US BROKER MOVES: AIG upgraded at Piper Sandler; TRV downgraded at Morgan Stanley

UPGRADES Arthur J. Gallagher (AJG) Upgraded to Overweight at Piper Sandler; PT USD 276 (prev USD 225) AMC Entertainment (AMC) Upgraded to Buy at Texas Capital Securities; PT USD 3 CAVA Group (CAVA) Upgraded to Overweight at Morgan Stanley; PT USD 90 (prev USD 86) CNX Resources (CNX) Upgraded to Hold at Truist Securities; PT USD 35 Digital Realty Trust (DLR) Upgraded to Buy at Guggenheim; PT USD 200 Powell Industries (POWL) Upgraded to Buy at GLJ Research; PT USD 427 Tenaris (TS) Upgraded to Equalweight at Morgan Stanley; PT USD 65 (prev USD 53) DOWNGRADES Ambev (ABEV) Downgraded to Sector Perform at Scotiabank American International Group (AIG) Downgraded to Neutral at Piper Sandler; PT USD 80 (prev USD 88) Allstate (ALL) Downgraded to Neutral at UBS; PT USD 261 (prev USD 255) Aon (AON) Downgraded to Neutral at Piper Sandler; PT USD 377 (prev USD 355) The Chefs' Warehouse (CHEF) Downgraded to Equalweight at Morgan Stanley; PT USD 97 (prev USD 83) Check Point Software (CHKP) Downgraded to Market Perform at Raymond James Element Solutions (ESI) Downgraded to Neutral at Mizuho; PT USD 45 (prev USD 54) Evofem Biosciences (EVO) Downgraded to Hold at TD Cowen; PT USD 2 (prev USD 4) The Hartford (HIG) Downgraded to Neutral at Piper Sandler; PT USD 146 (prev USD 148) IBM (IBM) Downgraded to Perform at Oppenheimer PagSeguro Digital (PAGS) Downgraded to Neutral at BofA Securities; PT USD 10 (prev USD 12) Pentair (PNR) Downgraded to Sector Perform at RBC Capital; PT USD 74 (prev USD 101) StoneCo (STNE) Downgraded to Neutral at BofA Securities; PT USD 13 (prev USD 23) TriCo Bancshares (TCBK) Downgraded to Equal Weight at Stephens; PT USD 54 TransDigm Group (TDG) Downgraded to Equalweight at Morgan Stanley; PT USD 1,345 (prev USD 1,680) Travelers (TRV) Downgraded to Underweight at Morgan Stanley; PT USD 290 (prev USD 333) INITIATIONS Agree Realty (ADC) Initiated Outperform at Huntington; PT USD 84 ArcBest (ARCB) Initiated Market Outperform at Citizens; PT USD 180 C.H. Robinson Worldwide (CHRW) Initiated Market Outperform at Citizens; PT USD 235 CSX (CSX) Initiated Market Perform at Citizens Covenant Logistics Group (CVLG) Initiated Market Outperform at Citizens; PT USD 60 Expeditors International (EXPD) Initiated Market Perform at Citizens FedEx (FDX) Initiated Market Outperform at Citizens; PT USD 375 FTAI Aviation (FTAI) Initiated Market Outperform at Citizens; PT USD 375 Global Net Lease (GNL) Initiated Market Perform at Huntington; PT USD 10 Gladstone Commercial (GOOD) Initiated Market Perform at Huntington; PT USD 13 GXO Logistics (GXO) Initiated Market Outperform at Citizens; PT USD 80 J.B. Hunt Transport Services (JBHT) Initiated Market Perform at Citizens Knight-Swift Transportation (KNX) Initiated Market Outperform at Citizens; PT USD 90 Lantronix (LTRX) Initiated Buy at Jones Trading; PT USD 12 Pharvaris (PHVS) Initiated Overweight at Wells Fargo; PT USD 55 Ryder System (R) Initiated Market Perform at Citizens Ring Energy (REI) Initiated Buy at BofA Securities; PT USD 2 Rollins (ROL) Initiated Neutral at Citi; PT USD 46 RXO (RXO) Initiated Market Perform at Citizens Tango Therapeutics (TNGX) Initiated Overweight at JPMorgan; PT USD 46 U-Haul Holding (UHAL) Initiated Market Outperform at Citizens; PT USD 90 Unusual Machines (UMAC) Initiated Buy at H.C. Wainwright; PT USD 42 Union Pacific (UNP) Initiated Market Outperform at Citizens; PT USD 350 UPS (UPS) Initiated Market Perform at Citizens Veracyte (VCYT) Initiated Overweight at Piper Sandler; PT USD 66 Wabash National (WNC) Initiated Market Outperform at Citizens; PT USD 25 XPO (XPO) Initiated Market Perform at Citizens