US BROKER MOVES: CTVA upgraded at JPM; NKE downgraded at Berenberg

UPGRADES Amentum (AMTM) Upgraded from Underperform to Neutral at BNP Paribas Exane BorgWarner (BWA) Upgraded from Equalweight to Overweight at Morgan Stanley; PT USD 95 Boyd Gaming (BYD) Upgraded from Hold to Buy at Deutsche Bank; PT USD 99 Catalyst Biosciences (CBIO) Upgraded from Neutral to Buy at H.C. Wainwright; PT USD 36 Chain Bridge Bancorp (CBNA) Upgraded from Market Perform to Outperform at Raymond James; PT USD 53 Corteva (CTVA) Upgraded from Neutral to Overweight at JPMorgan; PT USD 19 Fortrea (FTRE) Upgraded from Equalweight to Overweight at Barclays; PT USD 23 First Merchants (FRME) Upgraded from Market Perform to Outperform at Raymond James; PT USD 46 JetBlue Airways (JBLU) Upgraded from Sell to Neutral at Citi; PT USD 4.50 MillerKnoll (MLKN) Upgraded from Hold to Buy at StoneX MYR Group (MYRG) Upgraded from Hold to Buy at Jefferies; PT USD 370 NeoGenomics (NEO) Upgraded from Neutral to Buy at BTIG; PT USD 28 Old National Bancorp (ONB) Upgraded from Market Perform to Outperform at Raymond James; PT USD 29 Old Second Bancorp (OSBC) Upgraded from Outperform to Strong Buy at Raymond James; PT USD 30 Prosperity Bancshares (PB) Upgraded from Market Perform to Outperform at Raymond James; PT USD 78 Penn Entertainment (PENN) Upgraded from Hold to Buy at Deutsche Bank; PT USD 25 Procter & Gamble (PG) Upgraded from In Line to Outperform at Evercore ISI; PT USD 166 PTC (PTC) Upgraded from Underweight to Neutral at JPMorgan; PT USD 205 QIAGEN (QGEN) Upgraded from Equalweight to Overweight at Barclays; PT USD 55 RXO (RXO) Upgraded from Sell to Hold at TD Cowen; PT USD 30.25 RXO (RXO) Upgraded from Underweight to Neutral at JPMorgan; PT USD 30 Skyworks Solutions (SWKS) Upgraded from Neutral to Buy at B. Riley; PT USD 107 TETRA Technologies (TTI) Upgraded from Hold to Buy at Clear Street; PT USD 11 Texas Roadhouse (TXRH) Upgraded from Hold to Buy at StoneX; PT USD 200 XP (XP) Upgraded from Market Perform to Outperform at Itau BBA; PT USD 27 DOWNGRADES BioRestorative Therapies (BRTX) Downgraded from Buy to Hold at Maxim Group BZAI (BZAI) Downgraded from Buy to Neutral at Rosenblatt; PT USD 0.40 CACI International (CACI) Downgraded from Neutral to Underperform at BNP Paribas Exane First Bancorp (FBNC) Downgraded from Strong Buy to Outperform at Raymond James; PT USD 71 Fulton Financial (FULT) Downgraded from Outperform to Market Perform at Raymond James Gentex (GNTX) Downgraded from Neutral to Sell at Goldman Sachs; PT USD 20 Goosehead Insurance (GSHD) Downgraded from Overweight to Neutral at Piper Sandler; PT USD 48 Hilltop Holdings (HTH) Downgraded from Market Perform to Underperform at Raymond James Nike (NKE) Downgraded from Hold to Sell at Berenberg; PT USD 27.50 Personalis (PSNL) Downgraded from Buy to Neutral at BTIG PTC (PTC) Downgraded from Outperform to Market Perform at BMO Capital; PT USD 205 RXO (RXO) Downgraded from Buy to Hold at Jefferies; PT USD 30 RXO (RXO) Downgraded from Outperform to Market Perform at BMO Capital; PT USD 30.25 SentinelOne (S) Downgraded from Outperform to Sector Perform at FBN Securities ServisFirst Bancshares (SFBS) Downgraded from Strong Buy to Outperform at Raymond James; PT USD 45 WesBanco (WSBC) Downgraded from Strong Buy to Market Perform at Raymond James INITIATIONS AeroVironment (AVAV) Initiated at Neutral at Rothschild Redburn; PT USD 165 AvePoint (AVPT) Initiated at Outperform at BMO Capital; PT USD 17 Builders FirstSource (BLDR) Initiated at Sell at Melius; PT USD 52 Envoy Medical (COCH) Initiated at Buy at Lake Street; PT USD 2.50 D.R. Horton (DHI) Initiated at Sell at Melius; PT USD 128 Diodes (DIOD) Initiated at Buy at BofA Securities; PT USD 135 Fortune Brands Innovations (FBIN) Initiated at Hold at Melius; PT USD 44 Ferguson (FERG) Initiated at Hold at Melius; PT USD 252 Installed Building Products (IBP) Initiated at Hold at Melius; PT USD 217 James Hardie Industries (JHX) Initiated at Buy at Melius; PT USD 36 KB Home (KBH) Initiated at Sell at Melius; PT USD 43 Kratos Defense & Security (KTOS) Initiated at Buy at Rothschild Redburn; PT USD 70 Lennar (LEN) Initiated at Sell at Melius; PT USD 72 Lockheed Martin (LMT) Initiated at Buy at Rothschild Redburn; PT USD 650 Lattice Semiconductor (LSCC) Initiated at Outperform at William Blair Masco (MAS) Initiated at Hold at Melius; PT USD 75 Mohawk Industries (MHK) Initiated at Buy at Melius; PT USD 188 Meritage Homes (MTH) Initiated at Sell at Melius; PT USD 59 Northrop Grumman (NOC) Initiated at Buy at Rothschild Redburn; PT USD 680 Intellia Therapeutics (NTLA) Initiated at Underweight at Barclays; PT USD 8 Owens Corning (OC) Initiated at Sell at Melius; PT USD 118 PulteGroup (PHM) Initiated at Hold at Melius; PT USD 132 Pasqal Holding (PSQL) Initiated at Buy at StoneX; PT USD 15 QXO (QXO) Initiated at Buy at Melius; PT USD 17 Rumble (RUM) Initiated at Hold at Lake Street; PT USD 25 Sherwin-Williams (SHW) Initiated at Hold at Melius; PT USD 367 Standard Nuclear (STDN) Initiated at Buy at Needham; PT USD 18 Toll Brothers (TOL) Initiated at Buy at Melius; PT USD 179 Trex (TREX) Initiated at Buy at Melius; PT USD 62 Vylor (VYLR) Initiated at Outperform at Oppenheimer; PT USD 82 Ermenegildo Zegna (ZGN) Initiated at Buy at HSBC; PT USD 16