Today's noteworthy upgrades include: Apple (AAPL) upgraded to Outperform from Market Perform at Wells Fargo... Bank of America (BAC) upgraded to Outperform from Neutral at Baird and to Outperform from Market Perform at Bernstein... Rovi (ROVI) upgraded to Overweight from Neutral at JPMorgan... Adobe (ADBE) upgraded to Outperform from Neutral at Baird... Macy's (M) upgraded to Hold from Sell at Deutsche Bank... Regions Financial (RF) upgraded to Market Perform at Keefe Bruyette... Bank of America upgraded to Neutral from Underperform at Macquarie... Sherwin-Williams (SHW) upgraded to Buy from Neutral at Sterne Agee CRT... Garmin (GRMN) upgraded to Outperform from Market Perform at Raymond James... DreamWorks (DWA) upgraded to Hold from Sell at Topeka... JPMorgan (JPM) upgraded to Buy from Outperform at CLSA... Avago (AVGO) upgraded to Buy from Outperform at CLSA... Verifone (PAY) upgraded to Overweight from Neutral at Piper Jaffray... Deutsche Bank upgraded Sprouts Farmers Market (SFM) to Buy from Hold... Workday (WDAY) upgraded to Buy from Neutral at DA Davidson... The Fresh Market (TFM) upgraded to Neutral from Sell at Northcoast... U.S. Bancorp (USB) upgraded to Outperform from Sector Perform at Portales... Teradyne (TER) upgraded to Outperform from Neutral at Credit Suisse.

Comments taken from Q1 earnings conference call.

RBC Capital lowered the firm's price target on Sherwin-Williams to $370 from $380 but keeps an Outperform rating on the shares after its Q1 results and below-consensus guide. The company's investments and ramp-up of pricing realization through 2024 should support above-market growth, while volume upside should further fuel its margin expansion, the analyst tells investors in a research note. Recovery in new residential business, strong share gains, growth in protective/marine and greater than expected capital return could also provide upside to current FY24 guidance, the firm added.

KeyBanc analyst Aleksey Yefremov last night upgraded Sherwin-Williams to Overweight from Sector Weight with a $400 price target. The analyst recommends taking advantage of the 13% pullback in shares since the recent peak in late March. The firm acknowledges a "somewhat less confident" Q1 print and more questions about volume outlook for 2024 on higher interest rates, but believes investors should focus on Sherwin-Williams' volume recovery story that it expects to unfold in 2025 and 2026. KeyBanc expects the company to continue taking share in architectural paint.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

BMO Capital lowered the firm's price target on Sherwin-Williams to $377 from $385 but keeps an Outperform rating on the shares. The company's Q1 results disappointed, as weather and customer project delays in the seasonally light Q1 more than offset early share gains tied to competitor issues, but its expected market share gains should amplify results in 2025/26 when housing improves with eventual interest rate cuts, the analyst tells investors in a research note.

Baird analyst Ghansham Panjabi raised the firm's price target on Sherwin-Williams to $310 from $300 and keeps a Neutral rating on the shares. The firm said in their opinion, current end-market weakness is a function of the lagged impact of previous increases in interest rates, noting that while raw material cost deflation was a partial offset, the recent up-tick in upstream input costs points toward a peak margin backdrop for Sherwin-Williams and peers.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link