Today's noteworthy upgrades include: Agrium (AGU) upgraded to Neutral from Sell at Citi... Anadarko (APC) upgraded to Buy from Neutral at Citi... BNP Paribas (BNPQY) upgraded to Outperform from Sector Perform at RBC Capital... Baker Hughes (BHI) upgraded to Overweight from Sector Weight at KeyBanc... Banco Bilbao (BBVA) upgraded to Sector Perform from Underperform at RBC Capital... Beazer Homes (BZH) upgraded to Outperform from Sector Perform at FBN Securities... Canadian Natural (CNQ) upgraded to Buy from Neutral at Citi... Celanese (CE) upgraded to Buy from Neutral at Citi... Cimarex Energy (XEC) upgraded to Buy from Hold at Evercore ISI... Clean Energy (CLNE) upgraded to Market Perform from Underperform at Raymond James... Continental Resources (CLR) upgraded to Buy from Hold at Evercore ISI... Delek US (DK) upgraded to Buy on relative valuation at BofA/Merrill... Deutsche Bank (DB) upgraded to Outperform from Sector Perform at RBC Capital... EOG Resources (EOG) upgraded to Buy from Neutral at Citi... Eastman Chemical (EMN) upgraded to Buy from Neutral at Citi... Enviva (EVA) upgraded to Strong Buy from Outperform at Raymond James... Equinix (EQIX) upgraded to Buy from Hold at Stifel... FLIR Systems (FLIR) upgraded to Strong Buy from Outperform at Raymond James... First Solar (FSLR) upgraded to Buy, shares have 50% upside, says Goldman... Fresenius Medical (FMS) upgraded to Buy from Neutral at UBS... G-III Apparel (GIII) upgraded to Outperform from Market Perform at Telsey Advisory... Halliburton (HAL) upgraded to Overweight from Sector Weight at KeyBanc... HollyFrontier (HFC) upgraded to Buy from Underperform at BofA/Merrill... Home Bancshares (HOMB) upgraded to Outperform from Market Perform at Hovde Group... Inphi (IPHI) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Neutral from Sell at Citi... Juniper (JNPR) upgraded to Buy from Hold at Deutsche Bank... Lundbeck (HLUYY) upgraded to Overweight from Neutral at JPMorgan... M/I Homes (MHO) upgraded to Outperform from Sector Perform at FBN Securities... Marathon Petroleum (MPC) upgraded to Neutral from Underperform at BofA/Merrill... Meritage Homes (MTH) upgraded to Outperform from Sector Perform at FBN Securities... Navigant Consulting (NCI) upgraded to Outperform from Market Perform at William Blair... New York Community Bancorp (NYCB) upgraded to Buy from Neutral at Sterne Agee CRT... Oasis Petroleum (OAS) upgraded to Neutral from Sell at Citi... Puma (PMMAF) upgraded to Buy from Hold at Berenberg... RBS (RBS) upgraded to Outperform from Sector Perform at RBC Capital... Ramco-Gershenson (RPT) upgraded to Buy from Hold at Deutsche Bank... Silgan Holdings (SLGN) upgraded to Outperform from Neutral at Baird... Smith & Wesson (SWHC) upgraded to Buy from Hold at BB&T... Societe Generale (SCGLY) upgraded to Sector Perform from Underperform at RBC Capital... SolarEdge (SEDG) upgraded to Conviction Buy from Buy at Goldman... Spirit AeroSystems (SPR) upgraded to Outperform from Market Perform at Bernstein... Sunesis (SNSS) upgraded to Speculative Buy from Hold at Cantor... Swedbank (SWDBY) upgraded to Sector Perform from Underperform at RBC Capital... Tesco (TSCDY) upgraded to Buy from Hold at Deutsche Bank... Toll Brothers (TOL) upgraded to Sector Perform from Underperform at FBN Securities... Total System (TSS) upgraded to Neutral from Underperform at Credit Suisse... Wolverine World Wide (WWW) upgraded to Neutral from Underperform at Sterne Agee CRT... adidas (ADDYY) upgraded to Hold from Sell at Berenberg.

After Reuters reported that a request to remove the bifacial panel exemption in the Section 201 tariff is expected to be granted by the Biden Administration, RBC Capital said that, if granted, the removal of the bifacial panel exemption would be a positive development for First Solar and solar OEMs with domestic manufacturing. The firm, which believes the removal of the exemption would be supportive of demand for domestic manufactured products and supportive of pricing, has an Outperform rating and $195 price target on First Solar shares.

DZ Bank initiated coverage of SolarEdge with a Hold rating and $62 price target.

Wedbush raised the firm's price target on Adidas to EUR 200 from EUR 193 and keeps a Neutral rating on the shares. Momentum appears to be building up at Adidas, following a strong Q1 preannouncement and guidance raise on both the top and bottom lines, the firm says. Wedbush believes that brand heat is accelerating, and they should benefit as channel inventory improves. That said, a lot of the good news is already factored into the stock, the firm adds.

Bernstein analyst Aneesha Sherman raised the firm's price target on Adidas to $104.20 from $100.97 and keeps a Market Perform rating on the shares. The firm notes Adidas pre-announced a strong Q1 and raised FY guide, mostly from passing on the Q1 beat. While Bernstein's numbers were already ahead of the raised full year guide, it takes them up slightly further, as the firm believes the Q2-4 guide remains conservative given the strong Q1 performance.