Upgrades
- Nordea Bank (NRDBY) upgraded by Morgan Stanley from Equal Weight to Overweight
- Banco Santander (SAN) upgraded by Morgan Stanley from Equal Weight to Overweight
- Aroundtown (AANNF) upgraded by Deutsche Bank from Sell to Hold
- Weir Group (WEGRY) upgraded by Deutsche Bank from Hold to Buy
- JD Sports Fashion (JDSPY) upgraded by Deutsche Bank from Sell to Hold
- Vestas Wind (VWDRY) upgraded by Deutsche Bank from Hold to Buy
- KinderCare Learning (KLC) upgraded by Morgan Stanley from Equal Weight to Overweight
- Robinhood (HOOD) upgraded by Morgan Stanley from Equal Weight to Overweight
- W. R. Berkley (WRB) upgraded by Goldman Sachs from Neutral to Buy
- Snowflake (SNOW) upgraded by Wedbush from Neutral to Outperform
- U.S. Bancorp (USB) upgraded by Citi from Neutral to Buy
- Procter & Gamble (PG) upgraded by DA Davidson from Neutral to Buy
- Trade Desk (TTD) upgraded by New Street from Reduce to Neutral
Downgrades
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- Dassault Aviation (DUAVF) downgraded by Kepler Cheuvreux from Buy to Hold
- Nio (NIO) downgraded by Goldman Sachs from Neutral to Sell
- Red Rock Resorts (RRR) downgraded by Mizuho from Outperform to Neutral
- Block (SQ) downgraded by BMO Capital from Outperform to Market Perform
- M&T Bank (MTB) downgraded by Citi from Buy to Neutral
- Expensify (EXFY) downgraded by JMP Securities from Outperform to Market Perform
- Newmark (NMRK) downgraded by Wolfe Research from Outperform to Peer Perform
- Five Below (FIVE) downgraded by Telsey Advisory from Outperform to Market Perform
- HCA Healthcare (HCA) downgraded by Wells Fargo from Equal Weight to Underweight
- Tenet Healthcare (THC) downgraded by Wells Fargo from Overweight to Equal Weight
- Select Medical (SEM) downgraded by Benchmark from Buy to Hold
- Mainz Biomed (MYNZ) downgraded by H.C. Wainwright from Buy to Neutral
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