US BROKER MOVES: KSS upgraded at Citi, CZR downgraded at Deutsche Bank, IBM initiated at Barclays

UPGRADES AvalonBay Communities (AVB) Upgraded from Peer Perform to Outperform at Wolfe Research; PT USD 209.00 Bank of Montreal (BMO) Upgraded from Sector Perform to Sector Outperform at Scotiabank CNO Financial Group (CNO) Upgraded from Underperform to In Line at Evercore ISI; PT USD 48.00 (prev. USD 43.00) Dell Technologies (DELL) Upgraded from Underweight to Equalweight at Morgan Stanley; PT USD 448.00 (prev. USD 170.00) Essex Property Trust (ESS) Upgraded from In Line to Outperform at Evercore ISI; PT USD 295.00 Federal Realty Investment Trust (FRT) Upgraded from Neutral to Outperform at Mizuho; PT USD 130.00 (prev. USD 121.00) Hilton Grand Vacations (HGV) Upgraded from Sell to Neutral at Goldman Sachs Kohl’s (KSS) Upgraded from Neutral to Buy at Citi; PT USD 22.00 (prev. USD 14.00) Replimune Group (REPL) Upgraded from Underweight to Neutral at JPMorgan; PT USD 8.00 Target Hospitality (TH) Upgraded to Hold at Deutsche Bank; PT USD 22.00 Tandem Diabetes Care (TNDM) Upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 27.00 (prev. USD 21.00) Travel + Leisure (TNL) Upgraded from Neutral to Buy at Goldman Sachs; PT USD 85.00 Marriott Vacations Worldwide (VAC) Upgraded from Neutral to Buy at Goldman Sachs; PT USD 100.00 Zscaler (ZS) Upgraded from Neutral to Buy at Guggenheim DOWNGRADES Accenture (ACN) Downgraded from Buy to Hold at Truist Securities; PT USD 210.00 BlackSky Technology (BKSY) Downgraded from Buy to Hold at Jefferies; PT USD 50.00 Catalyst Biosciences (CBIO) Downgraded from Buy to Neutral at H.C. Wainwright Canadian Imperial Bank of Commerce (CM) Downgraded from Sector Outperform to Sector Perform at Scotiabank Campbell’s (CPB) Downgraded from Overweight to Equal Weight at Stephens; PT USD 21.00 Cardiff Oncology (CRDF) Downgraded from Buy to Hold at TD Cowen Cardiff Oncology (CRDF) Downgraded from Buy to Neutral at H.C. Wainwright Corsair Gaming (CRSR) Downgraded from Buy to Hold at Craig; PT USD 10.00 Caesars Entertainment (CZR) Downgraded from Buy to Hold at Deutsche Bank; PT USD 31.00 (prev. USD 35.00) Caesars Entertainment (CZR) Downgraded from Buy to Hold at Texas Capital Securities; PT USD 31.00 (prev. USD 44.00) Equity Residential (EQR) Downgraded from Outperform to In Line at Evercore ISI; PT USD 70.00 Sensata Technologies (ST) Downgraded from Overweight to Equalweight at Barclays; PT USD 53.00 (prev. USD 49.00) Taylor Morrison Home (TMHC) Downgraded from Market Outperform to Market Perform at Citizens Winnebago Industries (WGO) Downgraded from Buy to Neutral at Northcoast INITIATIONS Agree Realty (ADC) Initiated with Buy at Jefferies, PT USD 84/shr Alloy Therapeutics (ALOY) Initiated with Buy at Needham, PT USD 19/shr Apple Hospitality REIT (APLE) Initiated with Neutral at JPMorgan, PT USD 15/shr Carnival (CCL) Initiated with Buy at Loop Capital, PT USD 36/shr China Telecom (CHA) Initiated with Hold at CLSA, PT USD 10/shr Cognizant Technology Solutions (CTSH) Initiated with Hold at Truist Securities, PT USD 66/shr FrontView REIT (FVR) Initiated with Buy at Compass Point, PT USD 21/shr Blackhawk Growth (HAWK) Initiated with Buy at Goldman Sachs, PT USD 42/shr Blackhawk Growth (HAWK) Initiated with Hold at Jefferies, PT USD 34/shr Blackhawk Growth (HAWK) Initiated with Neutral at BofA Securities, PT USD 34/shr Blackhawk Growth (HAWK) Initiated with Outperform at William Blair Blackhawk Growth (HAWK) Initiated with Outperform at RBC Capital, PT USD 40/shr Blackhawk Growth (HAWK) Initiated with Overweight at Morgan Stanley, PT USD 41/shr IBM (IBM) Initiated with Overweight at Barclays, PT USD 350/shr Interparfums (IPAR) Initiated with Buy at TD Cowen, PT USD 110/shr MP Materials (MP) Initiated with Buy at Needham, PT USD 81/shr Microsoft (MSFT) Initiated with Market Outperform at Citizens, PT USD 550/shr Norwegian Cruise Line (NCLH) Initiated with Buy at Loop Capital, PT USD 22/shr NNN REIT (NNN) Initiated with Hold at Jefferies, PT USD 47/shr NETSTREIT (NTST) Initiated with Buy at Jefferies, PT USD 23/shr Realty Income (O) Initiated with Buy at Jefferies, PT USD 69/shr OCTAVE Bioscience (OCTV) Initiated with Neutral at Goldman Sachs, PT USD 17/shr Red Cat Holdings (RCAT) Initiated with Buy at Roth, PT USD 25/shr Royal Caribbean (RCL) Initiated with Hold at Loop Capital, PT USD 304/shr REA Group (REA) Initiated with Buy at Canaccord, PT USD 25/shr REA Group (REA) Initiated with Buy at Stifel Canada, PT USD 30/shr Suja Life (SUJA) Initiated with Buy at Jefferies, PT USD 25/shr Suja Life (SUJA) Initiated with Buy at Goldman Sachs, PT USD 31/shr Suja Life (SUJA) Initiated with Outperform at William Blair Suja Life (SUJA) Initiated with Outperform at Evercore ISI, PT USD 24/shr Universal Health Services (UHS) Initiated with Equal Weight at Wells Fargo, PT USD 165/shr USA Rare Earth (USAR) Initiated with Buy at Needham, PT USD 39/shr Veritone (VERI) Initiated with Neutral at UBS, PT USD 2.50/shr Viking Holdings (VIK) Initiated with Buy at Loop Capital, PT USD 108/shr Wall Street English (WSE) Initiated with Outperform at BNP Paribas Exane; PT USD 16.69