US BROKER MOVES: ETSY upgraded at Arete; CI downgraded at Deutsche Bank

Newsquawk Staff · 20 May 2026, 11:59 UTC

UPGRADES

C.H. Robinson (CHRW) Upgraded to Buy at Jefferies; PT USD 200
California Resources (CRC) Upgraded to Buy at Citi; PT USD 78
Centene (CNC) Upgraded to Buy at Deutsche Bank; PT USD 80
Elevance (ELV) Upgraded to Buy at Deutsche Bank; PT USD 498
Etsy (ETSY) Upgraded to Buy at Arete; PT USD 76
Humana (HUM) Upgraded to Buy at Deutsche Bank; PT USD 441
Ovintiv (OVV) Upgraded to Buy at Citi; PT USD 70
Packaging Corp. (PKG) Upgraded to Buy at UBS; PT USD 248
Relay Therapeutics (RLAY) Upgraded to Buy at Jones
Rubrik (RBRK) Upgraded to Outperform at Oppenheimer; PT USD 85
SM Energy (SM) Upgraded to Outperform at Raymond James; PT USD 55
Ternium (TX) ADRs Upgraded to Outperform at Bradesco BBI; PT USD 62
Xponential (XPOF) Upgraded to Outperform at Northland; PT USD 8
Zegna Group (ZGN) Upgraded to Buy at TD Cowen; PT USD 15

DOWNGRADES

Cigna (CI) Downgraded to Hold at Deutsche Bank; PT USD 302
Crown Castle (CCI) Downgraded to Peerperform at Wolfe
Mister Car Wash (MCW) Downgraded to Dropped Coverage at Raymond James
Newell Brands (NWL) Downgraded to Underweight at Morgan Stanley; PT USD 3.50
Northern Oil & Gas (NOG) Downgraded to Hold at Johnson Rice; PT USD 36
Phreesia (PHR) Downgraded to Equal-Weight at Wells Fargo; PT USD 9

INITIATIONS

Archrock (AROC) Reinstated Buy at William O'Neil
Casey's (CASY) Initiated at New Outperform at William Blair
Driven Brands (DRVN) Reinstated Outperform at Baird; PT USD 18
Driven Brands (DRVN) Initiated at New Outperform at BMO; PT CUSD 17
Pinnacle Financial Partners (PNFP) Initiated at New Outperform at Baird
Putnam New York Tax Exempt Income Fund (PEIBX) ProMIS Neurosciences Initiated at New Buy at Brookline Capital; PT USD 40
QuickLogic (QUIK) Initiated at New Buy at Needham; PT USD 22
SAB Biotherapeutics (SABS) Initiated at New Buy at Jefferies; PT USD 11
X-Energy (XE) Initiated at New Overweight at Cantor; PT USD 38

What our latest note said

EU Market Open, 23 Oct, 06:20 UTC · what it led with

APAC equities were under pressure, mostly following the negative tech-led Wall St. handover; European futures now point to a contained open.
USD modestly firmer vs major peers, EUR awaits Moody's and weekend French activity while the NZD made a marginal recovery.

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Case studies

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

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UPGRADES

DOWNGRADES

INITIATIONS

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