BROKER MOVES: RUN upgraded at RBC; OXY downgraded at MS

Upgrades:

• Ameresco (AMRC) Upgraded to Neutral at UBS; PT USD 23


• Cogent Comms (CCOI) Upgraded to Overweight at Wells Fargo; PT USD 45


• Duolingo (DUOL) Upgraded to Overweight at KeyBanc; PT USD 460


• EPAM Systems (EPAM) Upgraded to Buy at TD Cowen; PT USD 205


• GATX (GATX) Upgraded to Positive at Susquehanna; PT USD 190


• NEXTracker (NXT) Upgraded to Buy at Guggenheim; PT USD 74


• ServiceTitan (TTAN) Upgraded to Buy at Loop Capital; PT USD 140


• Sunrun (RUN) Upgraded to Outperform at RBC; PT USD 16


• Xerox (XRX) Upgraded to Neutral at Citi; PT USD 4.50

Downgrades:

• Alta Equipment Group (ALTG) Downgraded to Neutral at DA Davidson; PT USD 8


• Antero Resources (AR) Downgraded to Neutral at Roth Capital Partners; PT USD 32


• Civista Bancshares (CIVB) Downgraded to Market Perform at Hovde Group; PT USD 22


• Comstock Resources (CRK) Downgraded to Sell at Roth Capital Partners; PT USD 12


• CSX (CSX) Downgraded to Market Perform at BMO; PT USD 38


• Eli Lilly (LLY) Downgraded to Neutral at Daiwa; PT USD 700


• EQT Corp (EQT) Downgraded to Neutral at Roth Capital Partners; PT USD 57


• Erasca (ERAS) Downgraded to Equal-Weight at Morgan Stanley; PT USD 2


• Expand Energy (EXE) Downgraded to Neutral at Roth Capital Partners; PT USD 98


• Northern Oil & Gas (NOG) Downgraded to Underweight at Morgan Stanley; PT USD 27


• Occidental (OXY) Downgraded to Equal-Weight at Morgan Stanley; PT USD 52


• Ovintiv (OVV) Downgraded to Equal-Weight at Morgan Stanley; PT USD 48


• Range Resources (RRC) Downgraded to Neutral at Roth Capital Partners; PT USD 35

Initiations:

• Accelerant (ARX) Initiated at New Buy at TD Cowen; PT USD 36


• Accelerant (ARX) Initiated at New Outperform at William Blair


• Accelerant (ARX) Initiated at New Equal-Weight at Wells Fargo; PT USD 28


• Accelerant (ARX) Initiated at New Equal-Weight at Morgan Stanley


• Accelerant (ARX) Initiated at New Overweight at Piper Sandler; PT USD 35


• Accelerant (ARX) Initiated at New Market Perform at Citizens


• Accelerant (ARX) Initiated at New Outperform at RBC; PT USD 33


• Accelerant (ARX) Initiated at New Outperform at BMO; PT USD 34


• Accelerant (ARX) Reinitiation Neutral at Goldman; PT USD 30


• Axon (AXON) Initiated at New Hold at Baptista Research; PT USD 876.20


• BridgeBio Oncology Therapeutics (BBOT) Initiated at New Outperform at Wedbush


• Carlsmed (CARL) Initiated at New Buy at Truist Secs; PT USD 18


• Carlsmed (CARL) Initiated at New Buy at BTIG; PT USD 21


• Carlsmed (CARL) Initiated at New Overweight at Piper Sandler; PT USD 18


• Carlsmed (CARL) Initiated at New Buy at Goldman; PT USD 19


• Coherent Corp (COHR) Initiated at New Outperform at KGI Securities; PT USD 110


• Diamondback (FANG) Initiated at New Buy at Baptista Research; PT USD 178.70


• Duolingo (DUOL) Initiated at New Buy at Citi; PT USD 400


• EchoStar (SATS) Initiated at New Hold at Baptista Research; PT USD 30.70


• Forte Biosciences Inc (FBRX) Initiated at New Buy at Guggenheim; PT USD 75


• Hesai Group (HSAI) ADRs Initiated at New Add at CGS Int'l; PT USD 30.60


• Li Auto (LI) ADRs Initiated at New Underperform at BNPP Exane; PT USD 18


• McGraw Hill (MH) Initiated at New Outperform at William Blair


• McGraw Hill (MH) Initiated at New Buy at Needham; PT USD 19


• McGraw Hill (MH) Initiated at New Buy at BTIG; PT USD 19


• McGraw Hill (MH) Initiated at New Overweight at Morgan Stanley; PT USD 20


• McGraw Hill (MH) Initiated at New Buy at Deutsche Bank; PT USD 18


• McGraw Hill (MH) Initiated at New Buy at Rothschild & Co Redburn; PT USD 28.60


• McGraw Hill (MH) Initiated at New Outperform at Baird; PT USD 21


• McGraw Hill (MH) Initiated at New Overweight at JPMorgan; PT USD 21


• McGraw Hill (MH) Initiated at New Buy at Goldman; PT USD 27


• McGraw Hill (MH) Initiated at New Outperform at BMO; PT USD 24


• McGraw Hill (MH) Initiated at New Buy at Stifel; PT USD 19


• Niq Global Intelligence (NIQ) Initiated at New Buy at Needham; PT USD 24


• Niq Global Intelligence (NIQ) Initiated at New Overweight at Wells Fargo


• Niq Global Intelligence (NIQ) Initiated at New Outperform at BNPP Exane


• Niq Global Intelligence (NIQ) Initiated at New Outperform at Baird; PT USD 24


• Niq Global Intelligence (NIQ) Initiated at New Overweight at Barclays; PT USD 24


• Niq Global Intelligence (NIQ) Initiated at New Overweight at JPMorgan; PT USD 21


• Niq Global Intelligence (NIQ) Initiated at New Buy at Stifel; PT USD 24


• Niq Global Intelligence (NIQ) Initiated at New Outperform at BMO; PT USD 24


• Oshkosh (OSK) Initiated at New Hold at Baptista Research; PT USD 154.90


• RBC Bearings (RBC) Initiated at New Hold at Baptista Research; PT USD 450.50


• Synaptics (SYNA) Initiated at New Overweight at Barclays; PT USD 78


• Tecogen (TGEN) Initiated at New Buy at Roth Capital Partners; PT USD 15


• Viper Energy (VNOM) Initiated at New Overweight at Morgan Stanley; PT USD 46


• XPeng (XPEV) ADRs Initiated at New Neutral at BNPP Exane; PT USD 19

18 Aug 2025 - 12:20- EquitiesResearch Sheet- Source: Newswires