Opening Bell Analysts Research Calls for Tuesday, December 6

This report was sent to Briefing.com subscribers earlier today.

Research calls posted earlier this morning are available here.

Upgrades:

> Reinsurance Group of America (RGA) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $170

> United Airlines (UAL) upgraded to Buy from Hold at Argus; tgt $52

Downgrades:

> Anavex (AVXL) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $11

> Ashmore Group (AJMPF) downgraded to Sell from Neutral at Citigroup

> BrightSpire Capital (BRSP) downgraded to Neutral from Buy at BTIG Research

> Close Brothers (CBGPY) downgraded to Underweight from Neutral at JP Morgan

> Eaton (ETN) downgraded to Perform from Outperform at Oppenheimer

> First Solar (FSLR) downgraded to Sell from Buy at GLJ Research; tgt lowered to $46.80

> Mesoblast (MESO) downgraded to Hold from Buy at Jefferies

> Molson Coors Brewing (TAP) downgraded to Sell from Hold at Deutsche Bank; tgt $50

> SL Green Realty (SLG) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $41

> SL Green Realty (SLG) downgraded to Sector Underperform from Sector Perform at Scotiabank; tgt lowered to $34

> Snap-On (SNA) downgraded to Perform from Outperform at Oppenheimer

> Societe Generale (SCGLY) downgraded to Neutral from Overweight at JP Morgan

> Softbank (SFTBY) downgraded to Neutral from Overweight at JP Morgan

> Spectrum Brands (SPB) downgraded to Hold from Buy at Deutsche Bank; tgt $70

> State Street (STT) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $86

> Steel Dynamics (STLD) downgraded to Neutral from Buy at UBS

> TE Connectivity (TEL) downgraded to Perform from Outperform at Oppenheimer

Others:

> ADC Therapeutics (ADCT) initiated with an Overweight at CapitalOne; tgt $12

> Array Tech (ARRY) initiated with an Overweight at Wells Fargo; tgt $28

> Avis Budget (CAR) initiated with a Neutral at Susquehanna; tgt $225

> Cellnex Telecom SA (CLNXF) resumed with an Equal-Weight at Morgan Stanley

> HealthEquity (HQY) named Bullish Fresh Pick at Robert W. Baird; tgt raised to $75

> Hertz Global (HTZ) initiated with a Neutral at Susquehanna; tgt $18

> Hikma (HKMPF) initiated with an Outperform at RBC Capital Mkts

> Ipsen S.A. (IPSEY) resumed with an Equal Weight at Barclays

> Meituan Dianping (MPNGF) initiated with an Overweight at Atlantic Equities

> Modine Manufacturing (MOD) initiated with a Market Outperform at CJS Securities; tgt $25

> NMI Hldgs (NMIH) downgraded to Neutral from Buy at BTIG Research; tgt $24

> RXO, Inc. (RXO) initiated with a Buy at Jefferies; tgt $25

> Veeva Systems (VEEV) initiated with a Market Perform at Cowen; tgt $184

> Xencor (XNCR) initiated with an Outperform at Cowen

> Yamaha Motor (YAMHF) initiated with an Overweight at Morgan Stanley