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Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Johnson & Johnson (JNJ) was downgraded to Sell from Neutral at BTIG and to Underweight from Neutral at Atlantic Equities. 2. Wells Fargo (WFC) downgraded to Sell from Hold at Berenberg with analyst James Chappell saying the bank's competitive advantages have been eroded. 3. RH (RH) downgraded to Hold from Buy at Deutsche Bank with analyst Adam Sindler citing valuation with the stock up 36% over the past month and 15% this week alone. 4. Union Pacific (UNP) downgraded to Hold from Buy at Deutsche Bank with analyst Amit Mehrotra saying moderating volumes as well as risks to industrial production in the second half of the year and beyond will limit share upside over the medium term. 5. Check Point (CHKP) downgraded to Neutral from Overweight at Piper Jaffray with analyst Andrew Nowinski saying with the stock up 27% year-to-date, the valuation has now "reached a peak" given the decelerating billings, product/subscription and free cash flow growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Stifel analyst Adam Borg lowered the firm's price target on Check Point to $165 from $170 and keeps a Hold rating on the shares following what the firm calls "a solid print." Q2 guidance brackets consensus while FY24 guidance is reaffirmed, added the analyst, who believes Check Point has a number of drivers to sustain mid-to-high single-digit top-line growth, but also thinks valuation largely reflects this.

Sees Q2 revenue $607M-637M, consensus $623.27M. Comments taken from Q1 earnings conference call.

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."