US BROKER MOVES: SHOP upgraded at Mizuho; INSP downgraded at Wells Fargo and Nephron

UPGRADES BorgWarner (BWA) upgraded from Hold to Buy at Deutsche Bank; PT USD 82 (prev. USD 46) Fastly (FSLY) upgraded from Market Perform to Outperform at William Blair GCM Grosvenor (GCMG) upgraded from Hold to Buy at TD Cowen Huntington Ingalls (HII) upgraded from Underperform to Neutral at BofA Securities; PT USD 400 (prev. USD 300) Hexcel (HXL) upgraded from Underperform to Neutral at BofA Securities; PT USD 95 (prev. USD 60) LuxExperience (LUXE) upgraded from Neutral to Overweight at JPMorgan; PT USD 14 (prev. USD 9) MercadoLibre (MELI) upgraded from Neutral to Overweight at JPMorgan; PT USD 2,800 (prev. USD 2,650) Novo Nordisk (NVO) upgraded from Underperform to Hold at Jefferies; PT USD 43.90 (prev. USD 42.10) Oscar Health (OSCR) upgraded from Market Perform to Outperform at Raymond James; PT USD 18 Pegasystems (PEGA) upgraded from Equalweight to Overweight at Barclays; PT USD 48 (prev. USD 67) Shopify (SHOP) upgraded from Neutral to Outperform at Mizuho; PT USD 150 Ermenegildo Zegna (ZGN) upgraded from Underweight to Equalweight at Morgan Stanley; PT USD 11 DOWNGRADES Arcellx (ACLX) downgraded from Buy to Neutral at Rothschild Redburn; PT USD 82 (prev. USD 113) BP Plc (BP) downgraded from Hold to Reduce at HSBC; PT USD 35.10 (prev. USD 38.10) Coinbase (COIN) downgraded from Buy to Sell at Monness, Crespi, Hardt Generac (GNRC) downgraded from Buy to Neutral at Guggenheim HubSpot (HUBS) downgraded from Outperform to Sector Perform at RBC Capital; PT USD 189 (prev. USD 322) ICON Plc (ICLR) downgraded from Buy to Hold at Nephron Inspire Medical (INSP) downgraded from Buy to Hold at Nephron Inspire Medical (INSP) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 70 (prev. USD 145) Kraft Heinz (KHC) downgraded from Neutral to Underweight at JPMorgan; PT USD 22 (prev. USD 24) Legend Biotech (LEGN) downgraded from Buy to Neutral at Rothschild Redburn; PT USD 24 (prev. USD 83) Pfizer (PFE) downgraded from Outperform to Neutral at Daiwa Securities; PT USD 27 Ryder System (R) downgraded from Buy to Hold at Vertical Research Partners; PT USD 220 Arcus Biosciences (RCUS) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 23 (prev. USD 30) Rollins (ROL) downgraded from Overweight to Equal Weight at Wells Fargo; PT USD 56 (prev. USD 68) Sanofi (SNY) downgraded from Buy to Neutral at BofA Securities; PT USD 54.50 (prev. USD 59.16) TBBB downgraded from Outperform to Market Perform at Itaú BBA; PT USD 42 Valvoline (VVV) downgraded from Neutral to Underweight at JPMorgan; PT USD 35 (prev. USD 30) INITIATIONS Fennec Pharmaceuticals (FENC) initiated at Buy at B. Riley; PT USD 16 GlobalFoundries (GFS) initiated at Buy at Needham; PT USD 55 Honda Motor (HMC) initiated at Underperform at BNP Paribas Exane; PT USD 25 Immunome (IMNM) initiated at Buy at H.C. Wainwright; PT USD 40 Mirion Technologies (MIR) initiated at Buy at Melius D-Wave Quantum (QBTS) initiated at Buy at TD Cowen Sezzle (SEZL) initiated at Buy at Needham; PT USD 85 Travel + Leisure Co. (TDAY) initiated at Buy at Rosenblatt; PT USD 10 Toyota Motor (TM) initiated at Outperform at BNP Paribas Exane; PT USD 290