US BROKER MOVES: ADBE downgraded at William Blair; QCOM downgraded at Bernstein

UPGRADES

• Airbnb (ABNB) Upgraded to Hold at Truist Secs; PT USD 129
• Equity Residential (EQR) Upgraded to Overweight at Morgan Stanley
• Icon (ICLR) Upgraded to Outperform at BMO; PT USD 130
• Nucor (NUE) Upgraded to Buy at UBS; PT USD 190
• PDD (PDD) ADRs Upgraded to Buy at Huatai Research; PT USD 133
• Somnigroup (SGI) Upgraded to Buy at Jefferies; PT USD 88
• United Natural (UNFI) Upgraded to Overweight at Wells Fargo; PT USD 56
• Westinghouse Air Brake (WAB) Upgraded to Buy at Rothschild & Co Redburn

DOWNGRADES

• Adma Biologics (ADMA) Downgraded to Neutral at Cantor
• Adobe (ADBE) Downgraded to Market Perform at William Blair
• AvalonBay (AVB) Downgraded to Equal-Weight at Morgan Stanley; PT USD 203
• Fiserv (FISV) Downgraded to Market Perform at Raymond James
• Global Payments (GPN) Downgraded to Market Perform at Raymond James
• Great Lakes Dredge (GLDD) Downgraded to Underweight at JPMorgan; PT USD 17
• Hub Group (HUBG) Downgraded to Equal-Weight at Wells Fargo; PT USD 35
• Mosaic (MOS) Downgraded to Neutral at UBS; PT USD 27
• Noah Holdings (NOAH) ADRs Downgraded to Neutral at JPMorgan; PT USD 12
• Qualcomm (QCOM) Downgraded to Market Perform at Bernstein; PT USD 140
• Scotts Miracle-Gro (SMG) Downgraded to Neutral at JPMorgan; PT USD 67
• Ternium (TX) ADRs Downgraded to Sector Perform at Scotiabank; PT USD 40
• Terns (TERN) Downgraded to Market Perform at Citizens
• Terns (TERN) Downgraded to Hold at TD Cowen; PT USD 53
• TIC Solutions (TIC) Downgraded to Underweight at JPMorgan; PT USD 7
• Timken (TKR) Downgraded to Underweight at JPMorgan; PT USD 100

INITIATIONS

• Abercrombie & Fitch (ANF) Initiated at New Buy at Needham; PT USD 108
• Appfolio (APPF) Initiated at New Buy at Benchmark
• ATRenew (RERE) ADRs Initiated at New Outperform at GuoSen; PT USD 7.95
• Bank of America (BAC) Initiated at New Buy at Jefferies
• Bunge Global (BG) Initiated at New Sell at Spruce Point Capital
• Casey's (CASY) Reinstated Neutral at JPMorgan; PT USD 719
• Cava Group (CAVA) Initiated at New Buy at Guggenheim; PT USD 100
• Citigroup (C) Initiated at New Buy at Jefferies
• Compass (COMP) Initiated at New Buy at Benchmark; PT USD 14
• Didi Global (DIDIY) ADRs Initiated at New Outperform at BNP Paribas; PT USD 7.50
• Exelon (EXC) Reinstated Buy at Citi; PT USD 58
• eXp World Holdings (EXPI) Initiated at New Buy at Benchmark
• Frontdoor (FTDR) Initiated at New Buy at Benchmark
• Hesai Group (HSAI) ADRs Initiated at New Outperform at BNP Paribas; PT USD 4.34
• JPMorgan (JPM) Initiated at New Hold at Jefferies
• Murphy USA (MUSA) Reinstated Overweight at JPMorgan; PT USD 539
• Palisade Bio Inc (PALI) Initiated at New Buy at HC Wainwright; PT USD 7
• PNC Financial (PNC) Initiated at New Buy at Jefferies
• Pony AI (PONY) ADRs Initiated at New Neutral at BNP Paribas; PT USD 12.50
• Real Brokerage (REAX) Initiated at New Buy at Benchmark
• Robinhood (HOOD) Initiated at New Buy at Jefferies; PT USD 88
• Rush Street (RSI) Initiated at New Overweight at Wells Fargo; PT USD 26
• Spotify (SPOT) Initiated at New Outperform at Daiwa; PT USD 535
• Sunstone Hotel (SHO) Initiated at New Neutral at Ladenburg Thalmann; PT USD 10
• TJX (TJX) Reinstated Buy at William O'Neil
• Truist Financial (TFC) Initiated at New Underperform at Jefferies
• Tyson (TSN) Initiated at New Outperform at Mizuho Securities; PT USD 72
• U.S. Bancorp (USB) Initiated at New Hold at Jefferies
• Wells Fargo (WFC) Initiated at New Buy at Jefferies
• WeRide (WRD) ADRs Initiated at New Outperform at BNP Paribas; PT USD 11