Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Johnson & Johnson (JNJ) upgraded to Overweight from Equal Weight at Barclays. 2. Quest Diagnostics (DGX) upgraded to Neutral from Underperform at BofA/Merrill with analyst Derik de Bruin saying investor sentiment on medical laboratories may be stabilizing given the sector's lower macro economic exposure and "not challenging" valuations. 3. Sealed Air (SEE) upgraded to Buy from Neutral at BofA/Merrill with analyst George Staphos saying he is positive on the "moderate improvement" in the global economic outlook and a "benign" resin environment. 4. Elanco (ELAN) upgraded to Buy from Neutral at BofA/Merrill analyst Michael Ryskin saying while other animal health companies like Zoetis (ZTS) and IDEXX (IDXX) outperformed the S&P500, Elanco suffered with an 11% year-to-date decline on broadly negative initial one-off reaction to the Bayer animal health business acquisition. 5. Cisco (CSCO) upgraded to Overweight from Equal Weight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

UBS raised the firm's price target on Quest Diagnostics to $146 from $139 and keeps a Neutral rating on the shares. UBS is more confident that Quest can hit its margin expansion story following the Q2 print and the firm's call with management, the analyst tells investors in a research note. Labor cost trends seem to have already peaked and Covid revenues should no longer be a headwind starting 2H, while above market base volume growth continues, the firm notes.

Citi raised the firm's price target on Quest Diagnostics to $145 from $135 and keeps a Neutral rating on the shares post the Q1 report. The company increased the midpoint of its fiscal 2024 revenue target and management anticipates the rest of fiscal year to follow regular seasonality on a revenue and margin basis with a step-up into Q2, the analyst tells investors in a research note.