Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Valeant (VRX) upgraded to Overweight from Equal Weight at Barclays analyst Douglas Tsao saying Valeant's business has hit an inflection point with its existing business stabilizing, which offers a foundation for the company to enjoy growth driven by upcoming product launches. 2. G-III Apparel (GIII) upgraded to Equal Weight from Underweight at Barclays with analyst Chethan Mallela saying he sees improving visibility following the company's Q1 results. 3. Cigna (CI) upgraded to Buy from Neutral at Goldman Sachs. 4. Shaw Communications (SJR) upgraded to Outperformer from Neutral at CIBC. 5. International Paper (IP) upgraded to Outperform from Sector Perform at RBC Capital with analyst Paul Quinn citing the announcement that International Paper will not make an offer for Smurfit Kappa. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Jefferies analyst Philip Ng notes that a few of the firm's contacts have confirmed Packaging Corp. (PKG) has matched International Paper's (IP) $50/ton price increase on linerboard and an $80/ton increase on medium, effective June 1, and expects the rest of the industry to match soon. However, the firm says it won't be easy to implement this increase unless demand inflects in the coming months given a muted recovery in demand and elevated inventory levels.