Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Tesla (TSLA) upgraded to Buy from Neutral at Roth Capital with analyst Craig Irwin saying while he believes rising battery costs are likely to be a 2019 margin headwind, demand from China will likely be stronger than most anticipate, reducing the potential for lowered 2019 unit guidance. 2. Analog Devices (ADI) double upgraded to Buy from Sell at Goldman Sachs with analyst Toshiya Hari saying he is turning more bullish on the company as he believes analog units are tracking below trend. 3. United Technologies (UTX) upgraded to Buy from Neutral at Seaport Global with analyst Josh Sullivan saying at first glance, the company's merger-of-equals with Raytheon (RTN) offers a "compelling combination" in large defense and commercial aerospace growth verticals. 4. Adecoagro (AGRO) upgraded to Buy from Neutral at Citi with analyst Fernanda Perez Da Cunha citing the improvement in commodity prices and a slight reduction in long term maintenance capital expenditures for sugar and ethanol for the upgrade. 5. Sirius XM (SIRI) upgraded to Outperform from Neutral at Credit Suisse with analyst Brian Russo saying the stock decline has brought an attractive risk/reward opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Roth MKM analyst Craig Irwin keeps a Neutral rating and $85 price target on Tesla after its Q1 earnings miss while noting that the stock's valuation now looks "even more stretched". The company has shifted the focus to a pull-forward in low-cost vehicle production to as early as late-2024, vs. prior expectation of the second half of 2025, noting that it will use existing production lines and believes the new vehicles will allow for annual production of around 3M vehicles before additional capex, the analyst tells investors in a research note. The planned unveiling of RoboTaxi at the August 8th Analyst Day could also backfile, with the management continuing to talk up autonomy in spite of the "too slow" progress, the firm added.

At the conclusion of the company's earnings conference call yesterday, Martin Viecha stated: "I wanted to let the investment community know that about a month ago, I met up with Elon and Vaibhav and announced that I'll be moving on from the world of Investor Relations. I'll be hanging around for another couple of months or so. So feel free to reach out at any time. But after the seven year sprint, I'm going to be taking a break and spending some good quality time with my family."

Wedbush analyst Daniel Ives lowered the firm's price target on Tesla to $275 from $300 and keeps an Outperform rating on the shares. Tesla delivered a rip the band-aid off Q1 and disaster results that were well expected by the Street after a brutal delivery quarter as demand softened globally with China the main culprit for weakness, the firm says. Last night, in a much needed conference call, "Elon Musk finally stepped up as the adult in the room and laid the foundation for Tesla's growth strategy with most importantly a lower cost vehicle now slated for 2025 production and delivery." While the firm believes the bears so far in 2024 have won this battle and been very right, the next wave of the Tesla growth story and autonomous vision is now forming.

Truist lowered the firm's price target on Tesla to $162 from $176 and keeps a Hold rating on the shares. The company's Q1 results underperformed expectations, but its messaging around new auto products and improving AI developments were distinctly positive surprise intended to smoothe the performance between the prior growth wave of Model 3/Y demand and the next growth wave around the next-gen vehicle ramp, the analyst tells investors in a research note. The firm adds however that risks remain elevated and include a big recent price cut, significant recent management dislocations, and the overhang from CEO Musk's compensation package dispute.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.

UBS lowered the firm's price target on Tesla to $147 from $160 and keeps a Neutral rating on the shares. UBS remains on the sidelines after Tesla's Q1 results, and while Tesla is increasingly a play on autonomy and progress is being made, the firm is cautious on near-term viability. UBS sees limited growth for the current lineup and lack of clarity on what these "new vehicles" could bring, the analyst tells investors in a research note.

BofA upgraded Tesla to Buy from Neutral with a $220 price target.

Citi upgraded Sirius XM (SIRI) to Neutral from Sell with a price target of $3.30, down from $4.10. Over the last few months, the net asset value discount between Liberty SiriusXM (LSXMA) and Sirius XM has narrowed from 40% to 2%. To Citi's surprise, this occurred via a decline in Sirius XM's equity without appreciation in Liberty SiriusXM's value. The firm now finds the risk/reward in both securities as relatively balanced. As such, Citi upgraded Sirius XM from Sell to Neutral and downgraded Liberty SiriusXM from Buy to Neutral.

Pivotal Research upgraded Sirius XM (SIRI) to Buy from Hold with a price target of $4.90, down from $5.05. The magnitude of the decline in Sirius XM's valuation has been surprising, exacerbated by a current lack of institutional ownership and the fact most investors owned parent Liberty Sirius XM (LSXMK) to play the narrowing of the net asset value gap rather than as a way to invest in Sirius, the analyst tells investors in a research note. The firm says this has created an attractive investment opportunity, highlighted by the 55% upside to its new target price. It views Sirius as a free cash flow acceleration story.