On Apr 9, 2016, Zacks Investment Research upgraded OMNOVA Solutions Inc. OMN to a Zacks Rank #1 (Strong Buy). Going by the Zacks model, companies holding a Zacks Rank #1 have strong chances of outperforming the broader market over the next few quarters.Why the Upgrade?Market sentiments have been favoring OMNOVA Solutions. This is evident from a 6% gain in the company’s share price since the release of first-quarter fiscal 2016 (ended Feb 29, 2016) results on Apr 6. The company’s adjusted earnings of 4 cents per share beat the Zacks Consensus Estimate of 1 cent. OMNOVA Solutions had posted a loss of 1 cent per share in the year-ago quarter. The company’s average earnings surprise for the last four trailing quarters is a positive 71.43%.OMNOVA Solutions’ top-line performance was weak in the quarter. Revenues declined 15.3% year over year. However, margin gains from pricing, cost-reduction initiatives and favorable mix drove a 510 basis points increase in gross margin. For fiscal 2016, OMNOVA Solutions anticipates tailwinds from strengthening specialty and performance materials businesses, margin improvement due to cost-reduction actions and benefits from favorable mix and pricing.Impressive first-quarter results as well as the future outlook have boosted investors’ optimism regarding OMNOVA Solutions’ prospects. Over the last seven days, the Zacks Consensus Estimate for the stock has increased 1.9% to 53 cents per share for fiscal 2016, while remaining unchanged at 70 cents for fiscal 2017. Also, the company currently has an Earnings ESP of +3.77% for fiscal 2016.Other Stocks to ConsiderOMNOVA Solutions currently has a market capitalization of approximately $270 million. Other stocks worth considering in the industry include Daqo New Energy Corp. DQ, KMG Chemicals Inc. KMG and BioAmber Inc. BIOA. While both Daqo New Energy and KMG Chemicals sport a Zacks Rank #1 (Strong Buy), BioAmber Inc. holds a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BIOAMBER INC (BIOA): Free Stock Analysis Report DAQO NEW ENERGY (DQ): Free Stock Analysis Report OMNOVA SOLUTION (OMN): Free Stock Analysis Report KMG CHEMICALS (KMG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research