Top upgrades and downgrades on 5/13

Upgrades

• $BLACKSTONE SECD LENDING FD (BXSL.US)$ : Raymond James Upgrades to Outperform from Market Perform - PT $26

• $Constellation Energy (CEG.US)$ : Guggenheim Upgrades to Buy from Neutral - PT $70 (from $51)

• $Copa Holdings (CPA.US)$ : Barclays Upgrades to Overweight from Equalweight - PT $96

• $Krispy Kreme (DNUT.US)$ : HSBC Upgrades to Buy from Hold - PT $17

• $Duolingo (DUOL.US)$ : Raymond James Upgrades to Outperform from Market Perform - PT $98

• $Endeavor Group (EDR.US)$ : Barclays Upgrades to Overweight from Equalweight - PT $27

• $First Solar (FSLR.US)$ : Piper Sandler Upgrades to Overweight from Neutral - PT $90 (from $80)

• $Mercury Systems (MRCY.US)$ : Truist Securities Upgrades to Buy from Hold - PT $71 (from $60)

• $Nokia Oyj (NOK.US)$ : AlphaValue Upgrades to Buy from Add

• $Old National Bancorp (ONB.US)$ : Stephens Upgrades to Overweight from Equal Weight - PT $19

• $Squarespace (SQSP.US)$ : Wedbush Upgrades to Outperform from Neutral - PT $34 (from $25)

• $WEC Energ Group Inc (WEC.US)$ : BofA Securities Upgrades to Buy from Neutral - PT $109 (from $107.85)

Downgrades

• $Atmos Energy (ATO.US)$ : Goldman Sachs Downgrades to Neutral from Buy - PT $113

• $Avaya Holdings (AVYA.US)$ : Cowen Downgrades to Market Perform from Outperform - PT $6 (from $26)

• $Carvana (CVNA.US)$ : Jefferies Downgrades to Hold from Buy - PT $40 (from $150)

• $Equinor (EQNR.US)$ : Jefferies Downgrades to Hold from Buy

• $Fluence Energy (FLNC.US)$ : Goldman Sachs Downgrades to Neutral from Buy - PT $9.50 (from $23)

• $ironSource (IS.US)$ : BTIG Downgrades to Neutral from Buy

• $KB Home (KBH.US)$ : Wolfe Research Downgrades to Underperform from Peerperform - PT $28

• $Meritage Homes (MTH.US)$ : Wolfe Research Downgrades to Peerperform from Outperform

• $Outbrain (OB.US)$ : Evercore ISI Downgrades to In Line from Outperform - PT $9 (from $17)

• $PetIQ(Delisted) (PETQ.US)$ : Oppenheimer Downgrades to Perform from Outperform

• $Pulse Biosciences (PLSE.US)$ : H.C. Wainwright Downgrades to Neutral from Buy

• $Switch (SWCH.US)$ : Barclays Downgrades to Equal Weight from Overweight - PT $34 (from $32)

• $TuSimple (TSP.US)$ : RBC Capital Downgrades to Sector Perform from Outperform - PT $7 (from $14)

• $United Parcel Service (UPS.US)$ : JPMorgan Downgrades to Neutral from Overweight - PT $202 (from $229)

Initiated

• $ESAB Corp (ESAB.US)$ : Loop Capital initiates at Hold - PT $52

• $Redwood Trust Inc (RWT.US)$ : JPMorgan initiates at Overweight - PT $11.50

• $NuScale Power (SMR.US)$ : Cowen initiates at Outperform - PT $15