Upgrades
- Organon (OGN) upgraded by Piper Sandler from Underweight to Neutral
- Arca Continental (EMBVF) upgraded by Itau BBA from Market Perform to Outperform
- IBM (IBM) upgraded by HSBC from Reduce to Hold
- Var Energi (VARRY) upgraded by Kepler Cheuvreux from Reduce to Hold
- Ypsomed (YPHDF) upgraded by Barclays from Equal Weight to Overweight
- BW LPG (BWLP) upgraded by Kepler Cheuvreux from Hold to Buy
- Holcim (HCMLY) upgraded by DZ Bank from Hold to Buy
- Deutsche Boerse (DBOEY) upgraded by Oddo BHF from Neutral to Outperform
- Saint-Gobain (CODYY) upgraded by RBC Capital from Sector Perform to Outperform
- Old Dominion (ODFL) upgraded by Baird from Underperform to Neutral
- Siemens (SIEGY) upgraded by HSBC from Hold to Buy
- Telus (TU) upgraded by TD Securities from Hold to Buy
- TFI International (TFII) upgraded by BofA from Neutral to Buy
Downgrades
- Telefonica Brasil (VIV) downgraded by Bradesco BBI from Outperform to Neutral
- Tim SA (TIMB) downgraded by Bradesco BBI from Outperform to Neutral
- BioArctic (BRCTF) downgraded by Goldman Sachs from Buy to Neutral
- J Sainsbury (JSAIY) downgraded by Citi from Buy to Neutral
- ARC Resources (AETUF) downgraded by BMO Capital from Outperform to Market Perform
- Avolta (DUFRY) downgraded by UBS from Buy to Neutral
- Nucor (NUE) downgraded by UBS from Buy to Neutral
- Soitec (SLOIY) downgraded by Oddo BHF from Outperform to Neutral
- Rambus (RMBS) downgraded by Baird from Outperform to Neutral
- Nemak (NMAKF) downgraded by JPMorgan from Overweight to Neutral
- Compass Therapeutics (CMPX) downgraded by Raymond James from Outperform to Market Perform
- Tronox (TROX) downgraded by Truist from Hold to Sell
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