US BROKER MOVES: ABBV upgraded at Wolfe Research; STUB downgraded at BofA

• AbbVie (ABBV) Upgraded to Outperform from Peerperform at Wolfe Research; PT USD 300
• Abbott Laboratories (ABT) Upgraded to Outperform from Peerperform at Wolfe Research
• Akamai Technologies (AKAM) Upgraded to Neutral from Underweight at JPMorgan; PT USD 158 (prev USD 132)
• Annexon (ANNX) Upgraded to Market Perform from Market Underperform at Citizens
• Biogen (BIIB) Upgraded to Outperform from Peerperform at Wolfe Research; PT USD 300
• Cava Group (CAVA) Upgraded to Neutral from Sell at Northcoast
• Establishment Labs (ESTA) Upgraded to Buy from Neutral at Citi; PT USD 92
• Five Below (FIVE) Upgraded to Buy from Hold at Jefferies; PT USD 350 (prev USD 210)
• Hyliion Holdings (HYLN) Upgraded to Outperform from Market Perform at Northland; PT USD 10
• Inovio Pharmaceuticals (INO) Upgraded to Buy from Hold at Jefferies; PT USD 3 (prev USD 1.80)
• Keurig Dr Pepper (KDP) Upgraded to Buy from Hold at HSBC; PT USD 40
• ONE Gas (OGS) Upgraded to Buy from Neutral at Ladenburg Thalmann; PT USD 85.50
• Portland General Electric (POR) Upgraded to Buy from Neutral at Ladenburg Thalmann; PT USD 48.50
• Sylvamo (SLGN) Upgraded to Outperform from Sector Perform at RBC Capital; PT USD 58 (prev USD 51)
• SM Energy (SM) Upgraded to Overweight from Equal Weight at Wells Fargo; PT USD 47 (prev USD 32)
• Wyfi (WYFI) Upgraded to Overweight from Neutral at Cantor Fitzgerald; PT USD 36

• Better Home & Finance (BETR) Downgraded to Neutral from Overweight at Cantor Fitzgerald; PT USD 16
• Bowman Consulting Group (BWMN) Downgraded to Neutral from Buy at Roth; PT USD 43
• Coca-Cola Europacific Partners (CCEP) Downgraded to Neutral from Buy at UBS; PT USD 107 (prev USD 109)
• MNPR Downgraded to Neutral from Overweight at Cantor Fitzgerald; PT USD 119 (prev USD 109)
• O-I Glass (OI) Downgraded to Sector Perform from Outperform at RBC Capital; PT USD 8 (prev USD 10)
• StubHub Holdings (STUB) Downgraded to Underperform from Neutral at BofA Securities; PT USD 7.50 (prev USD 11)
• Stryker (SYK) Downgraded to Peerperform from Outperform at Wolfe Research
• Tencent Music Entertainment (TME) Downgraded to Neutral from Buy at Nomura/Instinet; PT USD 10 (prev USD 12.50)
• Tronox Holdings (TROX) Downgraded to Underweight from Neutral at JPMorgan; PT USD 5 (prev USD 7)

• Achieve Life Sciences (ACHV) Initiated Overweight at Morgan Stanley; PT USD 13
• Salesforce (CRM) Initiated Overweight at JPMorgan; PT USD 250
• Carriage Services (CSV) Initiated Outperform at Oppenheimer; PT USD 48
• Kazia Therapeutics (KZIA) Initiated Buy at Canaccord; PT USD 29
• Momentus (MNTS) Initiated Buy at Alliance Global Partners; PT USD 8
• Vail Resorts (MTN) Initiated Sell at Goldman Sachs; PT USD 132
• Plymouth Industrial REIT (PLYX) Initiated Strong Buy at Raymond James; PT USD 6
• Sibanye Stillwater (SBSW) Initiated Buy at Citi; PT USD 13.50

The daily broker sweep is a low-signal, high-noise tape item; the established pattern is that single-name rating changes move the subject stock in the opening minutes and fade unless they carry a thesis change, a large target revision, or a sector-wide read-across. What separates the actionable prints from the routine here is structure, not headline count. Wolfe's paired upgrades of AbbVie and Biogen alongside a downgrade of Stryker reads as a relative-value rotation within large-cap pharma and medtech, a pattern that tends to shift spreads between the names rather than the sector's outright level. Clustered moves at one shop, such as the paired utility upgrades at Ladenburg, typically reflect a published sector piece and have a better record of follow-through than isolated calls. Initiations at extreme ends, Goldman's Sell on Vail Resorts standing against the upgrade-heavy list, historically draw more attention than upgrades in a market where sell ratings remain a small minority of coverage. The follow-ons are whether peers in each sub-sector re-rate in sympathy, whether the banks involved publish sector notes that extend the calls, and whether any of the larger target revisions survive the close. As a roundup rather than a single conviction call, the signal is dispersed.