Upgrades
- Allstate (ALL) upgraded by HSBC from Hold to Buy
- CyberAgent (CYAGF) upgraded by Citi from Sell to Neutral
- Triumph Group (TGI) upgraded by Wolfe Research from Peer Perform to Outperform
- Public Storage (PSA) upgraded by Raymond James from Market Perform to Strong Buy
- Vornado (VNO) upgraded by Morgan Stanley from Underweight to Equal Weight
- PNC Financial (PNC) upgraded by HSBC from Reduce to Hold
- U.S. Bancorp (USB) upgraded by HSBC from Hold to Buy
- Holcim (HCMLY) upgraded by Oddo BHF from Neutral to Outperform
- Kone OYJ (KNYJY) upgraded by Oddo BHF from Neutral to Outperform
- Estee Lauder (EL) upgraded by BofA from Neutral to Buy
- Omnicom (OMC) upgraded by Exane BNP Paribas from Neutral to Outperform
- Haidilao International (HDALF) upgraded by HSBC from Reduce to Hold
Downgrades
- Weibo (WB) downgraded by Goldman Sachs from Buy to Neutral
- Munich Re (MURGY) downgraded by HSBC from Buy to Hold
- Swiss Re (SSREY) downgraded by HSBC from Buy to Hold
- Hannover Re (HVRRY) downgraded by HSBC from Hold to Reduce
- Extra Space Storage (EXR) downgraded by Raymond James from Strong Buy to Outperform
- Bank of America (BAC) downgraded by HSBC from Buy to Hold
- Vista Energy (VIST) downgraded by UBS from Buy to Neutral
- Aviva (AVVIY) downgraded by Exane BNP Paribas from Neutral to Underperform
- Deutsche Post (DHLGY) downgraded by Deutsche Bank from Buy to Hold
- Legal & General (LGGNY) downgraded by Exane BNP Paribas from Outperform to Neutral
- Volvo (VLVLY) downgraded by Nordea from Buy to Hold
- Apple (AAPL) downgraded by DZ Bank from Buy to Hold
- Argonaut Gold (ARNGF) downgraded by BMO Capital from Outperform to Market Perform
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