Analyst Upgrades and Downgrades For the Week of October 21st

October 25th

Upgrades:

• Air Products (APD): Redburn Atlantic upgraded from Sell to Neutral, Price Target $330.
• Denny’s (DENN): Citigroup upgraded from Neutral to Buy, Price Target raised from $7 to $7.5.
• Taylor Morrison Home (TMHC): Wedbush upgraded from Neutral to Outperform, Price Target $85.
• Toll Brothers (TOL): Wedbush upgraded from Neutral to Outperform, Price Target $175.
• TC Energy (TRP): Morgan Stanley upgraded from Underweight to Overweight.
• Volvo (VLVLY): UBS upgraded from Sell to Neutral.
• Element Solutions (ESI): Wolfe Research upgraded from Peer Perform to Outperform.
• Annovis Bio (ANVS): Maxim Group upgraded from Hold to Buy, Price Target $25.
• Baker Hughes (BKR): Argus upgraded from Hold to Buy.
• Ryanair Hldgs (RYAAY): Barclays upgraded from Equal Weight to Overweight.
• Summit Materials (SUM): RBC Capital Markets upgraded from Sector Perform to Outperform, Price Target raised from $45 to $53.

Downgrades:

• Apple (AAPL): KeyBanc Capital Markets downgraded from Sector Weight to Underweight, Price Target $200.
• Alexandria RE (ARE): RBC Capital Markets downgraded from Outperform to Sector Perform, Price Target lowered from $130 to $125.
• Bristol-Myers (BMY): Citigroup downgraded from Buy to Neutral, Price Target lowered from $75 to $55.
• Beyond, Inc. (BYON): BofA Securities downgraded from Neutral to Underperform, Price Target lowered from $12.5 to $6.
• Honeywell (HON): Robert W. Baird downgraded from Outperform to Neutral, Price Target lowered from $223 to $217.
• Kraft Heinz (KHC): Stifel downgraded from Buy to Hold, Price Target lowered from $40 to $38.
• Plains All American (PAA): Morgan Stanley downgraded from Overweight to Equal-Weight, Price Target lowered from $22 to $19.
• Plains GP (PAGP): Morgan Stanley downgraded from Overweight to Equal-Weight, Price Target lowered from $22 to $19.
• Rexford Industrial Realty (REXR): Scotiabank downgraded from Sector Outperform to Sector Perform, Price Target lowered from $55 to $48.
• Boston Beer Co (SAM): Jefferies downgraded from Buy to Hold, Price Target lowered from $355 to $325.
• J.M. Smucker (SJM): Stifel downgraded from Buy to Hold, Price Target lowered from $135 to $125.
• Teck Resources (TECK): Deutsche Bank downgraded from Buy to Hold, Price Target not specified.
• T-Mobile US (TMUS): Raymond James downgraded from Outperform to Market Perform.
• Western Midstream (WES): Morgan Stanley downgraded from Equal-Weight to Underweight, Price Target lowered from $42 to $40.
• World Kinect Corporation (WKC): Stifel downgraded from Buy to Hold, Price Target lowered from $33 to $32.
• Newmont Corporation (NEM): Scotiabank downgraded from Sector Outperform to Sector Perform.
• Boot Barn Holdings (BOOT): Craig Hallum downgraded from Buy to Hold, Price Target raised from $154 to $162.

Coverage Initiated:

• Apellis Pharmaceuticals (APLS): RBC Capital Markets initiated with Sector Perform, Price Target $25.
• BKV Corporation (BKV): Truist initiated with Buy, Price Target $24.
• Builders FirstSource (BLDR): UBS initiated with Buy, Price Target $232.
• Lyft (LYFT): The Benchmark Company initiated with Hold.
• National Energy Services Reunited (NESR): BTIG Research initiated with Buy, Price Target $15.
• PPL Corp (PPL): JP Morgan initiated with Overweight, Price Target $37.
• Uber (UBER): The Benchmark Company initiated with Hold.
• Waldencast plc (WALD): Canaccord Genuity initiated with Buy, Price Target $5.
• Regency Centers (REG): KeyBanc Capital Markets initiated with Overweight, Price Target $80.
• South Bow Corporation (SOBO): Morgan Stanley initiated with Underweight.
• TriSalus Life Sciences (TLSI): Northland Capital initiated with Outperform, Price Target $12.5.

October 24th

Upgrades

• Hanmi Financial (HAFC): Piper Sandler upgraded from Neutral to Overweight, price target raised from $20 to $25.5.
• NextEra Energy Partners (NEP): JP Morgan upgraded from Underweight to Neutral, price target lowered from $25 to $22.
• Steris (STE): Piper Sandler upgraded from Neutral to Overweight, price target increased from $230 to $260.
• UP Fintech (TIGR): China Renaissance upgraded from Hold to Buy.
• Regions Financial (RF):
  • Deutsche Bank upgraded from Hold to Buy, price target raised from $24 to $26.
  • Argus upgraded from Hold to Buy, price target set at $26.
• PROG Holdings (PRG): Raymond James upgraded from Market Perform to Outperform, price target not specified.
• Canadian Pacific Kansas City Ltd. (CP): Susquehanna upgraded from Neutral to Positive.

Downgrades

• ATI Inc. (ATI): KeyBanc Capital Markets downgraded from Overweight to Sector Weight.
• Avery Dennison (AVY): JP Morgan downgraded from Overweight to Neutral, price target lowered from $230 to $210.
• Constellium (CSTM): Deutsche Bank downgraded from Buy to Hold, price target significantly reduced from $22 to $12.
• Dyne Therapeutics (DYN): JP Morgan downgraded from Overweight to Neutral, price target decreased from $43 to $35.
• Helix Energy (HLX): BTIG Research downgraded from Buy to Neutral.
• Howmet Aerospace (HWM): KeyBanc Capital Markets downgraded from Overweight to Sector Weight.
• ICON plc (ICLR): Robert W. Baird downgraded from Outperform to Neutral, price target not specified.
• MAG Silver (MAG): ROTH MKM downgraded from Buy to Neutral, price target maintained at $17.
• Seres Therapeutics (MCRB): JP Morgan downgraded from Neutral to Underweight.
• OUTFRONT Media (OUT): Wolfe Research downgraded from Outperform to Peer Perform.
• Verizon (VZ): KeyBanc Capital Markets downgraded from Overweight to Sector Weight.
• U.S. Bancorp (USB): Deutsche Bank downgraded from Buy to Hold, price target not specified.
• Stock Yards Bancorp (SYBT): Hovde Group downgraded from Outperform to Market Perform.
• Autohome (ATHM): CLSA downgraded from Outperform to Hold.
• Veritex Holdings (VBTX): Keefe Bruyette downgraded from Outperform to Market Perform.
• L’Oreal (LRLCY): DZ Bank downgraded from Buy to Hold.
• Michelin (MGDDY): HSBC Securities downgraded from Buy to Hold.
• First Bancshares (FBMS): Janney downgraded from Buy to Neutral.
• Noah Holdings (NOAH): UBS downgraded from Buy to Neutral.
• LG Display (LPL): Citigroup downgraded from Buy to Sell.
• Honeywell (HON): BofA Securities downgraded from Buy to Neutral, price target lowered from $250 to $230.
• TKO Group Holdings (TKO): The Benchmark Company downgraded from Buy to Hold.
• Coverage Initiated: Several companies were initiated with ratings and price targets, primarily by UBS and other firms.

October 23rd

Upgrades

• Amylyx Pharmaceuticals (AMLX): BofA Securities upgraded from Neutral to Buy; PT raised from $4.2 to $10.
• A.O. Smith (AOS): UBS upgraded from Sell to Neutral; PT raised from $75 to $80.
• BXP, Inc. (BXP): Piper Sandler upgraded from Neutral to Overweight; PT raised from $78 to $105.
• Quest Diagnostics (DGX): Robert W. Baird upgraded from Neutral to Outperform; PT raised from $157 to $182.
• Snap (SNAP): JMP Securities upgraded from Market Perform to Market Outperform.
• Texas Instruments (TXN): Summit Insights upgraded from Hold to Buy.
• Alcoa (AA): Argus upgraded from Hold to Buy.
• Adecco S.A. (AHEXY): Deutsche Bank upgraded from Hold to Buy.
• Peapack-Gladstone Financial (PGC): Piper Sandler upgraded from Neutral to Overweight; PT raised from $30 to $35.

Downgrades

• Ardmore Shipping (ASC): Stifel downgraded from Buy to Hold; PT lowered from $24 to $17.
• CoStar Group (CSGP): RBC Capital Markets downgraded from Outperform to Sector Perform; PT lowered from $96 to $83.
• Genco Shipping & Trading (GNK): Stifel downgraded from Buy to Hold; PT lowered from $26 to $17.
• International Seaways (INSW): Stifel downgraded from Buy to Hold; PT lowered from $69 to $56.
• Interpublic (IPG): Wells Fargo downgraded from Equal Weight to Underweight; PT lowered from $28 to $26.
• McDonald’s (MCD): Robert W. Baird downgraded from Outperform to Neutral; PT lowered from $320 to $290. Guggenheim also downgraded from Buy to Neutral; PT lowered from $290 to $285.
• Medpace (MEDP): Robert W. Baird downgraded from Outperform to Neutral; PT lowered from $413 to $349.
• Star Bulk Carriers (SBLK): Stifel downgraded from Buy to Hold; PT lowered from $30 to $21.
• Scorpio Tankers (STNG): Stifel downgraded from Buy to Hold; PT lowered from $90 to $65.
• TFI International (TFII): Stifel downgraded from Buy to Hold; PT lowered from $158 to $142.
• UP Fintech (TIGR): Citigroup downgraded from Buy to Sell; PT unchanged at $5.
• Enphase Energy (ENPH): Multiple downgrades to Neutral and Sell.
• A.O. Smith (AOS): DA Davidson downgraded from Buy to Neutral; PT unchanged at $80.
• Alto Neuroscience (ANRO): Multiple downgrades to Neutral.

Coverage Initiated

• Artivion (AORT): JMP Securities rated as Market Outperform; PT $33.
• Coinbase Global (COIN): B. Riley Securities rated as Neutral; PT $185.
• Corteva (CTVA): Citigroup rated as Buy; PT $68.
• FMC Corp (FMC): Citigroup rated as Neutral; PT $67.
• Gladstone (GLAD): B. Riley Securities rated as Neutral; PT $23.
• Grab (GRAB): Daiwa Securities rated as Outperform; PT $4.6.
• Disc Medicine (IRON): Jefferies rated as Buy; PT $89.
• Oracle (ORCL): RBC Capital Markets rated as Sector Perform; PT $165.
• Xos (XOS): ROTH MKM rated as Buy; PT $15.
• Smurfit Westrock plc (SW): Citigroup rated as Buy; PT $57.
• Charles River (CRL): CLSA rated as Underperform; PT $167.
• Ferguson plc (FERG): Oppenheimer rated as Outperform; PT $234.

October 22nd

Upgrades

• Aegon N.V. (AEG): UBS upgraded from Neutral to Buy.
• Fluor (FLR): Citigroup upgraded from Neutral to Buy; price target increased from $52 to $65.
• First Solar (FSLR): Citigroup upgraded from Neutral to Buy; price target increased from $200 to $254.
• Paylocity (PCTY): Jefferies upgraded from Hold to Buy; price target increased from $145 to $200.
• AMC Networks (AMCX): Seaport Research Partners upgraded from Neutral to Buy; no price target listed.
• IAMGOLD (IAG): Canaccord Genuity upgraded from Hold to Buy.
• Washington Trust (WASH): Piper Sandler upgraded from Underweight to Neutral; price target increased from $30 to $34.
• 3M (MMM): Melius upgraded from Hold to Buy.

Downgrades

• Canadian Solar (CSIQ): Citigroup downgraded from Neutral to Sell; price target decreased from $19 to $11.
• Duke Energy (DUK): KeyBanc Capital Markets downgraded from Overweight to Sector Weight.
• Global Payments (GPN): Bernstein downgraded from Outperform to Market Perform; price target decreased from $135 to $112.
• Tecnoglass (TGLS): Raymond James downgraded from Strong Buy to Market Perform.
• Coherent (COHR): Rosenblatt downgraded from Buy to Neutral; price target set at $105.
• Gatos Silver (GATO): Canaccord Genuity downgraded from Buy to Hold.
• Deckers Outdoor (DECK): BTIG Research downgraded from Buy to Neutral.
• ING Groep (ING): Barclays downgraded from Overweight to Equal Weight.
• Ping An Insurance (PNGAY): Jefferies downgraded from Buy to Hold.
• AAON (AAON): Sidoti downgraded from Buy to Neutral; price target decreased from $102 to $111.
• Snowflake (SNOW): Cleveland Research downgraded from Buy to Neutral.

New Coverage Initiated

• Applied Industrial (AIT): Mizuho initiated coverage with Outperform; price target set at $285.
• AppLovin (APP): Loop Capital initiated coverage with Buy; price target set at $181.
• Braze (BRZE): Stifel initiated coverage with Buy; price target set at $37.
• Cadence Design (CDNS): Mizuho initiated coverage with Outperform; price target set at $325.
• Costco (COST): Bernstein initiated coverage with Outperform; price target set at $1016.
• California Resources Corp (CRC): Stephens initiated coverage with Overweight; price target set at $73.
• Contineum Therapeutics (CTNM): Robert W. Baird initiated coverage with Outperform; price target set at $32.
• Dollar General (DG): Bernstein initiated coverage with Outperform; price target set at $98.
• Dollar Tree (DLTR): Bernstein initiated coverage with Market Perform; price target set at $76.
• Flex (FLEX): KeyBanc Capital Markets initiated coverage with Overweight; price target set at $41.
• Home Depot (HD): Bernstein initiated coverage with Market Perform; price target set at $451.
• Hershey Foods (HSY): Redburn Atlantic initiated coverage with Sell; price target set at $165.
• Klaviyo (KVYO): Stifel initiated coverage with Buy; price target set at $45.
• Lowe’s (LOW): Bernstein initiated coverage with Outperform; price target set at $323.
• Mondelez Int’l (MDLZ): Redburn Atlantic initiated coverage with Buy; price target set at $82.
• Insperity (NSP): JP Morgan initiated coverage with Underweight; price target set at $90.
• Plexus (PLXS): KeyBanc Capital Markets initiated coverage with Sector Weight.
• Synopsys (SNPS): Mizuho initiated coverage with Outperform; price target set at $650.
• Target (TGT): Bernstein initiated coverage with Market Perform; price target set at $168.
• Walmart (WMT): Bernstein initiated coverage with Outperform; price target set at $95.
• Zeta Global (ZETA): KeyBanc Capital Markets initiated coverage with Overweight; price target set at $40.
• Legacy Reserves (LGCY): Ladenburg Thalmann initiated coverage with Buy; price target set at $8.20.

October 21st

Upgrades

• Albertsons (ACI): Melius upgraded from Hold to Buy; PT $24.
• Ally Financial (ALLY): Raymond James upgraded from Underperform to Market Perform.
• Healthpeak Properties (DOC): Deutsche Bank upgraded from Hold to Buy; PT raised from $20 to $28.
• Gilead Sciences (GILD): Leerink Partners upgraded from Market Perform to Outperform; PT raised from $74 to $96.
• GitLab (GTLB): Needham upgraded from Hold to Buy; PT $70.
• Getty Realty Corp. (GTY): BofA upgraded from Neutral to Buy; PT raised from $31 to $34.
• Home Bancorp (HBCP): Raymond James upgraded from Market Perform to Outperform; PT $50.
• Independent Bank (INDB): Raymond James upgraded from Market Perform to Strong Buy; PT $74.
• JD.com (JD): Loop Capital upgraded from Hold to Buy; PT decreased from $49 to $48.
• Mid-America Apartment (MAA): Raymond James upgraded from Market Perform to Strong Buy; PT $175.
• Mohawk (MHK): Robert W. Baird upgraded from Neutral to Outperform; PT raised from $160 to $196.
• NexPoint Residential (NXRT): Raymond James upgraded from Market Perform to Outperform; PT $50.
• RH (RH): Wedbush upgraded from Neutral to Outperform; PT $430.
• Simmons First National (SFNC): Stephens upgraded from Equal-Weight to Overweight; PT raised from $27 to $28.
• Sportradar Group AG (SRAD): JP Morgan upgraded from Neutral to Overweight; PT raised from $12 to $15.
• Travere Therapeutics (TVTX): Wells Fargo upgraded from Equal Weight to Overweight; PT raised from $9 to $27.
• Volvo (VLVLY): Stifel upgraded from Hold to Buy.
• Warby Parker (WRBY): Goldman upgraded from Neutral to Buy; PT raised from $15 to $18.
• Gentherm (THRM): JP Morgan upgraded from Underweight to Neutral; PT $56.

Downgrades

• Centerspace (CSR): Raymond James downgraded from Outperform to Market Perform.
• Essex Property (ESS): Raymond James downgraded from Outperform to Market Perform.
• Extra Space Storage (EXR): Wells Fargo downgraded from Overweight to Equal Weight; PT $175.
• Canada Goose (GOOS): Goldman downgraded from Neutral to Sell; PT lowered from $11.5 to $9.
• HCI Group (HCI): Compass Point downgraded from Buy to Neutral; PT $119.
• Hilton (HLT): Melius downgraded from Buy to Hold.
• MDU Resources (MDU): BofA downgraded from Buy to Neutral; PT raised from $30 to $31.
• ServiceNow (NOW): Morgan Stanley downgraded from Overweight to Equal-Weight; PT raised from $900 to $960.
• Old Dominion (ODFL): Stifel downgraded from Buy to Hold; PT lowered from $209 to $197.
• Prologis (PLD): Goldman downgraded from Buy to Neutral; PT lowered from $142 to $132.
• Piedmont Lithium (PLL): JP Morgan downgraded from Neutral to Underweight; PT $9 to $8.
• Rexford Industrial Realty (REXR): BofA downgraded from Buy to Neutral; PT lowered from $66 to $49.
• Saia (SAIA): Stifel downgraded from Buy to Hold; PT lowered from $440 to $437.
• SolarEdge Technologies (SEDG): TD Cowen downgraded from Buy to Hold; PT lowered from $35 to $16.
• Trinity Industries (TRN): Susquehanna downgraded from Positive to Neutral; PT $34 to $35.
• UPS (UPS): Barclays downgraded from Equal Weight to Underweight; PT $120.
• WaFd, Inc. (WAFD): Keefe Bruyette downgraded from Outperform to Market Perform; PT $40.
• Hertz Global (HTZ): JP Morgan downgraded from Neutral to Underweight.
• Kering SA (PPRUY): Citigroup downgraded from Buy to Neutral.
• Munich Re (MURGY): Jefferies downgraded from Buy to Hold.
• SGS SA (SGSOY): RBC Capital Markets downgraded from Sector Perform to Underperform.
• Intertek Group (IKTSY): RBC Capital Markets downgraded from Outperform to Sector Perform.
• Petrobras (PBR): HSBC Securities downgraded from Buy to Hold.

Coverage Initiated

• BioAge Labs (BIOA): Morgan Stanley with Overweight; PT $40. Jefferies with Buy; PT $42.
• BKV Corporation (BKV): Barclays with Overweight; PT $24. Mizuho with Outperform; PT $29. KeyBanc Capital Markets with Overweight; PT $23. Jefferies with Buy; PT $28. Evercore ISI with Outperform; PT $24. Citigroup with Buy; PT $29.
• Capricor Therapeutics (CAPR): Piper Sandler with Overweight; PT $35.
• Elme Communities (ELME): Wolfe Research with Peer Perform.
• Esco Tech (ESE): The Benchmark Company with Buy; PT $150.
• GE Vernova (GEV): Deutsche Bank with Buy; PT $354.
• Guardian Pharmacy Services (GRDN): Truist with Buy; PT $22. Raymond James with Outperform; PT $21.
• Similarweb (SMWB): Needham with Buy; PT $11.
• INmune Bio (INMB): Alliance Global Partners with Buy; PT $20.
• Arcus Biosciences (RCUS): H.C. Wainwright with Neutral; PT $20.
• Hormel Foods (HRL): Exane BNP Paribas with Underperform; PT $28.
• Korro Bio (KRRO): Raymond James with Strong Buy; PT $153.
• Rhythm Pharmaceuticals (RYTM): Guggenheim with Buy; PT $70.
• Sarepta Therapeutics (SRPT): Jefferies with Buy; PT $165.
• Alaska Air (ALK): Barclays with Overweight; PT $55.
• CyberArk (CYBR): Scotiabank with Sector Outperform; PT $340.
• Perfect Corp. (PERF): Noble Capital Markets with Outperform; PT $5.