MARKET UPDATES: CONSUMER: 🔸 $DG upgraded to Overweight (BofA). 🔸 Macau casinos ($WYNN, $LVS, $MLCO, $MGM): Gaming revenue +0.8% YoY. 🔸 $LI: March deliveries 36,674 (+26.5% YoY). 🔸 $NIO: March deliveries 15,039 (+14% MoM). 🔸 $PVH: Q4 EPS $3.27 (beat), revenue -4.8% YoY. 🔸 $TSLA: Denmark sales -65.6% YoY. 🔸 $ULTA: Upgraded to Buy, price target raised to $423. ENERGY & INDUSTRIALS: 🔸 $AAL, $DAL, $LUV: Downgraded (Jefferies). 🔸 Oil: Brent stabilizes after Trump’s Russia comments. 🔸 $CVX: Sells East Texas gas assets ($1.2B+ value). 🔸 $EE: 7M-share secondary offering priced at $26.50. FINANCIALS: 🔸 $LPLA: 4.7M-share secondary offering at $320. 🔸 $V: $375M escrow deposit, reducing Class B shares. 🔸 $WRB: Downgraded (BofA). HEALTHCARE: 🔸 $JNJ: $10B talc settlement rejected by U.S. judge. 🔸 Drugmakers: Lobby Trump to phase in pharma tariffs. TECH & MEDIA: 🔸 $LYV, $SEAT: Fall after Trump’s executive order on ticket pricing. 🔸 $PRGS: Q1 EPS $1.31 (beat), raises full-year guidance. 🔸 $SPIR: Q4 EPS loss ($2.21), weak Q1 outlook.

#Upgrades - Nov 25, 2024 • $ESTC: Wedbush Upgrades to Outperform from Neutral - PT $135 • $HOOD: Morgan Stanley Upgrades to Overweight from Equalweight - PT $55 (from $24) • $JLL: Wolfe Research Upgrades to Outperform from Peerperform - PT $353 • $KLC: Morgan Stanley Upgrades to Overweight from Equalweight - PT $30 • $PG: DA Davidson Upgrades to Buy from Neutral - PT $209 (from $160) • $SBH: TD Cowen Upgrades to Buy from Hold - PT $16 (from $14) • $SNCR: Roth/MKM Upgrades to Buy from Neutral - PT $13 (from $11) • $SNOW: Wedbush Upgrades to Outperform from Neutral - PT $190 • $TTD: New Street Research Upgrades to Neutral from Reduce • $USB: Citi Upgrades to Buy from Neutral - PT $65 (from $49) • $WRB: Goldman Sachs Upgrades to Buy from Neutral - PT $69

STREET RECOMMENDATION - JULY 01, 2024 Upgrades $ADNT: BNP Paribas Upgrades to Neutral from Underperform - PT $26 $AGRO: JPMorgan Upgrades to Neutral from Underweight - PT $11.50 (from $10.50) $BIRK: UBS Upgrades to Buy from Neutral - PT $85 (from $52) $COLD: Wolfe Research Upgrades to Outperform from Peerperform - PT $31 $ICE: Goldman Sachs Upgrades to Buy from Neutral - PT $167 (from $143) $MGA: BNP Paribas Upgrades to Outperform from Neutral $TFX: Piper Sandler Upgrades to Overweight from Neutral - PT $245 (from $205) $TFX: Piper Sandler Upgrades to Overweight from Neutral - PT $245 (from $205) Downgrades $AMED: William Blair Downgrades to Market Perform from Outperform $ICFI: Truist Securities Downgrades to Hold from Buy - PT $155 (from $168) $NEP: RBC Capital Downgrades to Sector Perform from Outperform - PT $30 (from $38) $SAVA: H.C. Wainwright Downgrades to Neutral from Buy $ZBH: Piper Sandler Downgrades to Neutral from Overweight - PT $115 (from $140) Initiates $AMKR: JPMorgan Initiates at Overweight - PT $48 $AMT: Goldman Sachs Initiates at Buy - PT $230 $ATUS: Goldman Sachs Initiates at Sell - PT $2 $AXGN: Raymond James Initiates at Outperform - PT $13 $BIVI: ThinkEquity Initiates at Buy - PT $3 $CCOI: Goldman Sachs Initiates at Neutral - PT $56 $CHTR: Goldman Sachs Initiates at Sell - PT $250 $DLR: Goldman Sachs Initiates at Buy - PT $175 $EQIX: Goldman Sachs Initiates at Buy - PT $870 $FYBR: Goldman Sachs Initiates at Buy - PT $29 $GAUZ: Stifel Initiates at Buy - PT $18 $GAUZ: TD Cowen Initiates at Buy - PT $24 $IMMX: H.C. Wainwright Initiates at Buy - PT $7 $LUMN: Goldman Sachs Initiates at Sell - PT $1 $T: Goldman Sachs Initiates at Buy - PT $22 $TALK: Needham Initiates at Hold $TMUS: Goldman Sachs Initiates at Buy - PT $200 $VZ: Goldman Sachs Initiates at Neutral - PT $50 $WRB: TD Cowen Initiates at Buy - PT $103 : JMP Securities Initiates at Market Outperform - PT $6