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Today's noteworthy downgrades include: ASML (ASML) downgraded to Sector Perform from Outperform at Pacific Crest... AXA (AXAHY) downgraded to Buy from Conviction Buy at Goldman... Airbus (EADSY) downgraded to Neutral from Buy at Goldman... Ares Management (ARES) downgraded to Neutral from Buy at BofA/Merrill... Basic Energy (BAS) downgraded to Equalweight from Overweight at Capital One... CARBO Ceramics (CRR) downgraded to Equalweight from Overweight at Capital One... Credit Suisse (CS) downgraded at RBC Capital... Cyberonics (CYBX) downgraded to Hold from Buy at Jefferies... Darling (DAR) downgraded to Neutral from Conviction Buy at Goldman... Eclipse Resources (ECR) downgraded to Equalweight from Overweight at Capital One... Esterline (ESL) downgraded to Neutral from Outperform at Credit Suisse... Fossil (FOSL) downgraded to Market Perform from Outperform at Telsey Advisory... Host Hotels (HST) downgraded to Sell from Neutral at Goldman... Lamar Advertising (LAMR) downgraded to Hold from Buy at Topeka... Magnum Hunter (MHR) downgraded to Accumulate from Buy at KLR Group... Methode Electronics (MEI) downgraded to Hold from Buy at Craig-Hallum... Patterson-UTI (PTEN) downgraded to Equalweight from Overweight at Capital One... Pharmacyclics (PCYC) downgraded to Market Perform from Outperform at Leerink... Sanchez Energy (SN) downgraded to Accumulate from Buy at KLR Group... State Auto Financial (STFC) downgraded to Hold from Buy at Argus... State Street (STT) downgraded to Market Perform from Outperform at Keefe Bruyette... Telkom SA (TLKGY) downgraded to Sell from Neutral at UBS... Weatherford (WFT) downgraded to Equalweight from Overweight at Capital One... WuXi PharmaTech (WX) downgraded to Neutral from Conviction Buy at Goldman... lululemon (LULU) downgraded to Sell from Neutral at Goldman.

RBC Capital analyst Ken Herbert lowered the firm's price target on Airbus to EUR 190 from EUR 192 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 results in the Aerospace & Defense segment. The setup coming into the quarter is challenging, the firm states, with commercial original equipment sales expected to be the primary focus for investors and the high potential for a significant downward revision from Boeing (BA) on full year production rates, the analyst tells investors in a research note. RBC adds that while it expects strong results from commercial aftermarket stocks, the set up hre is also challenged against very elevated expectation. The analyst further states that defense stocks are also likely to remain range bound, and the firm is surprised that the defense sector has not gotten more of a bounce from the recent hostilities in the Middle East.

Grupo Santander analyst Carlos Trevino downgraded ASML to Underperform from Neutral with a EUR 635 price target.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Unusual total active option classes on open include: Steel Dynamics (STLD), Gildan Activewear (GIL), Danaher (DHR), Altimeter Growth (GRAB), Childrens Place (PLCE), ASML (ASML), US Bancorp (USB), iShares Barclays 7 to 10 Year Treasury Bond Fund (IEF), AMC Entertainment (AMC), and Abbott (ABT).

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here

Bernstein raised the firm's price target on Airbus to EUR 190 from EUR 173 and keeps an Outperform rating on the shares ahead of quarterly results. Airbus delivered 142 commercial aircraft in Q1, up 12% year-over-year from a very weak Q1 2023. It is a solid start, but as Q1 is seasonally weak, it will be more important to see improvement in the subsequent months and quarters as Airbus works toward its guide of 800 deliveries this year, while supply chain challenges remain the limiting factor, the firm says.

"We expect second-quarter total net sales between EUR 5.7 billion and EUR 6.2 billion with a gross margin between 50% and 51%. ASML expects R&D costs of around EUR 1,070 million and SG&A costs of around EUR 295 million. Our outlook for the full year 2024 is unchanged, with the second half of the year expected to be stronger than the first half, in line with the industry's continued recovery from the downturn. We see 2024 as a transition year with continued investments in both capacity ramp and technology, to be ready for the turn in the cycle," said ASML president and CEO Peter Wennink.