🔸 Upgrades: Accenture ( $ACN): Upgraded to Outperform at Baird, PT $390 American Tower ( $AMT): Upgraded to Overweight at Wells Fargo, PT $230 Blue Owl Capital ( $OBDC): Upgraded to Equal-Weight at Wells Fargo Crown Castle ( $CCI): Upgraded to Equal-Weight at Wells Fargo, PT $105 DouYu ( $DOYU): ADRs upgraded to Hold at HSBC, PT $9 Flowserve ( $FLS): Upgraded to Outperform at Baird, PT $71 Generac ( $GNRC): Upgraded to Neutral at Guggenheim Genesis Energy ( $GEL): Upgraded to Overweight at Wells Fargo, PT $18 Liberty Formula One ( $FWONA): Upgraded to Buy at Seaport Global Securities https://t.co/eMBFE2Jwuf ( $MNDY): Upgraded to Buy at DA Davidson, PT $350 Netflix ( $NFLX): Upgraded to Buy at MoffettNathanson, PT $1,100 Norwegian Cruise ( $NCLH): Upgraded to Overweight at JPMorgan, PT $30 SL Green ( $SLG): Upgraded to Outperform at Evercore ISI, PT $73 Sprouts Farmers ( $SFM): Upgraded to Buy at Deutsche Bank, PT $190 🔸 Downgrades: Campbell's ( $CPB): Downgraded to Equal-Weight at Consumer Edge, PT $40 Cion Investment ( $CION): Downgraded to Underweight at Wells Fargo, PT $10 EastGroup ( $EGP): Downgraded to Inline at Evercore ISI, PT $185 Finward ( $FNWD): Downgraded to Market Perform at Hovde Group FS KKR Capital ( $FSK): Downgraded to Underweight at Wells Fargo, PT $19 Li Auto ( $LI): ADRs downgraded to Neutral at Macquarie, PT $27 RLX Tech ( $RLX): ADRs downgraded to Neutral at Citi, PT $2.50 Sutro Biopharma ( $STRO): Downgraded to Market Perform at Oppenheimer TriplePoint Venture Growth BDC ( $TPVG): Downgraded to Underweight at Wells Fargo

#Upgrades - Dec 10, 2024 • $AAL: Bernstein Upgrades to Outperform from Market Perform - PT $24 (from $14) • $BALL: Mizuho Upgrades to Outperform from Neutral - PT $67 • $CIFR: JPMorgan Upgrades to Overweight from Neutral - PT $8 • $CLSK: JPMorgan Upgrades to Overweight from Neutral - PT $17 (from $10.50) • $CXW: Wedbush Upgrades to Outperform from Neutral - PT $30 (from $19) • $GM: Morgan Stanley Upgrades to Equalweight from Underweight - PT $54 (from $46) • $GPMT: KBW Upgrades to Market Perform from Underperform - PT $3.25 (from $3) • $IPG: Wells Fargo Upgrades to Equal Weight from Underweight - PT $34 (from $26) • $JLL: KBW Upgrades to Outperform from Market Perform - PT $325 (from $292) • $MARA: JPMorgan Upgrades to Neutral from Underweight - PT $23 (from $12) • $NCLH: Goldman Sachs Upgrades to Buy from Neutral - PT $35 (from $29) • $RSG: Deutsche Bank Upgrades to Buy from Hold - PT $237 (from $219) • $SLG: JPMorgan Upgrades to Neutral from Underweight - PT $80 (from $51) • $TRV: HSBC Upgrades to Buy from Hold - PT $290 • $UPS: BMO Capital Upgrades to Outperform from Market Perform - PT $150 (from $155) • $VMEO: Piper Sandler Upgrades to Overweight from Neutral - PT $10 (from $7) • $VSCO: UBS Upgrades to Neutral from Sell - PT $47 (from $18)

DAILY RECAP • Copart Inc. ( $CPRT): Q1 EPS $0.37 met estimates, revenue $1.15B vs $1.1B expected. • Gap Inc. ( $GAP): Q3 EPS $0.72 beat est. $0.58, sales $3.8B as expected, comps +1%, gross margin 42.7%. FY sales growth forecast +1.5-2.0%, gross margin up +220bps, op expenses $5.1B. • Natural Grocers ( $NGVC): Q4 EPS $0.39, sales $322.7M; FY25 expects same-store sales growth +4-6%, EPS $1.52-1.60, dividend increase to 12c/share. • Ross Stores ( $ROST): Q3 EPS $1.48 vs $1.40, sales $5.071B vs $5.146B, comps +1%. Q4 expects EPS $1.57-1.64, FY EPS $6.10-6.17, Q3 operating margin 11.9%. • Mueller Industries ( $MLI) moves to S&P MidCap 400, replacing Texas Pacific Land (TPL). • Atlas Energy Solutions ( $AESI) joins S&P SmallCap 600, replacing Mueller Industries. • Texas Pacific Land ( $TPL) advances to S&P 500, replacing Marathon Oil (MRO). • BGC Group ( $BGC): Howard Lutnick to divest and resign from roles upon Senate confirmation; corporate structure unchanged. • CBRE Group ( $CBRE): Announces a $5B stock repurchase program. • Intuit ( $INTU): Q1 EPS $2.50 vs $2.35 est., revenue $3.283B vs $3.139B est.; Q2 guidance below consensus, FY guidance unchanged. • Reddit ( $RDDT): Shares drop due to Advance Magazine Publishers offering shares at $145.38-$148.54 each, valuing offering at up to $1.2B. • SL Green Realty Corp ( $SLG): Files for mixed securities shelf registration. • Replimune ( $REPL) submitted a BLA to the FDA for RP1 combined with nivolumab to treat adults with advanced melanoma post-anti-PD1 therapy. • Elastic ( $ESTC): Q2 EPS $0.59 vs $0.38 est., revenue $365M vs $356.52M est.; Q3 revenue guide $367-369M, EPS $0.46-0.48; FY revenue $1.451-1.457B, EPS $1.68-1.72. • NetApp ( $NTAP): Q2 EPS $1.87 vs $1.78 est., revenue $1.66B vs $1.64B est.; Q3 EPS guidance $1.85-1.95, revenue $1.61B-$1.76B; FY25 EPS raised to $7.20-$7.40, revenue to $6.54B-$6.74B, operating margin to 28-28.5%. • Apple ( $AAPL): EU closes investigation into Apple's App Store audiobook practices after complainant withdrew. • Warner Music Group ( $WMG): Files for mixed securities shelf registration.

#Upgrades - Sep 18, 2024 $AMBC: Roth/MKM Upgrades to Buy from Neutral - PT $15 (from $13) $BAK: UBS Upgrades to Buy from Neutral - PT $10 (from $7.70) $EXR: Jefferies Upgrades to Buy from Hold - PT $204 (from $162) $GEHC: BTIG Upgrades to Buy from Neutral - PT $100 $NMIH: RBC Capital Upgrades to Outperform from Sector Perform - PT $48 (from $40) $SIRI: Guggenheim Upgrades to Buy from Neutral - PT $30 $SLG: Compass Point Upgrades to Neutral from Sell - PT $60 (from $35) $VFC: Barclays Upgrades to Overweight from Equalweight - PT $22 (from $19) $VSCO: Barclays Upgrades to Equalweight from Underweight - PT $25 (from $23)

#Upgrades - Sep 16, 2024 $ACRV: Ladenburg Thalmann Upgrades to Buy from Neutral $AEE: Mizuho Upgrades to Outperform from Neutral - PT $89 (from $82) $BHP: Bernstein Upgrades to Outperform from Market Perform $BLDR: Truist Securities Upgrades to Buy from Hold - PT $220 (from $165) $BNTX: JPMorgan Upgrades to Neutral from Underweight - PT $125 (from $91) $CHCT: Evercore ISI Upgrades to In Line from Underperform - PT $18 $CMPX: Ladenburg Thalmann Upgrades to Buy from Neutral - PT $5 $DK: Mizuho Upgrades to Neutral Underperform - PT $26 (from $28) $EGP: Evercore ISI Upgrades to Outperform from In Line - PT $204 $ENTG: Citi Upgrades to Buy from Neutral - PT $130 (from $119) $GTLS: Morgan Stanley Upgrades to Overweight from Equalweight - PT $175 $KMI: Morgan Stanley Upgrades to Equalweight from Underweight - PT $24 $OKE: Morgan Stanley Upgrades to Overweight from Equalweight - PT $111 (from $103) $ORCL: Melius Upgrades to Buy from Hold - PT $20 $SFM: Evercore ISI Upgrades to Outperform from In Line - PT $120 (from $96) $SLG: Evercore ISI Upgrades to In Line from Underperform - PT $66 $SPG: Evercore ISI Upgrades to Outperform from In Line - PT $172 $ZG: Wedbush Upgrades to Outperform from Neutral - PT $80 (from $50)

#Upgrades - Sep 13, 2024 $BORR: Evercore ISI Upgrades to Outperform from In Line - PT $9 $FRT: Citi Upgrades to Buy from Neutral - PT $135 (from $120) $KR: CFRA Upgrades to Buy from Hold $MPW: Colliers Securities Upgrades to Buy from Neutral - PT $6.50 $SBRA: Citi Upgrades to Buy from Neutral - PT $20 (from $17) $SHO: Wells Fargo Upgrades to Equal Weight from Underweight - PT $10.50 $SLG: Citi Upgrades to Neutral from Sell - PT $66 (from $44) $XHR: Wells Fargo Upgrades to Overweight from Equal Weight - PT $15 (from $16)