Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. GrubHub (GRUB) downgraded to Neutral from Buy at Goldman Sachs, BTIG, Mizuho, and DA Davidson, to Neutral from Outperform at Wedbush, to Market Perform from Outperform at JMP Securities and Cowen, and to Hold from Buy at Stifel. 2. Ingersoll-Rand (IR) downgraded to Hold from Buy at Deutsche Bank with analyst Nicole DeBlase saying much of the near-term merger-driven upside potential is now reflected in the share price. 3. Xerox (XRX) downgraded to Underweight from Neutral at JPMorgan with analyst Paul Coster saying the stock, which is up 74% year-to-date, is trading close to peak forward multiples for the last two years. 4. Amag Pharmaceuticals (AMAG) downgraded to Underweight from Neutral at Piper Jaffray saying an FDA panel yesterday issued a "surprisingly definitive" vote to withdraw Makena's approval. 5. Werner (WERN) downgraded to Hold from Buy at Stifel with analyst David Ross citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.