Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Hold from Sell at Loop Capital with analyst Anthony Chukumba citing the recent proxy contest threat was posed by an activist hedge fund consortium amassing 5% of the company stock. 2. Papa John's (PZZA) upgraded to Hold from Sell at Stifel with analyst Chris O'Cull saying he believes the company's turnaround has entered a phase where investors believe the worst is behind it "and are willing to accord the company a hall pass to see whether the sales plan can work." 3. ON Semiconductor (ON) upgraded to Buy from Neutral at Goldman Sachs with analyst Mark Delaney saying while not immune to cyclical risks, ON has improved its exposure to secular opportunities in advanced driver assistance system image sensors, electric vehicles and the cloud. 4. Ralph Lauren (RL) upgraded to Outperform from Market Perform at Wells Fargo with analyst Ike Boruchow saying he views the company as a "rare standout" in his space, with increased visibility, running ahead of plan and with the potential for accelerating growth in the years ahead. 5. Lumentum (LITE) upgraded to Overweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.

Stifel analyst Chris O'Cull upgraded Papa John's to Hold from Sell with a price target of $60, down from $65. The analyst believes near-term expectations are reasonable. Given the stock's negative sentiment and recent market volatility, the firm decided to move to the sidelines. However, Stifel continues to believe Papa John's is in a "challenging competitive position in a tough category."