Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Boeing (BA) downgraded to Neutral from Outperform at Credit Suisse and to Neutral from Buy at UBS. 2. Spirit AeroSystems (SPR) downgraded to Neutral from Buy at UBS with analyst Myles Walton citing Spirit's "outsized exposure" to Boeing's (BA) 737 Max program for the downgrade. 3. Gildan Activewear (GIL) downgraded to Hold from Buy at Edward Jones. 4. IBM (IBM) downgraded to Neutral from Buy at UBS with analyst Munjal Shah saying he believes it will be difficult for the company to achieve sustainable mid-single digit revenue growth. 5. Alcoa (AA) downgraded to Hold from Buy at Gabelli with analyst Justin Bergner saying Acloa's 12% two day post-earnings rally reflected better than expected proceeds from non-core asset sales and a view that estimates have bottomed. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Baird analyst Peter Arment downgraded Spirit AeroSystems to Neutral from Outperform with an $80 price target.

As reported previously, Baird analyst Peter Arment downgraded Spirit AeroSystems to Neutral from Outperform. He believes a recovery in the stock over the next few months is unlikely due to the uncertainty surrounding the 737-Max program delivery. The analyst said the overhang will reduce the multiple that he believes the company deserves. Arment lowered his price target to $80 from $89 on Spirit AeroSystems shares.