Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Twitter (TWTR) downgraded to Underperform at BofA/Merrill and to Neutral at JPMorgan. JPMorgan analyst Doug Anmuth said the company's Q1 results show user and advertising challenges continue. He added that product changes have been slower and less impactful than expected. He also notes increased competition from Facebook's (FB) core Newsfeed, Instagram and Snapchat. 2. Apple (AAPL) was downgraded to Perform at Oppenheimer by analyst Andrew Uerkwitz, who said the weaker performance in this quarter is likely to recur until 2017's iPhone launch. He said there is a lengthening of the replacement cycle across the smartphone market to which Apple is not immune. The company was also downgraded to Buy at Goldman, with analysts led by Simona Jankowski saying the shares are expected to be weak near-term until the market gets comfortable with the iPhone 7 product cycle. She said she was encouraged by the iPhone installed base being up 80% versus 2 years ago. 3. DuPont (DD) double downgraded to Underperform at CLSA by analyst Mark Connelly, who cited "stretched" valuation given a less certain outlook for ethylene and concerns about Dow's cycle risk. 4. Chipotle (CMG) downgraded to Neutral at BTIG with analyst Peter Saleh saying he expects the company to recover lost sales, but is uncertain on the timing of the recovery and the promotional effort needed following the significant promotions in February and March and the lack of any discernible improvement. 5. Capital One (COF) downgraded to Underperform at BofA/Merrill by analyst Kenneth Bruce, who said he is increasingly concerned that sub-prime credit card growth could drive higher losses than is currently factored into expectations or maintained guidance. Bruce sees little upside to shares given worsening visibility and credit metrics. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo raised the firm's price target on Chipotle to $3,300 from $3,285 and keeps an Overweight rating on the shares. The firm says that Chipotle's Q1 impressed with +7% comps, +5.4% traffic and accelerating Q2 on tap. Throughput initiatives are resonating, the FY24 comp guide steps up and Wells' estimates grind higher.

Baird raised the firm's price target on Chipotle to $3,500 from $3,250 and keeps an Outperform rating on the shares. The firm raised its estimates and target following Q1 results and still sees a favorable risk/reward on shares for investors with a 6-12 month horizon, as they believe premium valuation metrics can be supported by the company's strong near-term operating momentum.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link