Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. L Brands (LB) double upgraded to Overweight from Underweight at Barclays with analyst Adrienne Yih saying she believes there is "meaningful upside" to the shares if either management or activist Barington announce measures to improve the business and unlock inherent asset value. 2. General Electric (GE) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Joshua Pokrzywinski saying he sees its Aviation unit as a "best-in-class franchise" and that he believes the risk from the continued grounding of the Boeing (BA) 737 MAX appears limited. 3. Chevron (CVX) upgraded to Outperform from Sector Perform at Scotiabank. 4. Western Digital (WDC) and Micron (MU) upgraded to Overweight from Equal Weight at Morgan Stanley. 5. Cimarex Energy (XEC) upgraded to Outperform from Neutral at Credit Suisse with analyst Betty Jiang saying double digit oil production growth looks achievable in 2020 and believes the year could be setting up as an inflection year for Cimarex. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Reports Q3 GAAP EPS 34c. Reports Q3 revenue $3.46B, consensus $3.36B. "As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets," said David Goeckeler, Western Digital CEO. "We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses. We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead."

Pre-earnings options volume in Western Digital is 1.4x normal with calls leading puts 7:5. Implied volatility suggests the market is anticipating a move near 6.2%, or $4.32, after results are released. Median move over the past eight quarters is 2.1%.

Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

Citi raised the firm's price target on GE Aerospace to $186 from $120.43 and keeps a Buy rating on the shares. The company's' Q1 was better than expected and it modestly increased its full-year EBIT outlook, the analyst tells investors in a research note. The firm says commercial aftermarket demand remains robust.

Chevron announced that its 50% owned affiliate Tengizchevroil has safely commenced operations at its Wellhead Pressure Management Project, or WPMP, at the Tengiz oil field in Kazakhstan. TCO achieved this milestone by converting its first metering station at Tengiz to low pressure and activating the associated Pressure Boost Facility, or PBF. This marks important progress for TCO's overall expansion project at Tengiz. The WPMP is designed to maintain the existing processing plants' full capacity by lowering the flowing pressure at the wellheads and then boosting the pressure to the existing plants.

BofA analyst Ronald Epstein raised the firm's price target on GE Aerospace to $180 from $165 and keeps a Buy rating on the shares. GE boasts a unique portfolio with exposure across aircraft manufacturers, aircraft classes, legacy/new/nextgen platforms, and aftermarket/OE customers, says the firm, which believes GE is "strongly positioned to benefit from secular commercial aero growth."

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

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

Expects FY24 margins up about 50 bps vs. flat previously. Says "encouraged" by strong start to year.

Says all segments contributed to growth in Q1. Says "great confidence" in forward trajectory. Says demand "remained resilient" in Q1. Says can track about 80% of delivery challenges to 15 suppliers. Comments taken from Q1 earnings conference call.

Sees FY24 revenue growth LDD+, consensus $36.43B. Sees FY24 free cash flow greater than $5B, greater than 100% conversion. Commercial Engines & Services: Continue to expect revenue growth of mid-to-high teens and increasing operating profit to a range of $6.1 to $6.4 billion, up from our original guidance of $6.0 to $6.3 billion. Defense & Propulsion Technologies: Continue to expect revenue growth of mid-single-digits to high-single-digits and operating profit of $1.0 to $1.3 billion. Corporate: Continue to expect cost of approximately $1 billion, including $600 million of expense and $400 million of eliminations.

Reports Q1 revenue $16.1B, consensus $15.34B. GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. said, "We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace." Culp continued, "At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter. Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance. Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost - always in that order - while also investing in our future and driving long term profitable growth."