Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ericsson (ERIC) upgraded to Buy from Hold at Canaccord with analyst Michael Walkley saying since the Q2 earnings report, Ericsson has announced deals with Nex-Tech, RINA, and KDDI, demonstrating continuing 5G momentum. 2. VMware (VMW) upgraded to Outperform from Market Perform at Wells Fargo with analyst Philip Winslow saying investors have been concerned that growing interest in deploying containerized applications into Kubernetes-centric environments will eventually reduce customer demand for VMware's virtualization-centric product portfolio. 3. Tradeweb Markets (TW) upgraded to Overweight from Equal Weight at Barclays with analyst Jeremy Campbell saying recent weakness in the shares "seems largely technical," which presents an "attractive upside opportunity." 4. Scotts Miracle-Gro (SMG) upgraded to Neutral from Underperform at BofA/Merrill with analyst Christopher Carey saying the bar on the company's earnings consensus may be "too low." 5. Philip Morris (PM) upgraded to Buy from Neutral at BofA/Merrill with analyst Lisa Lewandowski citing the suspended merger discussions with Altria (MO) amid the heightened risk for U.S. vaping category following reports of lung health concerns. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Sees adjusted expenses: $755 - 805M, trending toward top end of range; Acquisition and Refinitiv Transaction related depreciation and amortization expense: $142M; Assumed non-GAAP tax rate: ~ 24.5% - 25.5% Cash costs of non-acquisition capital expenditures and capitalized software development: $75 - 83M LSEG Market Data Contract Revenue: ~$80M or ~$90M in 2025.

Reports Q1 revenue $408.7M, consensus $411.33M. Reports $1.9 T average daily volume ADV for the quarter, an increase of 39.1% compared to prior year period; quarterly ADV records in fully electronic U.S. High Grade credit, U.S. government bonds, European government bonds, swaps/swaptions = 1-year, European credit, U.S. ETFs, equity convertibles/swaps/options, global repurchase agreements; record 17.6% share of fully electronic U.S. High Grade TRACE..."We had a very strong start to 2024, continuing last year's momentum thanks to broad-based organic growth and a number of important milestones. Our quarterly ADV climbed 39% from the prior year period to a record $1.9 trillion, with several more ADV records set across rates, credit, equities and money markets. Tradeweb captured a record 17.6% share of U.S. High Grade TRACE reflecting steady growth in an area of strategic focus and investment for us. In January, we finalized our acquisition of r8fin, a technology provider that specializes in algorithmic-based execution for U.S. Treasuries and interest rate futures, and we feel great about how this will strengthen our offering with macro hedge funds. In April, we agreed to acquire ICD, a leading institutional investment technology provider for corporate treasury organizations, which will add Corporates as a new client channel with significant cross-sell opportunities. We also recently celebrated the five-year anniversary of Tradeweb's IPO, and we remain laser-focused on keeping continued innovation and collaboration at the heart of Tradeweb's success. Now more than ever, we believe the future of trading is multi-asset class -- and innovative technology is how markets are going to get there."