Today's noteworthy upgrades include: First NBC Bank (FNBC) upgraded to Outperform from Market Perform at Keefe Bruyette... Hollysys Automation (HOLI) upgraded to Overweight from Equal Weight at Morgan Stanley... Jabil Circuit (JBL) upgraded at Raymond James... Pinnacle Financial (PNFP) upgraded to Outperform from Market Perform at Raymond James... Qualys (QLYS) upgraded to Buy from Hold at Topeka... Visteon (VC) upgraded to Overweight from Equal Weight at Barclays... West Marine (WMAR) upgraded to Buy from Neutral at B. Riley... Xerox (XRX) upgraded to Buy ahead of Q1 results at Citigroup... lululemon (LULU) upgraded to Buy from Neutral at Sterne Agee.

Scotiabank initiated coverage of Qualys with a Sector Perform rating and $172 price target.

Sees 2024 adjusted EBITDA $470M-$500M and adjusted free cash flow $155M-$185M.

Reports Q1 revenue $933M, consensus $977.87M. "Our first quarter results highlight our continued progress on addressing the megatrends of digitalization and electrification that are rapidly changing the automotive industry. I am very proud of our continued operational execution and launching a high number of new products across the globe to support our customers and deliver near-term growth," said CEO Sachin Lawande. "We are also strengthening our future with another strong quarter of new business wins across our digital cockpit products while further diversifying into adjacent end markets."