Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Helmerich & Payne (HP) downgraded to Underperform from Neutral at BofA with analyst Chase Mulvehill saying he thinks the stock’s valuation “looks stretched” even on a more optimistic near-term U.S. rig forecast. 2. McDonald’s (MCD) downgraded to Equal Weight from Overweight at Stephens with analyst James Rutherford saying he doesn’t see a catalyst for further multiple expansion. 3. Cree (CREE) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Craig Hettenbach saying while he sees Cree being in a strong position to leverage its technology leadership and vertical integration in Silicon Carbide and views the stock as “the best way to play EVs” among his coverage, he also has a hard time seeing further upside given the “big move in the stock” as the repositioning of the business to its strength in SiC has been rewarded with significant multiple expansion. 4. Crispr Therapeutics (CRSP) downgraded to Equal Weight from Overweight at Wells Fargo with analyst Jim Birchenough saying while results for this weekend’s update for the company’s genome editing cell therapy candidate CTX001 were better than expected in terms of transfusion independence and VOC reduction, Crisper shares are fully valued. 5. Ultragenyx (RARE) downgraded to Neutral from Outperform at Wedbush with analyst Laura Chico saying she believes the presentation of GTX-102 data in Angelman Syndrome reinforced the up/down nature of the preliminary Phase 1/2 study with lead investigator Elizabeth Berry-Kravis calling the study a “rollercoaster ride.” 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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