Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SAP (SAP) downgraded to Neutral from Overweight at JPMorgan and to Neutral from Outperform at Exane BNP Paribas. 2. KeyCorp (KEY) downgraded to Neutral from Outperform at Wedbush with analyst Peter Winter saying part of the investment thesis has played out as KeyCorp has closed the valuation gap and its credit quality has held in relative to peers. 3. Boot Barn (BOOT) downgraded to Hold from Buy at Craig-Hallum with analyst Jeremy Hamblin saying with the majority of stores returning to pre-pandemic operating hours and promotional levels that appear to be slightly elevated year-over-year, Hamblin sees less opportunity to materially raise his 2021 estimates. 4. Cinemark (CNK) and Marcus (MCS) downgraded to Market Perform from Outperform at Barrington. 5. Exelon (EXC) downgraded to Neutral from Buy at Guggenheim with analyst Shahriar Pourreza saying policy in Illinois has "sputtered" and uncertainty has "created a value trap" given the lack of clarity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.