Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Target (TGT) double downgraded to Underweight at Barclays by analyst Matthew McClintock, who said the company's industry leading exposure to sales shifting out of the general merchandise industry and its spending cuts are "major disconnects" with its recently raised long-term comp goal of 3.0%. 2. Rackspace (RAX) downgraded to Sell at CLSA with analyst Louis Miscioscia saying a sale is unlikely hyperscale vendors have a different data center architecture that is not compatible with Rackspace's, making integration difficult. Miscioscia added hyperscale vendors don't need what Rackspace offers, and the major players are already far behind and not likely wanting to invest billions to try to catch up. 3. Micon (MU) downgraded to Market Perform and Neutral at Bernstein and Macquarie, respectively, following its Q2 results. Macquarie analyst Deepon Nag cited a lack of meaningful catalysts over the next several quarters. Bernstein analyst Mark Newman added that he expects further DRAM pressure given Samsung's (SSNLF) aggressiveness and sees meaningful downside to Micron shares in the near-term. 4. Square (SQ) downgraded to Neutral at BTIG and Monness Crespi, with analysts saying that shares are more fairly valued following the rally. Square analyst Mark Palmer said he continues to believe the company is well positioned to enjoy sustained growth and profitability. 5. Achaogen (AKAO) downgraded to Market Perform at Cowen by analyst Ritu Baral, who said Achaogen is counting on the extension of the BARDA contracts expected to be granted in late September to increase 2016 cash levels. Baral said the probability of an extension is high but there is little to no visibility on the proceedings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,
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