Upgrades
- Stellantis (STLA) upgraded by Jefferies from Hold to Buy
- Ameren (AEE) upgraded by Goldman Sachs from Sell to Neutral
- Duke Energy (DUK) upgraded by Goldman Sachs from Neutral to Buy
- Yum! Brands (YUM) upgraded by JPMorgan from Neutral to Overweight
- Befesa (BFSAF) upgraded by Morgan Stanley from Equal Weight to Overweight
- Arkema (ARKAY) upgraded by JPMorgan from Underweight to Neutral
- Metalla Royalty (MTA) upgraded by BMO Capital from Market Perform to Outperform
- Kraft Heinz (KHC) upgraded by Goldman Sachs from Sell to Neutral
- Clariane (KRNMF) upgraded by Oddo BHF from Neutral to Outperform
- Stratec (STSEY) upgraded by Kepler Cheuvreux from Hold to Buy
- Hexpol (HXPLF) upgraded by Nordea from Hold to Buy
- Metals Company (TMC) upgraded by Wedbush from Neutral to Outperform
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Downgrades
- Honda (HMC) downgraded by Macquarie from Outperform to Neutral
- Interpublic Group (IPG) downgraded by Barclays from Overweight to Equal Weight
- Omnicom (OMC) downgraded by Barclays from Overweight to Equal Weight
- WPP (WPP) downgraded by Barclays from Equal Weight to Underweight
- WEC Energy (WEC) downgraded by Goldman Sachs from Neutral to Sell
- Hornbach Holding (HBBHF) downgraded by Berenberg from Buy to Hold
- Triple Flag (TFPM) downgraded by BMO Capital from Outperform to Market Perform
- Universal Music Group (UMGNF) downgraded by UBS from Buy to Neutral
- GMS Inc. (GMS) downgraded by Raymond James from Outperform to Market Perform
- NuScale Power (SMR) downgraded by BTIG from Buy to Neutral
- Graphic Packaging (GPK) downgraded by BNP Paribas Exane from Outperform to Neutral
- Kongsberg Gruppen (NSKFF) downgraded by Pareto from Hold to Sell
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