US BROKER MOVES: RL upgraded at Raymond James; ADBE, INTU, and CRM downgraded at Morgan Stanley

• AdaptHealth (AHCO) Upgraded to Buy at Jefferies; PT USD 13 (prev USD 11)
• Five Below (FIVE) Upgraded to Outperform at Bernstein SocGen Group; PT USD 250 (prev USD 247)
• Fortinet (FTNT) Upgraded to Equalweight at Morgan Stanley; PT USD 133 (prev USD 80)
• Goldman Sachs (GS) Upgraded to Hold at HSBC; PT USD 995 (prev USD 834)
• Hilton Worldwide (HLT) Upgraded to Outperform at Evercore ISI
• CarMax (KMX) Upgraded to Equalweight at Barclays; PT USD 61 (prev USD 37)
• Ralph Lauren (RL) Upgraded to Outperform at Raymond James; PT USD 410

• Adobe (ADBE) Downgraded to Underweight at Morgan Stanley; PT USD 240 (prev USD 365)
• Apple Hospitality REIT (APLE) Downgraded to Equalweight at Barclays; PT USD 17 (prev USD 16)
• Array Technologies (ARRY) Downgraded to Neutral at JPMorgan; PT USD 8
• Brookfield Renewable Partners (BEP) Downgraded to Neutral at JPMorgan
• Brookfield Renewable Corp. (BEPC) Downgraded to Neutral at JPMorgan; PT USD 42 (prev USD 38)
• BlackLine (BL) Downgraded to Equalweight at Morgan Stanley; PT USD 33 (prev USD 50)
• CI&T (CINT) Downgraded to Neutral at Wedbush; PT USD 4 (prev USD 7)
• Salesforce (CRM) Downgraded to Equalweight at Morgan Stanley; PT USD 185 (prev USD 287)
• Datadog (DDOG) Downgraded to Hold at Jefferies; PT USD 280 (prev USD 210)
• Elastic (ESTC) Downgraded to Equalweight at Morgan Stanley; PT USD 66 (prev USD 73)
• EVgo (EVGO) Downgraded to Underweight at JPMorgan
• JFrog (FROG) Downgraded to Equalweight at Morgan Stanley; PT USD 95 (prev USD 80)
• MarineMax (HZO) Downgraded to Neutral at B. Riley; PT USD 35
• Intuit (INTU) Downgraded to Equalweight at Morgan Stanley; PT USD 335 (prev USD 580)
• Lexington Realty Trust (LXP) Downgraded to Market Perform at Citizens
• Live Nation Entertainment (LYV) Downgraded to Neutral at Susquehanna; PT USD 186 (prev USD 181)
• Monarch Casino & Resort (MCRI) Downgraded to Hold at CBRE Equity Research
• NICE (NICE) Downgraded to Equalweight at Morgan Stanley; PT USD 111 (prev USD 130)
• PagerDuty (PD) Downgraded to Underweight at Morgan Stanley; PT USD 9 (prev USD 10)
• Quanta Services (PWR) Downgraded to Neutral at JPMorgan; PT USD 714
• Rapid7 (RPD) Downgraded to Underweight at Morgan Stanley; PT USD 9
• Shopify (SHOP) Downgraded to Neutral at Rothschild Redburn; PT USD 130 (prev USD 160)
• SPS Commerce (SPSC) Downgraded to Underweight at Morgan Stanley; PT USD 57 (prev USD 70)
• Tenable Holdings (TENB) Downgraded to Hold at Truist Securities; PT USD 40 (prev USD 27)
• Tripadvisor (TRIP) Downgraded to Neutral at BTIG
• Travelers Companies (TRV) Downgraded to Market Perform at BMO Capital; PT USD 379
• Vertex (VERX) Downgraded to Equalweight at Morgan Stanley; PT USD 15 (prev USD 19)
• Workday (WDAY) Downgraded to Underweight at Morgan Stanley; PT USD 145 (prev USD 185)
• Wix.com (WIX) Downgraded to Equalweight at Morgan Stanley; PT USD 60 (prev USD 112)
• Xylem (XYL) Downgraded to Neutral at JPMorgan; PT USD 130
• Zions Bancorp (ZION) Downgraded to Underweight at JPMorgan; PT USD 75

• American Bitcoin Corp. (ABTC) Initiated Buy at Maxim Group; PT USD 15
• AMH (AHR) Initiated Buy at Compass Point; PT USD 70
• AirSculpt Technologies (AIRS) Initiated Buy at Maxim Group; PT USD 8
• Annexon (ANNX) Initiated Market Underperform at Citizens; PT USD 3
• Digital Turbine (APPS) Initiated Buy at Roth; PT USD 11.50
• Commerce.com (CMRC) Initiated Neutral at UBS; PT USD 3.50
• Duker (DUKR) Initiated Buy at Maxim Group; PT USD 12
• Eledon Pharmaceuticals (ELDN) Initiated Buy at Rodman & Renshaw; PT USD 12
• Forte Biosciences (FBRX) Initiated Overweight at Barclays; PT USD 74
• Ligand Pharmaceuticals (LGND) Initiated Buy at Citi; PT USD 387
• Life360 (LIF) Initiated Overweight at Morgan Stanley; PT USD 66.24
• Merlin Entertainments (MRLN) Initiated Outperform at Northland; PT USD 10
• Microsoft (MSFT) Initiated Overweight at Morgan Stanley; PT USD 600
• ATRenew (RERE) Initiated Buy at UBS; PT USD 5.50
• Standard Industries (SIND) Initiated Buy at Citi; PT USD 18
• Standard Industries (SIND) Initiated Outperform at BMO Capital; PT USD 16
• Standard Industries (SIND) Initiated Outperform at RBC Capital; PT USD 19
• Standard Industries (SIND) Initiated Overweight at Morgan Stanley; PT USD 16.40

Raymond James upgrading Ralph Lauren to Outperform indicates a positive outlook for the brand, potentially signaling confidence in its growth prospects. Meanwhile, significant downgrades for Adobe, Intuit, and Salesforce from Morgan Stanley suggest a negative reassessment of these firms' valuations, which could impact their stock prices and broader sentiment in the tech sector. Traders should monitor how these ratings affect market positioning and intraday price movements, particularly for affected stocks.