Today's noteworthy upgrades include: BNY Mellon (BK) upgraded to Sector Perform from Underperform at Portales... Diplomat Pharmacy (DPLO) upgraded to Overweight from Equal Weight at Morgan Stanley... F5 Networks (FFIV) upgraded to Buy from Hold at Needham... Potash (POT) upgraded to Buy from Hold at HSBC... Rolls-Royce (RYCEY) upgraded to Market Perform from Underperform at Bernstein... Royal Dutch Shell (RDS.A) upgraded to Hold from Reduce at HSBC... Rudolph Technologies (RTEC) upgraded to Buy from Neutral at DA Davidson... Sherwin-Williams (SHW) upgraded to Outperform from Peer Perform at Wolfe Research... Skechers (SKX) upgraded to Buy from Neutral at B. Riley... St. Jude Medical (STJ) upgraded to Outperform from Neutral at Credit Suisse... Synchrony Financial (SYF) upgraded to Buy from Hold at Deutsche Bank... Time Warner Cable (TWC) upgraded to Buy from Hold at Jefferies... Volvo (VOLVY) upgraded to Buy from Underperform at Jefferies.

RBC Capital lowered the firm's price target on Sherwin-Williams to $370 from $380 but keeps an Outperform rating on the shares after its Q1 results and below-consensus guide. The company's investments and ramp-up of pricing realization through 2024 should support above-market growth, while volume upside should further fuel its margin expansion, the analyst tells investors in a research note. Recovery in new residential business, strong share gains, growth in protective/marine and greater than expected capital return could also provide upside to current FY24 guidance, the firm added.

BMO Capital analyst James Fotheringham raised the firm's price target on Synchrony to $41 from $40 and keeps a Market Perform rating on the shares after its Q1 earings beat. The company's lower-than-previously modeled RSA payments more than offset higher expected credit and operating costs, the analyst tells investors in a research note.

KeyBanc analyst Aleksey Yefremov last night upgraded Sherwin-Williams to Overweight from Sector Weight with a $400 price target. The analyst recommends taking advantage of the 13% pullback in shares since the recent peak in late March. The firm acknowledges a "somewhat less confident" Q1 print and more questions about volume outlook for 2024 on higher interest rates, but believes investors should focus on Sherwin-Williams' volume recovery story that it expects to unfold in 2025 and 2026. KeyBanc expects the company to continue taking share in architectural paint.

BMO Capital lowered the firm's price target on Sherwin-Williams to $377 from $385 but keeps an Outperform rating on the shares. The company's Q1 results disappointed, as weather and customer project delays in the seasonally light Q1 more than offset early share gains tied to competitor issues, but its expected market share gains should amplify results in 2025/26 when housing improves with eventual interest rate cuts, the analyst tells investors in a research note.

Says receivables growth consistent with expectations, payment rate slightly lower than expectations and purchase volume below expectations. Says net interest income growth higher than expectations due to lower than expected payment rate and lower than expected deposit betas. Says credit, RSA and other expense largely in-line with expectations. Says expects typical seasonality in purchase volume, loan receivables, net interest income and in credit performance. Says expects net charge-offs to peak mid-year. Says expects reserve coverage at year-end to be lower than '23 year-end rate. Says expects RSA to align to program performance and function as designed. Comments taken from Q1 earnings conference call.

Reports Q1 revenue $4.8B, consensus $4.45B. Reports Q1 CET1 capital ratio 12.6%. Reports Q1 net charge-offs 6.31%. "Synchrony's first quarter performance highlights the resiliency of our business model and focus on delivering sustainable, strong results for each of our stakeholders," said Brian Doubles, Synchrony's President and Chief Executive Officer.

Baird analyst Ghansham Panjabi raised the firm's price target on Sherwin-Williams to $310 from $300 and keeps a Neutral rating on the shares. The firm said in their opinion, current end-market weakness is a function of the lagged impact of previous increases in interest rates, noting that while raw material cost deflation was a partial offset, the recent up-tick in upstream input costs points toward a peak margin backdrop for Sherwin-Williams and peers.

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

Sees FY24 revenue growth up in low to mid-single digits, consensus $23.78B.

Consensus for Q2 revenue is $6.36B.