Today's noteworthy upgrades include: Agnico Eagle (AEM) upgraded to Overweight from Equal Weight at Barclays... Allegion (ALLE) upgraded to Outperform from In-Line at Imperial Capital... BHP Billiton (BHP) upgraded to Buy from Neutral at Citi... BankUnited (BKU) upgraded to Outperform from Market Perform at BMO Capital... CSX (CSX) upgraded to Buy from Hold at BB&T... Cabot Oil & Gas (COG) upgraded to Buy from Accumulate at Tudor Pickering... Chipotle (CMG) upgraded to Buy at CLSA on signs that "all clear" imminent... Commonwealth Bank Australia (CBAUY) upgraded to Neutral from Sell at Goldman... Diamondback Energy (FANG) upgraded to Outperform from Market Perform at Cowen... EQT Corporation (EQT) upgraded to Buy from Accumulate at Tudor Pickering... East West Bancorp (EWBC) upgraded to Outperform from Market Perform at BMO Capital... Franco-Nevada (FNV) upgraded to Equal Weight from Underweight at Barclays... Illinois Tool Works (ITW) upgraded to Equal Weight from Underweight at Morgan Stanley... Infosys (INFY) upgraded to Outperform from Neutral at Credit Suisse... MetLife (MET) upgraded to Outperform from Neutral at Macquarie... Rudolph Technologies (RTEC) upgraded on valuation at Stifel... Targa Resources Partners (NGLS) upgraded to Buy from Hold at Jefferies... Targa Resources (TRGP) upgraded to Buy from Hold at Jefferies... U.S. Bancorp (USB) upgraded to Outperform at Baird... Vail Resorts (MTN) upgraded to Buy from Neutral at MKM Partners.

Wells Fargo raised the firm's price target on Chipotle to $3,300 from $3,285 and keeps an Overweight rating on the shares. The firm says that Chipotle's Q1 impressed with +7% comps, +5.4% traffic and accelerating Q2 on tap. Throughput initiatives are resonating, the FY24 comp guide steps up and Wells' estimates grind higher.

Baird raised the firm's price target on Chipotle to $3,500 from $3,250 and keeps an Outperform rating on the shares. The firm raised its estimates and target following Q1 results and still sees a favorable risk/reward on shares for investors with a 6-12 month horizon, as they believe premium valuation metrics can be supported by the company's strong near-term operating momentum.

Backs FY24 revenue view up 1.5%-3.5%, consensus $3.73B. The company said, "The company affirms its previously disclosed full-year 2024 outlook: Full-year 2024 revenues are expected to increase 1.5% to 3.5% on a reported basis and increase 1% to 3% organically, after excluding the expected impacts of acquisitions, divestitures and foreign currency movements. Full-year 2024 reported EPS is expected to be in the range of $6.45 to $6.60, or $7.00 to $7.15 on an adjusted basis. The outlook assumes a headwind of approximately $0.37 based on a full-year adjusted effective tax rate of 18% to 19%, inclusive of the estimated impacts of global minimum tax. Adjustments to 2024 EPS include estimated impacts of approximately $0.46 per share for acquisition-related amortization, as well as $0.09 per share for restructuring and M&A. The outlook assumes an average diluted share count for the full year of approximately 88 million shares. The company expects full-year available cash flow of approximately $540 to $570 million."

Reports Q1 revenue $893.9M, consensus $884.25M. "Allegion's Q1 performance sets a solid foundation for the year," said John H. Stone, Allegion President and CEO. "Our team is executing at a high level and expanded margins in the quarter. Additionally, we are very proud to have earned a 2024 Gallup Exceptional Workplace Award for having one of the most engaged workforces in the world."

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

BHP Group (BHP) is weighing a possible acquisition of Anglo American (NGLOY), Bloomberg's Crystal Tse, Dinesh Nair, and Thomas Biesheuvel report, citing people with knowledge of the matter. The company has recently been evaluating the possibility of an offer for Anglo American, the authors note. Reference Link

For 2024, management is anticipating the following: Full year comparable restaurant sales growth in the mid to high-single digit range; 285 to 315 new restaurant openings with over 80% having a Chipotlane. An estimated underlying effective full year tax rate between 25% and 27% before discrete items.

Reports Q1 revenue $2.7B, consensus $2.67B. Comparable restaurant sales increased 7.0%. "We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions. The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally," said Brian Niccol, Chairman and CEO, Chipotle.

Pre-earnings options volume in Chipotle is 1.5x normal with puts leading calls 9:7. Implied volatility suggests the market is anticipating a move near 5.3%, or $154.14, after results are released. Median move over the past eight quarters is 7.0%.

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.