Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Broadstone Net Lease (BNL) downgraded to Neutral from Overweight at JPMorgan with analyst Anthony Paolone citing valuation for the downgrade. 2. Fastenal (FAST) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Joshua Pokrzywinski saying the company is undergoing a strategy change and “potentially has an air pocket of outgrowth” given limited net Onsite customer acquisitions over the past year. 3. Principal Financial (PFG) downgraded to Neutral from Overweight at Piper Sandler with analyst John Barnidge saying the shares have outperformed the life insurance sector average by about 695 basis points following news that activist Elliott Management took its stake filtered out on February 22. 4. Nutrien (NTR) downgraded to Outperform from Strong Buy at Raymond James with analyst Steve Hansen citing a robust, demand-driven surge in NPK prices that’s handily exceeded the firm’s prior forecast and boasts strong fundamental underpinnings heading into 2H21. 5. Ceridian (CDAY) downgraded to Hold from Buy at Needham with analyst Scott Berg noting that his recent checks have revealed that the 2020 compensation changes were not well-received internally and have led to several key departures in the sales team, while the competitive dynamics are turning more negative. 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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