Upgrades Neutral Outperform X

AEG Aegon N.V.

BNP Paribas Exane

Upgrades Neutral Outperform X

ALV Autoliv

BNP Paribas Exane

$123

Upgrades Neutral Outperform X

AMZN Amazon

BNP Paribas Exane

$254

Downgrades Outperform Neutral X

ANET Arista Networks

BNP Paribas Exane

$106

Downgrades Neutral Underperform X

ARE Alexandria RE

BNP Paribas Exane

Downgrades Outperform Neutral X

AVB AvalonBay

BNP Paribas Exane

Downgrades Outperform Neutral X

BF-B Brown-Forman

BNP Paribas Exane

$28

Upgrades Underperform Neutral X

CABO Cable ONE

BNP Paribas Exane

$125

Initiated Outperform X

CDNS Cadence Design

BNP Paribas Exane

$400

Downgrades Outperform Neutral X

COLD Americold Realty Trust

BNP Paribas Exane

$18

Upgrades Neutral Outperform X

COO Cooper

BNP Paribas Exane

$92

Initiated Underperform X

DKS Dick’s Sporting Goods

BNP Paribas Exane

$177

Downgrades Outperform Neutral X

DNUT Krispy Kreme

BNP Paribas Exane

$3.50

Downgrades Neutral Underperform X

ENPH Enphase Energy

BNP Paribas Exane

$40

Downgrades Outperform Neutral X

EQR Equity Residential

BNP Paribas Exane

Downgrades Outperform Neutral X

ESS Essex Property

BNP Paribas Exane

Initiated Outperform X

ETN Eaton

BNP Paribas Exane

$380

Upgrades Underperform Outperform X

FDX FedEx

BNP Paribas Exane

$270

Downgrades Outperform Neutral X

GOOGL Alphabet A

BNP Paribas Exane

$172

Downgrades Outperform Neutral X

GPK Graphic Packaging

BNP Paribas Exane

Downgrades Outperform Neutral X

GT Goodyear Tire

BNP Paribas Exane

$9

Upgrades Neutral Outperform X

GT Goodyear Tire

BNP Paribas Exane

$15

Initiated Outperform X

GTX Garrett Motion

BNP Paribas Exane

$14

Upgrades Neutral Outperform X

HLN Haleon plc

BNP Paribas Exane

$13.40

Upgrades Underperform Neutral X

HRL Hormel Foods

BNP Paribas Exane

$30

Upgrades Underperform Outperform X

HSBC HSBC Holdings

BNP Paribas Exane

Upgrades Neutral Outperform X

HSY Hershey Foods

BNP Paribas Exane

Downgrades Neutral Underperform X

KDP Keurig Dr Pepper

BNP Paribas Exane

$24

Initiated Underperform X

LI Li Auto

BNP Paribas Exane

$18

Upgrades Neutral Outperform X

LOGI Logitech Int’l SA

BNP Paribas Exane

$109

Downgrades Neutral Underperform X

MAA Mid-America Aptmt

BNP Paribas Exane

Initiated Outperform X

NGG National Grid

BNP Paribas Exane

$80.40

Initiated Outperform X

NIQ NIQ Global Intelligence plc

BNP Paribas Exane

$22.50

Upgrades Neutral Outperform X

NOK Nokia

BNP Paribas Exane

$5

Upgrades Underperform Neutral X

NVO Novo Nordisk A/S

BNP Paribas Exane

$54

Downgrades Neutral Underperform X

NWG NatWest Group plc

BNP Paribas Exane

Initiated Outperform X

OI O-I Glass

BNP Paribas Exane

$18

Upgrades Underperform Neutral X

PAHC Phibro Animal Health

BNP Paribas Exane

$24

Downgrades Outperform Neutral X

RHI Robert Half

BNP Paribas Exane

$45

Upgrades Neutral Outperform X

RUN Sunrun

BNP Paribas Exane

$21

Downgrades Neutral Underperform X

SEDG SolarEdge Technologies

BNP Paribas Exane

$17

Downgrades Neutral Underperform X

SHLS Shoals Technologies

BNP Paribas Exane

$4

Downgrades Outperform Neutral X

SHOP Shopify

BNP Paribas Exane

$100

Upgrades Underperform Outperform X

SJM J.M. Smucker

BNP Paribas Exane

$120

Initiated Neutral X

SMR NuScale Power

BNP Paribas Exane

$41

Initiated Outperform X

SPOT Spotify

BNP Paribas Exane

$900

Resumed Neutral X

STLA Stellantis

BNP Paribas Exane

$10.10

Upgrades Neutral Outperform X

STM STMicroelectronics

BNP Paribas Exane

$31

Upgrades Underperform Neutral X

STX Seagate Tech

BNP Paribas Exane

$100

Downgrades Neutral Underperform X

STZ Constellation Brands

BNP Paribas Exane

$123

Upgrades Neutral Outperform X

TPG TPG Inc.

BNP Paribas Exane

$69

Downgrades Outperform Neutral X

UDR UDR

BNP Paribas Exane

Initiated Outperform X

UL Unilever PLC

BNP Paribas Exane

$73

Upgrades Underperform Neutral X

UPS UPS

BNP Paribas Exane

$100

Upgrades Underperform Neutral X

URI United Rentals

BNP Paribas Exane

$900

Downgrades Neutral Underperform X

VFC V.F. Corp

BNP Paribas Exane

Upgrades Underperform Neutral X

WPC W.P. Carey

BNP Paribas Exane

$66

Initiated Neutral X

XPEV XPeng

BNP Paribas Exane

$19

Upgrades Neutral Outperform X

ZBRA Zebra Tech

BNP Paribas Exane

$408