US BROKER MOVES: RSG upgraded at JPM; TOST downgraded at Bernstein

• Apple (AAPL) Upgraded from Hold to Buy at China Renaissance; PT USD 425
• Delek US (DK) Upgraded from Hold to Buy at Freedom Broker; PT USD 88
• Gladstone Investment (GAIN) Upgraded from Neutral to Buy at Ladenburg Thalmann; PT USD 17
• Mercury Systems (MRCY) Upgraded from Neutral to Overweight at JPMorgan; PT USD 102
• Republic Services (RSG) Upgraded from Neutral to Overweight at JPMorgan; PT USD 295

• Fortrea (FTRE) Downgraded from Neutral to Underperform at Mizuho; PT USD 19
• Globant (GLOB) Downgraded from Buy to Neutral at Guggenheim
• Harvard Bioscience (HBIO) Downgraded from Buy to Hold at StoneX
• Hartford (HIG) Downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 139
• Terrestrial Energy (IMSR) Downgraded from Outperform to Market Perform at Northland
• Life360 (LIF) Downgraded from Buy to Neutral at BofA Securities; PT USD 45
• Mid-America Apartment Communities (MAA) Downgraded from Overweight to Equalweight at Morgan Stanley; PT USD 134
• Pediatrix Medical Group (MD) Downgraded from Neutral to Underperform at Mizuho; PT USD 28
• Paysign (PAYS) Downgraded from Buy to Hold at Maxim Group
• Phreesia (PHR) Downgraded from Neutral to Underweight at JPMorgan; PT USD 13
• Riot Platforms (RIOT) Downgraded from Outperform to Market Perform at Keefe, Bruyette & Woods; PT USD 23
• Surgery Partners (SGRY) Downgraded from Outperform to Neutral at Mizuho; PT USD 25
• Suja Life (SUJA) Downgraded from Buy to Neutral at Goldman Sachs; PT USD 12
• Toast (TOST) Downgraded from Outperform to Market Perform at Bernstein SocGen Group; PT USD 38

• Belden (BDC) Initiated at Hold at Jefferies; PT USD 114
• Bill Holdings (BILL) Initiated at Buy at UBS; PT USD 64
• CareDx (CDNA) Initiated at Overweight at Piper Sandler; PT USD 100
• Cognex (CGNX) Initiated at Buy at Jefferies; PT USD 64
• Alpha Tau Medical (DRTS) Initiated at Overweight at Piper Sandler
• Eaton (ETN) Initiated at Neutral at JPMorgan; PT USD 395
• FormFactor (FORM) Initiated at Buy at Jefferies; PT USD 102
• Corning (GLW) Initiated at Buy at Jefferies; PT USD 134
• Guidewire Software (GWRE) Initiated at Hold at Jefferies; PT USD 175
• JBT Marel (JBTM) Initiated at Hold at Jefferies; PT USD 142
• Johnson Controls (JCI) Initiated at Neutral at JPMorgan; PT USD 160
• Littelfuse (LFUS) Initiated at Buy at Jefferies; PT USD 471
• Sensata Technologies (ST) Initiated at Hold at Jefferies; PT USD 40
• Symbotic (SYM) Initiated at Hold at Jefferies; PT USD 35
• Teradyne (TER) Initiated at Buy at Jefferies; PT USD 284
• ServiceTitan (TTAN) Initiated at Hold at Jefferies; PT USD 86
• Vertiv (VRT) Initiated at Neutral at JPMorgan; PT USD 240
• Zebra Technologies (ZBRA) Initiated at Buy at Jefferies; PT USD 382

A broad morning ratings sweep of the kind that crosses daily and rarely moves the tape beyond the opening print, save where a name carries heavy sell-side crowding or the call contradicts consensus positioning. The more telling items are the clustered initiations: a single shop initiating across the electrical equipment and automation complex in one sweep, as Jefferies has done here across names from Corning to Teradyne to Zebra, typically signals a sector-level view being rolled out rather than stock-specific conviction, and such coverage launches tend to set the tone for that peer set in the session. JPMorgan's initiations at Neutral across Eaton, Johnson Controls and Vertiv read as valuation discipline on a crowded capital-goods cohort, a pattern that has tended to cap momentum in names that have run well ahead of earnings revisions. Single-name rating changes in isolation, such as the Republic Services upgrade or the Toast downgrade, historically fade quickly absent corroborating estimate revisions; the durable moves come when the call is followed by target changes from competing desks over subsequent sessions. The follow-on worth noting is whether estimate cuts or raises accompany the ratings, since price-target moves without revision changes have tended to decay fastest.