Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. American Airlines (AAL) upgraded to Outperform at Raymond James by analyst Savanthi Syth, who sees potential upside earnings revisions led by a recovery in Latin American currencies versus the US dollar, improved yields from the expected introduction in the second half of 2016 of a "Basic Economy" type product, a likely credit card agreement extension or replacement, and further operational efficiencies. 2. Buffalo Wild Wings (BWLD) upgraded to Conviction Buy at Goldman with analyst Karen Holthouse saying recent weakness due to perceived risk related to the top line and wing prices are reflected in valuation and/or overstated. The analyst continues to see data supportive of a long-term secular story and views valuation as compelling. 3. HeartWare (HTWR) upgraded to Buy at BofA/Merrill saying the company has strategic value if the HVAD expected in November is strong. 4. Philip Morris (PM) upgraded to Buy at BofA/Merrill by analyst Lisa Lewandowski, who said the company category volume declines are easing due to market shares gains, a moderation in illicit trade, and lack of major tax increases in large markets this year. The analyst expects strong underlying growth and potential for further upside to margins from easing FX headwinds and/or volumes/pricing comes in ahead of forecasts. 5. Francesca's (FRAN) upgraded to Buy at Guggenheim citing valuation and growth. The firm expects Francesca's to experience more stable earnings growth driven by new management's implementation of a new series of systems and processing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Bullish option flow detected in American Airlines with 26,130 calls trading, 3x expected, and implied vol increasing almost 2 points to 47.44%. 4/26 weekly 14.5 calls and Apr-24 14.5 calls are the most active options, with total volume in those strikes near 8,400 contracts. The Put/Call Ratio is 0.37. Earnings are expected on April 25th.