Upgrades
- Air France-KLM (AFLYY) upgraded by Barclays from Underweight to Equal Weight
- Lufthansa (DLAKY) upgraded by Barclays from Underweight to Equal Weight
- PG&E (PCG) upgraded by UBS from Neutral to Buy
- Brinker (EAT) upgraded by Wolfe Research from Peer Perform to Outperform
- Verizon (VZ) upgraded by Scotiabank from Sector Perform to Outperform
- GE Vernova (GEV) upgraded by Rothschild & Co Redburn from Sell to Buy
- Cognex (CGNX) upgraded by JPMorgan from Underweight to Neutral
- Citizens Financial (CFG) upgraded by Baird from Neutral to Outperform
- Truist Financial (TFC) upgraded by Baird from Neutral to Outperform
- LyondellBasell (LYB) upgraded by RBC Capital from Sector Perform to Outperform
- Dow Inc. (DOW) upgraded by RBC Capital from Sector Perform to Outperform
- Schneider National (SNDR) upgraded by Citi from Sell to Neutral
- Werner (WERN) upgraded by Citi from Sell to Neutral
Downgrades
- Anglo American (NGLOY) downgraded by JPMorgan from Neutral to Underweight
- ArcelorMittal (MT) downgraded by JPMorgan from Overweight to Underweight
- Rio Tinto (RIO) downgraded by JPMorgan from Overweight to Neutral
- Voestalpine (VLPNY) downgraded by JPMorgan from Overweight to Underweight
- Centrica (CPYYY) downgraded by Kepler Cheuvreux from Hold to Reduce
- IMI (IMIAY) downgraded by Kepler Cheuvreux from Buy to Hold
- Orange (ORANY) downgraded by Kepler Cheuvreux from Buy to Hold
- Marriott Vacations (VAC) downgraded by Citizens from Outperform to Market Perform
- Starbucks (SBUX) downgraed by Wolfe Research from Outperform to Peer Perform
- Coterra Energy (CTRA) downgraded by Texas Capital from Buy to Hold
- Brown-Forman (BF.B) downgraded by Bernstein from Outperform to Market Perform
- Jefferies Financial (JEF) downgraded by Morgan Stanley from Overweight to Equal Weight
- Scotiabank (BNS) downgraded by Canaccord from Buy to Hold
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