Top upgrades and downgrades on 5/12

Upgrades

• $Albemarle (ALB.US)$ : Wells Fargo Upgrades to Overweight from Equal Weight - PT $285 (from $215)

• $Alcon (ALC.US)$ : Stephens Upgrades to Overweight from EqualWeight - PT $92 (from $86)

• $Atlantica Sustainable Infrastructure(Delisted) (AY.US)$ : BofA Securities Upgrades to Buy from Neutral - PT $33 (from $38)

• $Coupang (CPNG.US)$ : Citigroup Upgrades to Buy from Neutral - PT $15 (from $29)

• $89bio (ETNB.US)$ : Raymond James Upgrades to Strong Buy from Outperform - PT $12 (from $33)

• $EVgo Inc (EVGO.US)$ : Credit Suisse Upgrades to Outperform from Neutral - PT $14

• $Federal Realty Investment Trust (FRT.US)$ : Raymond James Upgrades to Strong Buy from Market Perform - PT $140

• $Grocery Outlet (GO.US)$ : R5 Capital Upgrades to Hold from Sell - PT $30.46 (from $17.93)

• $International Game Technology (IGT.US)$ : Jefferies Upgrades to Buy from Hold - PT $26 (from $30)

• $Kratos Defense & Security Solutions (KTOS.US)$ : Baird Upgrades to Outperform from Neutral - PT $20

• $Montrose Environmental (MEG.US)$ : JPMorgan Upgrades to Overweight from Neutral - PT $47 (from $55)

• $ON Semiconductor (ON.US)$ : Wells Fargo Upgrades to Overweight from Equal Weight - PT $65 (from $58)

• $Plains All American Pipeline (PAA.US)$ : Credit Suisse Upgrades to Outperform from Neutral - PT $14 (from $13)

• $Pan American Silver (PAAS.US)$ : Canaccord Upgrades to Buy from Hold - PT $30

• $Plains GP Holdings (PAGP.US)$ : Credit Suisse Upgrades to Outperform from Neutral - PT $14 (from $13)

• $SciPlay (SCPL.US)$ : Truist Securities Upgrades to Buy from Hold - PT $15

• $SmartRent (SMRT.US)$ : Cantor Fitzgerald Upgrades to Overweight from Neutral - PT $6

• $Valvoline (VVV.US)$ : JPMorgan Upgrades to Overweight from Neutral - PT $36 (from $30)

• $Warner Bros Discovery (WBD.US)$ : Cowen Upgrades to Outperform from Market Perform - PT $24 (from $31)

Downgrades

• $Air Products & Chemicals (APD.US)$ : Wells Fargo Downgrades to Equal Weight from Overweight - PT $255 (from $275)

• $American Express (AXP.US)$ : Wolfe Research Downgrades to Peerperform from Outperform - PT $146 (from $213)

• $Dutch Bros (BROS.US)$ : Stifel Downgrades to Hold from Buy - PT $30 (from $70)

• $Beyond Meat (BYND.US)$ : Barclays Downgrades to Equalweight from Overweight - PT $25 (from $80)

• $Capital One Financial (COF.US)$ : Wolfe Research Downgrades to Underperform from Peerperform - PT $86 (from $131)

• $Coupa Software (COUP.US)$ : Goldman Sachs Downgrades to Sell from Neutral - PT $64 (from $83)

• $Discover Financial Services (DFS.US)$ : Wolfe Research Downgrades to Peerperform from Outperform - PT $97 (from $136)

• $Ford Motor (F.US)$ : Wells Fargo Downgrades to Underweight from Overweight - PT $12 (from $24)

• $General Motors (GM.US)$ : Wells Fargo Downgrades to Underweight from Overweight - PT $33 (from $74)

• $Points International (PCOM.US)$ : Northland Downgrades to Market Perform from Outperform - PT $25

• $Pegasystems (PEGA.US)$ : JMP Securities Downgrades to Market Perform from Market Outperform

• $Redbox Entertainment (RDBX.US)$ : Wedbush Downgrades to Neutral from Outperform - PT $0.65 (from $3)

• $SEMrush (SEMR.US)$ : KeyBanc Downgrades to Sector Weight from Overweight

• $Stericycle(Delisted) (SRCL.US)$ : Berenberg Downgrades to Hold from Buy - PT $46

• $Switch (SWCH.US)$ : Citigroup Downgrades to Neutral from Buy - PT $34.25 (from $30)

• $Synchrony Financial (SYF.US)$ : Wolfe Research Downgrades to Underperform from Peerperform - PT $22 (from $38)

• $Zoom Communications (ZM.US)$ : Piper Sandler Downgrades to Neutral from Overweight - PT $96 (from $157)

Initiated

• $Boyd Gaming (BYD.US)$ : Berenberg înitiates at Buy - PT $78

• $DigitalOcean (DOCN.US)$ : Goldman Sachs înitiates at Buy - PT $49

• $IVERIC bio (ISEE.US)$ : B.Riley înitiates at Neutral - PT $12

• $Itron (ITRI.US)$ : Piper Sandler înitiates at Neutral - PT $51

• $Red Rock Resorts (RRR.US)$ : Berenberg înitiates at Buy - PT $50

• $Starry Group (STRY.US)$ : Citigroup înitiates at Neutral - PT $9.50