Upgrades
- Grand City Properties (GRNNF) upgraded by Goldman Sachs from Neutral to Buy
- Kion Group (KIGRY) upgraded by Goldman Sachs from Sell to Neutral
- TAG Immobilien (TAGOF) upgraded by Barclays from Underweight to Overweight
- UCB (UCBJF) upgraded by Citi from Sell to Neutral
- Aroundtown (AANNF) upgraded by JPMorgan from Underweight to Neutral
- Big Yellow Group (BYLOF) upgraded by JPMorgan from Neutral to Overweight
- Gecina (GECFF) upgraded by JPMorgan from Neutral to Overweight
- Jupiter Fund (JFHHF) upgraded by UBS from Sell to Neutral
- Waterdrop (WDH) upgraded by Morgan Stanley from Equal Weight to Overweight
- Southern Copper (SCCO) upgraded by Morgan Stanley from Underweight to Equal Weight
- Nexa Resources (NEXA) upgraded by Morgan Stanley from Equal Weight to Overweight
- Alcoa (AA) upgraded by Morgan Stanley from Equal Weight to Overweight
- Teck Resources (TECK) upgraded by Morgan Stanley from Equal Weight to Overweight
- Shoals Technologies (SHLS) upgraded by Cowen from Market Perform to Outperform
Downgrades
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- British Land (BTLCY) downgraded by Goldman Sachs from Buy to Neutral
- FedEx (FDX) downgraded by KeyBanc from Overweight to Sector Weight
- FedEx (FDX) downgraded by JPMorgan from Overweight to Neutral
- Fevertree Drinks (FQVTF) downgraded by Berenberg from Buy to Hold
- InterContinental (IHG) downgraded by Citi from Neutral to Sell
- Royal Mail (ROYMY) downgraded by JPMorgan from Overweight to Neutral
- Adobe (ADBE) downgraded by Barclays from Overweight to Equal Weight
- FedEx (FDX) downgraded by Stifel from Buy to Hold
- International Paper (IP) downgraded by Jefferies from Hold to Underperform
- Avnet (AVT) downgraded by Wells Fargo from Equal Weight to Underweight
- Adobe (ADBE) downgraded by BofA from Buy to Neutral
- Store Capital (STOR) downgraded by Berenberg from Buy to Hold
- Store Capital (STOR) downgraded by Stifel from Buy to Hold
- FedEx (FDX) downgraded by BofA from Buy to Neutral
- Infosys (INFY) downgraded by Susquehanna from Positive to Neutral
- FedEx (FDX) downgraded by Loop Capital from Buy to Hold
- Adobe (ADBE) downgraded by Baird from Outperform to Neutral
- Autodesk (ADSK) downgraded by JPMorgan from Overweight to Neutral
- Adidas (ADDYY) downgraded by Cowen from Outperform to Market Perform
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