UPGRADES 
for Thursday, 21 JUL 22
Symbol Company Analyst Firm Upgrading
AKRTF Aker Solutions Exane BNP Paribas
BHLB Berkshire Hills Bancorp Janney *
BOWFF Boardwalk REIT Canaccord Genuity *
BRX Brixmor Property Mizuho *
CSX CSX Loop Capital *
F Ford Motor Nomura
IDXX IDEXX Labs Goldman *
LVS Las Vegas Sands Wells Fargo
SWN Southwestern Energy Citigroup *
* = Upgrade to BUY
DOWNGRADES 
for Thursday, 21 JUL 22
Symbol Company Analyst Firm Downgrading
COMP Compass Morgan Stanley
COOK Traeger Telsey Advisory Group
DOCU DocuSign Piper Sandler
ELAN Elanco Animal Health Goldman *
FIGS FIGS, Inc. Goldman *
HSIC Henry Schein Goldman
NVTA Invitae Raymond James
PECO Phillips Edison & Company Mizuho
PVH PVH Goldman
SFT Shift William Blair
SYK Stryker Deutsche Bank
* = Downgraded to SELL
COVERAGE INITIATED 
for Thursday, 21 JUL 22
Symbol Company Analyst Firm Downgrading Initial Recommendation
AKA a.k.a. Brands KeyBanc Capital Markets Sector Weight
AOUT American Outdoor Brands ROTH Capital BUY *
APRN Blue Apron The Benchmark Company BUY *
ASC Ardmore Shipping Jefferies BUY *
ASPC Aspec Technology, Inc. DA Davidson Neutral
BIRD Allbirds KeyBanc Capital Markets Sector Weight
CACI CACI Intl Robert W. Baird Outperform
CMRE Costamare Jefferies BUY *
CPLP Capital Product Partners Jefferies BUY *
DAC Danaos Jefferies BUY *
DHT DHT Jefferies BUY *
DSX Diana Shipping Jefferies BUY *
ETSY Etsy KeyBanc Capital Markets Sector Weight
EURN Euronav Jefferies Hold
FIGS FIGS, Inc. KeyBanc Capital Markets Sector Weight
FLNG FLEX LNG Jefferies Hold
FRO Frontline Jefferies Hold
FTCH Farfetch KeyBanc Capital Markets Overweight
GIII G-III Apparel KeyBanc Capital Markets Overweight
GNK Genco Shipping & Trading Jefferies BUY *
GOGL Golden Ocean Jefferies BUY *
GORO Gold Resource Alliance Global Partners BUY *
GSL Global Ship Lease Jefferies BUY *
INSW International Seaways Jefferies Buy
JWN Nordstrom KeyBanc Capital Markets Overweight
LPG Dorian LPG Jefferies BUY *
LULU lululemon athletica KeyBanc Capital Markets Overweight
LVLU Lulu's Fashion Lounge KeyBanc Capital Markets Overweight
MLTX MoonLake Immunotherapeutics H.C. Wainwright BUY *
NAT Nordic American Tanker Jefferies Hold
NKE NIKE KeyBanc Capital Markets Sector Weight
NMM Navios Maritime Partners Jefferies BUY *
NVGS Navigator Holdings Jefferies BUY *
OXM Oxford Industries KeyBanc Capital Markets Overweight
PLTR Palantir Technologies Raymond James Strong Buy
REAL The RealReal KeyBanc Capital Markets Sector Weight
RENT Rent the Runway KeyBanc Capital Markets Sector Weight
RVLV Revolve Group KeyBanc Capital Markets Overweight
SB Safe Bulkers Jefferies BUY *
SBLK Star Bulk Carriers Jefferies BUY *
SFIX Stitch Fix KeyBanc Capital Markets Sector Weight
STNG Scorpio Tankers Jefferies BUY *
TDUP thredUP KeyBanc Capital Markets Sector Weight
TNK Teekay Tankers Jefferies BUY *
TNP TEN, Ltd. Jefferies Hold
XENE Xenon Pharmaceuticals JP Morgan Overweight
XXII 22nd Century Group Alliance Global Partners BUY *
ZIM ZIM Integrated Shipping Jefferies Hold
NO REITERATIONS for Thursday, 21 JUL 22