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

Research calls posted earlier this morning are available here. 

Upgrades:

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

> Ameresco (AMRC) upgraded to Neutral from Sell at ROTH MKM; tgt $44

> Applied Materials (AMAT) upgraded to Outperform from Neutral at KGI Securities

> Baytex Energy Trust (BTE) upgraded to Buy from Hold at TD Securities

> Compania Cervecerias Unidas (CCU) upgraded to Buy from Underperform at BofA Securities

> Kinder Morgan (KMI) upgraded to Outperform from Mkt Perform at Bernstein; tgt raised to $22

> Kontoor Brands (KTB) upgraded to Buy from Hold at Stifel; tgt raised to $63

> Lam Research (LRCX) upgraded to Outperform from Neutral at KGI Securities; tgt $600

> MKS Instruments (MKSI) upgraded to Buy from Hold at The Benchmark Company; tgt $125

> NetEase (NTES) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $100

> Ormat Tech (ORA) upgraded to Buy from Neutral at UBS; tgt raised to $105

> Permian Resources (PR) upgraded to Outperform from Market Perform at Cowen; tgt $15

> Philip Morris International (PM) upgraded to Buy from Neutral at UBS; tgt raised to $116

> Procter & Gamble (PG) upgraded to Buy from Neutral at UBS; tgt raised to $163

> Red Robin Gourmet (RRGB) upgraded to Buy from Hold at The Benchmark Company; tgt $14

> Spotify (SPOT) upgraded to Buy from Neutral at Redburn; tgt $140

> Vertex Energy (VTNR) upgraded to Outperform from Perform at Oppenheimer; tgt $14

Downgrades:

> Ambarella (AMBA) downgraded to Neutral from Buy at ROTH MKM; tgt $95

> BAE Systems (BAESY) downgraded to Hold from Buy at Berenberg

> Bank of Nova Scotia (BNS) downgraded to Hold from Buy at Canaccord Genuity

> BrightSpire Capital (BRSP) downgraded to Hold from Buy at Jones Trading

> First Advantage Corp. (FA) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $15

> Grocery Outlet (GO) downgraded to Hold from Buy at Craig Hallum

> Grupo Aeroportuario del Pacifico (PAC) downgraded to Hold from Buy at HSBC Securities; tgt $205

> iHeartMedia (IHRT) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $5

> KLA Corporation (KLAC) downgraded to Neutral from Outperform at KGI Securities; tgt $400

> Makita Corporation (MKTAY) downgraded to Underweight from Neutral at JP Morgan

> Marqeta (MQ) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $6

> New York Mortgage Trust (NYMT) downgraded to Hold from Buy at Jones Trading

> Novavax (NVAX) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $10

> NTT Data (NTDTY) downgraded to Sell from Neutral at Goldman

> Olaplex (OLPX) downgraded to Neutral from Buy at Goldman; tgt $6

> Shoals Technologies (SHLS) downgraded to Market Perform from Outperform at Northland Capital; tgt lowered to $27

> Silvergate Capital (SI) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $16

> SM Energy (SM) downgraded to Market Perform from Outperform at Cowen; tgt $35

> Universal Health (UHS) downgraded to Peer Perform from Outperform at Wolfe Research

> Warby Parker (WRBY) downgraded to Neutral from Buy at Citigroup; tgt lowered to $13

Others:

> Badger Daylighting (BADFF) initiated with a Buy at Stifel

> DICE Therapeutics (DICE) initiated with an Outperform at Cowen

> DREAM Industrial REIT (DREUF) initiated with an Outperform at BMO Capital Markets

> Eve Holding (EVEX) initiated with an Overweight at JP Morgan; tgt $8

> Heineken (HEINY) resumed with a Buy at Citigroup

> JD.com (JD) named Catalyst Driven Idea at Morgan Stanley

> Palantir Technologies (PLTR) initiated with a Neutral at DA Davidson; tgt $8

> Paramount Group (PGRE) resumed with a Neutral at BofA Securities; tgt $5.50

> Vaalco Energy (EGY) initiated with a Buy at Stifel

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