US BROKER MOVES: BE upgraded at Mizuho; ISRG downgraded at HSBC

• Adient (ADNT) Upgraded to Outperform from Neutral at BNP Paribas Exane; PT USD 26
• Grupo Aeroportuario del Sureste (ASR) Upgraded to Buy from Hold at HSBC; PT USD 349 (prev USD 384)
• Avantor (AVTR) Upgraded to Peerperform from Underperform at Wolfe Research
• Bloom Energy (BE) Upgraded to Outperform from Neutral at Mizuho; PT USD 242 (prev USD 285)
• CoreWeave (CORZ) Upgraded to Outperform from Market Perform at Keefe, Bruyette & Woods; PT USD 28
• New Oriental Education (EDU) Upgraded to Neutral from Underperform at Macquarie; PT USD 56.50 (prev USD 49)
• Garrett Motion (GTX) Upgraded to Buy from Hold at Deutsche Bank; PT USD 36 (prev USD 33)
• Humana (HUM) Upgraded to Outperform from In Line at Evercore ISI; PT USD 480 (prev USD 430)
• Humana (HUM) Upgraded to Outperform from Market Perform at Leerink; PT USD 513
• Lemonade (LMND) Upgraded to Market Perform from Underperform at Keefe, Bruyette & Woods; PT USD 48
• Rio Tinto (RIO) Upgraded to Buy from Hold at Berenberg; PT USD 113 (prev USD 107)
• Sprouts Farmers Market (SFM) Upgraded to Overweight from Neutral at JPMorgan; PT USD 103 (prev USD 80)
• Werner Enterprises (WERN) Upgraded to Positive from Neutral at Susquehanna

• Banc of California (BANC) Downgraded to Neutral from Buy at Brean Capital
• Banco Santander Brasil (BSBR) Downgraded to Neutral from Overweight at JPMorgan; PT USD 6 (prev USD 6.50)
• Capricor Therapeutics (CAPR) Downgraded to Neutral from Buy at H.C. Wainwright
• Capricor Therapeutics (CAPR) Downgraded to Neutral from Buy at Ladenburg Thalmann
• Capricor Therapeutics (CAPR) Downgraded to Perform from Outperform at Oppenheimer
• Capricor Therapeutics (CAPR) Downgraded to Neutral from Overweight at Piper Sandler; PT USD 2 (prev USD 58)
• Cincinnati Financial (CINF) Downgraded to Neutral from Buy at BofA Securities; PT USD 193 (prev USD 197)
• Fiverr International (FVRR) Downgraded to Neutral from Buy at Goldman Sachs; PT USD 13 (prev USD 26)
• Fiverr International (FVRR) Downgraded to Perform from Outperform at Oppenheimer
• Fiverr International (FVRR) Downgraded to Sector Perform from Sector Outperform at Scotiabank; PT USD 10
• Humana (HUM) Downgraded to Market Perform from Outperform at Raymond James
• Intuitive Surgical (ISRG) Downgraded to Hold from Buy at HSBC; PT USD 931
• Lithia Motors (LAD) Downgraded to Neutral from Buy at UBS; PT USD 440 (prev USD 370)
• Las Vegas Sands (LVS) Downgraded to Hold from Buy at Argus
• Masco (MAS) Downgraded to In Line from Outperform at Evercore ISI; PT USD 78 (prev USD 86)
• Meta Platforms (META) Downgraded to Neutral from Buy at Presidents Capital Management; PT USD 660
• NBT Bancorp (NBTB) Downgraded to Equal Weight from Overweight at Stephens; PT USD 55
• Neenah (NP) Downgraded to Market Perform from Outperform at BMO Capital; PT USD 32
• O-I Glass (OI) Downgraded to Neutral from Outperform at BNP Paribas Exane; PT USD 8.50
• Option Care Health (OPCH) Downgraded to Hold from Buy at Deutsche Bank; PT USD 24 (prev USD 26)
• PennyMac Financial Services (PFSI) Downgraded to Neutral from Overweight at Piper Sandler; PT USD 86 (prev USD 106)
• SiteOne Landscape Supply (SITE) Downgraded to Hold from Buy at Stifel; PT USD 100 (prev USD 153)
• Semtech (SMTI) Downgraded to Hold from Buy at Lake Street
• Semtech (SMTI) Downgraded to Neutral from Buy at H.C. Wainwright
• Stock Yards Bancorp (SYBT) Downgraded to Market Perform from Outperform at Hovde Group; PT USD 90
• Tenable (TENB) Downgraded to Neutral from Overweight at Piper Sandler; PT USD 30 (prev USD 35)
• Wix.com (WIX) Downgraded to Outperform from Strong Buy at Raymond James; PT USD 70 (prev USD 75)

• Actuate Therapeutics (ACTU) Initiated Buy at Rodman & Renshaw; PT USD 6
• Aeon Biopharma (AEON) Initiated Buy at Lake Street; PT USD 1
• Dave (DAVE) Initiated Hold at Freedom Capital; PT USD 400
• Fannie Mae (FNMA) Initiated Neutral at Wedbush; PT USD 8
• Kymera Therapeutics (KYMR) Initiated Hold at Deutsche Bank; PT USD 120
• Qualcomm (QCOM) Initiated Buy at Rosenblatt; PT USD 235

Routine daily rating round-ups of this kind rarely move the tape beyond the open, but clustered moves on a single name tend to do so: here Capricor draws four downgrades in one session, including a target cut of exceptional size, which typically signals a company-specific development such as a trial or regulatory disappointment rather than independent re-ratings, and the gap between the street's previous targets and the new one is the tell. Humana shows the opposite pattern, two upgrades offset by one downgrade, a mix that usually reflects disagreement over managed-care margin trajectory and utilisation trends and tends to leave the stock headline-driven until guidance or industry data resolves it. Fiverr also draws a three-house downgrade cluster, a sequence that has historically followed a results miss or guidance reset and points to estimate revisions still working through. Single-house changes such as HSBC's cut on Intuitive Surgical and Mizuho's upgrade on Bloom Energy, with the target trimmed even as the rating rises, carry less weight and mostly matter for the peer set rather than the index. The follow-ons worth noting are whether the clustered names see further houses fall in line over coming sessions, and whether the Capricor target gap closes via news rather than further revisions.