US BROKER MOVES: ZS upgraded at Bernstein and Barclays; PINS downgraded at multiple brokers after earnings & guidance miss

• Webster Financial (WBS) downgraded from Buy to Neutral at Citi; PT USD 75
• Airbnb (ABNB) upgraded from Hold to Buy at Deutsche Bank; PT USD 154
• Airbnb (ABNB) upgraded from In Line to Outperform at Evercore ISI; PT USD 145
• American Electric Power (AEP) upgraded from Peer Perform to Outperform at Wolfe Research; PT USD 142
• Allegro MicroSystems (ALGM) upgraded from Equal Weight to Overweight at Morgan Stanley; PT USD 51
• Applied Materials (AMAT) upgraded from Hold to Buy at Summit Insights
• China Telecom (CHA) upgraded from Underweight to Neutral at JPMorgan; PT USD 11.50 (from USD 12.40)
• Church & Dwight (CHD) upgraded from Sell to Neutral at Rothschild Redburn; PT USD 91 (from USD 81)
• CrowdStrike (CRWD) upgraded from Hold to Buy at HSBC; PT USD 446
• Freeport-McMoRan (FCX) upgraded from Hold to Buy at Argus
• International Flavors & Fragrances (IFF) upgraded from Perform to Outperform at Oppenheimer; PT USD 97
• McDonald’s (MCD) upgraded from Hold to Buy at Argus; PT USD 380
• Medpace (MEDP) upgraded from Hold to Buy at Jefferies; PT USD 560
• Mitek Systems (MITK) upgraded from Hold to Buy at Jefferies; PT USD 15 (from USD 11)
• Merck & Co. (MRK) upgraded from Hold to Buy at Deutsche Bank; PT USD 150 (from USD 115)
• Cloudflare (NET) upgraded from Hold to Buy at DZ Bank; PT USD 215
• Rivian Automotive (RIVN) upgraded from Hold to Buy at Deutsche Bank; PT USD 23 (from USD 16)
• Rivian Automotive (RIVN) upgraded from Sell to Neutral at UBS; PT USD 16 (from USD 15)
• Roku (ROKU) upgraded from Neutral to Buy at Rosenblatt; PT USD 118
• Rayonier (RYN) upgraded from Outperform to Strong Buy at Raymond James; PT USD 28 (from USD 26)
• SPX Technologies (SPXC) upgraded from Neutral to Buy at BofA Securities; PT USD 280 (from USD 240)
• Vertex Pharmaceuticals (VRTX) upgraded from Perform to Outperform at Oppenheimer; PT USD 540
• Xcel Energy (XEL) upgraded from Neutral to Buy at UBS; PT USD 89 (from USD 81)
• Zscaler (ZS) upgraded from Equal Weight to Overweight at Barclays; PT USD 228 (from USD 264)
• Zscaler (ZS) upgraded from Market Perform to Outperform at Bernstein; PT USD 228 (from USD 264)

• Afya (AFYA) downgraded from Equal Weight to Underweight at Morgan Stanley; PT USD 16 (from USD 17.50)
• Dollar Tree (DLTR) downgraded from Market Perform to Underperform at BMO Capital; PT USD 95 (from USD 110)
• Domo (DOMO) downgraded from Market Outperform to Market Underperform at Citizens; PT USD 3.50
• Edison International (EIX) downgraded from Buy to Neutral at UBS; PT USD 78 (from USD 70)
• Evergy (EVRG) downgraded from Buy to Neutral at UBS; PT USD 88 (from USD 86)
• Fortune Brands Innovations (FBIN) downgraded from Overweight to Equal Weight at Barclays; PT USD 55 (from USD 68)
• Hercules Capital (HTGC) downgraded from Overweight to Neutral at Piper Sandler; PT USD 17.50 (from USD 20.50)
• Inspire Medical Systems (INSP) downgraded from Outperform to Peer Perform at Wolfe Research
• IPG Photonics (IPGP) downgraded from Strong Buy to Outperform at Raymond James; PT USD 180 (from USD 97)
• Norwegian Cruise Line (NCLH) downgraded from Overweight to Neutral at JPMorgan; PT USD 20 (from USD 28)
• Pinterest (PINS) downgraded from Buy to Hold at Loop Capital; PT USD 18 (from USD 45)
• Pinterest (PINS) downgraded from Buy to Neutral at Citi; PT USD 19 (from USD 38)
• Pinterest (PINS) downgraded from Buy to Neutral at BofA Securities; PT USD 19 (from USD 39)
• Pinterest (PINS) downgraded from Outperform to In Line at Evercore ISI; PT USD 25
• Pinterest (PINS) downgraded from Outperform to Sector Perform at RBC Capital; PT USD 17 (from USD 38)
• Pinterest (PINS) downgraded from Overweight to Neutral at JPMorgan; PT USD 20 (from USD 36)
• Upstart Holdings (UPST) downgraded from Market Perform to Market Underperform at Citizens; PT USD 20
• US Foods (USFD) downgraded from Overweight to Neutral at Piper Sandler; PT USD 103 (from USD 85)

• Climb Bio (CLYM) initiated at Overweight at Piper Sandler; PT USD 23
• Medtronic (MDT) initiated at Overweight at Barclays; PT USD 116
• Natural Grocers (NGVC) initiated at Buy at Freedom Capital Markets; PT USD 36
• SB Financial Group (SBFG) initiated at Buy at Brean Capital; PT USD 24

Zscaler (ZS) received upgrades from both Barclays and Bernstein, signaling increased confidence in the stock's potential, with target prices around $228. In contrast, Pinterest (PINS) faced multiple downgrades after disappointing earnings and guidance, suggesting concerns about its growth trajectory. This bifurcation highlights a shift in market sentiment that could impact sector trends and investor behavior moving forward.