This report was sent to Briefing.com subscribers earlier today.

Research calls posted earlier this morning are available here.

Upgrades:

> Freddie Mac (FMCC) upgraded to Mkt Perform from Underperform at Keefe Bruyette; tgt $1

> Intercorp Financial (IFS) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt raised to $32

> Pernod-Ricard (PDRDY) upgraded to Outperform from Neutral at Credit Suisse

> PPL Corp (PPL) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $32

> VeriSign (VRSN) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $265

> Wyndham Hotels & Resorts (WH) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $88

Downgrades:

> Baxter (BAX) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $51

> Birchcliff Energy (BIREF) resumed with a Buy at Canaccord Genuity

> Blackstone Mortgage Trust (BXMT) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $26

> Braskem SA (BAK) downgraded to Neutral from Buy at UBS

> Claros Mortgage Trust (CMTG) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt $16

> Crew Energy (CWEGF) resumed with a Buy at Canaccord Genuity

> Delta Air Lines (DAL) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $40

> EOG Resources (EOG) downgraded to Hold from Buy at TD Securities

> Granite Point Mortgage (GPMT) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt $6

> Peyto Exploration (PEYUF) resumed with a Hold at Canaccord Genuity

> Ready Capital (RC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $13

> Snap (SNAP) downgraded to Hold from Buy at Jefferies; tgt lowered to $10

> Sociedad Quimica y Minera (SQM) downgraded to Neutral from Buy at Citigroup; tgt lowered to $92

> TELUS International (TIXT) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $24

> TotalEnergies SE (TTE) downgraded to Neutral from Outperform at Exane BNP Paribas

> Tricon Residential (TCN) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $12.20

> Triumph Financial (TFIN) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $50

> UWM Holdings (UWMC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt $3.50

> Western Digital (WDC) downgraded to Sell from Neutral at Goldman; tgt lowered to $31

Others:

> Albemarle (ALB) placed on 90-day Negative Catalyst Watch at Citigroup; tgt lowered to $295

> Atlassian (TEAM) initiated with an Equal Weight at Barclays; tgt $155

> Elastic (ESTC) initiated with a Neutral at Wedbush; tgt $67

> GitLab (GTLB) initiated with an Overweight at Barclays; tgt $65

> Hour Loop (HOUR) assumed with a Buy at EF Hutton; tgt $5

> Lucid Group (LCID) resumed with a Buy at BofA Securities; tgt $21

> NIO (NIO) named Catalyst Call Buy Idea at Deutsche Bank; tgt $21

> NVIDIA (NVDA) initiated with a Reduce at HSBC Securities; tgt $136

> Rent the Runway (RENT) initiated with a Peer Perform at Wolfe Research

> RingCentral (RNG) initiated with a Neutral at Wedbush; tgt $40

> Ryan Specialty Group (RYAN) initiated with a Neutral at Citigroup; tgt $42

> Sally Beauty (SBH) initiated with an Overweight at Piper Sandler; tgt $15

> SentinelOne (S) initiated with an Outperform at Wedbush; tgt $19

> Smartsheet (SMAR) initiated with an Equal Weight at Barclays; tgt $45

> Snowflake (SNOW) initiated with a Neutral at Wedbush; tgt $144

> Splunk (SPLK) initiated with a Neutral at Wedbush; tgt $86

> UDR (UDR) initiated with a Neutral at UBS; tgt $43

> Unity Bancorp (UNTY) initiated with a Buy at Janney; tgt $32

> Verve Therapeutics (VERV) initiated with a Sell at Goldman; tgt $13

> Wendy’s (WEN) initiated with a Hold at Jefferies; tgt $25

> Willis Towers Watson (WTW) initiated with a Neutral at Citigroup; tgt $247

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