Neutral on valuation at Macquarie with analyst Amy Young saying shares reflect much of the operational and free cash flow potential and further multiple expansion hinges on its ability to set a consistent track record. 5. U.S. Steel (X) downgraded to Underperform from Neutral at Credit Suisse with analyst Curt Woodworth saying after performing deep dive analysis on U.S. Steel Flat Rolled segment, the analyst concludes the step-function rise in unit costs the past several years coupled with loss of automotive share suggests the company is in a weaker competitive position versus peers entering the "Sheet Tsunami" period in the U.S. from 2021-2022. 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 companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

Berenberg raised the firm's price target on SAP to EUR 195 from EUR 190 and keeps a Buy rating on the shares.

HSBC raised the firm's price target on SAP to EUR 200 from EUR 180 and keeps a Buy rating on the shares. The company's Q1 report was "solid even if not spectacular" as it sees continued strong momentum, the analyst tells investors in a research note. The firm says SAP's long-term revenue growth prospects are supported by a shift to cloud combined with monetization of its artificial intelligence opportunity.

Barclays lowered the firm's price target on SAP to $210 from $212 and keeps an Overweight rating on the shares post the Q1 report. SAP is well positioned for artificial intelligence, but the near-term financial impact is likely to be limited, while any restructuring creep should drive further EBIT upside, files to sell common stock, no amount given