Upgrades
- Lucid Group (LCID) upgraded by Morgan Stanley from Underweight to Equal Weight
- GDS Holdings (GDS) upgraded by Jefferies from Hold to Buy
- Endesa (ELEZY) upgraded by Barclays from Equal Weight to Overweight
- Ralph Lauren (RL) upgraded by Goldman Sachs from Neutral to Buy
- Block (XYZ) upgraded by Keefe Bruyette from Market Perform to Outperform
- Duolingo (DUOL) upgraded by Citizens JMP from Market Perform to Outperform
- Anglo American (NGLOY) upgraded by RBC Capital from Underperform to Sector Perform
- Sibanye Stillwater (SBSW) upgraded by RBC Capital from Sector Perform to Outperform
- CNX Resources (CNX) upgraded by Stephens from Equal Weight to Overweight
- EQT Corporation (EQT) upgraded by Stephens from Equal Weight to Overweight
- Expand Energy (EXE) upgraded by Stephens from Equal Weight to Overweight
- WTW (WTW) upgraded by UBS from Neutral to Buy
- Paccar (PCAR) upgraded by Melius Research from Hold to Buy
Downgrades
- TPI Composites (TPIC) downgraded by Jefferies from Hold to Underperform
- Iberdrola (IBDRY) downgraded by Morgan Stanley from Overweight to Equal Weight
- Rubis (RBSFY) downgraded by Kepler Cheuvreux from Buy to Hold
- QinetiQ (QNTQY) downgraded by Kepler Cheuvreux from Buy to Hold
- EMS-Chemie (EMSHF) downgraded by Kepler Cheuvreux from Hold to Reduce
- Kongsberg Gruppen (NSKFF) downgraded by Nordea from Buy to Hold
- CTS Eventim (CEVMY) downgraded by Redburn Atlantic from Buy to Neutral
- ACS (ACSAF) downgraded by UBS from Buy to Neutral
- Incyte (INCY) downgraded by Guggenheim from Buy to Neutral
- PepsiCo (PEP) downgraded by Barclays from Overweight to Equal Weight
- Incyte (INCY) downgraded by William Blair from Outperform to Market Perform
- Paccar (PCAR) downgraded by UBS from Buy to Neutral
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