Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Progressive (PGR) upgraded to Hold from Sell at Deutsche Bank with analyst Joshua Shanker saying his concerns over the company's margins "are not longer apt" and that sees no catalyst to the downside. 2. Shake Shack (SHAK) upgraded to Outperform from Neutral at Wedbush with analyst Nick Setyan saying the valuation at current share levels is attractive given Shake Shack's "industry-leading growth trajectory. 3. CarMax (KMX) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying the company's CAF credit losses will probably rise less in 2017 than in 2016, reducing "the risk of a credit-driven blowout." 4. Bank of Montreal (BMO) upgraded to Buy from Neutral at Citi with analyst Ian Sealey citing the recent pullback in the shares of Canadian banks as he sees "strong" book value and dividend growth over the longer term. 5. BioLineRx (BLRX) upgraded to Buy from Hold at Maxim with analyst Jason Kolbert saying the company is now closer to being a pivotal company after announcing it will initiate a Phase 3 program for BL-8040 in stem cell mobilization later this year. 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 Progressive to $218 from $216 and keeps a Neutral rating on the shares. The firm cites the company's Q1 earnings beat and a higher policies in force growth assumption in personal auto insurance, along with a better personal auto loss ratio, and higher net investment income. Progressive should continue to overearn in 2024, driven by rate increases and loss trend moderating quicker than expected, the analyst tells investors in a research note.