Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. PayPal (PYPL) downgraded to Market Perform from Outperform at BMO Capital with analyst James Fotheringham citing a shift in investment strategy towards “credit-sensitive sub-sectors” in Financial Technology for the downgrade. 2. BP (BP) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Martijn Rats saying the company’s capex budget will likely be materially too low to defend its dividend over the medium term. 3. Wheaton (WPM) downgraded to Sector Perform from Outperform at RBC Capital with analyst Josh Wolfson saying the stock has outperformed precious metals prices, the large cap royalty group, and the gold equities index, driving a “sizable expansion of both the company’s relative and absolute valuation.” 4. Best Inc. (BEST) downgraded to Neutral from Outperform at Macquarie. 5. Wayfair (W) downgraded to Sell from Neutral at Citi with analyst Nicholas Jones saying despite estimates moving higher on better than anticipated trends, Wayfair shares are overvalued. 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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