Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Signet Jewelers (SIG) downgraded to Hold from Buy at Needham with analyst Rick Patel saying "credit applications are in decline, an uptick in promotions hasn't resulted in better comps, and the assortment is a work in progress." 2. Expedia (EXPE) downgraded to Neutral from Outperform at Macquarie with analyst Matthew Brooks saying to "expect an ugly first quarter print," with EBITDA being the lowest since 2011 and does not expect additional spending going forward to generate the desired benefits. 3. TerraForm Power (TERP) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Lee saying he believes execution risk and below average growth could drive share underperformance over the next 12 months. 4. MercadoLibre (MELI) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying the injunction that protected MercadoLibre from Correios' shipping fee increase was lifted by the Sao Paulo Regional Federal Court until further deliberation by the Brazil Federal Court System. 5. Qorvo (QRVO) downgraded to Underperform from Neutral at BofA/Merrill with analyst Vivek Arya saying she believes Quorvo faces headwinds of a sluggish high-end smartphone market and increasing competitive risks in upcoming versions of the iPhone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Jefferies lowered the firm's price target on MercadoLibre to $1,400 from $1,650 and keeps a Hold rating on the shares. A recent ramp in investments could pressure EBIT near-term, though continued momentum in GMV, Advertising, and Credit "would keep the long-term story alive," the analyst tells investors in a preview note for the U.S. Internet group.

DZ Bank upgraded MercadoLibre to Buy from Hold with a $1,685 price target.