US BROKER MOVES: DUOL upgraded at DA Davidson; ANF downgraded at Raymond James

• Acadia Realty Trust (AKR) Upgraded to Overweight from Sector Weight at KeyBanc; PT USD 25
• América Móvil (AMX) Upgraded to Overweight from Neutral at JPMorgan; PT USD 32 (prev USD 30)
• Bath & Body Works (BBWI) Upgraded to Buy from Neutral at Citi
• Americold Realty Trust (COLD) Upgraded to Neutral from Underperform at BofA Securities; PT USD 16
• Duolingo (DUOL) Upgraded to Buy from Neutral at DA Davidson; PT USD 160
• Strawberry Fields REIT (STRW) Upgraded to Buy from Neutral at Compass Point

• Abercrombie & Fitch (ANF) Downgraded to Market Perform from Outperform at Raymond James
• Autohome (ATHM) Downgraded to Underperform from Neutral at BofA Securities; PT USD 19 (prev USD 20.20)
• EyePoint Pharmaceuticals (EYPT) Downgraded to Neutral from Buy at H.C. Wainwright
• EyePoint Pharmaceuticals (EYPT) Downgraded to Sector Perform from Outperform at RBC Capital; PT USD 5 (prev USD 37)
• Globalstar (GSAT) Downgraded to Hold from Buy at Craig-Hallum
• Kite Realty Group Trust (KRG) Downgraded to Sector Weight from Overweight at KeyBanc
• Norwegian Cruise Line Holdings (NCLH) Downgraded to Neutral from Outperform at Mizuho; PT USD 17 (prev USD 22)
• Millicom International Cellular (TIGO) Downgraded to Neutral from Overweight at JPMorgan; PT USD 105 (prev USD 100)

• Corcept Therapeutics (CORT) Initiated Buy at Truist Securities; PT USD 164
• Editas Medicine (EDIT) Initiated Buy at Ladenburg Thalmann; PT USD 6
• Elvington Technologies (ELVN) Initiated Outperform at William Blair
• Elvington Technologies (ELVN) Initiated Overweight at Barclays; PT USD 78
• Equity Residential (EQR) Initiated In Line at Evercore ISI; PT USD 72
• Gorilla Technology Group (GRRR) Initiated Buy at Compass Point; PT USD 44
• Hilton Grand Vacations (HGV) Initiated Neutral at Susquehanna; PT USD 50
• Centrus Energy (LEU) Initiated Equalweight at Barclays; PT USD 207
• Nuvation Bio (NUVB) Initiated Overweight at JPMorgan; PT USD 13
• Rani Therapeutics (RANI) Initiated Buy at Chardan; PT USD 6
• Scinai Immunotherapeutics (SCTX) Initiated Buy at Guggenheim; PT USD 50
• Scinai Immunotherapeutics (SCTX) Initiated Early-Stage Biotech at Goldman Sachs
• Scinai Immunotherapeutics (SCTX) Initiated Outperform at Leerink; PT USD 37
• Scinai Immunotherapeutics (SCTX) Initiated Overweight at Wells Fargo; PT USD 60
• Travel + Leisure Co. (TNL) Initiated Positive at Susquehanna; PT USD 95
• TRAX Initiated Outperform at Wolfe Research; PT USD 83
• Marriott Vacations Worldwide (VAC) Initiated Neutral at Susquehanna; PT USD 110

Daily broker moves roundups of this kind tend to matter at the single-name level rather than for index direction; the established pattern is a gap reaction at the open in the more liquid names, with the move holding only where the call changes the consensus narrative rather than trimming a target within it. The calls most likely to travel are the ones with information content: the RBC cut on EYPT carries a target revision of a magnitude that implies a thesis change rather than valuation drift, and the cluster of initiations on SCTX across multiple houses on the same day is the classic signature of a post-lockup or post-event coverage launch, where several banks picking up a small cap at once has historically concentrated flow in the name regardless of rating dispersion. Sector clustering is also worth noting: REIT names appear on both sides of the ledger, and Susquehanna initiating across the timeshare complex in one sweep reads as a sector call rather than stock-specific work, a format that has tended to move the peer set together. Single-analyst upgrades and downgrades at mid-tier shops have a weaker record of durable follow-through than moves from the large franchises, particularly where no target price accompanies the rating change. The follow-ons are whether any of these calls get echoed by other desks in coming sessions, since clustered revisions have historically carried more signal than isolated ones.