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US BROKER MOVES: SIRI upgraded at Deutsche Bank; TOST downgraded at BNP

Daily broker-roundup wires of this kind are a standing feature of the US premarket, and their information content is well understood: single-name rating changes tend to matter only where they cluster thematically or where the house carrying the view has a franchise in the sector.

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UPGRADES

  • GitLab (GTLB) Upgraded from Underperform to Market Perform at William Blair
  • Martin Marietta Materials (MLM) Upgraded from Neutral to Overweight at JPMorgan; PT USD 680
  • OGE Energy (OGE) Upgraded from Sector Perform to Outperform at RBC Capital; PT USD 54
  • Sirius XM (SIRI) Upgraded from Hold to Buy at Deutsche Bank; PT USD 45

DOWNGRADES

  • Amrize (AMRZ) Downgraded from Neutral to Underperform at BofA Securities; PT USD 40
  • Amrize (AMRZ) Downgraded from Overweight to Neutral at JPMorgan; PT USD 52
  • Comstock Resources (CRK) Downgraded from Buy to Neutral at Gerdes Energy Research; PT USD 16
  • Cenovus Energy (CVE) Downgraded from Buy to Neutral at Gerdes Energy Research; PT USD 50
  • EyePoint Pharmaceuticals (EYPT) Downgraded from Buy to Hold at TD Cowen; PT USD 4
  • Knife River (KNF) Downgraded from Neutral to Underweight at JPMorgan; PT USD 73
  • Toast (TOST) Downgraded from Outperform to Neutral at BNP Paribas Exane; PT USD 35

INITIATIONS

  • Almonty Industries (ALM) Initiated at Buy at Jefferies; PT USD 26.25
  • AST SpaceMobile (ASTS) Initiated at Buy at Berenberg; PT USD 92
  • AEVEX (AVEX) Initiated at Neutral at Piper Sandler; PT USD 20
  • Bilibili (BILI) Initiated at Buy at Zephirin Group; PT USD 21
  • BillionToOne (BLLN) Initiated at Buy at Canaccord; PT USD 120
  • Webull (BULL) Initiated at Sector Outperform at Scotiabank; PT USD 9
  • CareDx (CDNA) Initiated at Buy at Canaccord; PT USD 65
  • Chime Financial (CHYM) Initiated at Sector Outperform at Scotiabank; PT USD 40
  • CTS (CTS) Initiated at Buy at Lake Street; PT USD 67
  • Curtiss-Wright (CW) Initiated at Neutral at Piper Sandler; PT USD 665
  • Element Solutions (ESI) Initiated at Buy at Jefferies; PT USD 55
  • GFL Environmental (GFL) Initiated at Overweight at Barclays; PT USD 58
  • HawkEye 360 (HAWK) Initiated at Buy at Berenberg; PT USD 24
  • IperionX (IPX) Initiated at Buy at Jefferies; PT USD 26
  • Johnson & Johnson (JNJ) Initiated at Buy at UBS; PT USD 320
  • Mettler-Toledo (MTD) Initiated at Sell at Rothschild Redburn; PT USD 1,200
  • Materion (MTRN) Initiated at Buy at Jefferies; PT USD 314
  • NioCorp Developments (NB) Initiated at Hold at Jefferies; PT USD 4.70
  • Eagle Nuclear Energy (NUCL) Initiated at Buy at H.C. Wainwright; PT USD 11.50
  • Planet Labs (PL) Initiated at Buy at Berenberg; PT USD 25
  • uniQure (QURE) Initiated at Outperform at William Blair
  • Red Cat (RCAT) Initiated at Neutral at Piper Sandler; PT USD 9
  • REA (REA) Initiated at Hold at Jefferies; PT USD 12.30
  • Ring Energy (REI) Initiated at Neutral at Mizuho; PT USD 2
  • Rocket Lab (RKLB) Initiated at Buy at Berenberg; PT USD 83
  • Standard Lithium (SLI) Initiated at Hold at Jefferies; PT USD 2.90
  • Tempus AI (TEM) Initiated at Overweight at Cantor Fitzgerald; PT USD 80
  • USA Rare Earth (USAR) Initiated at Buy at Jefferies; PT USD 21
  • Xtant Medical (XTNT) Initiated at Buy at Lucid Capital Markets; PT USD 1
Context

The items that typically draw attention in a batch like this are the split views, and here Amrize carries dual downgrades from two houses to different rungs, a pattern that usually reflects a post-event rerating rather than independent discovery. Jefferies' cluster of initiations across rare earths, lithium and specialty materials reads as a coordinated sector launch, a sequence that has historically preceded follow-on research and corporate access rather than standing as isolated calls. The JPMorgan pair in construction materials, Martin Marietta up against Knife River down, is a relative-value stance within one coverage universe, the kind of internal rotation that tends to move the pair spread rather than the group. Initiations with Sell ratings, Mettler-Toledo here, are rarer than Buy launches and historically carry more signal given the institutional reluctance to open coverage negatively. Follow-ons worth noting are whether any of the downgraded names attract convergent calls from other houses in coming sessions, which is the usual mechanism by which a single rating change becomes a consensus shift.

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