Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SolarCity (SCTY) downgraded to Underweight from Equal Weight at Barclays with analyst Jon Windham saying he's more cautious on the U.S. residential solar space due to "credit quality warning signs" and the potential for higher rates in the second half of 2016. 2. CVS Health (CVS) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Ricky Goldwasser saying competition in the PBM space is increasing with OptumTx, United Health's (UNH) PBM, emerging as a strong competitor and winning CVS maintenance choice accounts GE and Calpers. 3. Express Scripts (ESRX) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Ricky Goldwasser saying he has long-term concerns about increasing competitive pressures in the PBM market and the potential impact from the loss or repricing of the Anthem. 4. Perrigo (PRGO) downgraded to Hold from Buy at Argus with analyst Jacob Kilstein citing the significant cut in guidance, the departure of CEO Papa, and the resulting uncertainty over the company's strategy. 5. Union Pacific (UNP) downgraded to Sector Perform from Outperform at Scotiabank with analyst Turan Quettawala citing valuation and further downside risk on coal and intermodal. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Reports Q1 revenue $6.03B, consensus $5.98B. "Our team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions," said Jim Vena, Union Pacific CEO. "These results build on the momentum we established as we exited 2023 and provide further proof of what's possible as we strive to be the best in safety, service, and operational excellence. This is a great start to the year, but we understand there's work to be done to achieve our goals and meet our stakeholders' expectations."

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.