US BROKER MOVES: RL upgraded at Raymond James; ADBE, INTU, and CRM downgraded at Morgan Stanley

UPGRADES AdaptHealth (AHCO) Upgraded to Buy at Jefferies; PT USD 13 (prev USD 11) Five Below (FIVE) Upgraded to Outperform at Bernstein SocGen Group; PT USD 250 (prev USD 247) Fortinet (FTNT) Upgraded to Equalweight at Morgan Stanley; PT USD 133 (prev USD 80) Goldman Sachs (GS) Upgraded to Hold at HSBC; PT USD 995 (prev USD 834) Hilton Worldwide (HLT) Upgraded to Outperform at Evercore ISI CarMax (KMX) Upgraded to Equalweight at Barclays; PT USD 61 (prev USD 37) Ralph Lauren (RL) Upgraded to Outperform at Raymond James; PT USD 410 DOWNGRADES Adobe (ADBE) Downgraded to Underweight at Morgan Stanley; PT USD 240 (prev USD 365) Apple Hospitality REIT (APLE) Downgraded to Equalweight at Barclays; PT USD 17 (prev USD 16) Array Technologies (ARRY) Downgraded to Neutral at JPMorgan; PT USD 8 Brookfield Renewable Partners (BEP) Downgraded to Neutral at JPMorgan Brookfield Renewable Corp. (BEPC) Downgraded to Neutral at JPMorgan; PT USD 42 (prev USD 38) BlackLine (BL) Downgraded to Equalweight at Morgan Stanley; PT USD 33 (prev USD 50) CI&T (CINT) Downgraded to Neutral at Wedbush; PT USD 4 (prev USD 7) Salesforce (CRM) Downgraded to Equalweight at Morgan Stanley; PT USD 185 (prev USD 287) Datadog (DDOG) Downgraded to Hold at Jefferies; PT USD 280 (prev USD 210) Elastic (ESTC) Downgraded to Equalweight at Morgan Stanley; PT USD 66 (prev USD 73) EVgo (EVGO) Downgraded to Underweight at JPMorgan JFrog (FROG) Downgraded to Equalweight at Morgan Stanley; PT USD 95 (prev USD 80) MarineMax (HZO) Downgraded to Neutral at B. Riley; PT USD 35 Intuit (INTU) Downgraded to Equalweight at Morgan Stanley; PT USD 335 (prev USD 580) Lexington Realty Trust (LXP) Downgraded to Market Perform at Citizens Live Nation Entertainment (LYV) Downgraded to Neutral at Susquehanna; PT USD 186 (prev USD 181) Monarch Casino & Resort (MCRI) Downgraded to Hold at CBRE Equity Research NICE (NICE) Downgraded to Equalweight at Morgan Stanley; PT USD 111 (prev USD 130) PagerDuty (PD) Downgraded to Underweight at Morgan Stanley; PT USD 9 (prev USD 10) Quanta Services (PWR) Downgraded to Neutral at JPMorgan; PT USD 714 Rapid7 (RPD) Downgraded to Underweight at Morgan Stanley; PT USD 9 Shopify (SHOP) Downgraded to Neutral at Rothschild Redburn; PT USD 130 (prev USD 160) SPS Commerce (SPSC) Downgraded to Underweight at Morgan Stanley; PT USD 57 (prev USD 70) Tenable Holdings (TENB) Downgraded to Hold at Truist Securities; PT USD 40 (prev USD 27) Tripadvisor (TRIP) Downgraded to Neutral at BTIG Travelers Companies (TRV) Downgraded to Market Perform at BMO Capital; PT USD 379 Vertex (VERX) Downgraded to Equalweight at Morgan Stanley; PT USD 15 (prev USD 19) Workday (WDAY) Downgraded to Underweight at Morgan Stanley; PT USD 145 (prev USD 185) Wix.com (WIX) Downgraded to Equalweight at Morgan Stanley; PT USD 60 (prev USD 112) Xylem (XYL) Downgraded to Neutral at JPMorgan; PT USD 130 Zions Bancorp (ZION) Downgraded to Underweight at JPMorgan; PT USD 75 INITIATIONS American Bitcoin Corp. (ABTC) Initiated Buy at Maxim Group; PT USD 15 AMH (AHR) Initiated Buy at Compass Point; PT USD 70 AirSculpt Technologies (AIRS) Initiated Buy at Maxim Group; PT USD 8 Annexon (ANNX) Initiated Market Underperform at Citizens; PT USD 3 Digital Turbine (APPS) Initiated Buy at Roth; PT USD 11.50 Commerce.com (CMRC) Initiated Neutral at UBS; PT USD 3.50 Duker (DUKR) Initiated Buy at Maxim Group; PT USD 12 Eledon Pharmaceuticals (ELDN) Initiated Buy at Rodman & Renshaw; PT USD 12 Forte Biosciences (FBRX) Initiated Overweight at Barclays; PT USD 74 Ligand Pharmaceuticals (LGND) Initiated Buy at Citi; PT USD 387 Life360 (LIF) Initiated Overweight at Morgan Stanley; PT USD 66.24 Merlin Entertainments (MRLN) Initiated Outperform at Northland; PT USD 10 Microsoft (MSFT) Initiated Overweight at Morgan Stanley; PT USD 600 ATRenew (RERE) Initiated Buy at UBS; PT USD 5.50 Standard Industries (SIND) Initiated Buy at Citi; PT USD 18 Standard Industries (SIND) Initiated Outperform at BMO Capital; PT USD 16 Standard Industries (SIND) Initiated Outperform at RBC Capital; PT USD 19 Standard Industries (SIND) Initiated Overweight at Morgan Stanley; PT USD 16.40