UPGRADES 
for Tuesday, 19 JUL 22
Symbol Company Analyst Firm Upgrading
ANET Arista Networks Needham *
BAP Credicorp LTD Credit Suisse
CBOE Cboe Global Markets Morgan Stanley
CNK Cinemark Morgan Stanley
CNQ Canadian Natrl Res BofA Securities *
COP ConocoPhillips BofA Securities *
DANOY Danone Berenberg
DROOF Deliveroo plc Berenberg *
EOG EOG Resources BofA Securities *
FQVLF First Quantum Minerals Barclays
FTCI FTC Solar Piper Sandler
HBM Hudbay Minerals Barclays
OVV Ovintiv BofA Securities *
PAA Plains All American BofA Securities
PAGP Plains GP BofA Securities
SWN Southwestern Energy BofA Securities *
TAK Takeda Pharma Cowen
XOM Exxon Mobil Piper Sandler
* = Upgrade to BUY
DOWNGRADES 
for Tuesday, 19 JUL 22
Symbol Company Analyst Firm Downgrading
APO Apollo Global Management Morgan Stanley
ASAN Asana RBC Capital Mkts
BECN Beacon Roofing Supply William Blair
CHFFY China Everbright Ltd HSBC Securities
CRC California Resources Corp BofA Securities
DCT Duck Creek Technologies RBC Capital Mkts
DEN Denbury BofA Securities
FNV Franco-Nevada Barclays
FSLY Fastly RBC Capital Mkts
HBM Hudbay Minerals National Bank Financial
HENKY Henkel AG Berenberg *
IBEX IBEX Ltd. Citigroup
IIPR Innovative Industrial Properties Wolfe Research
NOVA Sunnova Energy Piper Sandler
NVTA Invitae The Benchmark Company
NVTA Invitae SVB Leerink
PXD Pioneer Natural Resources BofA Securities
RUN Sunrun Piper Sandler
SHLS Shoals Technologies Northland Capital
SQ Block Macquarie
STEP StepStone Group Morgan Stanley
VIAV Viavi Needham
* = SELL
COVERAGE INITIATED 
for Tuesday, 19 JUL 22
Symbol Company Analyst Firm Downgrading Initial Recommendation
AMCR Amcor CLSA BUY *
AMH American Homes 4 Rent Oppenheimer Perform
APLS Apellis Pharmaceuticals H.C. Wainwright BUY *
ARQQ Arqit Quantum Deutsche Bank Hold
AURA Aura Biosciences JMP Securities Mkt Outperform
BKKT Bakkt Citigroup Neutral
BW Babcock & Wilcox Enterprises Craig Hallum BUY *
CASY Casey's General The Benchmark Company BUY *
FTHM Fathom Holdings Stephens Overweight
INVH Invitation Homes Oppenheimer Perform
SHAK Shake Shack Gordon Haskett Hold
STKS The ONE Group ROTH Capital BUY *
TASK TaskUs Citigroup BUY *
WALD Waldencast Acquisition Corp. Telsey Advisory Group Outperform
REITERATED for Tuesday, 19 JUL 22
MSFT Microsoft Citigroup BUY *