US BROKER MOVES: ADBE downgraded at William Blair; QCOM downgraded at Bernstein

UPGRADES Airbnb (ABNB) Upgraded to Hold at Truist Secs; PT USD 129 Equity Residential (EQR) Upgraded to Overweight at Morgan Stanley Icon (ICLR) Upgraded to Outperform at BMO; PT USD 130 Nucor (NUE) Upgraded to Buy at UBS; PT USD 190 PDD (PDD) ADRs Upgraded to Buy at Huatai Research; PT USD 133 Somnigroup (SGI) Upgraded to Buy at Jefferies; PT USD 88 United Natural (UNFI) Upgraded to Overweight at Wells Fargo; PT USD 56 Westinghouse Air Brake (WAB) Upgraded to Buy at Rothschild & Co Redburn DOWNGRADES Adma Biologics (ADMA) Downgraded to Neutral at Cantor Adobe (ADBE) Downgraded to Market Perform at William Blair AvalonBay (AVB) Downgraded to Equal-Weight at Morgan Stanley; PT USD 203 Fiserv (FISV) Downgraded to Market Perform at Raymond James Global Payments (GPN) Downgraded to Market Perform at Raymond James Great Lakes Dredge (GLDD) Downgraded to Underweight at JPMorgan; PT USD 17 Hub Group (HUBG) Downgraded to Equal-Weight at Wells Fargo; PT USD 35 Mosaic (MOS) Downgraded to Neutral at UBS; PT USD 27 Noah Holdings (NOAH) ADRs Downgraded to Neutral at JPMorgan; PT USD 12 Qualcomm (QCOM) Downgraded to Market Perform at Bernstein; PT USD 140 Scotts Miracle-Gro (SMG) Downgraded to Neutral at JPMorgan; PT USD 67 Ternium (TX) ADRs Downgraded to Sector Perform at Scotiabank; PT USD 40 Terns (TERN) Downgraded to Market Perform at Citizens Terns (TERN) Downgraded to Hold at TD Cowen; PT USD 53 TIC Solutions (TIC) Downgraded to Underweight at JPMorgan; PT USD 7 Timken (TKR) Downgraded to Underweight at JPMorgan; PT USD 100 INITIATIONS Abercrombie & Fitch (ANF) Initiated at New Buy at Needham; PT USD 108 Appfolio (APPF) Initiated at New Buy at Benchmark ATRenew (RERE) ADRs Initiated at New Outperform at GuoSen; PT USD 7.95 Bank of America (BAC) Initiated at New Buy at Jefferies Bunge Global (BG) Initiated at New Sell at Spruce Point Capital Casey's (CASY) Reinstated Neutral at JPMorgan; PT USD 719 Cava Group (CAVA) Initiated at New Buy at Guggenheim; PT USD 100 Citigroup (C) Initiated at New Buy at Jefferies Compass (COMP) Initiated at New Buy at Benchmark; PT USD 14 Didi Global (DIDIY) ADRs Initiated at New Outperform at BNP Paribas; PT USD 7.50 Exelon (EXC) Reinstated Buy at Citi; PT USD 58 eXp World Holdings (EXPI) Initiated at New Buy at Benchmark Frontdoor (FTDR) Initiated at New Buy at Benchmark Hesai Group (HSAI) ADRs Initiated at New Outperform at BNP Paribas; PT USD 4.34 JPMorgan (JPM) Initiated at New Hold at Jefferies Murphy USA (MUSA) Reinstated Overweight at JPMorgan; PT USD 539 Palisade Bio Inc (PALI) Initiated at New Buy at HC Wainwright; PT USD 7 PNC Financial (PNC) Initiated at New Buy at Jefferies Pony AI (PONY) ADRs Initiated at New Neutral at BNP Paribas; PT USD 12.50 Real Brokerage (REAX) Initiated at New Buy at Benchmark Robinhood (HOOD) Initiated at New Buy at Jefferies; PT USD 88 Rush Street (RSI) Initiated at New Overweight at Wells Fargo; PT USD 26 Spotify (SPOT) Initiated at New Outperform at Daiwa; PT USD 535 Sunstone Hotel (SHO) Initiated at New Neutral at Ladenburg Thalmann; PT USD 10 TJX (TJX) Reinstated Buy at William O'Neil Truist Financial (TFC) Initiated at New Underperform at Jefferies Tyson (TSN) Initiated at New Outperform at Mizuho Securities; PT USD 72 U.S. Bancorp (USB) Initiated at New Hold at Jefferies Wells Fargo (WFC) Initiated at New Buy at Jefferies WeRide (WRD) ADRs Initiated at New Outperform at BNP Paribas; PT USD 11