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

Research calls posted earlier this morning are available here.

Upgrades:

> Fox Corporation (FOXA) upgraded to Buy from Hold at Loop Capital; tgt $40

> Philip Morris International (PM) upgraded to Buy from Neutral at Goldman; tgt raised to $120

Downgrades:

> Aixtron (AIXXF) downgraded to Hold from Buy at Deutsche Bank

> Cheesecake Factory (CAKE) downgraded to Sell from Neutral at UBS; tgt $30

> Crescent Energy Company (CRGY) downgraded to Underperform from Neutral at BofA Securities; tgt raised to $14

> D.R. Horton (DHI) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $96

> Enbridge (ENB) downgraded to Market Perform from Outperform at BMO Capital Markets

> Enphase Energy (ENPH) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $255

> Experian (EXPGY) downgraded to Neutral from Outperform at Credit Suisse

> Fisker (FSR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $4

> FREYR Battery (FREY) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $13

> Graphite Bio (GRPH) downgraded to Neutral from Buy at BTIG Research

> Horace Mann (HMN) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $38

> Illumina (ILMN) downgraded to Hold from Buy at Argus

> Intercontinental Hotels Group (IHG) downgraded to Neutral from Outperform at Exane BNP Paribas

> Li-Cycle (LICY) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $4

> Magna (MGA) downgraded to Hold from Buy at TD Securities; tgt lowered to $69

> Microsoft (MSFT) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $265

> Nomura Holdings (NMR) downgraded to Hold from Buy at Jefferies

> SmartFinancial (SMBK) downgraded to Neutral from Buy at Janney; tgt $30

> SmartFinancial (SMBK) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $28

> Sterling Check Corp. (STER) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

> SunPower (SPWR) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $18

> Sunrun (RUN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $35

> TrustCo Bank Corp NY (TRST) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $36

> William Demant Holding (WILYY) downgraded to Neutral from Outperform at Exane BNP Paribas

> Zions Bancorp (ZION) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $46

Others:

> Antero Resources (AR) initiated with an Overweight at Wells Fargo; tgt $34

> APA Corp. (APA) initiated with an Overweight at Wells Fargo; tgt $52

> Chesapeake Energy (CHK) initiated with an Overweight at Wells Fargo; tgt $117

> Chord Energy (CHRD) initiated with a Buy at BofA Securities; tgt $178

> Coterra Energy (CTRA) initiated with an Equal Weight at Wells Fargo; tgt $28

> Devon Energy (DVN) initiated with an Equal Weight at Wells Fargo; tgt $70

> Diamondback Energy (FANG) initiated with an Overweight at Wells Fargo; tgt $181

> Dutch Bros (BROS) initiated with a Neutral at Wedbush; tgt $37

> EOG Resources (EOG) initiated with an Overweight at Wells Fargo; tgt $167

> EQT Corp. (EQT) initiated with an Overweight at Wells Fargo; tgt $41

> Lightspeed (LSPD) initiated with a Neutral at BofA Securities; tgt $20

> Marathon Oil (MRO) initiated with an Overweight at Wells Fargo; tgt $41

> Mobileye Global (MBLY) initiated with a Buy at Loop Capital; tgt $45

> Ovintiv (OVV) initiated with an Overweight at Wells Fargo; tgt $71

> Papa John’s (PZZA) initiated with a Buy at BofA Securities; tgt $103

> Pioneer Natural Resources (PXD) initiated with an Underweight at Wells Fargo; tgt $225

> Range Resources (RRC) initiated with an Equal Weight at Wells Fargo; tgt $28

> Shoals Technologies (SHLS) initiated with a Neutral at Cantor Fitzgerald; tgt $30

> Southwestern Energy (SWN) initiated with an Equal Weight at Wells Fargo

> Stryker (SYK) initiated with a Sector Weight at KeyBanc Capital Markets

> Toast (TOST) initiated with a Buy at DA Davidson; tgt $27