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

• 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

• 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

• 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

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. 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.