Upgrades
- Chemours (CC) upgraded by RBC Capital from Sector Perform to Outperform
- Anglo American (NGLOY) upgraded by UBS from Neutral to Buy
- Johnson & Johnson (JNJ) upgraded by UBS from Neutral to Buy
- Astra International (PTAIY) upgraded by JPMorgan from Underweight to Neutral
- Elastic (ESTC) upgraded by Wells Fargo from Equal Weight to Overweight
- Constellation Brands (STZ) upgraded by Goldman Sachs from Buy to Conviction Buy
- AXA (AXAHY) upgraded by Keefe Bruyette from Market Perform to Outperform
- On the Beach Group (OOBHF) upgraded by Panmure Gordon from Hold to Buy
- Rio Tinto (RIO) upgraded by Liberum from Hold to Buy
- Rolls-Royce (RYCEY) upgraded by Oddo BHF from Neutral to Outperform
- Storebrand (SREDY) upgraded by Keefe Bruyette from Underperform to Market Perform
- Norfolk Southern (NSC) upgraded by BofA from Neutral to Buy
- Medibank Private (MDBPF) upgraded by Jefferies from Hold to Buy
Downgrades
- Societe Generale (SCGLY) downgraded by Goldman Sachs from Neutral to Sell
- ImmunoGen (IMGN) downgraded by BMO Capital from Outperform to Market Perform
- Alibaba (BABA) downgraded by Morgan Stanley from Overweight to Equal Weight
- Spotify (SPOT) downgraded by Citi from Buy to Neutral
- LVMH (LVMUY) downgraded by Morgan Stanley from Overweight to Equal Weight
- Tesco (TSCDY) downgraded by JPMorgan from Neutral to Underweight
- Pearson (PSO) downgraded by Deutsche Bank from Buy to Hold
- Prada (PRDSY) downgraded by Bernstein from Outperform to Market Perform
- Lemonade (LMND) downgraded by Oppenheimer from Outperform to Perform
- BioNTech (BNTX) downgraded by JPMorgan from Neutral to Underweight
- Warner Bros. Discovery (WBD) downgraded by Goldman Sachs from Conviction Buy to Buy
- Legal & General (LGGNY) downgraded by Keefe Bruyette to Underperform
- Texas Roadhouse (TXRH) downgraded by Piper Sandler from Overweight to Neutral
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