| UPGRADES | | | | |
| COMPANY | TICKER | BROKERAGE FIRM | RATINGS CHANGE | PRICE TARGET |
| Dow | DOW | BofA Securities | Underperform>>Neutral | $55>>$59 |
| Huntsman | HUN | BofA Securities | Underperform>>Buy | $27 |
| LyondellBasell | LYB | BofA Securities | Underperform>>Neutral | $99>>$107 |
| Broadstone Net Lease | BNL | Wolfe Research | Peer Perform>>Outperform | $17 |
| Brinker | EAT | Raymond James | Outperform>>Strong Buy | $45>>$40 |
| Editas Medicine | EDIT | JP Morgan | Underweight>>Neutral | $8 |
| Elastic | ESTC | Jefferies | Hold>>Buy | $75>>$100 |
| First Watch Restaurant Group | FWRG | Raymond James | Outperform>>Strong Buy | $24>>$22 |
| Hudson Pacific Properties | HPP | Mizuho | Underperform>>Neutral | $10>>$7 |
| 4D Molecular Therapeutics | FDMT | Leerink Partners | Market Perform>>Outperform | $24 |
| Brookfield Infrastructure | BIP | National Bank Financial | Sector Perform>>Outperform | $33 |
| FB Financial | FBK | Janney | Neutral>>Buy | $34>>$35.5 |
| FB Financial | FBK | Hovde Group | Market Perform>>Outperform | $36 |
| | | | |
| DOWNGRADES | | | | |
| COMPANY | TICKER | BROKERAGE FIRM | RATINGS CHANGE | PRICE TARGET |
| Albemarle | ALB | BofA Securities | Neutral>>Underperform | $212>>$161 |
| ArcelorMittal | MT | BofA Securities | Buy>>Neutral | |
| Lithium Americas | LAC | Deutsche Bank | Buy>>Hold | $25>>$7 |
| Sherwin-Williams | SHW | BofA Securities | Neutral>>Underperform | $300>>$275 |
| Sociedad Quimica y Minera | SQM | BofA Securities | Neutral>>Underperform | $69>>$59 |
| AngloGold Ashanti | AU | Morgan Stanley | Overweight>>Equal-Weight | |
| Gold Fields | GFI | Morgan Stanley | Equal-Weight>>Underweight | |
| Harmony Gold | HMY | Morgan Stanley | Equal-Weight>>Underweight | |
| Westlake Corporation | WLK | BofA Securities | Neutral>>Underperform | $142>>$129 |
| Sibanye-Stillwater | SBSW | RBC Capital Mkts | Outperform>>Sector Perform | $9>>$6.5 |
| Sibanye-Stillwater | SBSW | BofA Securities | Neutral>>Underperform | |
| Northern Trust | NTRS | Wells Fargo | Overweight>>Equal Weight | |
| | | | |
| NEW COVERAGE | | | | |
| COMPANY | TICKER | BROKERAGE FIRM | RATINGS CHANGE | PRICE TARGET |
| CrowdStrike | CRWD | DZ Bank | Buy | $215 |
| Fortinet | FTNT | DZ Bank | Hold | $58 |
| Palo Alto Networks | PANW | DZ Bank | Buy | $310 |
| Lithium Argentina | LAAC | Deutsche Bank | Buy | $11 |
| Nu Holdings | NU | Redburn Atlantic | Overweight | |
| Arm Holdings plc | ARM | KeyBanc Capital Markets | Overweight | $65 |
| Genmab | GMAB | Exane BNP Paribas | Underperform | |
| WK Kellogg Co | KLG | TD Cowen | Market Perform | $11 |
| Pinterest | PINS | Jefferies | Hold | $30 |
| Vigil Neuroscience | VIGL | JMP Securities | Mkt Outperform | $23 |
| TeraWulf | WULF | Stifel | Buy | $3 |
| Vestis | VSTS | Stifel | Buy | $20 |
| Alpine Immune Sciences | ALPN | Berenberg | Buy | $18 |
