Upgrades - Argus upgraded BHP Group (BHP) to Buy from Hold with a price target of $68, citing firming prices for iron ore, copper, and coal as the global economy improves [2] Downgrades - Jefferies downgraded Mereo BioPharma (MREO) to Hold from Buy with a price target of 50 cents, down from $7, due to Setrusumab missing primary endpoints in trials, impacting Mereo's future strategy [3] - RBC Capital downgraded DigitalBridge (DBRG) to Sector Perform from Outperform with a price target of $16, down from $23, following SoftBank's acquisition announcement at $16 per share, totaling a $4 billion enterprise value [4] Initiations - Stephens initiated coverage of Commvault (CVLT) with an Overweight rating and a $162 price target, highlighting its leadership in data protection and transition to Software-as-a-Service [5] - Stephens initiated coverage of Rubrik (RBRK) with an Overweight rating and a $105 price target, noting its strong growth outlook in data protection and expected margin expansion [5] - Stephens initiated coverage of Varonis (VRNS) with an Equal Weight rating and a $40 price target, emphasizing its growth potential in data security as a Software-as-a-Service platform [5] - Freedom Capital initiated coverage of Ero Copper (ERO) with a Buy rating and a $32 price target, pointing out its high-grade, low-cost assets in Brazil [5] - H.C. Wainwright initiated coverage of Terra Innovatum (NKLR) with a Buy rating and a $25 price target, believing its use of off-the-shelf components will lower regulatory and technological barriers [5]