Upgrades
- Valeo (VLEEY) upgraded by Jefferies from Underperform to Buy
- Telia (TLSNY) upgraded by Citi from Sell to Neutral
- Rio Tinto (RIO) upgraded by Morgan Stanley from Equal Weight to Overweight
- Avance Gas (AVACF) upgraded by Pareto from Hold to Buy
- SGL Carbon (SGLFF) upgraded by Baader Europe from Reduce to Add
- Nordex (NRDXF) upgraded by Societe Generale from Hold to Buy
- Asos (ASOMY) upgraded by Liberum from Sell to Hold
- Pinnacle West (PNW) upgraded by BofA from Underperform to Neutral
- Paramount (PARA) upgraded by Loop Capital from Sell to Hold
- Hamilton Lane (HLNE) upgraded by Oppenheimer from Perform to Outperform
- RingCentral (RNG) upgraded by Needham from Hold to Buy
Downgrades
- Salmar (SALRF) downgraded by DNB Markets from Buy to Hold
- Snowflake (SNOW) downgraded by Wolfe Research from Outperform to Peer Perform
- 9 Meters Biopharma (NMTR) downgraded by Brookline from Buy to Hold
- Linde (LIN) downgraded by Oddo BHF from Outperform to Underperform
- Elisa (ELMUF) downgraded by Citi from Neutral to Sell
- Suedzucker (SUEZY) downgraded by Oddo BHF from Neutral to Underperform
- Nabtesco (NCTKF) downgraded by Daiwa from Outperform to Neutral
- Annexon (ANNX) downgraded by BofA from Buy to Neutral
- Terran Orbital (LLAP) downgraded by BofA from Buy to Underperform
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