UPGRADES 
for Tuesday, 5 JUL 22
**Symbol Company Analyst Firm Upgrading**
__AR Antero Resources Truist *__
__BNPQY BNP Paribas Deutsche Bank *__
__BUD Anheuser-Busch InBev Citigroup *__
__CROX Crocs Loop Capital *__
__DG Dollar General Cleveland Research *__
**EE Excelerate Energy Wells Fargo**
**LYV Live Nation Macquarie**
__LZAGY Lonza Citigroup *__
**RACE Ferrari Jefferies**
__WTKWY Wolters Kluwer N.V. Goldman *__
* = Upgrade to BUY
DOWNGRADES 
for Tuesday, 5 JUL 22
Symbol Company Analyst Firm Downgrading
AEG Aegon N.V. Exane BNP Paribas
AVAH Aveanna Truist
BURBY Burberry plc Exane BNP Paribas
CRARY Credit Agricole SA Deutsche Bank
HPQ HP Inc. Evercore ISI
NVCR NovoCure Evercore ISI
OTIS Otis Worldwide Exane BNP Paribas
PKI PerkinElmer Evercore ISI
SONY Sony Citigroup
TALS Talaris Therapeutics Morgan Stanley
TXN Texas Instruments DZ Bank
COVERAGE INITIATED 
for Tuesday, 5 JUL 22
Symbol Company Analyst Firm Downgrading Initial Recommendation
MNST Monster Beverage ROTH Capital Neutral
MNTS Momentus Evercore ISI Underperform
NTES NetEase Macquarie Outperform
SAP SAP SE Berenberg BUY *
SHOP Shopify JMP Securities Mkt Perform
SYM Symbotic Raymond James Outperform
SYM Symbotic Needham BUY *
TER Teradyne JP Morgan Neutral