US BROKER MOVES: RL upgraded at Raymond James; ADBE, INTU, and CRM downgraded at Morgan Stanley

UPGRADES

• AdaptHealth (AHCO) Upgraded to Buy at Jefferies; PT USD 13 (prev USD 11)


• Five Below (FIVE) Upgraded to Outperform at Bernstein SocGen Group; PT USD 250 (prev USD 247)


• Fortinet (FTNT) Upgraded to Equalweight at Morgan Stanley; PT USD 133 (prev USD 80)


• Goldman Sachs (GS) Upgraded to Hold at HSBC; PT USD 995 (prev USD 834)


• Hilton Worldwide (HLT) Upgraded to Outperform at Evercore ISI


• CarMax (KMX) Upgraded to Equalweight at Barclays; PT USD 61 (prev USD 37)


• Ralph Lauren (RL) Upgraded to Outperform at Raymond James; PT USD 410

DOWNGRADES

• Adobe (ADBE) Downgraded to Underweight at Morgan Stanley; PT USD 240 (prev USD 365)


• Apple Hospitality REIT (APLE) Downgraded to Equalweight at Barclays; PT USD 17 (prev USD 16)


• Array Technologies (ARRY) Downgraded to Neutral at JPMorgan; PT USD 8


• Brookfield Renewable Partners (BEP) Downgraded to Neutral at JPMorgan


• Brookfield Renewable Corp. (BEPC) Downgraded to Neutral at JPMorgan; PT USD 42 (prev USD 38)


• BlackLine (BL) Downgraded to Equalweight at Morgan Stanley; PT USD 33 (prev USD 50)


• CI&T (CINT) Downgraded to Neutral at Wedbush; PT USD 4 (prev USD 7)


• Salesforce (CRM) Downgraded to Equalweight at Morgan Stanley; PT USD 185 (prev USD 287)


• Datadog (DDOG) Downgraded to Hold at Jefferies; PT USD 280 (prev USD 210)


• Elastic (ESTC) Downgraded to Equalweight at Morgan Stanley; PT USD 66 (prev USD 73)


• EVgo (EVGO) Downgraded to Underweight at JPMorgan


• JFrog (FROG) Downgraded to Equalweight at Morgan Stanley; PT USD 95 (prev USD 80)


• MarineMax (HZO) Downgraded to Neutral at B. Riley; PT USD 35


• Intuit (INTU) Downgraded to Equalweight at Morgan Stanley; PT USD 335 (prev USD 580)


• Lexington Realty Trust (LXP) Downgraded to Market Perform at Citizens


• Live Nation Entertainment (LYV) Downgraded to Neutral at Susquehanna; PT USD 186 (prev USD 181)


• Monarch Casino & Resort (MCRI) Downgraded to Hold at CBRE Equity Research


• NICE (NICE) Downgraded to Equalweight at Morgan Stanley; PT USD 111 (prev USD 130)


• PagerDuty (PD) Downgraded to Underweight at Morgan Stanley; PT USD 9 (prev USD 10)


• Quanta Services (PWR) Downgraded to Neutral at JPMorgan; PT USD 714


• Rapid7 (RPD) Downgraded to Underweight at Morgan Stanley; PT USD 9


• Shopify (SHOP) Downgraded to Neutral at Rothschild Redburn; PT USD 130 (prev USD 160)


• SPS Commerce (SPSC) Downgraded to Underweight at Morgan Stanley; PT USD 57 (prev USD 70)


• Tenable Holdings (TENB) Downgraded to Hold at Truist Securities; PT USD 40 (prev USD 27)


• Tripadvisor (TRIP) Downgraded to Neutral at BTIG


• Travelers Companies (TRV) Downgraded to Market Perform at BMO Capital; PT USD 379


• Vertex (VERX) Downgraded to Equalweight at Morgan Stanley; PT USD 15 (prev USD 19)


• Workday (WDAY) Downgraded to Underweight at Morgan Stanley; PT USD 145 (prev USD 185)


• Wix.com (WIX) Downgraded to Equalweight at Morgan Stanley; PT USD 60 (prev USD 112)


• Xylem (XYL) Downgraded to Neutral at JPMorgan; PT USD 130


• Zions Bancorp (ZION) Downgraded to Underweight at JPMorgan; PT USD 75

INITIATIONS

• American Bitcoin Corp. (ABTC) Initiated Buy at Maxim Group; PT USD 15


• AMH (AHR) Initiated Buy at Compass Point; PT USD 70


• AirSculpt Technologies (AIRS) Initiated Buy at Maxim Group; PT USD 8


• Annexon (ANNX) Initiated Market Underperform at Citizens; PT USD 3


• Digital Turbine (APPS) Initiated Buy at Roth; PT USD 11.50


• Commerce.com (CMRC) Initiated Neutral at UBS; PT USD 3.50


• Duker (DUKR) Initiated Buy at Maxim Group; PT USD 12


• Eledon Pharmaceuticals (ELDN) Initiated Buy at Rodman & Renshaw; PT USD 12


• Forte Biosciences (FBRX) Initiated Overweight at Barclays; PT USD 74


• Ligand Pharmaceuticals (LGND) Initiated Buy at Citi; PT USD 387


• Life360 (LIF) Initiated Overweight at Morgan Stanley; PT USD 66.24


• Merlin Entertainments (MRLN) Initiated Outperform at Northland; PT USD 10


• Microsoft (MSFT) Initiated Overweight at Morgan Stanley; PT USD 600


• ATRenew (RERE) Initiated Buy at UBS; PT USD 5.50


• Standard Industries (SIND) Initiated Buy at Citi; PT USD 18


• Standard Industries (SIND) Initiated Outperform at BMO Capital; PT USD 16


• Standard Industries (SIND) Initiated Outperform at RBC Capital; PT USD 19


• Standard Industries (SIND) Initiated Overweight at Morgan Stanley; PT USD 16.40

21 Jul 2026 - 13:19- - Source: Market Source