Citi analyst Michael Bilerman downgraded Ventas to Neutral from Buy saying the company issued a "disappointing" report with Senior Housing Operating Properties performance and guidance worse than expected. In addition, given the challenging senior housing backdrop, Ventas no longer expects to have core funds from operations growth in 2020 versus 2019, Bilerman tells investors in a research note. The analyst expects underperformance of the shares following Friday's earnings report.

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alaska Air (ALK) downgraded to Neutral from Overweight at JPMorgan. 2. Lululemon (LULU) and American Eagle (AEO) downgraded to Neutral from Buy at Citi. 3. Ventas (VTR) downgraded to Equalweight from Overweight at Capital One and to Neutral from Buy at Citi. 4. Fortive (FTV) downgraded to Hold from Buy at Argus with analyst John Eade saying while the company's earnings continue to grow, the growth is mainly through acquisitions as its core markets are slowing. 5. Cabot Oil & Gas (COG) downgraded to Neutral from Positive at Susquehanna. 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 Chad Vanacore downgraded Ventas to Hold from Buy with a price target of $66, down from $74. The analyst, who also removed the stock from his firm's Select List, expects Ventas to remain under pressure "from lack of clarity in forward guidance." The company guided down on Q4 and 2020 as Senior Housing Operating Properties surprised on the downside and trends deteriorated precipitously at quarter end, Vanacore tells investors in a post-earnings research note. Management acknowledged unprecedented challenges from new supply, "in dramatic contrast to optimism from its investor day in June," adds the analyst.