Today's noteworthy downgrades include: Allstate (ALL) downgraded to Neutral from Conviction Buy at Goldman... Antero Resources (AR) downgraded to Equal Weight from Overweight at Stephens... CONSOL (CNX) downgraded to Sell from Hold at Deutsche Bank... Coca-Cola HBC (CCHGY) downgraded to Sell from Neutral at Goldman... Cognex (CGNX) downgraded to Hold at Canaccord... ConocoPhillips (COP) downgraded to Perform from Outperform at Oppenheimer... Copa Holdings (CPA) downgraded to In-Line from Outperform at Imperial Capital... Cummins (CMI) downgraded to Hold from Buy at Evercore ISI... Eclipse Resources (ECR) downgraded to Hold from Buy at Deutsche Bank... Endologix (ELGX) downgraded to Hold at Canaccord... Gildan Activewear (GIL) downgraded to Neutral from Outperform at Credit Suisse... HFF Inc. (HF) downgraded to Equal Weight from Overweight at Morgan Stanley... ON Semiconductor (ON) downgraded on macro outlook, lack of dividend at Wedbush... On Deck Capital (ONDK) downgraded to Hold from Buy at Deutsche Bank... PACCAR (PCAR) downgraded to Hold from Buy at Evercore ISI... Stratasys (SSYS) downgraded to Sell from Hold at Cross Research... TEGNA (TGNA) downgraded to Hold from Buy at Jefferies... TriNet (TNET) downgraded to Market Perform from Outperform at William Blair... Virtus Investment (VRTS) downgraded to Market Perform from Outperform at Raymond James... Xoom (XOOM) downgraded to Equal Weight from Overweight at Barclays.

Exane BNP Paribas analyst David O'Connor downgraded On Semiconductor to Underperform from Neutral with a price target of $55, down from $74. The analyst has "grown more cautious" about end demand for silicon carbide, especially among U.S. suppliers. News of a potential cancellation of a low-end Tesla (TSLA) electric vehicle may make On's silicon carbide forecasts "more difficult to reach," the analyst tells investors in a research note. -

Piper Sandler raised the firm's price target on CNX Resources to $22 from $18 and keeps a Neutral rating on the shares as part of a Q1 preview for the exploration and production group. Energy has been hot, almost too hot, as $90 crude potentially cools the pace of consolidation and investors looking for ways to play the data center and power demand theme turn to gas equities, the analyst tells investors in a research note. The firm adjusted oil and gas price assumptions, expecting crude pricing to remain strong through Q3 and gas pricing pressure to persist through the balance of fiscal 2024.

Exane BNP Paribas analyst David O'Connor downgraded ON Semiconductor to Underperform from Neutral with a $55 price target.

The Allstate Corporation announced estimated catastrophe losses for the month of March of $328M or $259M, after-tax. March month catastrophe losses include six events estimated at $343M or $271M, after-tax, with approximately 80% of the losses related to one hail event, partially offset by favorable reserve reestimates for prior events. Total catastrophe losses for the first quarter were $731M, pre-tax. Rate increases for Allstate brand auto insurance resulted in a premium impact of 0.9% for the month of March and 2.4% year-to-date. Rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 0.7% for the month of March and 3.4% year-to-date. Implemented rate increases and inflation in insured home replacement costs resulted in a 11.9% increase in homeowners insurance average gross written premium in March 2024 compared to the prior year. Our implemented rate exhibit for auto and homeowners insurance has been posted on www.allstateinvestors.com.

Unusual total active option classes on open include: Steel Dynamics (STLD), Gildan Activewear (GIL), Danaher (DHR), Altimeter Growth (GRAB), Childrens Place (PLCE), ASML (ASML), US Bancorp (USB), iShares Barclays 7 to 10 Year Treasury Bond Fund (IEF), AMC Entertainment (AMC), and Abbott (ABT).

Morgan Stanley upgraded Antero Resources to Overweight from Equal Weight with a price target of $36, up from $26. The analyst sees the company providing attractive leverage to rising gas prices and leading exposure to the growing liquified natural fairway in the Gulf Coast. Despite being an Appalachia producer, Antero has advantaged pipeline contracts that allow it to sell all of its production out of the basin, the analyst tells investors in a research note.