US BROKER MOVES: SHOP upgraded at Mizuho and TD Cowen; INSP downgraded at Wells Fargo and Nephron

UPGRADES

BorgWarner (BWA) upgraded from Hold to Buy at Deutsche Bank; PT USD 82 (prev. USD 46)
Fastly (FSLY) upgraded from Market Perform to Outperform at William Blair
GCM Grosvenor (GCMG) upgraded from Hold to Buy at TD Cowen
Huntington Ingalls (HII) upgraded from Underperform to Neutral at BofA Securities; PT USD 400 (prev. USD 300)
Hexcel (HXL) upgraded from Underperform to Neutral at BofA Securities; PT USD 95 (prev. USD 60)
LuxExperience (LUXE) upgraded from Neutral to Overweight at JPMorgan; PT USD 14 (prev. USD 9)
MercadoLibre (MELI) upgraded from Neutral to Overweight at JPMorgan; PT USD 2,800 (prev. USD 2,650)
Novo Nordisk (NVO) upgraded from Underperform to Hold at Jefferies; PT USD 43.90 (prev. USD 42.10)
Oscar Health (OSCR) upgraded from Market Perform to Outperform at Raymond James; PT USD 18
Pegasystems (PEGA) upgraded from Equalweight to Overweight at Barclays; PT USD 48 (prev. USD 67)
Shopify (SHOP) upgraded from Neutral to Outperform at Mizuho; PT USD 150
Ermenegildo Zegna (ZGN) upgraded from Underweight to Equalweight at Morgan Stanley; PT USD 11

DOWNGRADES

Arcellx (ACLX) downgraded from Buy to Neutral at Rothschild Redburn; PT USD 82 (prev. USD 113)
BP Plc (BP) downgraded from Hold to Reduce at HSBC; PT USD 35.10 (prev. USD 38.10)
Coinbase (COIN) downgraded from Buy to Sell at Monness, Crespi, Hardt
Generac (GNRC) downgraded from Buy to Neutral at Guggenheim
HubSpot (HUBS) downgraded from Outperform to Sector Perform at RBC Capital; PT USD 189 (prev. USD 322)
ICON Plc (ICLR) downgraded from Buy to Hold at Nephron
Inspire Medical (INSP) downgraded from Buy to Hold at Nephron
Inspire Medical (INSP) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 70 (prev. USD 145)
Kraft Heinz (KHC) downgraded from Neutral to Underweight at JPMorgan; PT USD 22 (prev. USD 24)
Legend Biotech (LEGN) downgraded from Buy to Neutral at Rothschild Redburn; PT USD 24 (prev. USD 83)
Pfizer (PFE) downgraded from Outperform to Neutral at Daiwa Securities; PT USD 27
Ryder System (R) downgraded from Buy to Hold at Vertical Research Partners; PT USD 220
Arcus Biosciences (RCUS) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 23 (prev. USD 30)
Rollins (ROL) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 56 (prev. USD 68)
Sanofi (SNY) downgraded from Buy to Neutral at BofA Securities; PT USD 54.50 (prev. USD 59.16)
TBBB downgraded from Outperform to Market Perform at Itaú BBA; PT USD 42
Valvoline (VVV) downgraded from Neutral to Underweight at JPMorgan; PT USD 35 (prev. USD 30)

INITIATIONS