Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Neutral at RW Baird... American Realty (ARCP) upgraded to Overweight from Equalweight at Capital One... American Water (AWK) upgraded to Outperform from Neutral at RW Baird... Aqua America (WTR) upgraded to Outperform from Neutral at RW Baird... Artesian Resources (ARTNA) upgraded to Outperform from Neutral at RW Baird... Estee Lauder (EL) upgraded to Overweight from Neutral at Piper Jaffray... General Dynamics (GD) upgraded at RBC Capital... Grainger (GWW) upgraded to Buy from Hold at Gabelli... Groupon (GRPN) upgraded to Buy from Hold at Wunderlich... Hawaiian Holdings (HA) upgraded to Outperform from In-Line at Imperial Capital... Middlesex Water (MSEX) upgraded to Outperform from Neutral at RW Baird... Otter Tail (OTTR) upgraded to Outperform from Neutral at RW Baird... PNM Resources (PNM) upgraded to Outperform from Neutral at RW Baird... Swiss Re (SSREY) upgraded to Buy from Hold at Deutsche Bank... Xcel Energy (XEL) upgraded to Outperform from Neutral at RW Baird.

RBC Capital lowered the firm's price target on General Dynamics to $320 from $325 after its Q1 earnings miss but keeps an Outperform rating on the shares. The company's revenue growth was driven by double-digit growth in Combat Systems, Marine Systems, and Aerospace, but while the management provided cautious comments on Q2 earnings and free cash flow, the set-up into the second half remains "very favorable", the analyst tells investors in a research note. RBC adds that it continues to see capital allocation as a key catalyst for General Dynamics.

W.W. Grainger's board of directors approved a quarterly cash dividend of $2.05 per share, an increase of 10% from the most recent company dividend of $1.86 per share. The dividend is payable on June 1, to shareholders of record on May 13. In addition, the board approved the repurchase of up to 5M shares of the company's outstanding common stock, replacing the company's existing repurchase authorization. The new repurchase authorization has no expiration date. "2024 is on track to be our 53rd consecutive year of increased dividends, upholding Grainger's long-standing commitment to our shareholders. This increase, together with our updated share repurchase authorization, reinforces our ability to continue investing in the business while also returning excess cash to shareholders," said D.G. Macpherson, Grainger CEO.

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Reports Q1 revenue $10.7B, consensus $10.32B. "Our businesses delivered solid operating results in the quarter, growing revenue and backlog, while expanding margins, even as we awaited G700 certification," said Phebe N. Novakovic, chairman and chief executive officer. "In the Aerospace segment, the recent FAA certification of the Gulfstream G700 has enabled us to begin customer deliveries. This is a strong start to 2024 and we remain confident in our outlook."