**Key Rating Changes**

**Upgrades**

1. **AT&T Inc. (T)** – KeyBanc upgraded from "Sector Weight" to "Overweight" with a $30 price target, citing "excessive concerns" over wireless competition as the reason for recent stock weakness.

2. **Progyny (PGNY)** – KeyBanc raised from "Sector Weight" to "Overweight" ($30 target), noting limited downside and "multiple positive catalysts" over the next 12 months.

3. **Floor & Decor Holdings (FND)** – Piper Sandler lifted from "Neutral" to "Overweight," increasing the target to $80, anticipating improved same-store sales by Q1 2026 and accelerated growth.

4. **GRAIL (GRAL)** – Guggenheim upgraded to "Buy" ($100 target), acknowledging Galleri’s limitations but highlighting its lead in multi-cancer early detection (MCED) with strong data advantages.

5. **Outfront Media (OUT)** – JPMorgan moved from "Neutral" to "Overweight" ($25 target), citing outdoor advertising as the "most resilient" traditional ad segment and Q3 momentum.

**Downgrades**

1. **Bath & Body Works (BBWI)** – Raymond James cut from "Outperform" to "Market Perform," citing slower near-term growth despite long-term potential from digital and product improvements.

2. **Intellia Therapeutics (NTLA)** – Wolfe Research downgraded to "Peer Perform" due to safety concerns around nexiguran ziclumeran.

3. **Brighthouse Financial (BHF)** – Raymond James slashed from "Strong Buy" to "Market Perform" after its $70/share acquisition by Aquarian.

4. **Centerspace (CSR)** – Raymond James downgraded similarly, noting narrowed valuation gaps in a "murky" market.

5. **QuickLogic (QUIK)** – Northland cut to "Market Perform" ($5.95 target) as a $3M contract uncertainty widened guidance.

**New Initiations**

1. **Carvana (CVNA)** – Barclays initiated at "Overweight" ($390 target), citing share gains in the fragmented used-car market.

2. **AutoNation (AN)** – Barclays started at "Overweight" ($250), praising dealers’ resilience and returns.

3. **Nuvalent (NUVL)** – Canaccord initiated at "Buy" ($126), calling it a "best-in-class" precision oncology firm.

4. **Atour Lifestyle (ATAT)** – JPMorgan began at "Overweight" ($57 target), forecasting 20% revenue/earnings growth.

5. **Cintas (CTAS)** – Bernstein initiated at "Market Perform" ($200), deeming it a "high-quality grower" but fully valued.