Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Veeco (VECO) initiated with an Outperform at Oppenheimer. 2. Cactus (WHD) initiated with a Hold at Stifel. 3. Fennec (FENC) initiated with an Overweight at Cantor Fitzgerald. 4. Super Micro Computer (SMCI) initiated with a Buy at Loop Capital. 5. Qualcomm (QCOM) initiated with a Buy at Rosenblatt. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Stifel analyst Stephen Gengaro initiated coverage of Cactus with a Hold rating and $20 price target. The analyst sees a "lot to like" about Cactus, but sees limited near-term upside in the shares due to valuation. Cactus's proprietary products have steadily gained market share and should enable the company to "rebound sharply" when onshore market activity recovers, Gengaro tells investors in a research note.

Citi analyst Scott Gruber raised the firm's price target on Apergy to $15 from $12 and keeps a Buy rating on the shares. Apergy completed its merger with the ChampionX subsidiary of Ecolabs and will begin trading under the new ticker CHX, Gruber tells investors in a research note. The anlayst expects the stock to rally now that the merger has been completed.

Citi analyst Scott Gruber upgraded Apergy to Buy from Neutral with a price target of $12, up from $11. Fear of ownership turnover has weighed on the shares and pushed short interest in Apergy to 15%, Gruber tells investors in a research note. However, the analyst believes the "ownership transition headwind appears well discounted" in the shares. Further, the larger market capitalization and increased liquidity following the reverse morris trust should be benefits, says Gruber.

Apergy (APY) announced its shareholders voted at the special meeting of shareholders to approve the issuance of shares of Apergy common stock in connection with the pending combination of the ChampionX business with Apergy through a merger of Athena Merger Sub, a wholly owned subsidiary of Apergy, with ChampionX, a wholly owned subsidiary of Ecolab (ECL). The merger is expected to be completed in the second quarter of this year, subject to remaining closing conditions. Following the closing of the merger, Apergy plans to change the name of the combined company to ChampionX and to change its ticker symbol to CHX.

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Overweight from Sector Weight at KeyBanc with analyst John Vinh saying Qualcomm will benefit from recent export restrictions targeted at HiSilicon. 2. Helmerich & Payne (HP) was upgraded to Overweight from Neutral at Piper Sandler and to Buy from Neutral at BofA. 3. Bill.com (BILL) upgraded to Overweight from Neutral at Piper Sandler with analyst Brent Bracelin saying the stock's risk/reward has turned favorable after the 36% selloff in the last 20 days. 4. Deere (DE) upgraded to Outperform from Market Perform at William Blair with analyst Lawrence De Maria saying the company's earnings should double over the next two to three years, driven by a recovery in regional end-markets, benefits from a lower cost structure, and replacement demand driven by an aging fleet. 5. Ally Financial (ALLY) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Betsy Graseck estimating Ally shares are pricing in cumulative Auto net chargeoffs of about 6.5%, which is 35% higher than her estimate. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Citi analyst Scott Gruber raised the firm's price target on Helmerich & Payne to $19.30 from $14.30 and keeps a Neutral rating on the shares. With the aggressive erosion in drilling activity already seen in Q2, margin declines looks inevitable, but drillers have taken actions to preserve liquidity, Gruber tells investors in a research note. With the expected rig bottom still coming in the second half of 2020 and forecasts for continued declines in day rates, the analyst expects that a further dividend cut will be needed from Helmerich & Payne.