Wednesday brought a wave of downgrades across Wall Street, with analysts pulling back their bullish stances on several prominent companies. Here's the rundown of the five stocks that lost their favorable ratings.

Deckers Outdoor Loses Its Shine

Baird analyst Jonathan Komp downgraded Deckers Outdoor Corp (DECK) from Outperform to Neutral, though he maintained his price target of $125. The footwear and apparel company's shares closed at $107.46 on Tuesday, suggesting some upside potential remains even with the more cautious stance.

OneStream Gets Hit Twice

The enterprise software company OneStream Inc (OS) had a particularly rough day, catching downgrades from two separate firms. Piper Sandler analyst Brent Bracelin moved his rating from Overweight to Neutral and slashed his price target from $28 to $24. Not long after, Needham analyst Scott Berg also downgraded the stock from Buy to Hold. OneStream shares closed at $23.61 on Tuesday, putting the stock right near that lowered price target.

Steel and Coatings Take a Hit

Cleveland-Cliffs Inc (CLF), the steel producer, saw Keybanc analyst Philip Gibbs downgrade the stock from Overweight to Sector Weight. The shares closed at $13.27 on Tuesday as the analyst turned more neutral on the company's prospects.

Meanwhile, Axalta Coating Systems Ltd (AXTA) faced a double whammy from Baird analyst Ghansham Panjabi, who not only downgraded the coating systems manufacturer from Outperform to Neutral but also cut the price target from $42 to $35. That's a significant reduction, especially with Axalta shares closing at $32.95 on Tuesday—already below the new target.

What It Means

These downgrades reflect shifting expectations as analysts reassess their outlooks heading into the new year. Whether it's concerns about valuation, business fundamentals, or broader market conditions, the message is clear: these analysts are taking a more cautious approach to stocks they previously championed.