Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Panera Bread (PNRA) upgraded to Overweight at Morgan Stanley by analyst John Glass, who said digital initiatives will drive above consensus same-store-sales and earnings growth over the next three years. 2. Philip Morris (PM) upgraded to Outperform at Exane BNP Paribas with analyst James Bushnell saying that the IQOS product will crack the mass-market consumer following encouraging data. 3. Banco Santander (SAN) upgraded to Conviction Buy at Goldman due to a "compelling opportunity" from its current "crisis" valuation. The firm said the environment in Spain has "materially improved." 4. BioMarin (BMRN) upgraded to Outperform at Baird by analyst Michael Ulz who cited the company's "strong diversified base business and a robust pipeline." 5. Maximus (MMS) upgraded to Buy at Canaccord by analyst Richard Close, who said he has confidence in the company's Health Assessment Advisory Service contract in the U.K. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,
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