Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Fastly (FSLY) downgraded to Perform from Outperform at Oppenheimer with analyst Timothy Horan saying outages happen to all cloud companies, and Fastly “responded rapidly and with candor,” but switching costs for content delivery networks are relatively low, and customers may now look for second-source providers. 2. Continental Resources (CLR) downgraded to Sector Perform from Outperform at RBC Capital with analyst Scott Hanold attributing his rating change to the stock’s strong relative performance and believes that its upside is now inline with its peers, though his increased price target reflects his updated commodity price outlook. 3. Matador (MTDR) downgraded to Neutral from Buy at MKM Partners with analyst John Gerdes saying the stock has appreciated over 50% since late March and now reflects fair value. 4. Nielsen (NLSN) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Toni Kaplan saying while she previously recommended buying Nielsen shares based on her view that the sale of Connect could unlock value, with the stock having roughly doubled since October 31, Kaplan now sees the positive catalysts as being priced in and views the risk-reward as balanced. 5. QTS Realty Trust (QTS) downgraded to Hold from Buy at Truist with analyst Greg Miller noting that he had initially expected another bidder to emerge, but after speaking with industry contacts he now believes that this Blackstone deal likely represents the best deal investors are going to see this year. 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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