Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Market Perform from Outperform at Wells Fargo with analyst Bonnie Herzog saying she remains optimistic that Starbucks can continue to simultaneously execute on its strategy to drive "strong" same-store-sales in the U.S. and expand in China. However, she thinks the market already "fully appreciates this" and, as such, sees the shares as "fully valued." 2. Axalta Coating (AXTA) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying risks of continued weakness in the global auto manufacturing market are "appreciable," which may lead to volume and earnings disappointments later in the year for Axalta. 3. Ferrari (RACE) downgraded to Hold from Buy at HSBC. 4. Seagate (STX) downgraded to Neutral from Buy at Edgewater Research. 5. Western Digital (WDC) downgraded to Underperform from Neutral at Baird with analyst Tristan Gerra citing what he calls an "increasing disconnect" between significant year-to-date appreciation in the stock and a continued deterioration in NAND flash fundamentals as highlighted by recent reports from Intel (INTC), Hynix, and Nidec. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Evercore ISI raised the firm's price target on Ferrari to $465 from $430 and keeps an Outperform rating on the shares. The firm, which contends that Q1 should "showcase a solid start" to 2024, maintains an above-consensus Q1 EBITDA estimate of EUR 596M and FY24 EBITDA estimate of EUR2.56B, the analyst tells investors in an earnings preview note.