US BROKER MOVES: HESM upgraded at Raymond James; NCLH downgraded at JPM

• ABB (ABB) Upgraded from In Line to Outperform at Evercore ISI
• Allegion (ALLE) Upgraded from Neutral to Buy at BofA Securities; PT USD 200
• Hess Midstream (HESM) Upgraded from Market Perform to Outperform at Raymond James; PT USD 32
• MSC Industrial Direct (MSM) Upgraded from Hold to Buy at Jefferies; PT USD 135
• MSC Industrial Direct (MSM) Upgraded from Equal Weight to Overweight at Stephens
• Pharvaris (PHVS) Upgraded from Neutral to Buy at BofA Securities; PT USD 44
• Valley National Bancorp (VLY) Upgraded from Market Perform to Outperform at Keefe, Bruyette & Woods; PT USD 17

• Avalo Therapeutics (AVTX) Downgraded from Buy to Neutral at H.C. Wainwright
• Avalo Therapeutics (AVTX) Downgraded from Buy to Neutral at Guggenheim
• Cass Information Systems (CASS) Downgraded from Outperform to Market Perform at Raymond James
• Deckers Outdoor (DECK) Downgraded from Neutral to Underweight at Piper Sandler; PT USD 75
• First Industrial Realty Trust (FR) Downgraded from Strong Buy to Outperform at Raymond James; PT USD 71
• Globe Life (GL) Downgraded from Overweight to Neutral at Piper Sandler; PT USD 165
• Norwegian Cruise Line Holdings (NCLH) Downgraded from Neutral to Underweight at JPMorgan; PT USD 11
• NVR (NVR) Downgraded from Buy to Underperform at BofA Securities; PT USD 5,900
• Old Republic International (ORI) Downgraded from Strong Buy to Outperform at Raymond James

• Benchmark Electronics (BHE) Initiated at Buy at Needham; PT USD 85
• Benitec Biopharma (BNTC) Initiated at Outperform at Raymond James; PT USD 14
• CAMP4 Therapeutics (CAMP) Initiated at Strong Buy at Raymond James; PT USD 10
• Diodes (DIOD) Initiated at Buy at Needham; PT USD 110
• Immunic (IMUX) Initiated at Overweight at Cantor Fitzgerald
• Kimberly-Clark (KMB) Initiated at Hold at Canaccord; PT USD 105
• Microbot Medical (MBOT) Initiated at Market Outperform at Citizens; PT USD 2.50
• OraSure Technologies (OSUR) Initiated at Buy at Craig-Hallum; PT USD 7
• Quantum Corporation (QMCO) Initiated at Overweight at Cantor Fitzgerald
• Rush Street Interactive (RSI) Initiated at Overweight at Barclays; PT USD 24
• Super Group (SGHC) Initiated at Equalweight at Barclays; PT USD 13
• Unusual Machines (UMAC) Initiated at Outperform at Northland; PT USD 30

Daily broker moves roundups of this kind are routine tape filler; single-name rating changes outside of results season rarely carry lasting signal, and the established pattern is an opening pop or fade in the affected names that mean-reverts absent a fundamental catalyst behind the call. The items that tend to matter are the ones attached to a thesis shift rather than a valuation refresh: an underweight call on a cruise operator from a large house, or a downgrade of a consumer name to a rare sell-equivalent rating, historically draws more follow-through than mid-tier initiations on small caps, which are typically coverage-fill rather than information. Clustered moves in the same direction from multiple shops on one name have tended to mark genuine estimate revisions, whereas isolated changes are more often analyst turnover or price-target housekeeping. What is worth watching is whether the downgraded names see estimate cuts to match, since rating moves unaccompanied by model changes have historically been the weakest signals. As a batch, this reads as standard daily flow rather than a sector-level call.