Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CLSA analyst David Lipschitz initiated Norfolk Southern (NSC) with an Outperform, Kansas City Southern (KSU) with an Underperform, CSX (CSX) with an Underperform, Canadian Pacific (CP) with an Underperform, Canadian National (CNI) with a Sell and Union Pacific (UNP) with a Sell rating. 2. Square (SQ) initiated with a Neutral at Piper Jaffray by analyst Jason Deleeuw, who said he has questions around Square's long-term profitability and believes its business model will need to evolve. 3. UBS analyst Spiro Dounis started Tesoro (TSO) with a Buy rating and $100 price target after initiating the U.S. refiners space with a cautious outlook. Dounis also started Marathon Petroleum (MPC) with a Sell rating and $34 price target. 4. Goldman Sachs analyst Andrew Quail started Kaiser Aluminum (KALU) with a Sell rating and six month price target of $76, saying the company is exposed to end-markets in the late stages of upcycles as production decelerates. Quail also initiated Freeport McMoRan (FCX) with a Neutral rating and six month price target of $12. 5. AVEO Oncology (AVEO) initiated with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Loop Capital raised the firm's price target on Norfolk Southern to $270 from $261 and keeps a Buy rating on the shares as part of a broader research note on Transportation names. The firm is adjusting its estimates on the stock following its Q1 pre-announcement last week.

UBS analyst Thomas Wadewitz lowered the firm's price target on CSX to $44 from $46 and keeps a Buy rating on the shares. CSX's Q1 EPS was modestly above consensus, showing improvement in the Purchased Services and Other expense line and providing positive commentary on their outlook for volumes, the analyst tells investors in a research note. The Q1 report was solid and CSX provided a constructive outlook, UBS contends.

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JPMorgan raised the firm's price target on Freeport-McMoRan to $52 from $43 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the North America copper group. Copper's recent bullish shift has unfolded quicker than expected while coinciding with earlier than anticipated momentum building in global manufacturing PMIs, suggesting pricing may have outpaced fundamentals at this point, the analyst tells investors in a research note.