Upgrades
- Newmont (NEM) upgraded by Exane BNP Paribas from Neutral to Outperform
- South32 (SOUHY) upgraded by Exane BNP Paribas from Neutral to Outperform
- Five Below (FIVE) upgraded by Roth MKM from Neutral to Buy
- Masco (MAS) upgraded by Deutsche Bank from Sell to Hold
- AllianceBernstein (AB) upgraded by Credit Suisse from Neutral to Outperform
- Osaka Gas (OSGSY) upgraded by Daiwa from Neutral to Outperform
- Progressive (PGR) upgraded by Piper Sandler from Underweight to Neutral
- Fastly (FASLY) upgraded by BofA from Underperform to Buy
- Ralph Lauren (RL) upgraded by BofA from Neutral to Buy
- Mitsubishi Electric (MIELY) upgraded by Citi from Sell to Neutral
- Zillow Group (ZG) upgraded by Evercore ISI from In Line to Outperform
- Panasonic (PCRFY) upgraded by Jefferies from Underperform to Hold
Downgrades
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- Caterpillar (CAT) downgraded by Baird from Outperform to Neutral
- ZIM Integrated (ZIM) downgraded by Barclays from Equal Weight to Underweight
- Rio Tinto (RIO) downgraded by Exane BNP Paribas from Outperform to Neutral
- Barrick Gold (GOLD) downgraded by Exane BNP Paribas from Outperform to Neutral
- Norsk Hydro (NHYDY) downgraded by Exane BNP Paribas from Outperform to Neutral
- Redrow (RDWWF) downgraded by Deutsche Bank from Buy to Hold
- Vestas Wind (VWDRY) downgraded by Baader Helvea from Reduce to Sell
- Advance Auto Parts (AAP) downgraded by Roth MKM from Buy to Neutral
- Golden Ocean (GOGL) downgraded by Pareto from Hold to Sell
- Credit Suisse (CS) downgraded by Kepler Cheuvreux from Hold to Reduce
- Siemens Healthineers (SMMNY) downgraded by Kepler Cheuvreux from Buy to Hold
- Tokyo Gas (TKGSY) downgraded by Daiwa from Outperform to Neutral
- Heritage Insurance (HRTG) downgraded by Piper Sandler from Overweight to Neutral
- WestRock (WRK) downgraded by Argus from Buy to Hold
- Church & Dwight (CHD) downgraded by Argus from Buy to Hold
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