US BROKER MOVES: KSS upgraded at Citi, CZR downgraded at Deutsche Bank, IBM initiated at Barclays

UPGRADES

• AvalonBay Communities (AVB) Upgraded from Peer Perform to Outperform at Wolfe Research; PT USD 209.00
• Bank of Montreal (BMO) Upgraded from Sector Perform to Sector Outperform at Scotiabank
• CNO Financial Group (CNO) Upgraded from Underperform to In Line at Evercore ISI; PT USD 48.00 (prev. USD 43.00)
• Dell Technologies (DELL) Upgraded from Underweight to Equalweight at Morgan Stanley; PT USD 448.00 (prev. USD 170.00)
• Essex Property Trust (ESS) Upgraded from In Line to Outperform at Evercore ISI; PT USD 295.00
• Federal Realty Investment Trust (FRT) Upgraded from Neutral to Outperform at Mizuho; PT USD 130.00 (prev. USD 121.00)
• Hilton Grand Vacations (HGV) Upgraded from Sell to Neutral at Goldman Sachs
• Kohl’s (KSS) Upgraded from Neutral to Buy at Citi; PT USD 22.00 (prev. USD 14.00)
• Replimune Group (REPL) Upgraded from Underweight to Neutral at JPMorgan; PT USD 8.00
• Target Hospitality (TH) Upgraded to Hold at Deutsche Bank; PT USD 22.00
• Tandem Diabetes Care (TNDM) Upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 27.00 (prev. USD 21.00)
• Travel + Leisure (TNL) Upgraded from Neutral to Buy at Goldman Sachs; PT USD 85.00
• Marriott Vacations Worldwide (VAC) Upgraded from Neutral to Buy at Goldman Sachs; PT USD 100.00
• Zscaler (ZS) Upgraded from Neutral to Buy at Guggenheim

DOWNGRADES

• Accenture (ACN) Downgraded from Buy to Hold at Truist Securities; PT USD 210.00
• BlackSky Technology (BKSY) Downgraded from Buy to Hold at Jefferies; PT USD 50.00
• Catalyst Biosciences (CBIO) Downgraded from Buy to Neutral at H.C. Wainwright
• Canadian Imperial Bank of Commerce (CM) Downgraded from Sector Outperform to Sector Perform at Scotiabank
• Campbell’s (CPB) Downgraded from Overweight to Equal Weight at Stephens; PT USD 21.00
• Cardiff Oncology (CRDF) Downgraded from Buy to Hold at TD Cowen
• Cardiff Oncology (CRDF) Downgraded from Buy to Neutral at H.C. Wainwright
• Corsair Gaming (CRSR) Downgraded from Buy to Hold at Craig; PT USD 10.00
• Caesars Entertainment (CZR) Downgraded from Buy to Hold at Deutsche Bank; PT USD 31.00 (prev. USD 35.00)
• Caesars Entertainment (CZR) Downgraded from Buy to Hold at Texas Capital Securities; PT USD 31.00 (prev. USD 44.00)
• Equity Residential (EQR) Downgraded from Outperform to In Line at Evercore ISI; PT USD 70.00
• Sensata Technologies (ST) Downgraded from Overweight to Equalweight at Barclays; PT USD 53.00 (prev. USD 49.00)
• Taylor Morrison Home (TMHC) Downgraded from Market Outperform to Market Perform at Citizens
• Winnebago Industries (WGO) Downgraded from Buy to Neutral at Northcoast

INITIATIONS

• Agree Realty (ADC) Initiated with Buy at Jefferies, PT USD 84/shr
• Alloy Therapeutics (ALOY) Initiated with Buy at Needham, PT USD 19/shr
• Apple Hospitality REIT (APLE) Initiated with Neutral at JPMorgan, PT USD 15/shr
• Carnival (CCL) Initiated with Buy at Loop Capital, PT USD 36/shr
• China Telecom (CHA) Initiated with Hold at CLSA, PT USD 10/shr
• Cognizant Technology Solutions (CTSH) Initiated with Hold at Truist Securities, PT USD 66/shr
• FrontView REIT (FVR) Initiated with Buy at Compass Point, PT USD 21/shr
• Blackhawk Growth (HAWK) Initiated with Buy at Goldman Sachs, PT USD 42/shr
• Blackhawk Growth (HAWK) Initiated with Hold at Jefferies, PT USD 34/shr
• Blackhawk Growth (HAWK) Initiated with Neutral at BofA Securities, PT USD 34/shr
• Blackhawk Growth (HAWK) Initiated with Outperform at William Blair
• Blackhawk Growth (HAWK) Initiated with Outperform at RBC Capital, PT USD 40/shr
• Blackhawk Growth (HAWK) Initiated with Overweight at Morgan Stanley, PT USD 41/shr
• IBM (IBM) Initiated with Overweight at Barclays, PT USD 350/shr
• Interparfums (IPAR) Initiated with Buy at TD Cowen, PT USD 110/shr
• MP Materials (MP) Initiated with Buy at Needham, PT USD 81/shr
• Microsoft (MSFT) Initiated with Market Outperform at Citizens, PT USD 550/shr
• Norwegian Cruise Line (NCLH) Initiated with Buy at Loop Capital, PT USD 22/shr
• NNN REIT (NNN) Initiated with Hold at Jefferies, PT USD 47/shr
• NETSTREIT (NTST) Initiated with Buy at Jefferies, PT USD 23/shr
• Realty Income (O) Initiated with Buy at Jefferies, PT USD 69/shr
• OCTAVE Bioscience (OCTV) Initiated with Neutral at Goldman Sachs, PT USD 17/shr
• Red Cat Holdings (RCAT) Initiated with Buy at Roth, PT USD 25/shr
• Royal Caribbean (RCL) Initiated with Hold at Loop Capital, PT USD 304/shr
• REA Group (REA) Initiated with Buy at Canaccord, PT USD 25/shr
• REA Group (REA) Initiated with Buy at Stifel Canada, PT USD 30/shr
• Suja Life (SUJA) Initiated with Buy at Jefferies, PT USD 25/shr
• Suja Life (SUJA) Initiated with Buy at Goldman Sachs, PT USD 31/shr
• Suja Life (SUJA) Initiated with Outperform at William Blair
• Suja Life (SUJA) Initiated with Outperform at Evercore ISI, PT USD 24/shr
• Universal Health Services (UHS) Initiated with Equal Weight at Wells Fargo, PT USD 165/shr
• USA Rare Earth (USAR) Initiated with Buy at Needham, PT USD 39/shr
• Veritone (VERI) Initiated with Neutral at UBS, PT USD 2.50/shr
• Viking Holdings (VIK) Initiated with Buy at Loop Capital, PT USD 108/shr
• Wall Street English (WSE) Initiated with Outperform at BNP Paribas Exane; PT USD 16.69