Upgrades
- Taiwan Semiconductor (TSM) upgraded by Goldman Sachs from Buy to Conviction Buy
- America Movil (AMX) upgraded by HSBC from Hold to Buy
- Vodacom (VDMCY) upgraded by HSBC from Reduce to Hold
- Union Pacific (UNP) upgraded by Deutsche Bank from Hold to Buy
- Alvotech (ALVO) upgraded by Citi from Sell to Neutral
- Cognizant (CTSH) upgraded by Citi from Neutral to Buy
- Umicore (UMICY) upgraded by Oddo BHF from Underperform to Neutral
- Merck (MRK) upgraded by UBS from Neutral to Buy
- Knight-Swift (KNX) upgraded by JPMorgan from Underweight to Neutral
- AT&T (T) upgraded by Scotiabank from Sector Perform to Outperform
- Corteva (CTVA) upgraded by Oppenheimer from Perform to Outperform
- Crocs (CROX) upgraded by Raymond James from Market Perform to Outperform
- Dycom (DY) upgraded by Raymond James from Outperform to Strong Buy
Downgrades
- Sunrun (RUN) downgraded by Deutsche Bank from Buy to Hold
- SolarEdge (SEDG) downgraded by Deutsche Bank from Buy to Hold
- Telefonica (TEF) downgraded by HSBC from Hold to Reduce
- SolarEdge (SEDG) downgraded by Roth MKM from Buy to Neutral
- Millicom (TIGO) downgraded by HSBC from Buy to Hold
- Blue Owl Capital (OWL) downgraded by UBS from Buy to Neutral
- HSBC (HSBC) downgraded by Keefe Bruyette from Outperform to Market Perform
- SolarEdge (SEDG) downgraded by Goldman Sachs from Buy to Neutral
- Yum! Brands (YUM) downgraded by Redburn Atlantic from Buy to Neutral
- Columbia Sportswear (COLM) downgraded by Seaport Research from Buy to Neutral
- SolarEdge (SEDG) downgraded by BofA from Neutral to Underperform
- Bluescope Steel (BLSFY) downgraded by Jefferies from Buy to Hold
- Tourmaline Oil (TRMLF) downgraded by Cormark from Buy to Market Perform
- Tamarack Valley (TNEYF) downgraded by Cormark from Buy to Market Perform
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