Upgrades
- Philips (PHG) upgraded by Jefferies from Underperform to Hold
- VAT Group (VACNY) upgraded by Kepler Cheuvreux from Hold to Buy
- Summit Materials (SUM) upgraded by Barclays from Equal Weight to Overweight
- Coca-Cola Femsa (KOF) upgraded by Citi from Neutral to Buy
Downgrades
- Linamar (LIMAF) downgraded by Scotiabank from Outperform to Sector Perform
- Cemex (CX) downgraded by JPMorgan from Overweight to Neutral
- Redwire (RDW) downgraded by B. Riley from Buy to Neutral
- ABB (ABBNY) downgraded by Goldman Sachs from Buy to Neutral
- Tapestry (TPR) downgraded by TD Cowen from Buy to Hold
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