Downgrades Outperform Neutral X

AAL American Airlines

Exane BNP Paribas

$12

Upgrades Neutral Outperform X

AAL American Airlines

Exane BNP Paribas

$20

Downgrades Outperform Neutral X

AAPL Apple

Exane BNP Paribas

$140

Downgrades Neutral Underperform X

ABB ABB Ltd

Exane BNP Paribas

Downgrades Outperform Neutral X

ACN Accenture

Exane BNP Paribas

$375

Upgrades Neutral Outperform X

ACN Accenture

Exane BNP Paribas

$440

Downgrades Outperform Neutral X

ACN Accenture

Exane BNP Paribas

$320

Upgrades Underperform Neutral X

ADBE Adobe

Exane BNP Paribas

$425

Downgrades Neutral Underperform X

ADBE Adobe

Exane BNP Paribas

$499

Initiated Outperform X

ADBE Adobe

Exane BNP Paribas

$570

Downgrades Outperform Neutral X

ADC Agree Realty

Exane BNP Paribas

$64

Initiated Outperform X

ADC Agree Realty

Exane BNP Paribas

$80

Upgrades Underperform Neutral X

ADNT Adient

Exane BNP Paribas

$26

Downgrades Neutral Underperform X

ADNT Adient

Exane BNP Paribas

Initiated Neutral X

ADNT Adient

Exane BNP Paribas

$32

Downgrades Neutral Underperform X

AEG Aegon N.V.

Exane BNP Paribas

Initiated Outperform X

ALGN Align Tech

Exane BNP Paribas

$790

Resumed Neutral X

ALV Autoliv

Exane BNP Paribas

Upgrades Underperform Neutral X

ALV Autoliv

Exane BNP Paribas

$86

Downgrades Outperform Neutral X

AMAT Applied Materials

Exane BNP Paribas

$133

Upgrades Neutral Outperform X

AME Ametek

Exane BNP Paribas

$210

Initiated Neutral X

AME Ametek

Exane BNP Paribas

$159

Initiated Outperform X

AMH American Homes 4 Rent

Exane BNP Paribas

$42

Upgrades Neutral Outperform X

AMRC Ameresco

Exane BNP Paribas

$34

Initiated Neutral X

AMRC Ameresco

Exane BNP Paribas

$43

Upgrades Underperform Neutral X

AMZN Amazon

Exane BNP Paribas

$140

Initiated Underperform X

AMZN Amazon

Exane BNP Paribas

$2800

Initiated Outperform X

ANET Arista Networks

Exane BNP Paribas

$210

Initiated Outperform X

APD Air Products

Exane BNP Paribas

Initiated Outperform X

APH Amphenol

Exane BNP Paribas

$93

Initiated Outperform X

APTV Aptiv

Exane BNP Paribas

$160

Initiated Neutral X

ARE Alexandria RE

Exane BNP Paribas

$108

Upgrades Underperform Neutral X

ARRY Array Tech

Exane BNP Paribas

$9

Downgrades Neutral Underperform X

ARRY Array Tech

Exane BNP Paribas

$12

Initiated Neutral X

ARRY Array Tech

Exane BNP Paribas

$21

Downgrades Neutral Underperform X

ATUS Altice USA

Exane BNP Paribas

$1

Upgrades Underperform Neutral X

ATUS Altice USA

Exane BNP Paribas

Downgrades Neutral Underperform X

ATUS Altice USA

Exane BNP Paribas

$14

Downgrades Outperform Neutral X

ATVI Activision Blizzard

Exane BNP Paribas

$95

Upgrades Neutral Outperform X

ATVI Activision Blizzard

Exane BNP Paribas

Initiated Outperform X

AVB AvalonBay

Exane BNP Paribas

$250

Initiated Outperform X

AVGO Broadcom

Exane BNP Paribas

$660

Initiated Neutral X

AXL American Axle

Exane BNP Paribas

$7

Downgrades Outperform Neutral X

AXTA Axalta Coating Systems

Exane BNP Paribas

$27

Initiated Outperform X

AZN AstraZeneca

Exane BNP Paribas

Downgrades Neutral Underperform X

BBVA Banco Bilbao Vizcaya Argentaria

Exane BNP Paribas

Downgrades Outperform Neutral X

BBY Best Buy

Exane BNP Paribas

Downgrades Outperform Neutral X

BC Brunswick

Exane BNP Paribas

$94 $82

Initiated Outperform X

BC Brunswick

Exane BNP Paribas

$125

Upgrades Neutral Outperform X

BCS Barclays PLC

Exane BNP Paribas

Downgrades Outperform Neutral X

BCS Barclays PLC

Exane BNP Paribas

Upgrades Neutral Outperform X

BCS Barclays PLC

Exane BNP Paribas

Initiated Outperform X

BEPC Brookfield Renewable Corp.

Exane BNP Paribas

Initiated Outperform X

BF-B Brown-Forman

Exane BNP Paribas

$48

Upgrades Underperform Neutral X

BHP BHP Group

Exane BNP Paribas

Upgrades Underperform Neutral X

BHP BHP Group

Exane BNP Paribas

Upgrades Underperform Neutral X

BHP BHP Billiton

Exane BNP Paribas

Upgrades Neutral Outperform X

BILL Bill.com

Exane BNP Paribas

$90

Upgrades Underperform Neutral X

BILL Bill.com

Exane BNP Paribas

$72

Initiated Underperform X

BILL Bill.com

Exane BNP Paribas

Upgrades Neutral Outperform X

BLK BlackRock

Exane BNP Paribas

$885

Downgrades Outperform Neutral X

BLK BlackRock

Exane BNP Paribas

$725

Downgrades Outperform Neutral X

BP BP

Exane BNP Paribas

Upgrades Neutral Outperform X

BP BP

Exane BNP Paribas

Downgrades Outperform Neutral X

BUD Anheuser-Busch InBev

Exane BNP Paribas

Upgrades Underperform Neutral X

BUD Anheuser-Busch InBev

Exane BNP Paribas

Downgrades Outperform Neutral X

BWA BorgWarner

Exane BNP Paribas

$43 $35

Upgrades Neutral Outperform X

BWA BorgWarner

Exane BNP Paribas

$49

Initiated Neutral X

BWA BorgWarner

Exane BNP Paribas

Downgrades Outperform Neutral X

BX Blackstone

Exane BNP Paribas

$135

Initiated Underperform X

CABO Cable ONE

Exane BNP Paribas

$418

Initiated Outperform X

CAG Conagra

Exane BNP Paribas

$42

Downgrades Outperform Neutral X

CCEP Coca-Cola European Partners

Exane BNP Paribas

$81

Upgrades Neutral Outperform X

CCEP Coca-Cola European Partners

Exane BNP Paribas

Initiated Neutral X

CCEP Coca-Cola European Partners

Exane BNP Paribas

$58

Initiated Outperform X

CELH Celsius

Exane BNP Paribas

$87

Downgrades Outperform Neutral X

CEVA Ceva

Exane BNP Paribas

Initiated Outperform X

CGNX Cognex

Exane BNP Paribas

$55

Initiated Neutral X

CHD Church & Dwight

Exane BNP Paribas

$114

Downgrades Outperform Neutral X

CHL China Mobile

Exane BNP Paribas

Downgrades Outperform Neutral X

CHRW C.H. Robinson

Exane BNP Paribas

$76

Initiated Outperform X

CHRW C.H. Robinson

Exane BNP Paribas

$128

Upgrades Underperform Neutral X

CHTR Charter Comm

Exane BNP Paribas

$360

Downgrades Outperform Neutral X

CHTR Charter Comm

Exane BNP Paribas

Downgrades Outperform Neutral X

CHWY Chewy

Exane BNP Paribas

Initiated Outperform X

CHWY Chewy

Exane BNP Paribas

$101

Downgrades Outperform Neutral X

CIEN Ciena

Exane BNP Paribas

$59 $67

Initiated Outperform X

CIEN Ciena

Exane BNP Paribas

$57

Initiated Outperform X

CL Colgate-Palmolive

Exane BNP Paribas

$109

Upgrades Underperform Neutral X

CL Colgate-Palmolive

Exane BNP Paribas

$56 $67

Downgrades Outperform Underperform X

CL Colgate-Palmolive

Exane BNP Paribas

Upgrades Neutral Outperform X

CLAR Clarus Corporation

Exane BNP Paribas

$33

Downgrades Neutral Underperform X

CLF Cleveland-Cliffs

Exane BNP Paribas

$16.50

Upgrades Underperform Neutral X

CLF Cleveland-Cliffs

Exane BNP Paribas

$21

Downgrades Neutral Underperform X

CLF Cleveland-Cliffs

Exane BNP Paribas

$14.30

Downgrades Outperform Neutral X

CLF Cleveland-Cliffs

Exane BNP Paribas

$19.20

Upgrades Neutral Outperform X

CLF Cleveland-Cliffs

Exane BNP Paribas

Initiated Underperform X

CLX Clorox

Exane BNP Paribas

$130

Downgrades Outperform Neutral X

CMC Commercial Metals

Exane BNP Paribas

Upgrades Neutral Outperform X

CMC Commercial Metals

Exane BNP Paribas

$45

Upgrades Underperform Neutral X

CMCSA Comcast

Exane BNP Paribas

$35

Downgrades Neutral Underperform X

CMCSA Comcast

Exane BNP Paribas

$34

Downgrades Outperform Neutral X

CMCSA Comcast

Exane BNP Paribas

$45

Initiated Outperform X

COLD Americold Realty Trust

Exane BNP Paribas

$38

Initiated Outperform X

COTY Coty

Exane BNP Paribas

$17

Initiated Underperform X

CPB Campbell Soup

Exane BNP Paribas

$48

Initiated Neutral X

CPT Camden Property

Exane BNP Paribas

$129

Initiated Outperform X

CRDO Credo Technology Group

Exane BNP Paribas

$13

Upgrades Neutral Outperform X

CRH CRH Plc.

Exane BNP Paribas

Upgrades Neutral Outperform X

CRH CRH Plc.

Exane BNP Paribas

Initiated Outperform X

CRM Salesforce

Exane BNP Paribas

Initiated Neutral X

CROX Crocs

Exane BNP Paribas

Initiated Neutral X

CRWD CrowdStrike

Exane BNP Paribas

$285

Resumed Underperform X

CS Credit Suisse

Exane BNP Paribas

Downgrades Outperform Neutral X

CS Credit Suisse

Exane BNP Paribas

Downgrades Outperform Neutral X

CS Credit Suisse

Exane BNP Paribas

Upgrades Neutral Outperform X

CSCO Cisco

Exane BNP Paribas

$72

Upgrades Underperform Neutral X

CSCO Cisco

Exane BNP Paribas

$50

Initiated Underperform X

CSCO Cisco

Exane BNP Paribas

$45

Upgrades Underperform Neutral X

CTVA Corteva

Exane BNP Paribas

$53

Downgrades Outperform Neutral X

CVNA Carvana

Exane BNP Paribas

$37

Upgrades Neutral Outperform X

CVX Chevron

Exane BNP Paribas

$190

Upgrades Underperform Neutral X

CVX Chevron

Exane BNP Paribas

$200

Downgrades Neutral Underperform X

CVX Chevron

Exane BNP Paribas

$190

Upgrades Underperform Neutral X

CVX Chevron

Exane BNP Paribas

Initiated Outperform X

CWEN Clearway Energy

Exane BNP Paribas

$36

Downgrades Outperform Neutral X

CX CEMEX S.A.

Exane BNP Paribas

$4

Upgrades Neutral Outperform X

CX CEMEX S.A.

Exane BNP Paribas

$9.50

Downgrades Outperform Neutral X

CX CEMEX S.A.

Exane BNP Paribas

$6.50

Downgrades Outperform Neutral X

CX CEMEX S.A.

Exane BNP Paribas

Initiated Underperform X

CYXT Cyxtera Technologies

Exane BNP Paribas

$2

Initiated Neutral X

DAN Dana Inc

Exane BNP Paribas

Upgrades Underperform Neutral X

DB Deutsche Bank

Exane BNP Paribas

Downgrades Outperform Neutral X

DD DuPont

Exane BNP Paribas

$83

Initiated Outperform X

DDOG Datadog

Exane BNP Paribas

$150

Downgrades Neutral Underperform X

DEO Diageo plc

Exane BNP Paribas

Downgrades Outperform Neutral X

DEO Diageo plc

Exane BNP Paribas

Initiated Underperform X

DISH DISH Network

Exane BNP Paribas

$1

Upgrades Underperform Neutral X

DKNG DraftKings

Exane BNP Paribas

$35

Downgrades Neutral Underperform X

DKNG DraftKings

Exane BNP Paribas

$28

Upgrades Underperform Neutral X

DKNG DraftKings

Exane BNP Paribas

$17

Initiated Underperform X

DKNG DraftKings

Exane BNP Paribas

Upgrades Neutral Outperform X

DLR Digital Realty Trust

Exane BNP Paribas

$138

Initiated Neutral X

DLR Digital Realty Trust

Exane BNP Paribas

$128

Upgrades Neutral Outperform X

DOC Healthpeak Properties

Exane BNP Paribas

$19 $21

Initiated Neutral X

DT Dynatrace

Exane BNP Paribas

$52

Initiated Neutral X

DWDP DowDuPont

Exane BNP Paribas

Downgrades Outperform Neutral X

EA Electronic Arts

Exane BNP Paribas

$125

Upgrades Underperform Neutral X

E Eni S.p.A.

Exane BNP Paribas

Downgrades Outperform Neutral X

E Eni S.p.A.

Exane BNP Paribas

Resumed Outperform X

E Eni S.p.A.

Exane BNP Paribas

Upgrades Underperform Neutral X

E Eni S.p.A.

Exane BNP Paribas

Upgrades Neutral Outperform X

EFX Equifax

Exane BNP Paribas

$305

Upgrades Underperform Neutral X

EFX Equifax

Exane BNP Paribas

$310

Initiated Underperform X

EFX Equifax

Exane BNP Paribas

$150

Downgrades Outperform Neutral X

EFX Equifax

Exane BNP Paribas

$290

Initiated Underperform X

EFX Equifax

Exane BNP Paribas

$106

Initiated Neutral X

EGP EastGroup

Exane BNP Paribas

$167

Initiated Outperform X

ELAN Elanco Animal Health

Exane BNP Paribas

$18

Initiated Outperform X

EMR Emerson

Exane BNP Paribas

$155

Downgrades Outperform Neutral X

ENPH Enphase Energy

Exane BNP Paribas

$88

Upgrades Neutral Outperform X

ENPH Enphase Energy

Exane BNP Paribas

$120 $144

Initiated Neutral X

ENPH Enphase Energy

Exane BNP Paribas

$131

Initiated Outperform X

EPRT Essential Properties Realty Trust

Exane BNP Paribas

$29

Initiated Outperform X

EQIX Equinix

Exane BNP Paribas

$886

Downgrades Neutral Underperform X

EQNR Equinor

Exane BNP Paribas

Initiated Outperform X

EQR Equity Residential

Exane BNP Paribas

$83

Downgrades Outperform Neutral X

ERIC Ericsson

Exane BNP Paribas

Initiated Outperform X

ESS Essex Property

Exane BNP Paribas

$333

Downgrades Outperform Neutral X

EXP Eagle Materials

Exane BNP Paribas

$159.50

Upgrades Underperform Neutral X

EXPD Expeditors Intl

Exane BNP Paribas

$112

Downgrades Neutral Underperform X

EXPD Expeditors Intl

Exane BNP Paribas

$116

Initiated Neutral X

EXPD Expeditors Intl

Exane BNP Paribas

$107

Downgrades Outperform Neutral X

F Ford Motor

Exane BNP Paribas

$12

Initiated Outperform X

F Ford Motor

Exane BNP Paribas

Downgrades Outperform Neutral X

FCX Freeport-McMoRan

Exane BNP Paribas

$29

Upgrades Neutral Outperform X

FCX Freeport-McMoRan

Exane BNP Paribas

Downgrades Outperform Neutral X

FCX Freeport-McMoRan

Exane BNP Paribas

$50

Upgrades Neutral Outperform X

FCX Freeport-McMoRan

Exane BNP Paribas

$39.50

Downgrades Outperform Neutral X

FCX Freeport-McMoRan

Exane BNP Paribas

$40.30

Downgrades Neutral Underperform X

FDX FedEx

Exane BNP Paribas

$250

Upgrades Neutral Outperform X

FI Fiserv

Exane BNP Paribas

Downgrades Neutral Underperform X

FIS Fidelity Nat’l Info

Exane BNP Paribas

Downgrades Outperform Neutral X

FIS Fidelity Nat’l Info

Exane BNP Paribas

$72

Upgrades Neutral Outperform X

FIVE Five Below

Exane BNP Paribas

Upgrades Underperform Neutral X

FLNC Fluence

Exane BNP Paribas

$22

Initiated Underperform X

FLNC Fluence

Exane BNP Paribas

$18

Initiated Underperform X

FLO Flowers Foods

Exane BNP Paribas

$20

Downgrades Outperform Neutral X

FMC FMC Corp

Exane BNP Paribas

$56

Downgrades Outperform Underperform X

FND Floor & Decor

Exane BNP Paribas

Initiated Outperform X

FR First Industrial Realty

Exane BNP Paribas

$57

Initiated Outperform X

FSLR First Solar

Exane BNP Paribas

$237

Downgrades Outperform Neutral X

FSR Fisker

Exane BNP Paribas

$20 $10

Initiated Outperform X

FSR Fisker

Exane BNP Paribas

Downgrades Outperform Neutral X

FTI TechnipFMC

Exane BNP Paribas

$23.50

Upgrades Neutral Outperform X

FTI TechnipFMC

Exane BNP Paribas

$14.50

Initiated Neutral X

FTI TechnipFMC

Exane BNP Paribas

Upgrades Underperform Neutral X

FTI TechnipFMC

Exane BNP Paribas

Initiated Outperform X

FTV Fortive

Exane BNP Paribas

$91

Upgrades Neutral Outperform X

GGG Graco

Exane BNP Paribas

$105

Initiated Neutral X

GGG Graco

Exane BNP Paribas

$73

Downgrades Outperform Neutral X

GIS General Mills

Exane BNP Paribas

$72

Initiated Outperform X

GIS General Mills

Exane BNP Paribas

$90

Initiated Outperform X

GLPI Gaming and Leisure Properties

Exane BNP Paribas

$63

Initiated Outperform X

GM General Motors

Exane BNP Paribas

Initiated Underperform X

GMAB Genmab

Exane BNP Paribas

Initiated Underperform X

GNL Global Net Lease

Exane BNP Paribas

$13

Initiated Underperform X

GNRC Generac

Exane BNP Paribas

$78

Downgrades Outperform Neutral X

GNTX Gentex

Exane BNP Paribas

$34

Initiated Outperform X

GNTX Gentex

Exane BNP Paribas

Downgrades Outperform Neutral X

GOLD Barrick

Exane BNP Paribas

$19

Upgrades Neutral Outperform X

GOOGL Alphabet A

Exane BNP Paribas

$123

Downgrades Outperform Neutral X

GOOGL Alphabet A

Exane BNP Paribas

$118

Upgrades Neutral Outperform X

GPK Graphic Packaging

Exane BNP Paribas

$26

Downgrades Neutral Underperform X

GPN Global Payments

Exane BNP Paribas

Downgrades Outperform Neutral X

GPN Global Payments

Exane BNP Paribas

$115

Upgrades Underperform Neutral X

GRUB Grubhub

Exane BNP Paribas

$66

Initiated Outperform X

GRUB GrubHub

Exane BNP Paribas

$84

Downgrades Outperform Neutral X

GSK GlaxoSmithKline

Exane BNP Paribas

Upgrades Neutral Outperform X

GSK GlaxoSmithKline

Exane BNP Paribas

Upgrades Underperform Neutral X

GT Goodyear Tire

Exane BNP Paribas

$13

Downgrades Neutral Underperform X

GT Goodyear Tire

Exane BNP Paribas

Initiated Neutral X

GT Goodyear Tire

Exane BNP Paribas

Initiated Outperform X

GT Goodyear Tire

Exane BNP Paribas

$10

Upgrades Underperform Neutral X

GXO GXO Logistics

Exane BNP Paribas

$50

Downgrades Neutral Underperform X

GXO GXO Logistics

Exane BNP Paribas

$40

Initiated Neutral X

GXO GXO Logistics

Exane BNP Paribas

$40

Upgrades Underperform Neutral X

HAL Halliburton

Exane BNP Paribas

$23

Initiated Outperform X

HASI Hannon Armstrong Sust. Infr.

Exane BNP Paribas

$29

Downgrades Outperform Neutral X

HD Home Depot

Exane BNP Paribas

$286

Initiated Underperform X

HRL Hormel Foods

Exane BNP Paribas

$28

Downgrades Neutral Underperform X

HSBC HSBC Holdings

Exane BNP Paribas

Upgrades Underperform Neutral X

HSBC HSBC Holdings

Exane BNP Paribas

Downgrades Neutral Underperform X

HSBC HSBC Holdings

Exane BNP Paribas

Downgrades Outperform Neutral X

HSBC HSBC Holdings

Exane BNP Paribas

Upgrades Neutral Outperform X

HSBC HSBC Holdings

Exane BNP Paribas

Downgrades Outperform Neutral X

HSY Hershey Foods

Exane BNP Paribas

$208

Upgrades Neutral Outperform X

HSY Hershey Foods

Exane BNP Paribas

$268

Initiated Neutral X

HSY Hershey Foods

Exane BNP Paribas

$235

Initiated Underperform X

IBM IBM

Exane BNP Paribas

$145

Initiated Outperform X

IDXX IDEXX Labs

Exane BNP Paribas

$602

Initiated Neutral X

IEX IDEX Corp

Exane BNP Paribas

$200

Upgrades Underperform Neutral X

IFF Intl Flavors

Exane BNP Paribas

$122

Downgrades Neutral Underperform X

IFF Intl Flavors

Exane BNP Paribas

Downgrades Neutral Underperform X

IHG Intercontinental Hotels Group

Exane BNP Paribas

Downgrades Outperform Neutral X

IHG Intercontinental Hotels Group

Exane BNP Paribas

Initiated Outperform X

INFY Infosys

Exane BNP Paribas

$24

Downgrades Outperform Neutral X

ING ING Groep

Exane BNP Paribas

Downgrades Neutral Underperform X

INTU Intuit

Exane BNP Paribas

$530

Upgrades Underperform Neutral X

INTU Intuit

Exane BNP Paribas

$532

Upgrades Underperform Neutral X

INTU Intuit

Exane BNP Paribas

$470

Initiated Underperform X

INTU Intuit

Exane BNP Paribas

$200

Initiated Outperform X

INVH Invitation Homes

Exane BNP Paribas

$39

Initiated Neutral X

IOT Samsara

Exane BNP Paribas

$46

Downgrades Neutral Underperform X

IP Int’l Paper

Exane BNP Paribas

$48.20

Resumed Neutral X

IP Int’l Paper

Exane BNP Paribas

Downgrades Outperform Neutral X

IP Int’l Paper

Exane BNP Paribas

$60

Upgrades Underperform Outperform X

IPG Interpublic

Exane BNP Paribas

$38

Downgrades Neutral Underperform X

IPG Interpublic

Exane BNP Paribas

Downgrades Outperform Neutral X

IPG Interpublic

Exane BNP Paribas

$40

Initiated Outperform X

IPG Interpublic

Exane BNP Paribas

Initiated Neutral X

IR Ingersoll-Rand

Exane BNP Paribas

$92

Initiated Outperform X

IRM Iron Mountain

Exane BNP Paribas

$66

Initiated Outperform X

ITRI Itron

Exane BNP Paribas

$133

Downgrades Neutral Underperform X

JBLU JetBlue Airways

Exane BNP Paribas

$3

Upgrades Underperform Neutral X

JBLU JetBlue Airways

Exane BNP Paribas

$17

Initiated Neutral X

JNPR Juniper Networks

Exane BNP Paribas

$31

Downgrades Outperform Neutral X

K Kellanova

Exane BNP Paribas

$83

Upgrades Neutral Outperform X

K Kellanova

Exane BNP Paribas

$74

Upgrades Underperform Neutral X

K Kellanova

Exane BNP Paribas

$55

Initiated Underperform X

K Kellogg

Exane BNP Paribas

$66

Initiated Neutral X

KDP Keurig Dr Pepper

Exane BNP Paribas

$36

Initiated Neutral X

KHC Kraft Heinz

Exane BNP Paribas

$39

Downgrades Outperform Neutral X

KLAC KLA Corporation

Exane BNP Paribas

$435

Initiated Neutral X

KMB Kimberly-Clark

Exane BNP Paribas

$146

Downgrades Outperform Neutral X

KMB Kimberly-Clark

Exane BNP Paribas

$148

Initiated Outperform X

KMB Kimberly-Clark

Exane BNP Paribas

$130

Initiated Outperform X

KO Coca-Cola

Exane BNP Paribas

$72

Downgrades Outperform Neutral X

KOS Kosmos Energy

Exane BNP Paribas

Initiated Neutral X

KR Kroger

Exane BNP Paribas

$56

Downgrades Neutral Underperform X

KR Kroger

Exane BNP Paribas

$48

Upgrades Neutral Outperform X

KR Kroger

Exane BNP Paribas

$51

Upgrades Underperform Neutral X

KR Kroger

Exane BNP Paribas

$60

Initiated Neutral X

KVUE Kenvue

Exane BNP Paribas

$28

Downgrades Neutral Underperform X

LCID Lucid Group

Exane BNP Paribas

$5

Downgrades Outperform Neutral X

LCID Lucid Group

Exane BNP Paribas

Upgrades Neutral Outperform X

LEA Lear

Exane BNP Paribas

Upgrades Underperform Neutral X

LEA Lear

Exane BNP Paribas

$117 $140

Initiated Underperform X

LEA Lear

Exane BNP Paribas

$112

Upgrades Neutral Outperform X

LITE Lumentum

Exane BNP Paribas

$92

Downgrades Neutral Underperform X

LOW Lowe’s

Exane BNP Paribas

$159

Downgrades Neutral Underperform X

LULU lululemon athletica

Exane BNP Paribas

$430 $415

Downgrades Neutral Underperform X

LUV Southwest Air

Exane BNP Paribas

$20

Downgrades Outperform Neutral X

LUV Southwest Air

Exane BNP Paribas

$34

Initiated Outperform X

LW Lamb Weston

Exane BNP Paribas

$128

Initiated Outperform X

LXP LXP Industrial Trust

Exane BNP Paribas

$11

Downgrades Neutral Underperform X

LYB LyondellBasell

Exane BNP Paribas

$80

Initiated Outperform X

LYB LyondellBasell

Exane BNP Paribas

Upgrades Neutral Outperform X

LYG Lloyds Banking

Exane BNP Paribas

Downgrades Outperform Neutral X

LYG Lloyds Banking

Exane BNP Paribas

Downgrades Outperform Neutral X

LYG Lloyds Banking

Exane BNP Paribas

Initiated Neutral X

MAA Mid-America Aptmt

Exane BNP Paribas

$169

Downgrades Outperform Neutral X

MA Mastercard

Exane BNP Paribas

$470

Upgrades Underperform Outperform X

MAN Manpower

Exane BNP Paribas

$92

Downgrades Outperform Underperform X

MAN Manpower

Exane BNP Paribas

$70

Initiated Outperform X

MAN Manpower

Exane BNP Paribas

$95

Downgrades Neutral Underperform X

MBLY Mobileye Global

Exane BNP Paribas

$12

Downgrades Outperform Neutral X

MBLY Mobileye Global

Exane BNP Paribas

$17

Initiated Neutral X

MDLZ Mondelez Int’l

Exane BNP Paribas

$68

Initiated Underperform X

META Meta Platforms

Exane BNP Paribas

$360

Downgrades Outperform Neutral X

MFGP Micro Focus

Exane BNP Paribas

Upgrades Neutral Outperform X

MGA Magna

Exane BNP Paribas

Upgrades Underperform Neutral X

MGA Magna

Exane BNP Paribas

Initiated Underperform X

MGA Magna

Exane BNP Paribas

Initiated Outperform X

MKC McCormick

Exane BNP Paribas

$94

Upgrades Neutral Outperform X

MLM Martin Marietta

Exane BNP Paribas

$407

Reiterated Underperform X

MNST Monster Beverage

Exane BNP Paribas

$46 $45

Initiated Underperform X

MNST Monster Beverage

Exane BNP Paribas

$48

Downgrades Neutral Underperform X

MOS Mosaic

Exane BNP Paribas

$42

Downgrades Outperform Neutral X

MOS Mosaic

Exane BNP Paribas

$82

Upgrades Neutral Outperform X

MPW Medical Properties Trust

Exane BNP Paribas

$5 $9

Downgrades Outperform Neutral X

MPW Medical Properties Trust

Exane BNP Paribas

$4

Upgrades Neutral Outperform X

MPW Medical Properties Trust

Exane BNP Paribas

$6

Initiated Neutral X

MPW Medical Properties Trust

Exane BNP Paribas

$5.50

Initiated Outperform X

MRVL Marvell

Exane BNP Paribas

$62

Downgrades Outperform Neutral X

MS Morgan Stanley

Exane BNP Paribas

$85

Downgrades Neutral Underperform X

MSCI MSCI

Exane BNP Paribas

$450

Upgrades Neutral Outperform X

MSFT Microsoft

Exane BNP Paribas

$471

Downgrades Outperform Neutral X

MSFT Microsoft

Exane BNP Paribas

$310 $300

Initiated Neutral X

MTSI MACOM Tech

Exane BNP Paribas

$65

Downgrades Outperform Underperform X

MU Micron

Exane BNP Paribas

$140 $67

Initiated Outperform X

MU Micron

Exane BNP Paribas

$75

Upgrades Underperform Neutral X

MXL MaxLinear

Exane BNP Paribas

$30

Initiated Underperform X

MXL MaxLinear

Exane BNP Paribas

$30

Downgrades Outperform Neutral X

NDSN Nordson

Exane BNP Paribas

$219

Initiated Outperform X

NDSN Nordson

Exane BNP Paribas

$275

Upgrades Neutral Outperform X

NEM Newmont Goldcorp

Exane BNP Paribas

$60

Initiated Underperform X

NEP NextEra Energy Partners

Exane BNP Paribas

$15

Initiated Underperform X

NET Cloudflare

Exane BNP Paribas

$65

Upgrades Underperform Outperform X

NGG National Grid

Exane BNP Paribas

Upgrades Neutral Outperform X

NGG National Grid

Exane BNP Paribas

Downgrades Neutral Underperform X

NKE NIKE

Exane BNP Paribas

Downgrades Outperform Neutral X

NKE NIKE

Exane BNP Paribas

$118

Downgrades Neutral Underperform X

NNN NNN REIT

Exane BNP Paribas

$44

Upgrades Underperform Neutral X

NNN NNN REIT

Exane BNP Paribas

$42

Initiated Underperform X

NNN NNN REIT

Exane BNP Paribas

$42

Initiated Neutral X

NOK Nokia

Exane BNP Paribas

Downgrades Neutral Underperform X

NOK Nokia

Exane BNP Paribas

Upgrades Underperform Neutral X

NOK Nokia

Exane BNP Paribas

Downgrades Neutral Underperform X

NOVA Sunnova Energy

Exane BNP Paribas

$3.50

Initiated Neutral X

NOVA Sunnova Energy

Exane BNP Paribas

$14

Upgrades Underperform Neutral X

NOW ServiceNow

Exane BNP Paribas

$410

Downgrades Neutral Underperform X

NOW ServiceNow

Exane BNP Paribas

$460

Downgrades Outperform Neutral X

NTR Nutrien

Exane BNP Paribas

Downgrades Outperform Neutral X

NTST NETSTREIT

Exane BNP Paribas

$17

Initiated Outperform X

NTST NETSTREIT

Exane BNP Paribas

$23

Upgrades Neutral Outperform X

NUE Nucor

Exane BNP Paribas

$191

Upgrades Neutral Outperform X

NVDA NVIDIA

Exane BNP Paribas

$745

Upgrades Underperform Neutral X

NVDA NVIDIA

Exane BNP Paribas

$230

Downgrades Neutral Underperform X

NVDA NVIDIA

Exane BNP Paribas

Upgrades Underperform Neutral X

NVO Novo Nordisk A/S

Exane BNP Paribas

Initiated Outperform X

NVO Novo Nordisk A/S

Exane BNP Paribas

Downgrades Outperform Neutral X

NWG NatWest Group plc

Exane BNP Paribas

Upgrades Underperform Outperform X

NWG NatWest Group plc

Exane BNP Paribas

Downgrades Neutral Underperform X

NWG NatWest Group plc

Exane BNP Paribas

Downgrades Outperform Neutral X

NWG NatWest Group plc

Exane BNP Paribas

Upgrades Neutral Outperform X

NXT Nextracker

Exane BNP Paribas

$45

Initiated Outperform X

NXT Nextracker

Exane BNP Paribas

Downgrades Outperform Neutral X

O Realty Income

Exane BNP Paribas

$61

Upgrades Neutral Outperform X

O Realty Income

Exane BNP Paribas

$63

Initiated Neutral X

O Realty Income

Exane BNP Paribas

$72

Upgrades Neutral Outperform X

OHI Omega Health

Exane BNP Paribas

$49

Upgrades Underperform Neutral X

OHI Omega Health

Exane BNP Paribas

$30

Downgrades Neutral Underperform X

OHI Omega Health

Exane BNP Paribas

Initiated Neutral X

OHI Omega Health

Exane BNP Paribas

$36

Upgrades Neutral Outperform X

OMC Omnicom

Exane BNP Paribas

$115

Upgrades Underperform Neutral X

OMC Omnicom

Exane BNP Paribas

$96

Downgrades Neutral Underperform X

ON ON Semiconductor

Exane BNP Paribas

$55

Downgrades Outperform Neutral X

ON ON Semiconductor

Exane BNP Paribas

$95

Initiated Outperform X

ONON On

Exane BNP Paribas

Upgrades Neutral Outperform X

ORCL Oracle

Exane BNP Paribas

$90

Downgrades Neutral Underperform X

ORCL Oracle

Exane BNP Paribas

$79

Initiated Neutral X

ORCL Oracle

Exane BNP Paribas

$50

Downgrades Outperform Neutral X

OTIS Otis Worldwide

Exane BNP Paribas

Upgrades Neutral Outperform X

OTLY Oatly Group AB

Exane BNP Paribas

Downgrades Neutral Underperform X

OTLY Oatly Group AB

Exane BNP Paribas

Initiated Underperform X

PAHC Phibro Animal Health

Exane BNP Paribas

$9

Initiated Outperform X

PANW Palo Alto Networks

Exane BNP Paribas

$410

Upgrades Underperform Neutral X

PCAR PACCAR

Exane BNP Paribas

$100

Upgrades Underperform Neutral X

PEAK Healthpeak

Exane BNP Paribas

$19

Initiated Underperform X

PEAK Healthpeak

Exane BNP Paribas

$18

Upgrades Neutral Outperform X

PEGA Pegasystems

Exane BNP Paribas

$50 $65

Initiated Neutral X

PEP PepsiCo

Exane BNP Paribas

$174

Initiated Outperform X

PG Procter & Gamble

Exane BNP Paribas

$187

Upgrades Neutral Outperform X

PHG Philips

Exane BNP Paribas

Upgrades Underperform Neutral X

PHG Philips

Exane BNP Paribas

Downgrades Outperform Underperform X

PHG Philips

Exane BNP Paribas

Initiated Underperform X

PII Polaris Industries

Exane BNP Paribas

$113

Downgrades Outperform Neutral X

PKG Packaging Corp

Exane BNP Paribas

$182

Resumed Outperform X

PKG Packaging Corp

Exane BNP Paribas

Upgrades Neutral Outperform X

PLD Prologis

Exane BNP Paribas

$141

Upgrades Neutral Outperform X

PLNT Planet Fitness

Exane BNP Paribas

$97

Upgrades Underperform Neutral X

PLNT Planet Fitness

Exane BNP Paribas

$45

Downgrades Neutral Underperform X

PLNT Planet Fitness

Exane BNP Paribas

$57

Upgrades Underperform Neutral X

PLNT Planet Fitness

Exane BNP Paribas

$75

Downgrades Outperform Neutral X

PLYM Plymouth Industrial REIT

Exane BNP Paribas

$23

Upgrades Neutral Outperform X

PLYM Plymouth Industrial REIT

Exane BNP Paribas

$25

Initiated Neutral X

PNR Pentair

Exane BNP Paribas

$86

Downgrades Outperform Neutral X

PPG PPG Industries

Exane BNP Paribas

$130

Downgrades Outperform Neutral X

PSO Pearson Plc

Exane BNP Paribas

Upgrades Neutral Outperform X

PSO Pearson Plc

Exane BNP Paribas

Downgrades Outperform Neutral X

PSO Pearson Plc

Exane BNP Paribas

Downgrades Neutral Underperform X

PTON Peloton

Exane BNP Paribas

$8

Downgrades Outperform Neutral X

PTON Peloton

Exane BNP Paribas

$89

Upgrades Neutral Outperform X

PUK Prudential Plc

Exane BNP Paribas

Upgrades Underperform Neutral X

PUK Prudential Plc

Exane BNP Paribas

Downgrades Neutral Underperform X

PUK Prudential Plc

Exane BNP Paribas

Initiated Neutral X

PX Praxair

Exane BNP Paribas

Downgrades Outperform Neutral X

PYPL PayPal

Exane BNP Paribas

Upgrades Neutral Outperform X

PYPL PayPal

Exane BNP Paribas

Upgrades Neutral Outperform X

QGEN Qiagen

Exane BNP Paribas

Downgrades Outperform Neutral X

QRVO Qorvo

Exane BNP Paribas

$80

Upgrades Neutral Outperform X

QRVO Qorvo

Exane BNP Paribas

$135

Initiated Neutral X

QRVO Qorvo

Exane BNP Paribas

$100

Downgrades Outperform Neutral X

RACE Ferrari

Exane BNP Paribas

Upgrades Neutral Outperform X

RACE Ferrari

Exane BNP Paribas

Initiated Outperform X

RADI Radius Global Infrastructure

Exane BNP Paribas

$17

Downgrades Outperform Neutral X

RDS-A Royal Dutch Shell

Exane BNP Paribas

Downgrades Outperform Neutral X

RDS-A Royal Dutch Shell

Exane BNP Paribas

Upgrades Underperform Outperform X

RELX Relx

Exane BNP Paribas

Initiated Outperform X

RGEN Repligen

Exane BNP Paribas

$330

Downgrades Neutral Underperform X

RH RH

Exane BNP Paribas

$253

Upgrades Underperform Outperform X

RHI Robert Half

Exane BNP Paribas

$71.50

Downgrades Outperform Underperform X

RHI Robert Half

Exane BNP Paribas

$64

Upgrades Underperform Outperform X

RHI Robert Half

Exane BNP Paribas

$80

Initiated Underperform X

RHI Robert Half

Exane BNP Paribas

$70

Upgrades Neutral Outperform X

RIO Rio Tinto

Exane BNP Paribas

Downgrades Outperform Neutral X

RIO Rio Tinto

Exane BNP Paribas

Upgrades Neutral Outperform X

RIO Rio Tinto

Exane BNP Paribas

Downgrades Outperform Neutral X

RIO Rio Tinto

Exane BNP Paribas

Upgrades Neutral Outperform X

RIVN Rivian Automotive

Exane BNP Paribas

$30

Upgrades Underperform Neutral X

RIVN Rivian Automotive

Exane BNP Paribas

$26

Initiated Outperform X

ROK Rockwell Automation

Exane BNP Paribas

$345

Upgrades Neutral Outperform X

RS Reliance Steel

Exane BNP Paribas

Upgrades Underperform Neutral X

RTO Rentokil

Exane BNP Paribas

Upgrades Neutral Outperform X

RUN Sunrun

Exane BNP Paribas

$16

Downgrades Outperform Neutral X

RUN Sunrun

Exane BNP Paribas

$14

Initiated Outperform X

RUN Sunrun

Exane BNP Paribas

$20

Upgrades Underperform Neutral X

RVNC Revance Therapeutics

Exane BNP Paribas

$20

Downgrades Outperform Neutral X

RYAAY Ryanair Hldgs

Exane BNP Paribas

Initiated Outperform X

SAFE Safehold

Exane BNP Paribas

Upgrades Neutral Outperform X

SAN Banco Santander

Exane BNP Paribas

Upgrades Neutral Outperform X

SAP SAP SE

Exane BNP Paribas

$143

Downgrades Outperform Neutral X

SAP SAP SE

Exane BNP Paribas

$105

Downgrades Outperform Neutral X

SEDG SolarEdge Technologies

Exane BNP Paribas

$71

Initiated Outperform X

SEDG SolarEdge Technologies

Exane BNP Paribas

$140

Downgrades Outperform Neutral X

SHEL Shell plc

Exane BNP Paribas

Downgrades Outperform Neutral X

SHLS Shoals Technologies

Exane BNP Paribas

$15 $7

Initiated Outperform X

SHLS Shoals Technologies

Exane BNP Paribas

$33

Initiated Outperform X

SHOO Steven Madden

Exane BNP Paribas

Upgrades Underperform Outperform X

SHOP Shopify

Exane BNP Paribas

Downgrades Neutral Underperform X

SHOP Shopify

Exane BNP Paribas

Upgrades Underperform Neutral X

SHOP Shopify

Exane BNP Paribas

$50

Downgrades Neutral Underperform X

SHOP Shopify

Exane BNP Paribas

Initiated Underperform X

SJM J.M. Smucker

Exane BNP Paribas

$138

Upgrades Underperform Neutral X

SKIN The Beauty Health Company

Exane BNP Paribas

Upgrades Neutral Outperform X

SLB Schlumberger

Exane BNP Paribas

$45

Downgrades Outperform Neutral X

SNN Smith & Nephew

Exane BNP Paribas

Upgrades Neutral Outperform X

SNOW Snowflake

Exane BNP Paribas

$200

Upgrades Underperform Neutral X

SNOW Snowflake

Exane BNP Paribas

$173

Downgrades Neutral Underperform X

SNOW Snowflake

Exane BNP Paribas

$190

Initiated Underperform X

SPWR SunPower

Exane BNP Paribas

$4

Downgrades Outperform Neutral X

SQ Block

Exane BNP Paribas

$88

Upgrades Underperform Outperform X

SQ Block

Exane BNP Paribas

$95

Initiated Underperform X

SQ Block

Exane BNP Paribas

Upgrades Underperform Neutral X

SRC Spirit Realty Capital

Exane BNP Paribas

$46

Initiated Underperform X

SRC Spirit Realty Capital

Exane BNP Paribas

$42

Initiated Neutral X

STAG STAG Industrial

Exane BNP Paribas

$39

Initiated Neutral X

STEM Stem

Exane BNP Paribas

$5

Downgrades Outperform Neutral X

STLA Stellantis

Exane BNP Paribas

Upgrades Neutral Outperform X

STLD Steel Dynamics

Exane BNP Paribas

Downgrades Outperform Neutral X

STLD Steel Dynamics

Exane BNP Paribas

$102

Initiated Outperform X

STVN Stevanato Group S.p.A.

Exane BNP Paribas

Downgrades Neutral Underperform X

STX Seagate Tech

Exane BNP Paribas

$65

Initiated Neutral X

STX Seagate Tech

Exane BNP Paribas

$70

Initiated Neutral X

STZ Constellation Brands

Exane BNP Paribas

$261

Downgrades Outperform Neutral X

SUM Summit Materials

Exane BNP Paribas

$38

Downgrades Outperform Neutral X

SWKS Skyworks

Exane BNP Paribas

$110

Initiated Outperform X

SWKS Skyworks

Exane BNP Paribas

$120

Initiated Outperform X

SXT Sensient

Exane BNP Paribas

$74

Upgrades Neutral Outperform X

T AT&T

Exane BNP Paribas

$28.50

Upgrades Underperform Neutral X

T AT&T

Exane BNP Paribas

Initiated Neutral X

TAP Molson Coors Brewing

Exane BNP Paribas

$64

Initiated Outperform X

TDY Teledyne Tech

Exane BNP Paribas

$530

Downgrades Neutral Underperform X

TEF Telefonica S.A.

Exane BNP Paribas

Upgrades Underperform Outperform X

TEF Telefonica S.A.

Exane BNP Paribas

Initiated Underperform X

TGT Target

Exane BNP Paribas

$116

Downgrades Neutral Underperform X

THO Thor Industries

Exane BNP Paribas

$65

Initiated Neutral X

THO Thor Industries

Exane BNP Paribas

$128

Downgrades Neutral Underperform X

TI Telecom Italia

Exane BNP Paribas

Downgrades Outperform Neutral X

TOST Toast

Exane BNP Paribas

$37

Upgrades Neutral Outperform X

TOST Toast

Exane BNP Paribas

$30

Initiated Neutral X

TOST Toast

Exane BNP Paribas

$16

Downgrades Outperform Neutral X

TPG TPG Inc.

Exane BNP Paribas

$32

Upgrades Underperform Neutral X

TREX Trex

Exane BNP Paribas

$75

Downgrades Neutral Underperform X

TREX Trex

Exane BNP Paribas

$81

Upgrades Underperform Neutral X

TRI Thomson Reuters

Exane BNP Paribas

$100 $115

Downgrades Neutral Underperform X

TRI Thomson Reuters

Exane BNP Paribas

Upgrades Underperform Neutral X

TRI Thomson Reuters

Exane BNP Paribas

Initiated Outperform X

TRNO Terreno Realty

Exane BNP Paribas

$68

Upgrades Neutral Outperform X

TRU TransUnion

Exane BNP Paribas

$80

Initiated Neutral X

TRU TransUnion

Exane BNP Paribas

$64.50

Initiated Neutral X

TRU TransUnion

Exane BNP Paribas

$66

Upgrades Neutral Outperform X

TS Tenaris

Exane BNP Paribas

Upgrades Underperform Neutral X

TS Tenaris

Exane BNP Paribas

Upgrades Neutral Outperform X

TSCO Tractor Supply

Exane BNP Paribas

Downgrades Neutral Underperform X

TSLA Tesla

Exane BNP Paribas

$340

Downgrades Outperform Neutral X

TTE TotalEnergies SE

Exane BNP Paribas

Downgrades Outperform Neutral X

TTE TotalEnergies SE

Exane BNP Paribas

Downgrades Outperform Neutral X

TTE TotalEnergies SE

Exane BNP Paribas

Downgrades Outperform Neutral X

TTWO Take-Two

Exane BNP Paribas

$120

Upgrades Neutral Outperform X

TTWO Take-Two

Exane BNP Paribas

$180 $215

Downgrades Outperform Neutral X

UAA Under Armour

Exane BNP Paribas

Upgrades Neutral Outperform X

UAA Under Armour

Exane BNP Paribas

Upgrades Underperform Neutral X

UAA Under Armour

Exane BNP Paribas

$18

Upgrades Underperform Outperform X

UAL United Airlines

Exane BNP Paribas

$70

Downgrades Neutral Underperform X

UAL United Airlines

Exane BNP Paribas

$38 $33

Upgrades Underperform Neutral X

UAL United Airlines

Exane BNP Paribas

$38

Downgrades Outperform Neutral X

UBS UBS AG

Exane BNP Paribas

Upgrades Neutral Outperform X

UBS UBS AG

Exane BNP Paribas

Downgrades Outperform Neutral X

UBS UBS AG

Exane BNP Paribas

Upgrades Neutral Outperform X

UBS UBS AG

Exane BNP Paribas

Initiated Outperform X

UDR UDR

Exane BNP Paribas

$49

Downgrades Outperform Neutral X

UN Unilever NV

Exane BNP Paribas

Downgrades Neutral Underperform X

UPS UPS

Exane BNP Paribas

Upgrades Underperform Neutral X

UPS UPS

Exane BNP Paribas

$191

Downgrades Outperform Underperform X

URI United Rentals

Exane BNP Paribas

$485

Resumed Outperform X

URI United Rentals

Exane BNP Paribas

$535

Upgrades Neutral Outperform X

V Visa

Exane BNP Paribas

$325

Upgrades Underperform Neutral X

VALE Vale S.A.

Exane BNP Paribas

Downgrades Neutral Underperform X

VALE Vale S.A.

Exane BNP Paribas

$13.20

Downgrades Outperform Neutral X

VALE Vale S.A.

Exane BNP Paribas

Upgrades Neutral Outperform X

VALE Vale S.A.

Exane BNP Paribas

$20.50

Upgrades Underperform Neutral X

VALE Vale S.A.

Exane BNP Paribas

$15.80

Downgrades Outperform Underperform X

VALE Vale S.A.

Exane BNP Paribas

$18.30

Downgrades Neutral Underperform X

VALE Vale S.A.

Exane BNP Paribas

Downgrades Outperform Neutral X

VC Visteon

Exane BNP Paribas

$130

Upgrades Neutral Outperform X

VC Visteon

Exane BNP Paribas

$105 $133

Initiated Neutral X

VC Visteon

Exane BNP Paribas

$99

Initiated Outperform X

VEEV Veeva Systems

Exane BNP Paribas

$286

Downgrades Outperform Neutral X

VFC V.F. Corp

Exane BNP Paribas

$18 $14

Initiated Outperform X

VICI VICI Properties

Exane BNP Paribas

$41

Initiated Outperform X

VLTO Veralto

Exane BNP Paribas

$103

Downgrades Neutral Underperform X

VOD Vodafone PLC

Exane BNP Paribas

Upgrades Underperform Neutral X

VOD Vodafone PLC

Exane BNP Paribas

Downgrades Outperform Neutral X

VOD Vodafone PLC

Exane BNP Paribas

Upgrades Neutral Outperform X

VOD Vodafone PLC

Exane BNP Paribas

Initiated Outperform X

VST Vistra Corp.

Exane BNP Paribas

$231

Initiated Outperform X

VTR Ventas

Exane BNP Paribas

$47

Downgrades Outperform Neutral X

W Wayfair

Exane BNP Paribas

Initiated Outperform X

W Wayfair

Exane BNP Paribas

$400

Upgrades Neutral Outperform X

WDAY Workday

Exane BNP Paribas

$235

Downgrades Outperform Neutral X

WDAY Workday

Exane BNP Paribas

$230

Initiated Underperform X

WDAY Workday

Exane BNP Paribas

Upgrades Neutral Outperform X

WDC Western Digital

Exane BNP Paribas

$58

Upgrades Underperform Neutral X

WDC Western Digital

Exane BNP Paribas

$42

Initiated Underperform X

WDC Western Digital

Exane BNP Paribas

$30

Initiated Outperform X

WELL Welltower

Exane BNP Paribas

$104

Initiated Underperform X

WIT Wipro

Exane BNP Paribas

$5.20

Initiated Outperform X

WMT Walmart

Exane BNP Paribas

$186

Upgrades Underperform Neutral X

WMT Walmart

Exane BNP Paribas

$136

Initiated Underperform X

WOOF Petco Health and Wellness

Exane BNP Paribas

$16

Initiated Underperform X

WPC W.P. Carey

Exane BNP Paribas

$74

Downgrades Outperform Neutral X

WPP WPP plc

Exane BNP Paribas

Downgrades Neutral Underperform X

WPP WPP plc

Exane BNP Paribas

Upgrades Underperform Neutral X

WPP WPP plc

Exane BNP Paribas

Resumed Outperform X

WRK WestRock

Exane BNP Paribas

Initiated Neutral X

WSM Williams-Sonoma

Exane BNP Paribas

$179

Upgrades Neutral Outperform X

WWW Wolverine

Exane BNP Paribas

$22

Downgrades Outperform Neutral X

WWW Wolverine

Exane BNP Paribas

$9

Upgrades Neutral Outperform X

X U.S. Steel

Exane BNP Paribas

$40

Downgrades Outperform Neutral X

X U.S. Steel

Exane BNP Paribas

$26

Upgrades Neutral Outperform X

XM Qualtrics

Exane BNP Paribas

$15

Initiated Neutral X

XM Qualtrics

Exane BNP Paribas

$28

Downgrades Neutral Underperform X

XOM Exxon Mobil

Exane BNP Paribas

$105

Upgrades Underperform Neutral X

XOM Exxon Mobil

Exane BNP Paribas

$115

Downgrades Neutral Underperform X

XOM Exxon Mobil

Exane BNP Paribas

$60

Upgrades Underperform Neutral X

XOM Exxon Mobil

Exane BNP Paribas

$45.50

Initiated Outperform X

XYL Xylem

Exane BNP Paribas

$150

Downgrades Outperform Neutral X

YETI YETI Holdings

Exane BNP Paribas

$42

Initiated Outperform X

YETI YETI Holdings

Exane BNP Paribas

$115

Upgrades Underperform Neutral X

ZBRA Zebra Tech

Exane BNP Paribas

$305

Initiated Underperform X

ZBRA Zebra Tech

Exane BNP Paribas

$183

Initiated Underperform X

ZGN Zegna Group

Exane BNP Paribas

$11.60

Downgrades Neutral Underperform X

ZM Zoom Video

Exane BNP Paribas

$60

Initiated Neutral X

ZM Zoom Video

Exane BNP Paribas

$110

Initiated Neutral X

ZS Zscaler

Exane BNP Paribas

$180

Initiated Outperform X

ZTS Zoetis

Exane BNP Paribas

$237

Initiated Outperform X

ZWS Zurn Elkay Water Solutions

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$40