Today's noteworthy upgrades include: AXIS Capital (AXS) upgraded to Outperform from Neutral at Macquarie... BNP Paribas (BNPQY) upgraded to Hold from Sell at Societe Generale... HSBC (HSBC) upgraded to Neutral from Underperform at Exane BNP Paribas... J.B. Hunt (JBHT) upgraded to Buy from Neutral at Longbow... Knight Transportation (KNX) upgraded to Outperform from Neutral at Credit Suisse... Mobileye (MBLY) upgraded to Outperform from Neutral at Baird... New Gold (NGD) upgraded to Buy from Neutral at Roth Capital... Panera Bread (PNRA) upgraded to Neutral from Sell at Goldman... Prudential plc (PUK) upgraded to Conviction Buy from Buy at Goldman... Statoil (STO) upgraded to Outperform from Neutral at Exane BNP Paribas... Synchrony Financial (SYF) upgraded to Overweight from Equal Weight at Barclays... Textainer (TGH) upgraded to Buy from Neutral at SunTrust... Travelers (TRV) upgraded to Buy from Neutral at BofA/Merrill.

Reports Q1 revenue $11.23B, consensus $10.51B. Reports Q1 adjusted book value per share of $125.53. "We are very pleased to report excellent top- and bottom-line results for the first quarter," said Alan Schnitzer, chairman and CEO. "Core income for the quarter was $1.1 billion, or $4.69 per diluted share, generating core return on equity of 15.4%. Strong core income was driven by record net earned premiums of $10.1 billion, up 14% compared to the prior year period, and an excellent combined ratio of 93.9%. The combined ratio improved 1.5 points, notwithstanding elevated catastrophe activity, primarily in the central and eastern regions of the United States. The underlying combined ratio improved 2.9 points to an outstanding 87.7%, driven by strong underlying results in each of our three segments. Our high-quality investment portfolio generated after-tax net investment income of $698 million for the quarter, driven by strong and reliable returns from our growing fixed income portfolio and higher returns from our non-fixed income portfolio. During the quarter, we returned $620 million of capital to shareholders, including $388 million of share repurchases. In recognition of our strong financial position and confidence in the outlook for our business, I am pleased to share that our Board of Directors declared a 5% increase in our quarterly cash dividend to $1.05 per share, marking 20 consecutive years of dividend increases with a compound annual growth rate of 8% over that period."

Susquehanna lowered the firm's price target on J.B. Hunt to $185 from $195 and keeps a Neutral rating on the shares. The firm said they believe long-term investments will deliver meaningful profit growth when demand accelerates and pricing shifts to the company's favor but they don't see a catalyst to ignite that into mid-2024.

Stephens lowered the firm's price target on J.B. Hunt to $192 from $210 and keeps an Overweight rating on the shares. While the magnitude of the EPS downside was more pronounced than the firm had anticipated, Stephens continues to view J.B. Hunt as "very well positioned over the long term" due to tailwinds from various company-specific benefits and secular growth drivers, the analyst tells investors.

UBS lowered the firm's price target on J.B. Hunt to $211 from $234 and keeps a Buy rating on the shares. J.B. Hunt's Q1 EPS was a downside surprise despite declining expectations going into the report, the analyst tells investors in a research note. UBS thinks the key underlying driver is continuing weakness in the freight cycle which is causing increased competition and pressure on price and volumes.

Barclays lowered the firm's price target on J.B. Hunt to $170 from $200 and keeps an Equal Weight rating on the shares following the Q1 report. Weak intermodal volumes and lower pricing materially dragged on margins and set up for a likely significant reduction to market earnings expectations for J.B. Hunt, the analyst tells investors in a research note.

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The company states: "DCS revenue decreased 2% during the current quarter over the same period 2023, driven by a 1% decline in average trucks combined with a 1% decline in productivity (gross revenue per truck per week). Productivity excluding fuel surcharge revenue increased 1% from a year ago driven by contracted indexed-based price escalators, partially offset by an increase in idled equipment. On a net basis, there were 71 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 2 more versus the end of the fourth quarter 2023. Customer retention rates are approximately 91%, largely reflecting the downsizing of fleets and to a lesser extent account losses."