BROKER MOVES: CORZ upgraded at Citizens; PYPL downgraded at Morgan Stanley

UPGRADES

• Camden Property (CPT) Upgraded to Neutral at JPM; PT USD 116


• Core Scientific (CORZ) Upgraded to Market Outperform at Citizens; PT USD 30


• Cytokinetics (CYTK) Upgraded to Buy at GSCO; PT USD 95


• Edwards Life (EW) Upgraded to Overweight at JPMC; PT USD 100


• Enphase Energy (ENPH) Upgraded to Neutral at GSCO; PT USD 29


• Federal Realty (FRT) Upgraded to Overweight at JPMC; PT USD 114


• Ge Vernova (GEV) Upgraded to Buy at Jefferies; PT USD 815


• Glacier Bancorp (GBCI) Upgraded to Overweight at Piper; PT USD 58


• Helmerich & Payne (HP) Upgraded to Overweight at Piper; PT USD 35


• ManpowerGroup (MAN) Upgraded to Outperform at BMO; PT USD 44


• Merck & Co (MRK) Upgraded to Outperform at BMO; PT USD 130


• Micron (MU) Upgraded to Buy at BAML; PT USD 300


• Nabors (NBR) Upgraded to Overweight at Piper; PT USD 65


• PennyMac Mortgage (PMT) Upgraded to Outperform at KBW; PT USD 13.50


• Penumbra (PEN) Upgraded to Overweight at JPM; PT USD 370


• Premium Brands (PBH) Upgraded to Sector Outperform at Scotiabank


• Ranger Energy (RNGR) Upgraded to Overweight at Piper; PT USD 17


• Shake Shack (SHAK) Upgraded to Neutral at JPMC; PT USD 90


• Sherwin-Williams (SHW) Upgraded to Buy at Citi; PT USD 390


• Sphere Entertainment (SPHR) Upgraded to Overweight at MS


• TD Bank (TD) Upgraded to Outperform at NATBANK; PT C$134


• Verrica Pharma (VRCA) Upgraded to Buy at Brookline; PT USD 17


• Warner Music (WMG) Upgraded to Overweight at MS

DOWNGRADES

• ABM Industries (ABM) Downgraded to Neutral at UBS; PT USD 51


• Allstate (ALL) Downgraded to Market Perform at William Blair


• Avidity Biosciences (RNA) Downgraded to Inline at Evercore; PT USD 72


• Cibest (CIBEST) Downgraded to Underperform at Santander; PT USD 61


• Cinemark (CNK) Downgraded to Equal-weight at MS; PT USD 28


• Energy Transfer (ET) Downgraded to Equal-weight at MS; PT USD 19


• Enterprise Products (EPD) Downgraded to Underweight at MS; PT USD 34


• Evergy (EVRG) Downgraded to Neutral at Mizuho; PT USD 76


• Expro Group Holdings Nv (XPRO) Downgraded to Underweight at Piper


• Kemper (KMPR) Downgraded to Underperform at William Blair


• Kennedy-Wilson (KW) Downgraded to Underweight at JPMC; PT USD 11


• Lennar (LEN) Downgraded to Underperform at Evercore; PT USD 92


• Lennar (LEN) Downgraded to Underperform at RBC; PT USD 95


• PayPal (PYPL) Downgraded to Underweight at MS; PT USD 51


• Progressive (PGR) Downgraded to Market Perform at William Blair


• Public Storage (PSA) Downgraded to Neutral at JPM; PT USD 301


• Realty Income (O) Downgraded to Underweight at JPM; PT USD 61


• Regency Centers (REG) Downgraded to Neutral at JPM; PT USD 76


• Simulations Plus (SLP) Downgraded to Neutral at BTIG


• Smartstop Self Storage Reit (SMA) Downgraded to Underweight at JPMC


• UDR (UDR) Downgraded to Underweight at JPMC; PT USD 40


• Vistagen Therapeutics Inc (VTGN) Downgraded to Hold at Jefferies; PT USD 0.90


• Welltower (WELL) Downgraded to Neutral at JPM; PT USD 205

INITIATIONS

• American Air (AAL) Initiated at New Equal-weight at Wells Fargo; PT USD 17


• Angel Studios (ANGX) Initiated at New Outperform at OPCO; PT USD 8


• Avalo Therapeutics (AVTX) Initiated at New Outperform at Mizuho


• Bicara Therapeutics (BCAX) Initiated at New Neutral at Mizuho


• Blackline Safety (BLN) Initiated at New Outperform at RBC; PT C$9


• Brown & Brown (BRO) Initiated Reinstated Neutral at JPM; PT USD 91


• Cervomed Inc (CRVO) Initiated at New Overweight at Cantor


• Delta Air Lines (DAL) Initiated at New Overweight at Wells Fargo; PT USD 87


• Dream Industrial Reit (DIR-U) Initiated Resumed Buy at TD Cowen; PT C$14.50


• Dream Unlimited (DRM) Initiated Resumed Buy at TD Cowen; PT C$28


• Electrovaya (ELVA) Initiated at New Outperform at OPCO; PT C$19.30


• Etsy (ETSY) Initiated at New Neutral at President Capital Management; PT USD 57


• Foghorn Therapeutics (FHTX) Initiated at New Buy at BTIG; PT USD 11


• Iren Ltd (IREN) Initiated at New Neutral at GSCO; PT USD 39


• Koryx Copper Inc (KRY) Initiated at New Buy at Stifel; PT C$3.75


• Lexeo Therapeutics (LXEO) Initiated at New Strong Buy at RAJA; PT USD 25


• Nasus Pharma (NSRX) Initiated at New Market Outperform at Citizens; PT USD 19


• Ocean Power Technologies (OPTT) Initiated Reinstated Buy at HCW


• Oruka Therapeutics Inc (ORKA) Initiated at New Overweight at Piper


• Rapt Therapeutics (RAPT) Initiated at New Buy at TD Cowen


• Sealsq (LAES) Initiated at New Overweight at Cantor; PT USD 7


• Serve Robotics (SERV) Initiated at New Outperform at OPCO; PT USD 20


• Sonoro Gold Corp (SGO) Initiated Reinstated Buy at Fundamental


• Southwest Air (LUV) Initiated at New Equal-weight at Wells Fargo; PT USD 45


• Spyre Therapeutics Inc (SYRE) Initiated at New Outperform at Mizuho


• United Airlines (UAL) Initiated at New Overweight at Wells Fargo; PT USD 145


• Upstream Bio (UPB) Initiated at New Outperform at Mizuho; PT USD 51


• Valvoline (VVV) Initiated at New Buy at Roth Capital Partners; PT USD 42

18 Dec 2025 - 13:42- - Source: Newswires