Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. UBS (UBS) upgraded to Sector Perform from Underperform at RBC Capital with analyst Fiona Swaffield saying she sees a dividend reduction as unlikely and believes expectations for the bank's Wealth Management business are now lower. 2. Parker-Hannifin (PH) upgraded to Buy from Hold at Stifel with analyst Nathan Jones saying distributors expect to see revenue growth declining 2% in the second quarter of fiscal 2017 which he believes should be enough for Parker to see its first positive year-over-year revenue comp company wide in six quarters. 3. Flex (FLEX) upgraded to Conviction Buy from Buy at Goldman with analyst Mark Delaney saying it is positioned to benefit from entry into new markets and valuation looks attractive. 4. KBR (KBR) upgraded to Accumulate from Hold at Johnson Rice with analyst Martin Malloy citing the recent pullback in shares and said the stock multiple should trend higher given the shift in business mix to more low-risk, cost reimbursement revenues. 5. Plains All American (PAA) upgraded to Outperform from Market Perform at Wells Fargo. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

RBC Capital analyst Anke Reingen lowered the firm's price target on UBS to CHF 28 from CHF 29 and keeps an Outperform rating on the shares. The analyst feels that concerns over the TBTF proposal are "justified" and wanted to see more visibility, which "should remove the overhang to focus on the longer-term attraction of the UBS investment case."

As previously reported, Citi analyst Andrew Coombs downgraded UBS to Neutral from Buy with a CHF 27 price target. Following the "sharp rally" in shares, which are up 42% over the past year, the firm contends that "one really has to now look out beyond 2206 to try to justify the current multiple." Swiss authorities' new capital proposals add greater uncertainty on capital return, while the current multiple "now gives little buffer for execution risk" related to the integration of Credit Suisse, the analyst added.