Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Paysafe (PSFE) downgraded to Neutral from Outperform at Credit Suisse with analyst Timothy Chiodo seeing a more balanced risk/reward at current share levels as well as minimal upside potential to 2022 and 2023 organic estimates. 2. Carnival (CCL) and Carnival plc (CUK) downgraded to Neutral from Buy at Citi with analyst James Ainley saying while he continues to believe in a recovery for the cruise industry, his comparative analysis of the pricing environment, ship pipeline, earnings quality, returns and valuation suggests that Norwegian Cruise Line (NCLH) will deliver more attractive returns to shareholders relative to Carnival. 3. Whirlpool (WHR) downgraded to Underperform from Sector Perform at RBC Capital with analyst Mike Dahl saying the company's market share losses continue in North America and its margins look set to weaken in Q4 with further pressures coming in fiscal 2022. 4. Armada Hoffler (AHH) downgraded to Underperform from Neutral at BofA with analyst James Feldman noting that the company's floating rate debt comprises 40.7% of its total balance and poses a growing risk, with inflation and the likelihood of higher interest rates. 5. Independent Bank (INDB) downgraded to Neutral from Overweight at Piper Sandler with analyst Mark Fitzgibbon saying with a valuation "that is comfortably above peers," the near-term upside for the stock "is a bit more limited." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.