Benzinga's Top Upgrades with Color for April 24, 2012

Listed below are today's Benzinga's Top Upgrades with analyst color:

: "We are upgrading TSN to OUTPERFORM from MARKET PERFORM because we believe the recent overreaction to weak beef/pork margins (i.e., TSN underperformed S&P 500 by 2,300 basis points YTD) has created a compelling entry point. Importantly, we expect industry discipline, lower beef supplies (i.e., higher prices), cattle/hog availability, and rebounding demand to create an inflection point, while TSN's more efficient business model should capitalize on the chicken recovery."

: "Hexcel posted a very strong 1Q 12, with EPS of $0.39 relative to our consensus estimate of $0.33. The sales growth in commercial aerospace at 23% surpassed the high-end of our expectations. Defense and Space sales grew by just 6.5%, while industrial revenues were up 34%. Legacy commercial aircraft programs grew over 20%, more than we expected. New programs (A380, A350, 747-8 and 787) grew over 20%, as we expected. The A380 was the key driver in the quarter."

: " Upgrading to NEUTRAL from UNDERPERFORM to reflect MaterniT21 progress and limited near-term negative catalyst potential. SQNM has effectively met development and commercial launch milestones in the last 12 months and has driven significant test volume in the first six months of launch."