Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Sunoco (SUN) downgraded to Sell from Neutral at Goldman Sachs with analyst Jerren Holder saying he sees downside risk to consensus estimates serving as a headwind for the shares. 2. Inovalon (INOV) downgraded to Underweight from Equal Weight at Morgan Stanley analyst Ricky Goldwasser saying he believes a contract loss since September, ACA headwinds and the departure of the company's CFO could mean that a rebound may take longer than he expected with core growth slowing. 3. Commercial Metals (CMC) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners thinks rising rebar margins are reflected in valuation and trimmed his multiple to reflect near-term "normal" steel prices. 4. Ultimate Software (ULTI) downgraded to Neutral from Outperform at Wedbush with analyst Steve Koenig saying the shares are appropriately benefiting from strong execution in a healthy demand environment, supported by the company's product and market leadership in North American payroll and mid-market HCM. 5. Cleveland-Cliffs (CLF) downgraded to Sell from Hold at Vertical Group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Cleveland-Cliffs is down -6.8%, or -$1.42 to $19.43.

Says will continue to buy back stock "hand over fist." Says Cleveland-Cliffs (CLF) "the only U.S. solution" for U.S. Steel (X). Says will have to "re-assess value" of U.S. Steel. Says targeting net debt to EBITDA of 2.5x. Says balance sheet in "great shape, near record liquidity." Sees CapEx ~$1B/year from 2025-2028. Comments taken from Q1 earnings conference call.

During its earnings release yesterday, Cleveland-Cliffs announced that during the first quarter, the company repurchased 30.4M CLF common shares, fully utilizing the remaining balance of $608M under the previously authorized $1B share repurchase program. The average stock purchase price for the entire program was $18.79 per share. Following the completion of the program, the Cliffs Board of Directors authorized a new share repurchase program for the company to buy back up to $1.5B of its outstanding common shares. The new program does not have a specific expiration date.