Upgrades
- Fluence Energy (FLNC) upgraded by Goldman Sachs from Neutral to Buy
- SunPower (SPWR) upgraded by Goldman Sachs from Sell to Neutral
- Shoals Technologies (SHLS) upgraded by Goldman Sachs from Sell to Neutral
- Tritax Big Box REIT (TTBXF) upgraded by Berenberg from Hold to Buy
- Philip Morris (PM) upgraded by JPMorgan from Neutral to Overweight
- Anglo American (NGLOY) upgraded by Morgan Stanley from Underweight to Equal Weight
- Telefonica (TEF) upgraded by Exane BNP Paribas from Underperform to Outperform
- Tele2 (TLTZY) upgraded by Exane BNP Paribas from Neutral to Outperform
- Equinor (EQNR) upgraded by Deutsche Bank from Hold to Buy
- Ericsson (ERIC) upgraded by DNB Markets from Hold to Buy
- Novartis (NVS) upgraded by Oddo BHF from Neutral to Outperform
- AngloGold Ashanti (AU) upgraded by Morgan Stanley from Equal Weight to Overweight
- Walmart (WMT) upgraded by Evercore ISI from In Line to Outperform
- Crown Castle (CCI) upgraded by MoffettNathanson from Market Perform to Outperform
- American Tower (AMT) upgraded by MoffettNathanson from Market Perform to Outperform
Downgrades
- Boliden (BDNNY) downgraded by Morgan Stanley from Equal Weight to Underweight
- Southern Copper (SCCO) downgraded by Morgan Stanley from Overweight to Equal Weight
- Loop Energy (LPENF) downgraded by National Bank from Outperform to Sector Perform
- KPN (KKPNY) downgraded by Exane BNP Paribas from Outperform to Neutral
- Telefonica Deutschland (TELDF) downgraded by Exane BNP Paribas to Underperform
- Atreca (BCEL) downgraded by Evercore ISI from Outperform to In Line
- Next plc (NXGPF) downgraded by Societe Generale from Buy to Hold
- OMA (OMAB) downgraded by JPMorgan from Neutral to Underweight
- Asur (ASR) downgraded by JPMorgan from Overweight to Neutral
- Park Hotels & Resorts (PK) downgraded by Wells Fargo from Overweight to Equal Weight
- Charles Schwab (SCHW) downgraded by Morgan Stanley from Overweight to Equal Weight
- Hormel Foods (HRL) downgraded by Argus from Buy to Hold
- Cutera (CUTR) downgraded by Maxim from Buy to Hold
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