Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Abercrombie & Fitch (ANF) upgraded to Hold from Sell at Deutsche Bank with analyst Tiffany Kanaga saying the shares, after dropping 35% since April 26, now fully reflect the retailer's international struggles as well as ongoing challenges in the U.S. 2. Royal Dutch Shell (RDS.A) upgraded to Outperform from Market Perform at BMO Capital with the firm citing what it sees as "positive messaging around capex and free cash flow." 3. U.S. Steel (X) upgraded to Neutral from Underperform at BofA/Merrill with analysts led by Timna Tanners saying they believe that U.S. Steels's earnings outlook can be stable through 2017. 4. Westlake Chemical (WLK) upgraded to Buy from Neutral at SunTrust with analyst James Sheehan saying the acquisition of Axiall (AXLL) gives the company more exposure to chlorovinyls and less exposure to ethylene "at an opportune time." The analyst raised his price target for the shares to $52 from $44. 5. QEP Resources (QEP) upgraded to Overweight from Neutral at Piper Jaffray with analyst Kashy Harrison saying the company is an "underappreciated story." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

RBC Capital analyst Arun Viswanathan raised the firm's price target on Westlake to $153 from $134 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q1 results in Commodity Chemicals. Destocking has ended in most chains, but high interest rates and weak demand have persisted, the analyst tells investors in a research note. RBC further notes that it no longer expects three rate cuts from the Fed this year, warning that volume recoveries across consumer, auto, and construction could likely be slower, resulting in companies tempering FY24 guides. The firm adds however that it has raised its assumed EBITDA multiple on the stock to 8.5-times from 7.5-times, driving a higher price target, while noting that investors are beginnnig to give the company credit for its building products business.

As previously reported, Deutsche Bank analyst David Begleiter upgraded Westlake to Buy from Hold with a price target of $174, up from $138. Shares have outperformed over the last 12 months, but the analyst argues its "not too late" as this outperformance has occurred despite weak fundamentals in each of Westlake's its commodity chains. Investors have focused on and rewarded Westlake for its building products business, a leading North American supplier in the premium roofing, sliding, trim and shutter, decorative stone and windows business. While stating that "sum of the parts stories rarely, if ever, work," the firm believes Westlake "could be on one of the rare sum of the parts stories does work."