Today's noteworthy upgrades include: Arista Networks (ANET) upgraded to Outperform from Perform at Oppenheimer... Black Hills (BKH) upgraded to Outperform from Sector Perform at RBC Capital... CAE (CAE) upgraded to Outperformer from Sector Performer at CIBC... Carter's (CRI) upgraded to Outperform from Perform at Oppenheimer... Coach (COH) upgraded to Hold from Underweight at BB&T... Deere (DE) upgraded to Neutral from Sell at UBS... Equinix (EQIX) upgraded to Outperform from Market Perform at Wells Fargo... FLIR Systems (FLIR) upgraded to Buy from Neutral at Goldman... Intuitive Surgical (ISRG) upgraded to Overweight from Equal Weight at Morgan Stanley... KeyCorp (KEY) upgraded to Buy from Hold at Sandler O'Neill... Knowles (KN) upgraded to Buy from Hold at Craig-Hallum... Magellan Midstream (MMP) upgraded to Strong Buy from Outperform at Raymond James... McDonald's (MCD) upgraded to Buy from Neutral at Nomura... Orbital ATK (OA) upgraded to Conviction Buy from Buy at Goldman... Quality Systems (QSII) upgraded to Outperform from Market Perform at Raymond James... Regency Centers (REG) upgraded to Top Pick from Outperform at RBC Capital... SBA Communications (SBAC) upgraded to Buy from Neutral at Citi... Shaw Communications (SJR) upgraded to Outperform at Scotia Howard Weil... Spectra Energy (SE) upgraded to Strong Buy from Outperform at Raymond James... Sprague Resources (SRLP) upgraded to Outperform from Market Perform at Raymond James... Wendy's (WEN) upgraded to Buy from Neutral at Nomura... Werner (WERN) upgraded to Buy from Hold at Stifel... WhiteWave (WWAV) upgraded to Neutral from Sell at Goldman... lululemon (LULU) upgraded to Buy from Hold at Jefferies.

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

Sees FY24 gross profit margin 67%-68%. Sees FY24 operating expense up 11%-15%. Sees FY24 capital expenditures 1B-$1.2B. Sees FY24 tax rate 22%-24%. Says five additional procedures will have reimbursement in Japan by June. Says saw particular strength in the U.S. and the U.K. Comments and guidance taken from Q1 earnings conference call.

Pre-earnings options volume in Intuitive Surgical is 2.0x normal with calls leading puts 10:9. Implied volatility suggests the market is anticipating a move near 4.9%, or $18.11, after results are released. Median move over the past eight quarters is 5.6%.

Sees FY24 noninterest income up 5%+. Sees relatively stable noninterest expense vs. FY23, net charge-offs 30-40bps, and a GAAP tax rate of about 20%.

In the long term the company expects: positive operating leverage, cash efficiency ratio of 54%-56%, net charge-offs to average loans 40-60 basis points and ROTCE 16%-19%. Guidance taken from Q1 investor presentation slides.

Notable companies reporting before tomorrow's open, with earnings consensus, include Blackstone (BX), consensus 96c... Elevance Health (ELV), consensus $10.53... D.R. Horton (DHI), consensus $3.06... Genuine Parts (GPC), consensus $2.16... Snap-on (SNA), consensus $4.64... Keycorp (KEY), consensus 22c... Ally Financial (ALLY), consensus 33c... Alaska Air (ALK), consensus ($1.05).

Barclays analyst Brendan Lynch lowered the firm's price target on SBA Communications to $255 from $260 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the communications infrastructure group.