US BROKER MOVES: BE upgraded at Barclays; MRVL downgraded at TD Cowen

UPGRADES Afya (AFYA) Upgraded from Neutral to Buy at Citi; PT USD 16 Aon (AON) Upgraded from Market Perform to Outperform at BMO Capital; PT USD 380 Bloom Energy (BE) Upgraded from Equalweight to Overweight at Barclays; PT USD 289 Ibotta (IBTA) Upgraded from Sell to Neutral at Goldman Sachs; PT USD 58 Marsh McLennan (MRSH) Upgraded from Market Perform to Outperform at BMO Capital; PT USD 230 Cloudflare (NET) Upgraded from Neutral to Overweight at JPMorgan; PT USD 350 onsemi (ON) Upgraded from Hold to Buy at Craig-Hallum; PT USD 85 Strattec Security (STRT) Upgraded from Hold to Buy at Freedom Broker; PT USD 79 Tempus AI (TEM) Upgraded from Underperform to Hold at Jefferies; PT USD 70 Twilio (TWLO) Upgraded from Reduce to Hold at HSBC; PT USD 215 DOWNGRADES Arthur J. Gallagher (AJG) Downgraded from Outperform to Market Perform at BMO Capital; PT USD 295 Chevron (CVX) Downgraded from Buy to Hold at DZ Bank; PT USD 240 D.R. Horton (DHI) Downgraded from Market Perform to Underperform at Raymond James Coca-Cola FEMSA (KOF) Downgraded from Outperform to Market Perform at Itaú BBA; PT USD 116 Lumentum (LITE) Downgraded from Buy to Neutral at B. Riley; PT USD 770 ManpowerGroup (MAN) Downgraded from Outperform to Neutral at BNP Paribas Exane; PT USD 52.50 Mistras Group (MG) Downgraded from Buy to Neutral at Roth/MKM; PT USD 20.35 monday.com (MNDY) Downgraded from Buy to Hold at TD Cowen; PT USD 105 Medical Properties Trust (MPT) Downgraded from Outperform to Neutral at BNP Paribas Exane; PT USD 2.25 Meridian Corporation (MRBK) Downgraded from Buy to Neutral at DA Davidson Merck & Co. (MRK) Downgraded from Buy to Hold at DZ Bank; PT USD 153 Marvell Technology (MRVL) Downgraded from Buy to Hold at TD Cowen; PT USD 175 Once Upon A Farm (OFRM) Downgraded from Buy to Underperform at BofA Securities; PT USD 10 Roku (ROKU) Downgraded from Buy to Neutral at Rosenblatt Verra Mobility (VRRM) Downgraded from Neutral to Underweight at JPMorgan INITIATIONS AIRO Group (AIRO) Initiated at Buy at Roth/MKM; PT USD 16 nLight (LASR) Initiated at Buy at Needham; PT USD 50 MNTN (MNTN) Initiated at Buy at Freedom Broker; PT USD 16.50 Pony AI (PONY) Initiated at Overweight at Morgan Stanley; PT USD 10 Powerus (PUSA) Initiated at Outperform at Northland; PT USD 5 Retension Pharmaceuticals (RTSN) Initiated at Outperform at Leerink; PT USD 50 Retension Pharmaceuticals (RTSN) Initiated at Outperform at Oppenheimer; PT USD 50 Sportsman's Warehouse (SPWH) Initiated at Buy at Ladenburg Thalmann TRex Bio (TRXB) Initiated at Overweight at Cantor Fitzgerald TRex Bio (TRXB) Initiated at Outperform at Evercore ISI; PT USD 28 TRex Bio (TRXB) Initiated at Overweight at JPMorgan; PT USD 20 TRex Bio (TRXB) Initiated at Buy at Stifel; PT USD 39