#Upgrades - Mar 03, 2025 • $ACNB: Piper Sandler Upgrades to Overweight from Neutral - PT $50 (from $37) • $BOW: KBW Upgrades to Outperform from Market Perform - PT $44 • $CHKP: Piper Sandler Upgrades to Overweight from Neutral - PT $260 (from $220) • $CMG: Morgan Stanley Upgrades to Overweight from Equalweight - PT $70 (from $65) • $CRL: Redburn-Atlantic Upgrades to Neutral from Sell - PT $188 (from $171) • $GTN: Wells Fargo Upgrades to Equal Weight from Underweight - PT $4 • $ITCI: Canaccord Genuity Upgrades to Buy from Hold - PT $132 • $KMI: Barclays Upgrades to Overweight from Equalweight - PT $31 • $MLCO: Morgan Stanley Upgrades to Overweight from Equalweight - PT $6.70 (from $7.50) • $MOS: JPMorgan Upgrades to Overweight from Neutral - PT $29 (from $26) • $MSEX: Baird Upgrades to Outperform from Neutral - PT $61 • $MYTE: TD Cowen Upgrades to Buy from Hold - PT $14 (from $13) • $ONC: BofA Securities Upgrades to Buy from Neutral - PT $320 (from $207) • $THO: BofA Securities Upgrades to Buy from Neutral - PT $125 (from $110) • $UWMC: KBW Upgrades to Outperform from Market Perform - PT $7.50 (from $6.50) • $VIV: Barclays Upgrades to Overweight from Equalweight - PT $11.50 (from $11.80)

Analyst Price Target Updates: 🔻 Cuts: 🔸 $ACVA: Jefferies $25 ($27), Needham $25 ($28) 🔸 $ALB: Piper Sandler $85 ($90) 🔸 $AMGN: Bernstein $350 ($380) 🔸 $CE: Jefferies $55 ($70), JPM $54 ($92), RBC $56 ($84), Downgraded to Sector Perform 🔸 $ETSY: BTIG $60 ($65), Canaccord $76 ($105), Guggenheim $70 ($80) 🔸 $EXAS: Jefferies $80 ($85), Leerink $85 ($95) 🔸 $WST: Jefferies $240 ($393) 🔸 $WING: Benchmark $325, Bernstein $330 ($380), Jefferies $270 ($280), TD Cowen $305 ($365) 🔸 $ZTS: Jefferies $190 ($200) 🔺 Raises: 🔸 $AMPL: Baird $17 ($12), Outperform; Piper Sandler $17 ($15) 🔸 $ADI: JPM $300 ($280), Oppenheimer $270 ($245), Piper Sandler $240 ($220), TD Cowen $280 ($260) 🔸 $AIZ: KBW $230 ($212), Upgraded to Outperform 🔸 $AXSM: H.C. Wainwright $200 ($190) 🔸 $BELFA: Needham $100 ($95) 🔸 $BMRN: Scotiabank $80 ($78) 🔸 $CVNA: D.A. Davidson $260 ($220), Jefferies $265 ($225), Needham $340 ($330), RBC $320 ($280) 🔸 $CRL: JPM $165 ($175) 🔸 $CAKE: Citigroup $67 ($66), Jefferies $63 ($58) 🔸 $CWAN: Piper Sandler $36 ($28), Upgraded to Overweight 🔸 $CVS: Bernstein $71 ($52) 🔸 $DVN: Bernstein $48 ($50), JPM $48 ($45) 🔸 $EQT: JPM $58 ($53) 🔸 $GTLB: Wells Fargo $85 ($80) 🔸 $IFF: Citigroup $99 ($100) 🔸 $KVYO: Barclays $51 ($47), Benchmark $54 ($51), Needham $56 ($46), Piper Sandler $53 ($50) 🔸 $LRCX: Susquehanna $125 ($75), Upgraded to Positive 🔸 $MTDR: JPM $76 ($75) 🔸 $RBA: CIBC $116 ($108) 🔸 $RELY: JPM $30 ($21) 🔸 $ROKU: Jefferies $100 ($55), Upgraded to Hold 🔸 $TOST: JPM $42 ($36), KBW $42 ($40) 🔸 $TNL: Jefferies $70 ($62) 🔸 $VRTX: RBC $408 ($407) 🆕 Coverage Initiations: 🔸 $SEI: Piper Sandler Overweight, PT $37 🔸 $ORA: Jefferies Buy (from Hold), PT $78 ($73)

#Downgrades - Nov 18, 2024 • $ANTX: TD Cowen Downgrades to Hold from Buy • $BIIB: Needham Downgrades to Hold from Buy • $CAR: Northcoast Research Downgrades to Neutral from Buy • $CR: Stifel Downgrades to Hold from Buy - PT $176 • $CRL: CLSA Downgrades to Underperform from Hold - PT $164 • $CW: Stifel Downgrades to Hold from Buy - PT $370 • $EOG: Piper Sandler Downgrades to Neutral from Overweight - PT $149 (from $147) • $ESAB: Stifel Downgrades to Hold from Buy - PT $130 • $EYEN: H.C. Wainwright Downgrades to Neutral from Buy - PT $2 • $EYEN: Ladenburg Thalmann Downgrades to Neutral from Buy • $FBK: Hovde Group Downgrades to Market Perform from Outperform - PT $60 • $FTV: Argus Downgrades to Hold from Buy • $IR: Stifel Downgrades to Hold from Buy - PT $107 • $LBTYA: UBS Downgrades to Neutral from Buy - PT $13 (from $23) • $MATX: Wolfe Research Downgrades to Peerperform from Outperform • $NBHC: Hovde Group Downgrades to Market Perform from Outperform - PT $55 • $PH: Stifel Downgrades to Hold from Buy - PT $691 • $PNFP: Hovde Group Downgrades to Market Perform from Outperform - PT $135 • $PNW: Barclays Downgrades to Equalweight from Overweight - PT $91 (from $93) • $RDFN: Goldman Sachs Downgrades to Sell from Neutral - PT $6.50 (from $6) • $SPRO: TD Cowen Downgrades to Hold from Buy

#Downgrades - Oct 02, 2024 $NKE: CFRA Downgrades to Hold from Buy - PT $89 $GRTS: Jones Trading Downgrades to Hold from Buy $SSTK: Citi Downgrades to Neutral from Buy - PT $2 (from $8) $GEV: Raymond James Downgrades to Market Perform from Outperform $PRMW: Raymond James Downgrades to Market Perform from Outperform $PBF: JPMorgan Downgrades to Neutral from Overweight - PT $40 (from $53) $HOG: Baird Downgrades to Neutral from Outperform - PT $40 (from $44) $MELI: JPMorgan Downgrades to Neutral from Overweight - PT $2,400 $FMBH: KBW Downgrades to Market Perform from Outperform - PT $42 $NTB: KBW Downgrades to Market Perform from Outperform - PT $41 (from $44) $ESQ: KBW Downgrades to Market Perform from Outperform - PT $72 (from $68) $TMUS: Raymond James Downgrades to Outperform from Strong Buy - PT $221 (from $208) $IBM: DZ Bank Downgrades to Hold from Buy - PT $215 $STTK: Needham Downgrades to Hold from Buy $SITC: Wells Fargo Downgrades to Equal Weight from Overweight - PT $19 $PVH: BofA Securities Downgrades to Neutral from Buy - PT $107 (from $130) $CRL: BofA Securities Downgrades to Neutral from Buy - PT $215 (from $250) $TEM: BofA Securities Downgrades to Neutral from Buy - PT $60 (from $45) $ZIM: Jefferies Downgrades to Hold from Buy - PT $25 $KZR: H.C. Wainwright Downgrades to Neutral from Buy $MBLY: BNP Paribas Exane Downgrades to Underperform from Neutral - PT $12 $GRTS: B.Riley Downgrades to Neutral from Buy - PT $1 (from $3)