Benzinga's Top Downgrades

Roth Capital downgraded Tonix Pharmaceuticals Holding Corp. TNXP from Buy to Neutral. Tonix Pharmaceuticals shares rose 1.92 percent to $0.940 in pre-market trading.
Analysts at Buckingham Research downgraded Rayonier Inc. RYN from Buy to Neutral. Rayonier shares fell 0.82 percent to $27.78 in pre-market trading.
Analysts at Stifel Nicolaus downgraded Intersil Corp ISIL from Buy to Hold. Intersil shares declined 2.23 percent to close at $19.75 on Tuesday.
Maxim Group downgraded Momenta Pharmaceuticals, Inc. MNTA from Hold to Sell. Momenta Pharmaceuticals shares fell 9.73 percent to $11.04 in pre-market trading.
BTIG Research downgraded Cepheid CPHD from Buy to Neutral. Cepheid shares slipped 0.04 percent to $52.51 in pre-market trading.
Analysts at Argus Research downgraded Royal Caribbean Cruises Ltd RCL from Buy to Hold. Royal Caribbean Cruises shares declined 0.84 percent to $68.50 in pre-market trading.
Analysts at RBC Capital downgraded Maxim Integrated Products Inc. MXIM from Outperform to Sector Perform. Maxim Integrated shares fell 0.86 percent to $40.20 in pre-market trading.
Barclays downgraded Discover Financial Services DFS from Overweight to Equal-weight. Discover Financial shares fell 0.45 percent to $59.40 in pre-market trading.
Raymond James downgraded Spectra Energy Corp. SE from Strong Buy to Outperform. Spectra Energy shares dropped 1.02 percent to $40.58 in pre-market trading.
Citigroup downgraded Celanese Corporation CE from Buy to Neutral. Celanese shares slipped 0.75 percent to $63.88 in pre-market trading.