US BROKER MOVES: BA upgraded at Argus; APP downgraded at BofA

• TKNO (Alpha Teknova) Upgraded to Buy from Neutral at BTIG; PT USD 8
• TIC Solutions (TIC) Upgraded to Buy from Neutral at UBS; PT USD 12.50 (prev USD 11)
• Pure Storage (P) Upgraded to Buy from Neutral at Citi; PT USD 118 (prev USD 90)
• Jabil (JBL) Upgraded to Buy from Neutral at UBS; PT USD 430
• Innate Pharma (IPHA) Upgraded to Outperform from Market Perform at Leerink; PT USD 4
• Compass Diversified (CODI) Upgraded to Buy from Neutral at B. Riley; PT USD 15 (prev USD 11)
• Centene (CNC) Upgraded to Buy from Hold at Argus; PT USD 80
• Columbia Financial (CLBK) Upgraded to Overweight from Neutral at Piper Sandler; PT USD 14 (prev USD 19)
• Bancolombia (CIB) Upgraded to Overweight from Neutral at JPMorgan; PT USD 110 (prev USD 70)
• BCE (BCE) Upgraded to Buy from Underperform at BofA Securities; PT USD 27 (prev USD 24.50)
• Best Buy (BBY) Upgraded to Buy from Hold at Truist Securities; PT USD 95 (prev USD 81)
• Boeing (BA) Upgraded to Buy from Hold at Argus; PT USD 265
• Abercrombie & Fitch (ANF) Upgraded to Equalweight from Underweight at Barclays; PT USD 114 (prev USD 78)

• Zegna (ZGN) Downgraded to Underperform from Neutral at BNP Paribas Exane; PT USD 12.20
• YPF (YPF) Downgraded to Neutral from Outperform at Bradesco BBI; PT USD 55
• Under Armour (UAA) Downgraded to Underweight from Equalweight at Barclays; PT USD 5
• Root (ROOT) Downgraded to Hold from Buy at Jefferies; PT USD 58 (prev USD 78)
• N-able (NABL) Downgraded to Sector Perform from Outperform at RBC Capital; PT USD 4 (prev USD 6)
• Monday.com (MNDY) Downgraded to Peerperform from Outperform at Wolfe Research
• MarineMax (HZO) Downgraded to Hold from Buy at Loop Capital
• Heron Therapeutics (HRTX) Downgraded to Neutral from Buy at H.C. Wainwright
• Gap (GAP) Downgraded to Equalweight from Overweight at Barclays; PT USD 20 (prev USD 26)
• Cherry Hill Mortgage Investment (CHMI) Downgraded to Market Perform from Market Outperform at Citizens
• Bowman Consulting Group (BWMN) Downgraded to Hold from Buy at Texas Capital Securities; PT USD 43 (prev USD 50)
• Bowman Consulting Group (BWMN) Downgraded to Hold from Buy at Craig-Hallum
• The Arena Group (AREN) Downgraded to Hold from Buy at Lake Street
• AppLovin (APP) Downgraded to Neutral from Buy at BofA Securities; PT USD 400 (prev USD 430)
• Allstate (ALL) Downgraded to Sell from Neutral at Citi; PT USD 240 (prev USD 226)
• Powerfleet (AIOT) Downgraded to Market Perform from Outperform at Raymond James
• ACV Auctions (ACVA) Downgraded to Underweight from Equalweight at Barclays; PT USD 6 (prev USD 8)
• Airbnb (ABNB) Downgraded to Reduce from Neutral at Phillip Securities; PT USD 158 (prev USD 136)

• Valneva (VALN) Initiated Buy at TD Cowen; PT USD 12
• Take-Two Interactive Software (TTWO) Initiated Overweight at JPMorgan; PT USD 310
• Sonida Senior Living (SNDA) Initiated Buy at Compass Point; PT USD 65
• Securitize (SECZ) Initiated Market Outperform at Citizens; PT USD 15
• Mobility Global (MBGL) Initiated Neutral at Citi; PT USD 23
• Marriott International (MAR) Initiated Outperform at CICC
• Hilton Worldwide Holdings (HLT) Initiated Outperform at CICC
• Alterity Therapeutics (ATHE) Initiated Buy at Craig-Hallum; PT USD 12
• Amcor (AMCR) Initiated Buy at UBS; PT USD 56
• Applied Materials (AMAT) Initiated Market Perform at William Blair
• Autodesk (ADSK) Initiated Neutral at Goldman Sachs; PT USD 260

Daily broker roundups of this size are routine fare, and the established pattern is that single-name rating changes move the target stock at the open, with the effect fading over the session unless the call is thesis-changing or from a house with a strong franchise in that sector. The calls most likely to carry weight here are those touching crowded or heavily debated names: the BofA downgrade of AppLovin follows a name that has attracted both momentum ownership and short-seller scrutiny, where a large-bank rating cut has historically amplified volatility rather than merely nudging the price, and the Barclays pair of moves in specialty retail (Abercrombie up, Under Armour and Gap down) reads as a sector-relative rotation call rather than isolated single-stock work. The Boeing upgrade to Buy at Argus sits within a long-running sell-side debate on the name, where past rating flips have tended to track the delivery and cash-flow narrative rather than lead it. Clustering matters more than any individual call: multiple houses moving the same name in one session, as with Bowman Consulting, tends to produce a more durable repricing than a lone voice. Initiations, particularly from smaller franchises such as CICC on the US hotel majors, historically carry less flow weight than upgrades or downgrades at bulge-bracket desks. Follow-ons worth noting are whether peers in the same subsector get moved in sympathy and whether any of these calls get echoed or contradicted in subsequent days.