Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Etsy (ETSY) downgraded to Neutral from Buy at BTIG with analyst Marvin Fong saying the shares have achieved his former $52 price target, and that with its Q1 update earlier this month, the company proved that it has one of the more resilient business models in e-commerce. 2. Square (SQ) downgraded to Neutral from Buy at UBS with analyst Eric Wasserstrom saying he now longer has conviction that Square’s investments in 2020 will drive a reacceleration of revenue growth and margin expansion in 2021. 3. Fortis (FTS) downgraded to Underperform from Neutral at BofA with analyst Julien Dumoulin-Smith citing the stock’s outperformance, wish shares exceeding the Utilities Select Sector SPDR ETF XLU by over 1000% year-to-date. 4. Acushnet Holdings (GOLF) downgraded to Underweight from Equal Weight at Wells Fargo with analyst Timothy Conder saying COVID-19 is impacting the company’s largest markets the U.S. and EMEA in the peak retail season. 5. STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan with analyst Sandeep Deshpande saying STMicro should “meaningfully participate” over the next auto and smartphone cycle, but Deshpande thinks the underlying operational short-to-medium term disruptions shouldn’t be underestimated. 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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