US BROKER MOVES: ULTA upgraded at Wells Fargo; APTV downgraded at JPM
UAE’s ADNOC bought millions of barrels of discounted Iraqi crude in tenders for August and September, Iraqi energy sources say
Italy’s Defence Minister says the drone shot down by Italian NATO fighter jets was very likely Russian
US BROKER MOVES: ULTA upgraded at Wells Fargo; APTV downgraded at JPM
Preview: The FOMC Rate Decision and SEPs due Wednesday, 16th September 2026 at 19:00BST/14:00EDT
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UPGRADES
- Adient (ADNT) Upgraded from Neutral to Overweight at JPMorgan; PT USD 25
- agilon health (AGL) Upgraded from Market Perform to Outperform at Bernstein SocGen Group; PT USD 125
- BKV (BKV) Upgraded from Neutral to Buy at Gerdes Energy Research; PT USD 29
- Cardiff Oncology (CRDF) Upgraded from Neutral to Buy at H.C. Wainwright; PT USD 9
- Etsy (ETSY) Upgraded from Perform to Outperform at Oppenheimer; PT USD 90
- GSK (GSK) Upgraded from Hold to Buy at Berenberg; PT USD 60
- Luckin Coffee (LKNCY) Upgraded from Neutral to Outperform at BNP Paribas Exane
- Eli Lilly (LLY) Upgraded from Hold to Buy at Berenberg; PT USD 1,400
- Middleby (MIDD) Upgraded from Neutral to Overweight at JPMorgan; PT USD 147
- New York Times (NYT) Upgraded from Neutral to Buy at Guggenheim; PT USD 82
- Pentair (PNR) Upgraded from Peer Perform to Outperform at Wolfe Research; PT USD 91
- Radiant Logistics (RLGT) Upgraded from Market Perform to Market Outperform at Citizens; PT USD 10
- ResMed (RMD) Upgraded from Sector Perform to Outperform at RBC Capital; PT USD 262
- SEI Investments (SEIC) Upgraded from Market Perform to Outperform at William Blair
- Gentherm (THRM) Upgraded from Neutral to Overweight at JPMorgan; PT USD 48
- Ulta Beauty (ULTA) Upgraded from Underweight to Equal Weight at Wells Fargo; PT USD 525
DOWNGRADES
- Aptiv (APTV) Downgraded from Overweight to Neutral at JPMorgan; PT USD 56
- Ascendis Pharma (ASND) Downgraded from Strong Buy to Outperform at Raymond James; PT USD 287
- Cellectis (CLLS) Downgraded from Market Outperform to Market Perform at Citizens
- EHang (EH) Downgraded from Overweight to Equalweight at Morgan Stanley; PT USD 5.30
- Lear (LEA) Downgraded from Overweight to Neutral at JPMorgan; PT USD 150
- Magna International (MGA) Downgraded from Overweight to Neutral at JPMorgan; PT USD 72
- Rapid7 (RPD) Downgraded from Neutral to Underweight at JPMorgan; PT USD 12
- Scholar Rock (SRRK) Downgraded from Overweight to Equalweight at Barclays; PT USD 58
- U Power (UCAR) Downgraded from Buy to Hold at Maxim Group
INITIATIONS
- AAON (AAON) Initiated at Buy at DA Davidson; PT USD 110
- ASTH (ASTH) Initiated at Outperform at Oppenheimer; PT USD 53
- Athea Pharma (ATHE) Initiated at Buy at Lake Street; PT USD 10
- CenterPoint Energy (CNP) Initiated at Sector Perform at RBC Capital; PT USD 40
- Core & Main (CNM) Initiated at Outperform at Wolfe Research; PT USD 63
- Dave (DAVE) Initiated at Overweight at JPMorgan; PT USD 480
- Healthpeak Properties (DOC) Initiated at Hold at Jefferies; PT USD 21
- Evolution Metals & Technologies (EMAT) Initiated at Buy at Aletheia Capital; PT USD 4.50
- Einride (ENRD) Initiated at Buy at Canaccord; PT USD 8
- Fastenal (FAST) Initiated at Underperform at Wolfe Research; PT USD 51
- Ferguson (FERG) Initiated at Peer Perform at Wolfe Research
- GFL Environmental (GFL) Initiated at Outperform at Wolfe Research; PT USD 77
- W.W. Grainger (GWW) Initiated at Peer Perform at Wolfe Research
- Hayward (HAYW) Initiated at Peer Perform at Wolfe Research
- Healthcare Realty Trust (HR) Initiated at Hold at Jefferies; PT USD 20
- iBio (IBIO) Initiated at Buy at B. Riley; PT USD 11
- ITT (ITT) Initiated at Outperform at Wolfe Research; PT USD 272
- JanOne (JAN) Initiated at Buy at Jefferies; PT USD 36
- MSC Industrial Direct (MSM) Initiated at Peer Perform at Wolfe Research
- Nanobiotix (NBTX) Initiated at Buy at Guggenheim; PT USD 64
- PPL (PPL) Initiated at Sector Perform at RBC Capital; PT USD 35
- Hyperliquid Strategies (PURR) Initiated at Buy at Compass Point; PT USD 18
- Republic Services (RSG) Initiated at Peer Perform at Wolfe Research
- SPX Technologies (SPXC) Initiated at Outperform at Wolfe Research; PT USD 250
- Tecnoglass (TGLS) Initiated at Market Outperform at CJS Securities; PT USD 54
- Veralto (VLTO) Initiated at Outperform at Wolfe Research; PT USD 125
- Vishay Intertechnology (VSH) Initiated at Outperform at Oppenheimer; PT USD 42
- Ventas (VTR) Initiated at Buy at Jefferies; PT USD 102
- Waste Connections (WCN) Initiated at Outperform at Wolfe Research; PT USD 204
- Welltower (WELL) Initiated at Buy at Jefferies; PT USD 275
- Waste Management (WM) Initiated at Peer Perform at Wolfe Research
- Xylem (XYL) Initiated at Peer Perform at Wolfe Research
A daily broker roundup of this breadth is standard flow; the signal tends to lie not in any single call but in clustered moves within one sector, and here the standout is JPMorgan repositioning across autos and mobility names in both directions, upgrading Adient, Gentherm and Middleby while cutting Aptiv, Lear and Magna to Neutral, a pattern that in past episodes has flagged an analyst-wide thesis shift within the supply chain rather than stock-specific views. Wolfe Research's sweep of industrial and distribution initiations similarly marks fresh coverage of a peer set rather than conviction calls on individual names, and such batches have historically mattered more for benchmark awareness than for price discovery. The distinction worth drawing is between rating changes that move against the prevailing trend, which tend to fade, and those that confirm it, which have more durable follow-through. Wells Fargo's Ulta upgrade, from Underweight to only Equal Weight, is of the less committal kind. RBC's Eli Lilly move alongside Berenberg's is the sort of paired positive revision that has tended to matter more in crowded large-cap pharma than a lone call. Follow-ons are whether the JPMorgan autos note is elaborated with estimate revisions and whether peer desks echo it.
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