US BROKER MOVES: DELL downgraded at UBS; TTD downgraded at HSBC

UPGRADES Disney (DIS) Upgraded to Buy at Phillip Secs; PT USD 130 News Corp (NWSA) Upgraded to Outperform at Macquarie; PT USD 29.40 Pitney Bowes (PBI) Upgraded to Neutral at BofA; PT USD 16.50 Primoris Services (PRIM) Upgraded to Outperform at Mizuho Securities StandardAero (SARO) Upgraded to Buy at UBS; PT USD 34 Starz Entertainment (STRZ) Upgraded to Outperform at Baird; PT USD 30 DOWNGRADES Array Digital (AD) Downgraded to Market Perform at Raymond James BioMarin (BMRN) Downgraded to Neutral at Goldman; PT USD 69 Carlyle Group (CG) Downgraded to Sector Perform at RBC; PT USD 58 CNH Industrial (CNH) Downgraded to Neutral at Goldman; PT USD 10.50 Dell Technologies (DELL) Downgraded to Neutral at UBS; PT USD 243 DXP Enterprises (DXPE) Downgraded to Hold at Freedom Finance Goodyear (GT) Downgraded to Hold at Deutsche Bank; PT USD 7 Healthpeak Properties (DOC) Downgraded to Inline at Evercore ISI; PT USD 21 HubSpot (HUBS) Downgraded to Neutral at BNP Paribas; PT USD 210 HubSpot (HUBS) Downgraded to Neutral at Macquarie; PT USD 190 Telephone and Data Systems (TDS) US Downgraded to Market Perform at Raymond James Trade Desk (TTD) Downgraded to Reduce at HSBC; PT USD 20 Wendy's (WEN) Downgraded to Underweight at JPMorgan; PT USD 6 INITIATIONS Arxis (ARXS) Initiated at New Buy at Melius; PT USD 45 Arxis (ARXS) Initiated at New Overweight at Wells Fargo; PT USD 42 Arxis (ARXS) Initiated at New Buy at Jefferies; PT USD 42 Arxis (ARXS) Initiated at New Sector Perform at RBC; PT USD 39 Arxis (ARXS) Initiated at New Outperform at William Blair Arxis (ARXS) Initiated at New Buy at Citi; PT USD 42 Arxis (ARXS) Initiated at New Buy at Rothschild & Co Redburn; PT USD 40 Arxis (ARXS) Initiated at New Outperform at Baird; PT USD 55 Arxis (ARXS) Initiated at New Overweight at Morgan Stanley; PT USD 44 Arxis (ARXS) Initiated at New Buy at Goldman; PT USD 53 Bicara Therapeutics (BCAX) Initiated at New Buy at Guggenheim; PT USD 42 BridgeBio Oncology Therapeutics (BBOT) Initiated at New Buy at Canaccord Coherus Oncology (CHRS) Initiated at New Buy at Guggenheim; PT USD 12 Enhanced Group (ENHA) Initiated at New Buy at Lucid Capital Markets; PT USD 15 Klarna (KLAR) Initiated at New Hold at TD Cowen; PT USD 16 Live Oak Acquisition Corp. V (LOKV) Initiated at New Buy at Compass Point Madison Air Solutions (MAIR) Initiated at New Buy at Melius; PT USD 47 Madison Air Solutions (MAIR) Initiated at New Buy at Citi; PT USD 49 Madison Air Solutions (MAIR) Initiated at New Outperform at William Blair Madison Air Solutions (MAIR) Initiated at New Overweight at Wells Fargo Madison Air Solutions (MAIR) Initiated at New Overweight at Barclays; PT USD 45 Madison Air Solutions (MAIR) Initiated at New Outperform at Baird; PT USD 48 Madison Air Solutions (MAIR) Initiated at New Outperform at RBC; PT USD 48 Madison Air Solutions (MAIR) Initiated at New Neutral at Goldman; PT USD 44 Madison Air Solutions (MAIR) Initiated at New Buy at Stifel; PT USD 47 Oklo (OKLO) Initiated at New Neutral at JPMorgan; PT USD 83 Tesla (TSLA) Initiated at New Add at Caitong Securities Versigent (VGNT) Initiated at New Overweight at Morgan Stanley; PT USD 51