It's still pretty broad in terms of the convection, which isn't strong away from the "LLC" (if there is one).
Cloud tops appeared to peak about 2 hours ago, and are now declining a bit. I doubt that the NHC will upgrade it overnight based upon the current satellite and the recon info from today, but tomorrow's recon may very well find Fay if convection can build over the circulation.

Update: I just read where the next recon is scheduled to be in the system at 2am ET. If this is accurate, we may very well wake up to a named storm after all.