#Downgrades - Dec 13, 2024 • $AMPL: KeyBanc Downgrades to Sector Weight from Overweight • $BLD: Seaport Global Securities Downgrades to Neutral from Buy • $BOLD: Guggenheim Downgrades to Neutral from Buy • $DHI: JPMorgan Downgrades to Underweight from Neutral - PT $156 (from $188) • $EDIT: Stifel Downgrades to Hold from Buy - PT $3 (from $11) • $EDIT: Truist Securities Downgrades to Hold from Buy • $EGHT: Mizuho Downgrades to Underperform from Neutral - PT $2.50 (from $2.75) • $FOLD: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12 (from $17) • $HGV: Barclays Downgrades to Equalweight from Overweight - PT $41 (from $44) • $IBP: Seaport Global Securities Downgrades to Neutral from Buy • $IMCR: Morgan Stanley Downgrades to Equalweight from Overweight - PT $35 (from $74) • $IMRX: Morgan Stanley Downgrades to Underweight from Equalweight • $MNDY: KeyBanc Downgrades to Sector Weight from Overweight • $NDSN: Baird Downgrades to Neutral from Outperform - PT $237 (from $294) • $NOW: KeyBanc Downgrades to Sector Weight from Overweight • $RHP: JPMorgan Downgrades to Underweight from Neutral - PT $100 • $RNG: Mizuho Downgrades to Neutral from Outperform - PT $42 • $TOL: JPMorgan Downgrades to Neutral from Overweight - PT $150 (from $166) • $VIK: Barclays Downgrades to Equalweight from Overweight - PT $49 • $WFRD: Goldman Sachs Downgrades to Neutral from Buy - PT $98 • $ZI: KeyBanc Downgrades to Underweight from Sector Weight - PT $10

RECAP • $HD: Q3 EPS $3.78 vs. $3.65 est., revenue up 6.6% to $40.22B. Comp sales down 1.3%, better than expected. Raised FY24 sales forecast to 4% growth. • $BABA: Strong sales growth during Singles' Day, 45 brands hit over 1 billion yuan GMV. • $LYV: Q3 operating income $909.8M vs. $856.6M est., revenue down 6.2% to $7.65B. Ticket sales for 2024 up 3%. • $ONON: Q3 EPS CHF 0.16, below est. CHF 0.20. Sales CHF 635.8M, up from expected CHF 617.3M. Increased FY sales forecast. • $VIK: Upgraded by Morgan Stanley due to robust cruise demand. • $APAM: AUM as of October 31, 2024, was $162.8B, with $78.8B in Artisan Funds and $84.0B in other accounts. • $AGO: Q3 EPS $2.42 vs. $1.42 est., revenue down 33% to $269M, premiums up 53% to $61M. • $CNS: AUM decreased to $89.7B by October 31, 2024, from $91.8B, due to market depreciation and distributions. • $IVZ: AUM dropped to $1.772T, down 1.3%, with $2B in net inflows but losses from market returns. • $JRVR: Q3 premiums grew 6%, with a high combined ratio of 136.1% but a better current year ratio at 92.6%. • $RMR: Q4 EPS $0.34 below $0.40 est., EBITDA slightly above estimate at $21.8M. • $HOOD: October showed 24.4M funded customers, $159.7B in assets, with significant growth in deposits. • $VCTR: Reported AUM of $172.3B, total client assets of $176.5B for October 31, 2024. • $ASRT: Q3 EPS $0.03 vs. ($0.05) est., EBITDA $5.3M vs. $4.7M est., revenue $29.2M vs. $28.87M est. • $AZN: Upgraded full-year guidance due to strong Q3, expects high teens growth for earnings and revenue in 2024. • $BAYRY: Stock dropped after forecasting lower earnings next year due to weak ag markets. • $NGNE: Shares fell despite positive trial data for Rett Syndrome drug, due to an adverse event. • $NVRO: Q3 EPS ($0.41) vs. ($0.81) est., improved EBITDA, raised FY revenue guidance. • $STXS: Q3 EPS ($0.08) vs. ($0.05) est., revenue beat expectations, kept flat year-over-year revenue guidance. IAC: Considering spinning off Angi, which IAC controls 85% of, valued at $1.25B, after exceeding Q3 revenue forecasts due to Dotdash Meredith. • $IVAC: Q3 EPS loss was ($0.08) vs. ($0.15) est., revenue significantly beat estimates at $28.5M. • $OKTA: Downgraded to hold by Deutsche Bank. • $SE: Q3 EPS $0.24 missed estimates by $0.02, but revenue hit $4.3B, beating estimates. • $ZETA: Q3 EBITDA $53.6M vs. $49.93M est., revenue $268M vs. $252.5M est., raised Q4 guidance.

#Upgrades - Nov 12, 2024 • $ARGX: Wolfe Research Upgrades to Outperform from Peerperform • $ARGX: Wolfe Research Upgrades to Outperform from Peerperform - PT $697 • $BKE: UBS Upgrades to Neutral from Sell - PT $46 (from $31) • $BMY: Leerink Partners Upgrades to Outperform from Market Perform - PT $73 (from $55) • $CHRW: Citi Upgrades to Buy from Neutral - PT $125 (from $117) • $CNI: Citi Upgrades to Buy from Neutral - PT $130 (from $126) • $CRI: Citi Upgrades to Neutral from Sell - PT $50 • $IFF: Morgan Stanley Upgrades to Overweight from Equalweight - PT $110 (from $111) • $IHRT: BofA Securities Upgrades to Neutral from Underperform - PT $3 (from $1) • $S: Deutsche Bank Upgrades to Buy from Hold - PT $32 (from $25) • $SABK: Janney Upgrades to Buy from Neutral • $TWLO: Wells Fargo Upgrades to Overweight from Equal Weight - PT $120 (from $80) • $VIK: Morgan Stanley Upgrades to Overweight from Equalweight - PT $49 (from $37)