Upgrades
- Hilton Food (HLFGY) upgraded by Berenberg from Hold to Buy
- Avangrid (AGR) upgraded by Mizuho from Underperform to Neutral
- Spar Group Limited (SGPPF) upgraded by Citi from Neutral to Buy
- Tele2 (TLTZY) upgraded by Kepler Cheuvreux from Hold to Buy
- National Australia Bank (NABZY) upgraded by Macquarie from Neutral to Outperform
- Harmony Biosciences (HRMY) upgraded by Jefferies from Hold to Buy
- Infosys (INFY) upgraded by Investec from Hold to Buy
- Schindler (SHLAF) upgraded by HSBC from Reduce to Hold
- Delta Air Lines (DAL) upgraded by Cowen from Market Perform to Outperform
- Carlisle (CSL) upgraded by Credit Suisse from Neutral to Outperform
- Atlas Copco (ATLKY) upgraded by Societe Generale from Hold to Buy
- CSX (CSX) upgraded by Vertical Research from Hold to Buy
- ZTE Corp. (ZTCOY) upgraded by Goldman Sachs from Sell to Neutral
- C.H. Robinson (CHRW) upgraded by Vertical Research from Sell to Hold
Downgrades
- Coca-Cola Femsa (KOF) downgraded by BBVA from Outperform to Market Perform
- TSMC (TSM) downgraded by Goldman Sachs from Conviction Buy to Buy
- Saint-Gobain (CODYY) downgraded by Goldman Sachs from Buy to Neutral
- CIFI Holdings (CFFHF) downgraded by HSBC from Hold to Reduce
- British Land (BTLCY) downgraded by AlphaValue/Baader from Add to Reduce
- Siemens (SIEGY) downgraded by Societe Generale from Buy to Hold
- Philips (PHG) downgraded by Deutsche Bank from Hold to Sell
- Organon (OGN) downgraded by BofA from Neutral to Underperform
- Berkshire Hills (BHLB) downgraded by Piper Sandler from Neutral to Underweight
- Azek (AZEK) downgraded by Credit Suisse from Outperform to Neutral
- Fortune Brands (FBHS) downgraded by Credit Suisse from Outperform to Neutral
- Jeld-Wen (JELD) downgraded by Credit Suisse from Outperform to Neutral
- Stanley Black & Decker (SWK) downgraded by Credit Suisse from Outperform to Neutral
- Trex Company (TREX) downgraded by Credit Suisse from Neutral to Underperform
- Nasdaq (NDAQ) downgraded by BofA from Buy to Underperform
- Northrop Grumman (NOC) downgraded by JPMorgan from Overweight to Neutral
- Werner (WERN) downgraded by Vertical Research from Buy to Hold
- Yellow Corp (YELL) downgraded by Vertical Research from Buy to Hold
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