Analyst Upgrades and Downgrades For the Week of October 14th

OCTOBER 18TH

Upgrades

• Albertsons (ACI): Upgraded from Equal Weight to Overweight; price target increased from $22 to $23 (Wells Fargo).
• Clearwater Paper (CLW): Upgraded from Sector Perform to Outperform; price target reduced from $48 to $37 (RBC Capital Mkts).
• Community Trust Bancorp (CTBI): Upgraded from Market Perform to Outperform (Raymond James).
• Datadog (DDOG): Upgraded from Neutral to Buy; price target increased from $125 to $150 (UBS).
• Ecolab (ECL): Upgraded from Hold to Buy; price target raised from $235 to $310 (Jefferies).
• Nestle (NSRGY): Upgraded from Sector Perform to Outperform (RBC Capital Mkts).
• Tyra Biosciences (TYRA): Upgraded from Neutral to Buy; price target increased from $22 to $31 (BofA Securities).
• Victory Capital (VCTR): Upgraded from Underweight to Equal-Weight; price target increased from $40 to $60 (Morgan Stanley).
• Gold Fields (GFI): Upgraded from Hold to Buy (Investec).
• AngloGold Ashanti (AU): Upgraded from Hold to Buy (Investec).
• Nokia (NOK): Upgraded from Hold to Buy (Danske Bank).

Downgrades

• BrightSphere Investment Group (BSIG): Downgraded from Equal-Weight to Underweight; price target increased from $23 to $26 (Morgan Stanley).
• Boston Scientific (BSX): Downgraded from Buy to Hold (Needham).
• Coherent (COHR): Downgraded from Buy to Neutral; price target set at $86 (B. Riley Securities).
• Global-E Online (GLBE): Downgraded from Overweight to Equal-Weight; price target set at $40 (Morgan Stanley).
• Kennametal (KMT): Downgraded from Neutral to Underperform; price target set at $26 (BofA Securities).
• Liberty Energy (LBRT): Downgraded from Buy to Neutral; price target reduced from $25 to $19 (Citigroup).
• Lilium N.V. (LILM): Downgraded from Overweight to Neutral; price target reduced from $2 to $1 (Cantor Fitzgerald).
• Old Dominion (ODFL): Downgraded from Outperform to Market Perform; price target reduced from $214 to $210 (BMO Capital Markets).
• Texas Capital (TCBI): Downgraded from Overweight to Neutral; price target raised from $77 to $82 (Piper Sandler).
• T-Mobile US (TMUS): Downgraded from Sector Outperform to Sector Perform; price target raised from $215.5 to $236 (Scotiabank).
• Zeta Global (ZETA): Downgraded from Overweight to Equal Weight; price target set at $28 (Barclays).
• Q2 Holdings (QTWO): Downgraded from Buy to Neutral; price target reduced from $72 to $90 (Citigroup).
• Euronet (EEFT): Downgraded from Buy to Neutral; price target reduced from $118 to $110 (Citigroup).
• MGP Ingredients (MGPI): Downgraded from Buy to Hold; price target reduced from $135 to $75 (Lake Street).
• Elevance Health (ELV): Downgraded from Buy to Hold (Argus).
• ACI Worldwide (ACIW): Downgraded from Overweight to Equal-Weight (Stephens).
• Avient (AVNT): Downgraded from Buy to Neutral (Seaport Research Partners).
• Sibanye-Stillwater (SBSW): Downgraded from Buy to Hold (Investec).

Coverage Initiated

• CF Industries (CF): Initiated coverage with Neutral rating; price target at $77 (Redburn Atlantic).
• ChoiceOne Financial Services (COFS): Initiated coverage with Buy rating; price target at $37 (DA Davidson).
• Global Medical REIT (GMRE): Initiated coverage with Buy rating; price target at $11.75 (Berenberg).
• Kroger (KR): Initiated coverage with Neutral rating; price target at $56 (Exane BNP Paribas).
• Neonode (NEON): Initiated coverage with Buy rating; price target at $16.5 (Ladenburg Thalmann).
• Omega Health (OHI): Initiated coverage with Buy rating; price target at $45 (Berenberg).
• PureCycle Technologies (PCT): Initiated coverage with Overweight rating; price target at $14 (Cantor Fitzgerald).
• Tesco PLC (TSCDY): Initiated coverage with Outperform rating (Exane BNP Paribas).
• Serve Robotics (SERV): Initiated coverage with Outperform rating; price target at $16 (Northland Capital).
• Veren (VRN): Initiated coverage with Strong Buy rating (Raymond James).
• Obsidian Energy (OBE): Initiated coverage with Strong Buy rating (Raymond James).
• Baytex Energy Corp. (BTE): Initiated coverage with Market Perform rating (Raymond James).
• CyberArk (CYBR): Initiated coverage with Buy rating; price target at $390 (Cleveland Research).

OCTOBER 17TH

Upgrades

• Ardagh Metal Packaging S.A. (AMBP): BofA Securities upgraded from Underperform to Buy, PT $5.1 (up from $3.8).
• American Woodmark (AMWD): Loop Capital upgraded from Hold to Buy, PT $119 (up from $98).
• Avery Dennison (AVY): BofA Securities upgraded from Underperform to Buy, PT $250 (up from $207).
• Host Hotels (HST): Compass Point upgraded from Neutral to Buy, PT $22 (up from $18).
• Alcoa (AA): B. Riley Securities upgraded from Neutral to Buy, PT $50 (up from $41).
• Littelfuse (LFUS): Oppenheimer upgraded from Perform to Outperform, PT not provided.
• O-I Glass (OI): BofA Securities upgraded from Neutral to Buy, PT $16 (up from $14).
• Sealed Air (SEE): Raymond James upgraded from Market Perform to Strong Buy, PT not provided.
• TPG RE Finance Trust (TRTX): JP Morgan upgraded from Neutral to Overweight, PT $9.5 (unchanged).
• Encore Capital (ECPG): Northland Capital upgraded from Market Perform to Outperform, PT $58 (up from $55).

Downgrades

• Capri Holdings (CPRI): Wells Fargo downgraded from Overweight to Equal Weight, PT $42.
• Brinker (EAT): Raymond James downgraded from Outperform to Market Perform.
• Fortinet (FTNT): Mizuho downgraded from Neutral to Underperform, PT $68.
• Topgolf Callaway Brands (MODG): B. Riley Securities downgraded from Buy to Neutral, PT $12 (down from $18).
• SolarEdge Technologies (SEDG): Guggenheim downgraded from Neutral to Sell, PT not provided.
• Uber (UBER): Daiwa Securities downgraded from Outperform to Neutral, PT $84.
• WNS (WNS): TD Cowen downgraded from Buy to Hold, PT $53 (down from $64).
• UnitedHealth (UNH): HSBC Securities downgraded from Buy to Hold.
• United Micro (UMC): Goldman downgraded from Buy to Neutral.

Coverage Initiated

• AbbVie (ABBV): Bernstein rated Market Perform, PT $203.
• Alumis (ALMS): H.C. Wainwright rated Buy, PT $30.
• Amgen (AMGN): Bernstein rated Outperform, PT $380.
• Constellation Energy (CEG): JP Morgan rated Overweight, PT $342.
• Gilead Sciences (GILD): Bernstein rated Outperform, PT $105.
• InMode (INMD): BTIG Research rated Buy, PT $25.
• Eli Lilly (LLY): Bernstein rated Outperform, PT $1100.
• Vistra Corp. (VST): JP Morgan rated Overweight, PT $178.

OCTOBER 16TH

Upgrades

• Advance Auto (AAP): Wedbush upgraded from Neutral to Outperform; price target $55.
• Ardagh Metal Packaging (AMBP): Wells Fargo upgraded from Equal Weight to Overweight; price target increased to $5.
• ASE Technology (ASX): UBS upgraded from Neutral to Buy.
• Bausch + Lomb (BLCO): Evercore ISI upgraded from In-line to Outperform; price target raised to $25.
• BOK Financial (BOKF): DA Davidson upgraded from Neutral to Buy; price target increased to $124.
• Doximity (DOCS): Barclays upgraded from Equal Weight to Overweight; price target raised to $52.
• Duke Energy (DUK): Mizuho upgraded from Neutral to Outperform; price target raised to $121.
• Con Edison (ED): Citigroup upgraded from Neutral to Buy; price target raised to $116.
• Meritage (MTH): Wedbush upgraded from Underperform to Neutral; price target raised to $195.
• Revvity (RVTY): Barclays upgraded from Equal Weight to Overweight; price target increased to $140.
• SM Energy (SM): TD Cowen upgraded from Hold to Buy; price target reduced to $60.
• TechTarget (TTGT): Craig Hallum upgraded from Hold to Buy; price target increased to $36.
• Universal Music Group (UMGNF): Wolfe Research upgraded from Peer Perform to Outperform.
• D.R. Horton (DHI): Wedbush upgraded from Underperform to Neutral.
• Kforce (KFRC): Sidoti upgraded from Neutral to Buy.
• NatWest Group (NWG): Jefferies upgraded from Underperform to Buy.
• CGI Group (GIB): CIBC upgraded from Neutral to Sector Outperform.

Downgrades

• American Intl (AIG): BMO Capital Markets downgraded from Outperform to Market Perform; price target lowered to $84.
• AppFolio (APPF): Keefe Bruyette downgraded from Market Perform to Underperform; price target lowered to $193.
• American Water Works (AWK): Mizuho downgraded from Outperform to Neutral; price target raised to $140.
• Boeing (BA): DZ Bank downgraded from Buy to Hold.
• Ciena (CIEN): Evercore ISI downgraded from Outperform to In-line.
• CMS Energy (CMS): Mizuho downgraded from Outperform to Neutral; price target lowered to $72.
• Comstock (CRK): Siebert Williams Shank downgraded from Hold to Sell.
• Commvault Systems (CVLT): Guggenheim downgraded from Buy to Neutral.
• Enphase Energy (ENPH): RBC Capital Markets downgraded from Outperform to Sector Perform; price target lowered to $100.
• Etsy (ETSY): Goldman downgraded from Neutral to Sell; price target lowered to $45.
• Lennox International (LII): KeyBanc Capital Markets downgraded from Overweight to Sector Weight.
• Mobileye Global (MBLY): RBC Capital Markets downgraded from Outperform to Sector Perform; price target lowered to $11.
• Magnolia Oil & Gas (MGY): Siebert Williams Shank downgraded from Buy to Hold.
• Noble Corporation (NE): The Benchmark Company downgraded from Buy to Hold.
• Prosperity Bancshares (PB): DA Davidson downgraded from Buy to Neutral; price target lowered to $78.
• Transocean (RIG): The Benchmark Company downgraded from Buy to Hold.
• Valaris (VAL): The Benchmark Company downgraded from Buy to Hold.
• Arhaus (ARHS): Craig Hallum downgraded from Buy to Hold; price target lowered to $10.

Coverage Initiated

• Bruker (BRKR): Barclays initiated coverage with Overweight; price target $75.
• Cadence Design (CDNS): Berenberg initiated coverage with Buy; price target $320.
• Constellation Energy (CEG): Citigroup initiated coverage with Neutral; price target $284.
• DHT (DHT): BTIG Research initiated coverage with Buy; price target $16.
• German American Bancorp (GABC): Stephens initiated coverage with Overweight; price target $45.
• HEICO (HEI): UBS initiated coverage with Neutral; price target $277.
• Lemaitre Vascular (LMAT): Cantor Fitzgerald initiated coverage with Neutral; price target $96.
• Monro Muffler (MNRO): Stephens initiated coverage with Equal-Weight; price target $31.
• Synopsys (SNPS): Berenberg initiated coverage with Buy; price target $660.
• Valvoline (VVV): Stephens initiated coverage with Overweight; price target $49.
• MarineMax (HZO): The Benchmark Company initiated coverage with Buy; price target $40.
• Ocugen (OCGN): Maxim Group initiated coverage with Buy; price target $4.
• IDEAYA Biosciences (IDYA): Cantor Fitzgerald initiated coverage with Overweight.
• Sylvamo (SLVM): Sidoti initiated coverage with Buy; price target $100.

OCTOBER 14TH

Upgrades

• Affirm (AFRM): Wedbush upgraded from Underperform to Neutral; PT $45.
• AptarGroup (ATR): Jefferies upgraded from Hold to Buy; PT raised from $155 to $215.
• Easterly Government Properties (DEA): Jefferies upgraded from Hold to Buy; PT raised from $13 to $15.
• Equinor (EQNR): Morgan Stanley upgraded from Underweight to Equal-Weight; PT $25.8.
• Elastic (ESTC): William Blair upgraded from Market Perform to Outperform.
• Flutter Entertainment (FLUT): Wells Fargo upgraded from Equal Weight to Overweight; PT raised from $224 to $295.
• Ibotta (IBTA): Goldman upgraded from Neutral to Buy.
• SentinelOne (S): Piper Sandler upgraded from Neutral to Overweight; PT raised from $25 to $32.
• TC Energy (TRP): JP Morgan upgraded from Neutral to Overweight.
• Upstart (UPST): Wedbush upgraded from Underperform to Neutral; PT raised from $10 to $45.
• NASDAQ (NDAQ): Raymond James upgraded from Market Perform to Outperform; PT $82.
• Equity Bancshares (EQBK): Stephens upgraded from Equal-Weight to Overweight; PT $46.

Downgrades

• Amgen (AMGN): Truist downgraded from Buy to Hold; PT raised from $320 to $333.
• AppLovin (APP): Goldman downgraded from Buy to Neutral; PT raised from $103 to $150.
• ArcBest (ARCB): TD Cowen downgraded from Buy to Hold; PT reduced from $131 to $114.
• Amer Sports (AS): Wells Fargo downgraded from Overweight to Equal Weight; PT $17 to $19.
• AutoZone (AZO): Goldman downgraded from Buy to Sell; PT reduced from $3205 to $2917.
• BASF AG (BASFY): UBS downgraded from Buy to Neutral.
• Bridge Investment Group (BRDG): TD Cowen downgraded from Buy to Hold; PT $10 to $10.5.
• First Busey Corp (BUSE): Stephens downgraded from Overweight to Equal-Weight.
• Caterpillar (CAT): Morgan Stanley downgraded from Equal-Weight to Underweight; PT reduced from $349 to $332.
• Duolingo (DUOL): JMP Securities downgraded from Market Outperform to Market Perform.
• Expeditors Intl (EXPD): TD Cowen downgraded from Hold to Sell; PT reduced from $112 to $106.
• Canada Goose (GOOS): Wells Fargo downgraded from Equal Weight to Underweight.
• KeyCorp (KEY): Robert W. Baird downgraded from Outperform to Neutral; PT reduced from $18 to $17.
• Kura Oncology (KURA): Stifel downgraded from Buy to Hold; PT reduced from $26 to $19.
• Marten Transport (MRTN): Raymond James downgraded from Outperform to Market Perform.
• Triumph Group (TGI): JP Morgan downgraded from Neutral to Underweight; PT reduced from $15 to $12.
• Turnstone Biologics (TSBX): BofA Securities downgraded from Buy to Neutral.
• V.F. Corp (VFC): Wells Fargo downgraded from Equal Weight to Underweight; PT reduced from $16 to $15.
• Yelp (YELP): Goldman downgraded from Buy to Neutral; PT reduced from $46 to $38.

Coverage Initiated

• Adecoagro S.A. (AGRO): UBS initiated with a Neutral rating; PT $12.
• Amentum Holdings (AMTM): Truist initiated with a Buy rating; PT $31.
• Astrana Health (ASTH): TD Cowen initiated with a Buy rating; PT $66.
• Element Solutions (ESI): Seaport Research Partners initiated with a Buy rating; PT $33.
• FirstEnergy (FE): Jefferies initiated with a Hold rating; PT $46.
• ICU Medical (ICUI): Jefferies initiated with a Hold rating; PT $183.
• Jamf Holding (JAMF): Morgan Stanley initiated with an Equal-Weight rating; PT $20.
• NETSTREIT (NTST): UBS initiated with a Buy rating; PT $19.
• PG&E (PCG): Jefferies initiated with a Buy rating; PT $24.
• Alpine Income Property Trust (PINE): UBS initiated with a Neutral rating; PT $19.
• Regal Rexnord (RRX): Citigroup initiated with a Buy rating; PT $200.
• Surgery Partners (SGRY): UBS initiated with a Buy rating; PT $38.
• Shoals Technologies (SHLS): Wells Fargo initiated with an Equal Weight rating; PT $46.
• Tenax Therapeutics (TENX): Guggenheim initiated with a Buy rating; PT $16.
• Timken (TKR): Citigroup initiated with a Neutral rating; PT $90.
• Vistra Corp. (VST): Exane BNP Paribas initiated with an Outperform rating; PT $231.
• Medpace (MEDP): Redburn Atlantic initiated with a Buy rating.
• Thermo Fisher (TMO): Redburn Atlantic initiated with a Buy rating.
• IQVIA (IQV): Redburn Atlantic initiated with a Buy rating.
• ICON plc (ICLR): Redburn Atlantic initiated with a Neutral rating.
• Charles River (CRL): Redburn Atlantic initiated with a Sell rating.