US BROKER MOVES: DELL downgraded at UBS; TTD downgraded at HSBC

• Disney (DIS) Upgraded to Buy at Phillip Secs; PT USD 130
• News Corp (NWSA) Upgraded to Outperform at Macquarie; PT USD 29.40
• Pitney Bowes (PBI) Upgraded to Neutral at BofA; PT USD 16.50
• Primoris Services (PRIM) Upgraded to Outperform at Mizuho Securities
• StandardAero (SARO) Upgraded to Buy at UBS; PT USD 34
• Starz Entertainment (STRZ) Upgraded to Outperform at Baird; PT USD 30

• Array Digital (AD) Downgraded to Market Perform at Raymond James
• BioMarin (BMRN) Downgraded to Neutral at Goldman; PT USD 69
• Carlyle Group (CG) Downgraded to Sector Perform at RBC; PT USD 58
• CNH Industrial (CNH) Downgraded to Neutral at Goldman; PT USD 10.50
• Dell Technologies (DELL) Downgraded to Neutral at UBS; PT USD 243
• DXP Enterprises (DXPE) Downgraded to Hold at Freedom Finance
• Goodyear (GT) Downgraded to Hold at Deutsche Bank; PT USD 7
• Healthpeak Properties (DOC) Downgraded to Inline at Evercore ISI; PT USD 21
• HubSpot (HUBS) Downgraded to Neutral at BNP Paribas; PT USD 210
• HubSpot (HUBS) Downgraded to Neutral at Macquarie; PT USD 190
• Telephone and Data Systems (TDS) US Downgraded to Market Perform at Raymond James
• Trade Desk (TTD) Downgraded to Reduce at HSBC; PT USD 20
• Wendy's (WEN) Downgraded to Underweight at JPMorgan; PT USD 6

• Arxis (ARXS) Initiated at New Buy at Melius; PT USD 45
• Arxis (ARXS) Initiated at New Overweight at Wells Fargo; PT USD 42
• Arxis (ARXS) Initiated at New Buy at Jefferies; PT USD 42
• Arxis (ARXS) Initiated at New Sector Perform at RBC; PT USD 39
• Arxis (ARXS) Initiated at New Outperform at William Blair
• Arxis (ARXS) Initiated at New Buy at Citi; PT USD 42
• Arxis (ARXS) Initiated at New Buy at Rothschild & Co Redburn; PT USD 40
• Arxis (ARXS) Initiated at New Outperform at Baird; PT USD 55
• Arxis (ARXS) Initiated at New Overweight at Morgan Stanley; PT USD 44
• Arxis (ARXS) Initiated at New Buy at Goldman; PT USD 53
• Bicara Therapeutics (BCAX) Initiated at New Buy at Guggenheim; PT USD 42
• BridgeBio Oncology Therapeutics (BBOT) Initiated at New Buy at Canaccord
• Coherus Oncology (CHRS) Initiated at New Buy at Guggenheim; PT USD 12
• Enhanced Group (ENHA) Initiated at New Buy at Lucid Capital Markets; PT USD 15
• Klarna (KLAR) Initiated at New Hold at TD Cowen; PT USD 16
• Live Oak Acquisition Corp. V (LOKV) Initiated at New Buy at Compass Point
• Madison Air Solutions (MAIR) Initiated at New Buy at Melius; PT USD 47
• Madison Air Solutions (MAIR) Initiated at New Buy at Citi; PT USD 49
• Madison Air Solutions (MAIR) Initiated at New Outperform at William Blair
• Madison Air Solutions (MAIR) Initiated at New Overweight at Wells Fargo
• Madison Air Solutions (MAIR) Initiated at New Overweight at Barclays; PT USD 45
• Madison Air Solutions (MAIR) Initiated at New Outperform at Baird; PT USD 48
• Madison Air Solutions (MAIR) Initiated at New Outperform at RBC; PT USD 48
• Madison Air Solutions (MAIR) Initiated at New Neutral at Goldman; PT USD 44
• Madison Air Solutions (MAIR) Initiated at New Buy at Stifel; PT USD 47
• Oklo (OKLO) Initiated at New Neutral at JPMorgan; PT USD 83
• Tesla (TSLA) Initiated at New Add at Caitong Securities
• Versigent (VGNT) Initiated at New Overweight at Morgan Stanley; PT USD 51

The downgrades of Dell by UBS and Trade Desk by HSBC suggest a cautious outlook for these stocks, indicating that analysts anticipate challenges ahead. This could influence investor sentiment and pricing in both tech and advertising sectors, prompting a reassessment of growth prospects and relative valuations. Market reactions could be amplified if peers react similarly or if these downgrades alter broader sector performance expectations.