BROKER MOVES: SMCI upgraded at JPM, with PDD downgraded at Nomura amid uncertainties around Cos. overseas ops.

UPGRADES:

• Adaptive Biotechnologies (ADPT) Upgraded to Buy at Goldman; PT USD 9


• Adobe (ADBE) Upgraded to Sector Weight at KeyBanc


• AutoZone (AZO) Upgraded to Buy at DA Davidson; PT USD 4,192


• Celanese (CE) Upgraded to Overweight at KeyBanc; PT USD 76


• Danaher (DHR) Upgraded to Buy at Goldman; PT USD 260


• Host Hotels (HST) Upgraded to Equal-Weight at Morgan Stanley; PT USD 15


• Norwegian Cruise (NCLH) Upgraded to Equal-Weight at Morgan Stanley


• nVent Electric (NVT) Upgraded to Buy at Seaport Global Securities


• PDD (PDD) ADRs Upgraded to Buy at China Merchants; PT USD 148


• Shake Shack (SHAK) Upgraded to Buy at CFRA


• Super Micro Computer (SMCI) Upgraded to Neutral at JPMorgan; PT USD 45

DOWNGRADES:

• Altus Power (AMPS) Downgraded to Neutral at Roth Capital Partners; PT USD 5


• Beacon Roofing (BECN) Downgraded to Hold at Loop Capital; PT USD 124.35


• Charles River (CRL) Downgraded to Neutral at Goldman; PT USD 170


• Dow (DOW) Downgraded to Sell at CFRA


• Elevation Oncology (ELEV) Downgraded to Neutral at Piper Sandler; PT 70 cents


• Elevation Oncology (ELEV) Downgraded to Market Perform at Citizens


• Elevation Oncology (ELEV) Downgraded to Market Perform at Leerink; PT USD 1


• Elevation Oncology (ELEV) Downgraded to Neutral at Wedbush; PT USD 1.60


• FactSet (FDS) Downgraded to Underweight at Wells Fargo; PT USD 402


• FedEx (FDX) Downgraded to Sell at Loop Capital; PT USD 221


• Icon (ICLR) Downgraded to Neutral at Goldman; PT USD 200


• Optinose (OPTN) Downgraded to Neutral at HC Wainwright; PT USD 9


• PDD (PDD) ADRs Downgraded to Neutral at Nomura; PT USD 130


• RLJ Lodging (RLJ) Downgraded to Hold at Truist Secs; PT USD 10


• Tela Bio (TELA) Downgraded to Neutral at Piper Sandler; PT USD 2


• Valmont (VMI) Downgraded to Market Perform at William Blair

INITIATIONS:

• ACNB (ACNB) Initiated at New Outperform at Raymond James; PT USD 47


• Flowco Holdings (FLOC) Initiated at New Buy at Fearnley; PT USD 34


• GlycoMimetics (GLYC) Initiated at New Overweight at Cantor


• IAC Inc (IAC) Resumed Overweight at JPMorgan; PT USD 60


• Lakeland Financial (LKFN) Initiated at New Market Perform at Hovde Group


• NBT Bancorp (NBTB) Initiated at New Market Perform at Hovde Group; PT USD 50


• Summit Therapeutics (SMMT) Initiated at New Overweight at Cantor


• United States Antimony Corp (UAMY) Initiated at New Buy at B Riley; PT USD 3

21 Mar 2025 - 11:25- EquitiesResearch Sheet- Source: Newsquawk