Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. IBM (IBM) downgraded to In Line from Outperform at Evercore ISI with analyst Amit Daryanani saying he sees macro headwinds combined with a difficult 1H20 setup that warrants incremental caution especially given the current net leverage. 2. Advance Auto Parts (AAP) downgraded to Neutral from Overweight at JPMorgan with analyst Christopher Horvers saying the company’s key sales drivers heading into 2020 appear to be “more incrementally negative” than positive due to weather, less inflation and slower GDP growth. 3. Spotify (SPOT) downgraded to Underperform from In Line at Evercore ISI with analyst Benjamin Black saying the risk/reward with the shares back near $160 has “tilted back in favor of rewarding shorts.” 4. Dine Brands (DIN) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Mullan citing valuation. 5. Avnet (AVT) downgraded to Underweight from Equal Weight at Wells Fargo with analyst Joseph Quatrochi saying despite some suppliers calling a bottom in the semi cycle, distributors have remained cautious on a recovery given macro uncertainties and lack of forward visibility. This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage, (click here.):(http://thefly.com/streetResearch.php)
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