US BROKER MOVES: XOM downgraded at Wells Fargo, BP upgraded
BoE's Mann says UK markets have priced in greater risk premium since Middle East conflict intensifies.
France's budget watchdog says that the 2027 growth forecast is overly optimistic
US BROKER MOVES: XOM downgraded at Wells Fargo, BP upgraded
USTR Greer says US has always been open to a deal with Canada; Gaps remain between the two sides
USTR Greer says US feels that Europe should release some diesel stockpiles; Europe is sitting on a reserve of diesel
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UPGRADES
- BJ's Restaurants (BJRI) upgraded from Neutral to Outperform at Mizuho; PT USD 76.00 (prev. USD 74.00)
- BP (BP) upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 57.00
- Dollar Tree (DLTR) upgraded from Hold to Buy at Loop Capital
- Consolidated Edison (ED) upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 118.00
- First Hawaiian (FHB) upgraded from Underweight to Neutral at JPMorgan; PT USD 29.00 (prev. USD 30.00)
- Hub Group (HUBG) upgraded from Sell to Hold at Stifel; PT USD 29.00
- Occidental Petroleum (OXY) upgraded from Neutral to Buy at Goldman Sachs; PT USD 69.00 (prev. USD 63.00)
- Regeneron Pharmaceuticals (REGN) upgraded from Hold to Buy at Argus; PT USD 850.00
- United Therapeutics (UTHR) upgraded from Neutral to Buy at BTIG; PT USD 728.00
DOWNGRADES
- Life360 (LIFE) downgraded from Overweight to Neutral at JPMorgan; PT USD 37.00
- Liquidia (LQDA) downgraded from Buy to Neutral at BTIG
- Liquidia (LQDA) downgraded from Strong Buy to Outperform at Raymond James; PT USD 53.00 (prev. USD 106.00)
- Ormat Technologies (ORA) downgraded from Buy to Neutral at UBS; PT USD 100.00 (prev. USD 157.00)
- Sea (SE) downgraded from Buy to Hold at DBS Group; PT USD 105.00
- Sigma Lithium (SGML) downgraded from Outperform to Market Perform at BMO Capital; PT USD 10.00
- Exxon Mobil (XOM) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 182.00
INITIATIONS
- The Vita Coco Company (COCO) initiated Outperform at Oppenheimer; PT USD 70.00
- Civeo (CVEO) initiated Buy at Roth; PT USD 39.00
- Civeo (CVEO) initiated Outperform at Northland; PT USD 42.00
- D.R. Horton (DHI) initiated Equal Weight at Morgan Stanley; PT USD 151.00
- Enliven Therapeutics (ELVN) initiated Overweight at JPMorgan; PT USD 75.00
- Freshpet (FRPT) initiated Hold at Needham
- Glue Therapeutics (GLUE) initiated Buy at H.C. Wainwright; PT USD 25.00
- KB Home (KBH) initiated Underweight at Morgan Stanley; PT USD 39.00
- Kura Oncology (KURA) initiated Overweight at JPMorgan; PT USD 30.00
- Lennar (LEN) initiated Underweight at Morgan Stanley; PT USD 65.00
- NVR (NVR) initiated Underweight at Morgan Stanley; PT USD 5058.00
- PulteGroup (PHM) initiated Equal Weight at Morgan Stanley; PT USD 128.00
- Rocket Lab (RKLB) initiated Buy at Citi; PT USD 105.00
- Spyre Therapeutics (SYRE) initiated Overweight at JPMorgan; PT USD 110.00
- Teva Pharmaceutical Industries (TEVA) initiated Buy at TD Cowen; PT USD 55.00
- Toll Brothers (TOL) initiated Overweight at Morgan Stanley; PT USD 159.00
- Williams Companies (WMB) initiated Overweight at Barclays; PT USD 82.00
The lead item is a paired call in integrated oils, with Wells Fargo cutting Exxon Mobil to Equal Weight while lifting BP to Overweight; moves of this kind from one desk on the same day are typically relative-value repositioning within a coverage universe rather than a view on the commodity, so the read-through has historically run through the transatlantic integrateds pair rather than the crude complex itself. Goldman's upgrade of Occidental in the same roundup adds a second house leaning constructive on US E&P-adjacent names, and clustering of same-direction calls across desks has tended to matter more for the peer set's short-term flows than any single rating change. The Morgan Stanley initiation sweep across homebuilders, skewed Underweight on the production builders and Overweight only at the luxury end, is the sort of sector-wide stance that sets a reference frame for the group and typically gets tested at the next housing data and earnings round. Rating changes of this size routinely move the named stock at the open, with the durable effect historically depending on whether the thesis ties to an identifiable catalyst or is valuation housekeeping. The follow-ons worth noting are whether other desks follow on the integrated oils pair and whether the homebuilder stance draws pushback or confirmation at upcoming sector results. As a consolidated note, most of the tail is single-name housekeeping with limited spillover.
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