Upgrades
- SAP (SAP) upgraded by UBS from Neutral to Buy
- Royal Mail (ROYMY) upgraded by Berenberg from Hold to Buy
- Coca-Cola (KO) upgraded by JPMorgan from Neutral to Overweight
- Pfizer (PFE) upgraded by UBS from Neutral to Buy
- Warner Music (WMG) upgraded by Redburn from Sell to Neutral
- Hugo Boss (BOSSY) upgraded by Oddo BHF from Neutral to Outperform
- National Storage (NSA) upgraded by BMO Capital from Market Perform to Outperform
- NetApp (NTAP) upgraded by JPMorgan from Neutral to Overweight
- Globus Medical (GMED) upgraded by BofA from Underperform to Buy
- Atmos Energy (ATO) upgraded by Barclays from Underweight to Equal Weight
- First Merchants (FRME) upgraded by Hovde Group from Market Perform to Outperform
- TaskUs (TASK) upgraded by Morgan Stanley from Equal Weight to Overweight
- Spirit Airlines (SAVE) upgraded by Seaport Global from Neutral to Buy
- Hochschild Mining (HCHDF) upgraded by JPMorgan from Neutral to Overweight
- GoPro (GPRO) upgraded by Wedbush from Neutral to Outperform
- KB Home (KBH) upgraded by Zelman from Hold to Buy
Downgrades
- Pan Pacific (DQJCF) downgraded by Goldman Sachs from Conviction Buy to Buy
- Supermarket Income (SUPIF) downgraded by Goldman Sachs from Buy to Neutral
- NorthWestern (NWE) downgraded by Wells Fargo from Overweight to Equal Weight
- Cambium Networks (CMBM) downgraded by JPMorgan from Overweight to Neutral
- CommScope (COMM) downgraded by JPMorgan from Overweight to Neutral
- Merck (MRK) downgraded by UBS from Buy to Neutral
- Wizz Air (QZZAF) downgraded by HSBC from Hold to Reduce
- IGM Biosciences (IGMS) downgraded by RBC Capital from Outperform to Sector Perform
- Exicure (XCUR) downgraded by Chardan from Buy to Neutral
- Costco (COST) downgraded by R5 Capital from Buy to Hold
- Umicore (UMICY) downgraded by Goldman Sachs from Buy to Neutral
- Kojamo Oyj (KOJAF) downgraded by Goldman Sachs from Buy to Neutral
- Timken (TKR) downgraded by Goldman Sachs from Buy to Neutral
- Arkema (ARKAY) downgraded by Morgan Stanley from Equal Weight to Underweight
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