Upgrades
- Big Yellow Group (BYLOF) upgraded by Goldman Sachs from Buy to Conviction Buy
- Cellnex Telecom (CLLNY) upgraded by Goldman Sachs from Buy to Conviction Buy
- Mercedes-Benz (MBGYY) upgraded by Goldman Sachs from Buy to Conviction Buy
- Rolls-Royce (RYCEY) upgraded by Goldman Sachs from Buy to Conviction Buy
- easyJet (ESYJY) upgraded by JPMorgan from Neutral to Overweight
- KPN (KKPNY) upgraded by Citi from Neutral to Buy
- Rockwell Automation (ROK) upgraded by Daiwa from Outperform to Buy
- AT&T (T) upgraded by JPMorgan from Neutral to Overweight
- Target (TGT) upgraded by Goldman Sachs from Buy to Conviction Buy
- Ally Financial (ALLY) upgraded by Goldman Sachs from Buy to Conviction Buy
- Installed Building Products (IBP) upgraded by Goldman Sachs from Buy to Conviction Buy
- Altium (ALMFF) upgraded by Citi from Neutral to Buy
- Cigna (CI) upgraded by Deutsche Bank from Hold to Buy
Downgrades
- Corning (GLW) downgraded by HSBC from Hold to Reduce
- Brookfield Asset Management (BAM) downgraded by HSBC from Buy to Hold
- Puma (PUMSY) downgraded by Goldman Sachs from Conviction Buy to Buy
- Next plc (NXGPF) downgraded by Barclays from Overweight to Equal Weight
- Puma (PUMSY) downgraded by RBC Capital from Outperform to Sector Perform
- New York Community Bancorp (NYCB) downgraded by Jefferies from Buy to Hold
- PPG (PPG) downgraded by Redburn Atlantic from Buy to Neutral
- Qualcomm (QCOM) downgraded by Citi from Buy to Neutral
- ZoomInfo (ZI) downgraded by Morgan Stanley from Overweight to Equal Weight
- JPMorgan (JPM) downgraded by Goldman Sachs from Conviction Buy to Buy
- Republic Services (RSG) downgraded by Goldman Sachs from Conviction Buy to Buy
- Okta (OKTA) downgraded by Goldman Sachs from Conviction Buy to Buy
- StoneCo (STNE) downgraded by UBS from Buy to Neutral
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