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US BROKER MOVES: TGT upgraded at HSBC; MRNA downgraded at Citi

Daily broker roundups of this breadth are routine tape filler; the informational content sits in clusters rather than single calls.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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US BROKER MOVES: TGT upgraded at HSBC; MRNA downgraded at Citi

New Phase 3b data show Eli Lilly's (LLY) EBGLYSS (lebrikizumab-lbkz) delivered significant and rapid improvements in skin clearance, itch, pain, and patient satisfaction in people with moderate-to-severe hand dermatitis; primary endpoint met

Chile’s August copper production fell to 369.5k tonnes (prev. 403.4k tonnes)

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UPGRADES

  • Grocery Outlet (GO) Upgraded from Neutral to Buy at BofA Securities; PT USD 15
  • NICE (NICE) Upgraded from Perform to Outperform at Oppenheimer; PT USD 150
  • Pinnacle Financial Partners (PNFP) Upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 118
  • Target (TGT) Upgraded from Hold to Buy at HSBC; PT USD 190

DOWNGRADES

  • Ally Financial (ALLY) Downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 42
  • ARX (ARX) Downgraded from Buy to Hold at TD Cowen; PT USD 20.25
  • BankUnited (BKU) Downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 47
  • BOK Financial (BOKF) Downgraded from Equal Weight to Underweight at Wells Fargo; PT USD 135
  • Dow (DOW) Downgraded from Buy to Neutral at Citi; PT USD 30
  • Fair Isaac (FICO) Downgraded from Buy to Neutral at BofA Securities; PT USD 700
  • LyondellBasell (LYB) Downgraded from Buy to Neutral at Citi; PT USD 63
  • Mobileye (MBLY) Downgraded from Overweight to Equalweight at Barclays; PT USD 9
  • Moderna (MRNA) Downgraded from Neutral to Sell at Citi; PT USD 80
  • SoundThinking (SSTI) Downgraded from Buy to Neutral at Roth/MKM; PT USD 9

INITIATIONS

  • Alto Ingredients (ALTO) Initiated at Buy at StoneX; PT USD 7
  • Arista Networks (ANET) Initiated at Outperform at Bernstein SocGen Group; PT USD 250
  • Amphenol (APH) Initiated at Outperform at Wolfe Research; PT USD 105
  • Ciena (CIEN) Initiated at Outperform at Bernstein SocGen Group; PT USD 440
  • Celestica (CLS) Initiated at Outperform at Bernstein SocGen Group; PT USD 520
  • Coherent (COHR) Initiated at Outperform at Bernstein SocGen Group; PT USD 350
  • CoreWeave (CRWV) Initiated at Outperform at William Blair
  • Cisco (CSCO) Initiated at Market Perform at Bernstein SocGen Group; PT USD 110
  • Cavco Industries (CVCO) Initiated at Outperform at Oppenheimer; PT USD 720
  • Expeditors International (EXPD) Initiated at Neutral at BNP Paribas Exane; PT USD 180
  • FormFactor (FORM) Initiated at Buy at Deutsche Bank; PT USD 200
  • Corning (GLW) Initiated at Market Perform at Bernstein SocGen Group; PT USD 140
  • Jazz Pharmaceuticals (JAZZ) Initiated at Buy at Citi; PT USD 325
  • Kiniksa Pharmaceuticals (KNSA) Initiated at Overweight at Wells Fargo; PT USD 87
  • Lumentum (LITE) Initiated at Outperform at Bernstein SocGen Group; PT USD 1,220
  • NBIS (NBIS) Initiated at Outperform at William Blair
  • Nuvation Bio (NUVB) Initiated at Buy at Citi; PT USD 12
  • Pasqal Holding (PSQL) Initiated at Buy at Needham; PT USD 16
  • Rezolute (RZLT) Initiated at Buy at Lake Street; PT USD 9
  • Skyline Champion (SKY) Initiated at Perform at Oppenheimer
  • Sutro Biopharma (STRO) Initiated at Overweight at Wells Fargo; PT USD 49
  • Third Coast Bancshares (TCBX) Initiated at Neutral at Brean Capital; PT USD 47
  • First Tracks Biotherapeutics (TRAX) Initiated at Buy at Canaccord; PT USD 50
  • UFP Industries (UFPI) Initiated at Perform at Oppenheimer
  • Xencor (XNCR) Initiated at Overweight at Wells Fargo; PT USD 55
  • Zentalis Pharmaceuticals (ZNTL) Initiated at Equal Weight at Wells Fargo; PT USD 5
Context

Two patterns stand out here. Wells Fargo moving a block of regional banks (PNFP up, ALLY, BKU, BOKF down) reads as a sector call on the group rather than idiosyncratic research, and coordinated same-direction moves across a peer set have historically carried more signal than isolated rating changes, since they reflect a house view on the driver common to all, in this case net interest margin and credit trajectory. Citi's paired downgrades of Dow and LyondellBasell to neutral are likewise a chemicals cycle call, and commodity chemical coverage tends to shift in waves as the analysts mark to the spread between feedstock costs and product pricing. The Bernstein SocGen initiation sweep across AI-linked networking and optical names (ANET, CIEN, CLS, COHR, LITE) is the third cluster; initiation coverage launched en masse at outperform into a crowded theme has tended to add to momentum in the near term while marking where the marginal buyer is already positioned. Single-name items, MRNA cut to sell at Citi being the most aggressive directional call on the sheet, matter mainly where the rating change is a two-notch or contrarian move. The follow-on worth noting is whether price targets cluster near or through the consensus range, since calls inside it tend to fade quickly while those well outside it are the ones that historically shift positioning.

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