Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SAP (SAP) downgraded to Hold from Buy at Deutsche Bank with analyst Alex Tout saying he believes the company's momentum in Q2 fell short of what was needed for the shares to re-rate higher. 2. Alcoa (AA) downgraded to Hold from Buy at Argus and Jefferies. 3. Paycom (PAYC) downgraded to Hold from Buy at Jefferies with analyst Samad Samana citing valuation. 4. Michaels (MIK) downgraded to Underperform from Neutral at BofA/Merrill with analyst Elizabeth Suzuki citing a U.S. arts and crafts consumer survey that she said gave some color on why the company's same-store sales growth has been "lackluster. 5. News Corp. (NWSA) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying while the stock may appear attractively valued, she has little conviction in forward estimates. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.