#Upgrades - Dec 13, 2024 • $CAH: Wells Fargo Upgrades to Equal Weight from Underweight - PT $127 (from $101) • $CCS: JPMorgan Upgrades to Neutral from Underweight - PT $97 (from $110) • $CIEN: BofA Securities Upgrades to Buy from Neutral - PT $95 (from $70) • $CNC: UBS Upgrades to Buy from Neutral - PT $80 (from $79) • $CRM: KeyBanc Upgrades to Overweight from Sector Weight - PT $440 • $GIS: BofA Securities Upgrades to Buy from Neutral - PT $80 (from $78) • $GLPI: JPMorgan Upgrades to Overweight from Neutral - PT $54 (from $49) • $NCLH: Barclays Upgrades to Overweight from Equalweight - PT $32 (from $28) • $PENN: JPMorgan Upgrades to Overweight from Neutral - PT $27 (from $19) • $PTCT: Morgan Stanley Upgrades to Overweight from Equalweight - PT $67 • $PTEN: Goldman Sachs Upgrades to Buy from Neutral - PT $10 • $PYPL: Wolfe Research Upgrades to Outperform from Peerperform - PT $107 • $RHI: Truist Securities Upgrades to Buy from Hold - PT $90 • $SGMO: Truist Securities Upgrades to Buy from Hold - PT $7 • $SRE: Morgan Stanley Upgrades to Overweight from Equalweight - PT $98 (from $85) • $TASK: Morgan Stanley Upgrades to Overweight from Equalweight - PT $21 (from $18) • $UPBD: Stephens Upgrades to Overweight from Equal Weight - PT $38 • $UPST: Needham Upgrades to Buy from Hold - PT $100 • $VAC: Barclays Upgrades to Overweight from Equalweight - PT $116 (from $97) • $VNOM: KeyBanc Upgrades to Overweight from Sector Weight - PT $62

❖ CITI'S AI INFRASTRUCTURE PICKS FOR 2025: ❖ Top Picks: Apple ( $AAPL), Ciena ( $CIEN), Coherent ( $COHR) for AI infrastructure. ❖ Networking Over Hardware: Networking stocks have outpaced semiconductors/hardware by 24%/27% YTD due to AI. ❖ Investment Cycle: Anticipates multi-year growth in AI networking solutions. ❖ ASIC and Optical Benefits: Expects increased demand for ASICs, enhancing server and data center connectivity; optical tech to gain from AI's demands for density and speed. ❖ Arista Networks ( $ANET): Despite strong performance, downgraded due to valuation and focus on later AI stages. ❖ Risks: Potential China tariffs could impact gross margins and contribute to consumer inflation in 2025.

#Downgrades - Oct 09, 2024 $ARCB: Wolfe Research Downgrades to Peer Perform from Outperform $BX: Piper Sandler Downgrades to Neutral from Overweight - PT $149 $CIEN: BNP Paribas Downgrades to Neutral from Outperform - PT $67 $CMC: Wolfe Research Downgrades to Peerperform from Outperform $DQ: HSBC Downgrades to Hold from Buy - PT $25 $EXPD: Wolfe Research Downgrades to Underperform from Peer Perform - PT $111 $FDS: Redburn-Atlantic Downgrades to Sell from Neutral - PT $380 (from $420) $LVS: CFRA Downgrades to Hold from Buy - PT $51 (from $55) $MORN: Redburn-Atlantic Downgrades to Neutral from Buy - PT $340 $VALE: Wolfe Research Downgrades to Underperform from Peer Perform $XOM: BNP Paribas Downgrades to Underperform from Neutral - PT $105

$CIEN - CIENA ANNOUNCES $1B SHARE BUYBACK

#Downgrades - Sep 06, 2024 $BE: Jefferies Downgrades to Hold from Buy - PT $11 (from $15) $BBCP: UBS Downgrades to Neutral from Buy - PT $6.25 (from $10.50) $CIEN: BofA Securities Downgrades to Neutral from Buy - PT $59 $FTV: Wolfe Research Downgrades to Peerperform from Outperform $FYBR: Wells Fargo Downgrades to Equal Weight from Overweight - PT $38.50 (from $31) $KBR: TD Cowen Downgrades to Hold from Buy - PT $72 $OGN: JPMorgan Downgrades to Underweight from Neutral - PT $20 (from $18) $SMCI: JPMorgan Downgrades to Neutral from Overweight - PT $500 (from $950)