Upgrades
- Mineral Resources (MALRY) upgraded by Citi from Neutral to Buy
- EML Payments (EMCHF) upgraded by RBC Capital from Sector Perform to Outperform
- Fisher & Paykel (FSPKF) upgraded by RBC Capital from Underperform to Sector Perform
- Kubota (KUBTY) upgraded by JPMorgan from Neutral to Overweight
- Malaysia Airports (MYPRF) upgraded by JPMorgan from Neutral to Overweight
- Fraport (FPRUY) upgraded by Societe Generale from Hold to Buy
- Brunello Cucinelli (BCUCY) upgraded by Kepler Cheuvreux from Reduce to Hold
- WithSecure (FSOYF) upgraded by Danske Bank from Hold to Buy
- Hercules Capital (HTGC) upgraded by Compass Point from Neutral to Buy
- Sunrun (RUN) upgraded by Citi from Neutral to Buy
- UDR (UDR) upgraded by Scotiabank from Sector Perform to Outperform
- PDD Holdings (PDD) upgraded by Goldman Sachs from Neutral to Buy
Downgrades
- GreenTree Hospitality (GHG) downgraded by Morgan Stanley to Underweight
- Thorne HealthTech (THRN) downgraded by TD Cowen from Outperform to Market Perform
- Daikin Industries (DKILY) downgraded by JPMorgan from Overweight to Neutral
- Heineken (HEINY) downgraded by RBC Capital from Sector Perform to Underperform
- Texas Instruments (TXN) downgraded by Bernstein from Market Perform to Underperform
- Rockwell Automation (ROK) downgraded by Barclays from Equal Weight to Underweight
- Centene (CNC) downgraded by Morgan Stanley from Overweight to Equal Weight
- China Resources Power (CRPJY) downgraded by JPMorgan from Overweight to Neutral
- Orsted (DNNGY) downgraded by Exane BNP Paribas from Outperform to Neutral
- Peloton (PTON) downgraded by Macquarie from Outperform to Neutral
- Highwoods Properties (HIW) downgraded by Wells Fargo from Overweight to Equal Weight
- Ambarella (AMBA) downgraded by TD Cowen from Outperform to Market Perform
- Box (BOX) downgraded by Craig-Hallum from Buy to Hold
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