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US BROKER MOVES: CRM upgraded at BofA; ADBE downgraded at Wells Fargo
NATO Deputy Supreme Allied Commander Stringer says the alliance must adopt a more hard-edged defence strategy to restore deterrence against Russia and would "fight to win" if pushed, BBC reports
Strategy (MSTR) buys 250 BTC and repurchases USD 192mln of STRC preferred stock
On the Newsquawk feed at , 20 minutes before this page.
UPGRADES
- C3.ai (AI) Upgraded from Market Perform to Outperform at Northland; PT USD 16
- Allison Transmission (ALSN) Upgraded from Neutral to Buy at Citi; PT USD 135
- Allstate (ALL) Upgraded from Underweight to Equal Weight at Wells Fargo; PT USD 236
- AST SpaceMobile (ASTS) Upgraded from Hold to Buy at Deutsche Bank; PT USD 93
- Biogen (BIIB) Upgraded from Neutral to Overweight at JPMorgan; PT USD 300
- BioMarin Pharmaceutical (BMRN) Upgraded from Outperform to Strong Buy at Raymond James; PT USD 109
- Brown & Brown (BRO) Upgraded from Market Perform to Outperform at Keefe, Bruyette & Woods; PT USD 77
- Blackstone Digital Infrastructure Trust (BXDC) Upgraded from Neutral to Buy at Citi; PT USD 20
- Salesforce (CRM) Upgraded from Underperform to Buy at BofA Securities; PT USD 285
- First Solar (FSLR) Upgraded from Hold to Buy at Truist Securities
- Hexcel (HXL) Upgraded from Neutral to Buy at Seaport Global Securities; PT USD 104
- Humana (HUM) Upgraded from Market Perform to Outperform at Raymond James; PT USD 520
- Manhattan Associates (MANH) Upgraded from Equalweight to Overweight at Morgan Stanley; PT USD 250
- Mattel (MAT) Upgraded from Neutral to Buy at Seaport Global Securities
- SLM (SLM) Upgraded from Equalweight to Overweight at Morgan Stanley; PT USD 30
- T-Mobile US (TMUS) Upgraded from Market Perform to Outperform at Raymond James; PT USD 170
- Terreno Realty (TRNO) Upgraded from Market Perform to Outperform at BMO Capital; PT USD 75
- Tyler Technologies (TYL) Upgraded from Equal Weight to Overweight at Wells Fargo; PT USD 400
DOWNGRADES
- Adobe (ADBE) Downgraded from Overweight to Underweight at Wells Fargo; PT USD 225
- Enact Holdings (ACT) Downgraded from Neutral to Underweight at JPMorgan; PT USD 44
- Alexandria Real Estate Equities (ARE) Downgraded from Market Perform to Underperform at BMO Capital; PT USD 41
- Ally Financial (ALLY) Downgraded from Overweight to Equalweight at Morgan Stanley; PT USD 43
- The Baldwin Insurance Group (BWIN) Downgraded from Buy to Hold at TD Cowen
- The Baldwin Insurance Group (BWIN) Downgraded from N/A to Market Perform at Keefe, Bruyette & Woods; PT USD 32.50
- C.H. Robinson (CHRW) Downgraded from Buy to Hold at Deutsche Bank; PT USD 153
- Freddie Mac (FMCC) Downgraded from Outperform to Neutral at Mizuho; PT USD 4
- Fannie Mae (FNMA) Downgraded from Outperform to Neutral at Mizuho; PT USD 5
- GoDaddy (GDDY) Downgraded from Outperform to Sector Perform at RBC Capital; PT USD 95
- HubSpot (HUBS) Downgraded from Overweight to Equalweight at Barclays; PT USD 240
- Insmed (INSM) Downgraded from Outperform to Peer Perform at Wolfe Research
- Monday.com (MNDY) Downgraded from Overweight to Equalweight at Barclays; PT USD 100
- Microsoft (MSFT) Downgraded from Accumulate to Neutral at Phillip Securities; PT USD 515
- Option Care Health (OPCH) Downgraded from Overweight to Equalweight at Morgan Stanley; PT USD 32.05
- Palo Alto Networks (PANW) Downgraded from Buy to Neutral at Phillip Securities
- Palantir (PLTR) Downgraded from Buy to Neutral at Phillip Securities; PT USD 215
- Roivant Sciences (ROIV) Downgraded from Outperform to Peer Perform at Wolfe Research
- Snowflake (SNOW) Downgraded from Buy to Accumulate at Phillip Securities; PT USD 423
- UWM Holdings (UWMC) Downgraded from Buy to Neutral at BTIG
INITIATIONS
- AbCellera Biologics (ABCL) Initiated at Buy at UBS; PT USD 18
- AAmerican Bitcoin (ABTC) Initiated at Buy at H.C. Wainwright; PT USD 22
- Amrize (AMRZ) Initiated at Buy at Longbow Research
- American Savings Bank, National Association (ASBH) Initiated at Buy at DA Davidson; PT USD 20
- American Savings Bank, National Association (ASBH) Initiated at Market Perform at Keefe, Bruyette & Woods; PT USD 19
- American Savings Bank, National Association (ASBH) Initiated at Overweight at Piper Sandler; PT USD 20
- American Savings Bank, National Association (ASBH) Initiated at Overweight at Stephens; PT USD 21
- Axogen (AXGN) Initiated at Buy at BofA Securities; PT USD 52
- Beta Bionics (BBNX) Initiated at Buy at Jefferies; PT USD 30
- Butterfly Network (BFLY) Initiated at Buy at Canaccord; PT USD 10
- BioAge Labs (BIOA) Initiated at Neutral at UBS; PT USD 8
- Brown & Brown (BRO) Initiated at Buy at TD Cowen
- Chemung Financial (CHMG) Initiated at Market Perform at Hovde Group
- Connect Biopharma (CNTB) Initiated at Outperform at Leerink; PT USD 4
- Hemab Therapeutics Holdings (COAG) Initiated at Buy at Rodman & Renshaw; PT USD 56
- Equillium (EQ) Initiated at Outperform at Leerink; PT USD 6
- Evommune (EVMN) Initiated at Neutral at UBS; PT USD 8
- Frontdoor (FTDR) Initiated at Neutral at Goldman Sachs; PT USD 81
- Eva Live (GOAI) Initiated at Buy at Maxim Group; PT USD 7
- Hartford Financial (HIG) Initiated at Hold at Truist Securities; PT USD 137
- Robinhood (HOOD) Initiated at Outperform at Evercore ISI; PT USD 130
- Interactive Brokers (IBKR) Initiated at Buy at Deutsche Bank; PT USD 102
- Interactive Brokers (IBKR) Initiated at Outperform at Evercore ISI
- IDEXX Laboratories (IDXX) Initiated at Sector Weight at KeyBanc
- Kardigan (KARD) Initiated at Buy at UBS; PT USD 25
- Las Vegas Sands (LVS) Initiated at Buy at Citi; PT USD 71.50
- Melco Resorts & Entertainment (MLCO) Initiated at Buy at Citi; PT USD 9.40
- Mineralys Therapeutics (MLYS) Initiated at Neutral at UBS; PT USD 29
- Mind Medicine (MMED) Initiated at Hold at Jefferies; PT USD 22
- Everspin Technologies (MRAM) Initiated at Buy at Maxim Group; PT USD 25
- Nektar Therapeutics (NKTR) Initiated at Neutral at UBS; PT USD 53
- Nektar Therapeutics (NKTR) Initiated at Outperform at Leerink; PT USD 130
- Ocular Therapeutix (OCUL) Initiated at Buy at UBS; PT USD 14
- Odyssey Therapeutics (ODTX) Initiated at Buy at UBS; PT USD 27
- Prenetics Global (PRE) Initiated at Buy at Lucid Capital Markets; PT USD 54
- Protagonist Therapeutics (PTGX) Initiated at Buy at UBS; PT USD 184
- Quoin Pharmaceuticals (QNRX) Initiated at Buy at BTIG; PT USD 14
- Q32 Bio (QTTB) Initiated at Outperform at Leerink; PT USD 40
- Charles Schwab (SCHW) Initiated at In Line at Evercore ISI; PT USD 107
- Shattuck Labs (STTK) Initiated at Buy at UBS; PT USD 17
- Spyre Therapeutics (SYRE) Initiated at Buy at UBS; PT USD 120
- Teck Resources (TECX) Initiated at Neutral at UBS; PT USD 26
- First Financial (THFF) Initiated at Outperform at Hovde Group
- Vera Therapeutics (VERA) Initiated at Market Perform at Leerink; PT USD 34
- Vylor (VYLR) Initiated at Buy at UBS; PT USD 89
- TeraWulf (WULF) Initiated at Buy at TD Cowen; PT USD 21
Context
Daily broker roundups of this size are routine fare; what separates signal from noise is the calibre of the house and the size of the rating jump, and the headline pair here fits the pattern that has historically drawn attention: a two-notch move on a mega-cap from a bulge-bracket firm tends to travel further than a single-notch shuffle from a regional shop. BofA taking Salesforce from Underperform straight to Buy is the kind of full reversal that has tended to reflect a fundamental thesis change rather than valuation housekeeping, and comparable flips on large software names have in the past clustered around thesis inflections in enterprise spending or margin delivery. Wells Fargo cutting Adobe two rungs to Underweight sits within a recurring pattern of bearish calls on incumbent application-software franchises facing generative-AI disruption questions, a debate in which the sell side has been visibly split. The wider list shows the usual clustering: software and biotech dominate both directions, with Phillip Securities' across-the-board cuts on Microsoft, Palo Alto and Palantir reading as a house view on the AI complex rather than stock-specific work, a distinction that matters for how much weight each individual call carries. Price reactions to single-firm changes on liquid large caps have historically been short-lived unless they confirm an existing consensus drift; clustered moves in one direction across several houses are what have tended to mark durable rating cycles. Follow-ons worth noting are whether the Salesforce and Adobe calls are echoed or contested by peer houses in coming sessions, and whether the Phillip software cuts are a one-off or the start of a broader de-rating of the crowded AI beneficiaries.
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