US BROKER MOVES: ADBE downgraded at William Blair; QCOM downgraded at Bernstein

UPGRADES

Airbnb (ABNB) Upgraded to Hold at Truist Secs; PT USD 129
Equity Residential (EQR) Upgraded to Overweight at Morgan Stanley
Icon (ICLR) Upgraded to Outperform at BMO; PT USD 130
Nucor (NUE) Upgraded to Buy at UBS; PT USD 190
PDD (PDD) ADRs Upgraded to Buy at Huatai Research; PT USD 133
Somnigroup (SGI) Upgraded to Buy at Jefferies; PT USD 88
United Natural (UNFI) Upgraded to Overweight at Wells Fargo; PT USD 56
Westinghouse Air Brake (WAB) Upgraded to Buy at Rothschild & Co Redburn

DOWNGRADES

Adma Biologics (ADMA) Downgraded to Neutral at Cantor
Adobe (ADBE) Downgraded to Market Perform at William Blair
AvalonBay (AVB) Downgraded to Equal-Weight at Morgan Stanley; PT USD 203
Fiserv (FISV) Downgraded to Market Perform at Raymond James
Global Payments (GPN) Downgraded to Market Perform at Raymond James
Great Lakes Dredge (GLDD) Downgraded to Underweight at JPMorgan; PT USD 17
Hub Group (HUBG) Downgraded to Equal-Weight at Wells Fargo; PT USD 35
Mosaic (MOS) Downgraded to Neutral at UBS; PT USD 27
Noah Holdings (NOAH) ADRs Downgraded to Neutral at JPMorgan; PT USD 12
Qualcomm (QCOM) Downgraded to Market Perform at Bernstein; PT USD 140
Scotts Miracle-Gro (SMG) Downgraded to Neutral at JPMorgan; PT USD 67
Ternium (TX) ADRs Downgraded to Sector Perform at Scotiabank; PT USD 40
Terns (TERN) Downgraded to Market Perform at Citizens
Terns (TERN) Downgraded to Hold at TD Cowen; PT USD 53
TIC Solutions (TIC) Downgraded to Underweight at JPMorgan; PT USD 7
Timken (TKR) Downgraded to Underweight at JPMorgan; PT USD 100

INITIATIONS

Abercrombie & Fitch (ANF) Initiated at New Buy at Needham; PT USD 108
Appfolio (APPF) Initiated at New Buy at Benchmark
ATRenew (RERE) ADRs Initiated at New Outperform at GuoSen; PT USD 7.95
Bank of America (BAC) Initiated at New Buy at Jefferies
Bunge Global (BG) Initiated at New Sell at Spruce Point Capital
Casey's (CASY) Reinstated Neutral at JPMorgan; PT USD 719
Cava Group (CAVA) Initiated at New Buy at Guggenheim; PT USD 100
Citigroup (C) Initiated at New Buy at Jefferies
Compass (COMP) Initiated at New Buy at Benchmark; PT USD 14
Didi Global (DIDIY) ADRs Initiated at New Outperform at BNP Paribas; PT USD 7.50
Exelon (EXC) Reinstated Buy at Citi; PT USD 58
eXp World Holdings (EXPI) Initiated at New Buy at Benchmark
Frontdoor (FTDR) Initiated at New Buy at Benchmark
Hesai Group (HSAI) ADRs Initiated at New Outperform at BNP Paribas; PT USD 4.34
JPMorgan (JPM) Initiated at New Hold at Jefferies
Murphy USA (MUSA) Reinstated Overweight at JPMorgan; PT USD 539
Palisade Bio Inc (PALI) Initiated at New Buy at HC Wainwright; PT USD 7
PNC Financial (PNC) Initiated at New Buy at Jefferies
Pony AI (PONY) ADRs Initiated at New Neutral at BNP Paribas; PT USD 12.50
Real Brokerage (REAX) Initiated at New Buy at Benchmark
Robinhood (HOOD) Initiated at New Buy at Jefferies; PT USD 88
Rush Street (RSI) Initiated at New Overweight at Wells Fargo; PT USD 26
Spotify (SPOT) Initiated at New Outperform at Daiwa; PT USD 535
Sunstone Hotel (SHO) Initiated at New Neutral at Ladenburg Thalmann; PT USD 10
TJX (TJX) Reinstated Buy at William O'Neil
Truist Financial (TFC) Initiated at New Underperform at Jefferies
Tyson (TSN) Initiated at New Outperform at Mizuho Securities; PT USD 72
U.S. Bancorp (USB) Initiated at New Hold at Jefferies
Wells Fargo (WFC) Initiated at New Buy at Jefferies
WeRide (WRD) ADRs Initiated at New Outperform at BNP Paribas; PT USD 11