Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Estee Lauder (EL) downgraded to Hold from Buy at Deutsche Bank with analyst Steve Powers saying with the stock up 69% over the past year, Estee Lauder appears to already be discounting $10 in earnings per share in FY23. 2. Byline Bancorp (BY) downgraded to Equal Weight from Overweight at Stephens with analyst Terry McEvoy saying with shares up 59% year-to-date, Byline has been " one of the best performing Midwest banks." 3. Teladoc (TDOC) downgraded to Hold from Buy at Argus with analyst David Toung saying the analyst states that the company continues to post operating losses because of the rise in marketing, sales, and technology related costs that are rising faster than revenues. 4. U.S. Cellular (USM) downgraded to Underweight from Neutral at JPMorgan with analyst Philip Cusick saying the analyst sees increasing competition in wireless as national carriers fight for share and target rural markets. 5. Telephone and Data (TDS) downgraded to Underweight from Neutral at JPMorgan with analyst Philip Cusick saying U.S. Cellular (USM) and Telephone and Data Systems face an "expensive and long" investment cycle that will burden free cash flow in the medium term, Cusick tells investors in a research note. Further, the analyst sees minimal likelihood of an acquisition given the upcoming 110 Auction. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.