Benzinga's Top Ratings Upgrades, Downgrades For July 18, 2023

Upgrades

For Carnival Corp (NYSE:CCL), Argus Research upgraded the previous rating of Hold to Buy. For the second quarter, Carnival had an EPS of $0.31, compared to year-ago quarter EPS of $1.64. At the moment, the stock has a 52-week-high of $19.55 and a 52-week-low of $6.12. Carnival closed at $17.71 at the end of the last trading period.

According to Odeon Capital, the prior rating for Citigroup Inc (NYSE:C) was changed from Hold to Buy. Citigroup earned $1.33 in the second quarter, compared to $2.19 in the year-ago quarter. The current stock performance of Citigroup shows a 52-week-high of $54.55 and a 52-week-low of $40.01. Moreover, at the end of the last trading period, the closing price was at $46.26.

B of A Securities upgraded the previous rating for Camtek Ltd (NASDAQ:CAMT) from Neutral to Buy. For the first quarter, Camtek had an EPS of $0.42, compared to year-ago quarter EPS of $0.44. At the moment, the stock has a 52-week-high of $43.64 and a 52-week-low of $20.85. Camtek closed at $43.24 at the end of the last trading period.

According to BMO Capital, the prior rating for Camden Property Trust (NYSE:CPT) was changed from Market Perform to Outperform. Camden Prop Trust earned $1.66 in the first quarter, compared to $0.76 in the year-ago quarter. The stock has a 52-week-high of $147.70 and a 52-week-low of $97.74. At the end of the last trading period, Camden Prop Trust closed at $110.75.

BMO Capital upgraded the previous rating for Apartment Income REIT Corp (NYSE:AIRC) from Market Perform to Outperform. Apartment Income REIT earned $0.55 in the first quarter, compared to $0.57 in the year-ago quarter. The current stock performance of Apartment Income REIT shows a 52-week-high of $46.36 and a 52-week-low of $32.51. Moreover, at the end of the last trading period, the closing price was at $35.75.

Bernstein upgraded the previous rating for UnitedHealth Group Inc (NYSE:UNH) from Market Perform to Outperform. UnitedHealth Group earned $6.14 in the second quarter, compared to $5.57 in the year-ago quarter. The current stock performance of UnitedHealth Group shows a 52-week-high of $557.99 and a 52-week-low of $445.68. Moreover, at the end of the last trading period, the closing price was at $484.08.

According to Credit Suisse, the prior rating for Casey's General Stores Inc (NASDAQ:CASY) was changed from Neutral to Outperform. For the fourth quarter, Casey's General Stores had an EPS of $1.49, compared to year-ago quarter EPS of $1.60. The current stock performance of Casey's General Stores shows a 52-week-high of $249.76 and a 52-week-low of $194.99. Moreover, at the end of the last trading period, the closing price was at $248.81.

For Pinterest Inc (NYSE:PINS), Evercore ISI Group upgraded the previous rating of In-Line to Outperform. In the first quarter, Pinterest showed an EPS of $0.08, compared to $0.10 from the year-ago quarter. The current stock performance of Pinterest shows a 52-week-high of $29.42 and a 52-week-low of $16.78. Moreover, at the end of the last trading period, the closing price was at $29.15.

See all analyst ratings upgrades.

Downgrades

According to Truist Securities, the prior rating for Black Knight Inc (NYSE:BKI) was changed from Buy to Hold. Black Knight earned $0.56 in the first quarter, compared to $0.63 in the year-ago quarter. At the moment, the stock has a 52-week-high of $71.49 and a 52-week-low of $53.15. Black Knight closed at $71.15 at the end of the last trading period.

TD Cowen downgraded the previous rating for Louisiana-Pacific Corp (NYSE:LPX) from Buy to Hold. For the first quarter, Louisiana-Pacific had an EPS of $0.34, compared to year-ago quarter EPS of $5.08. At the moment, the stock has a 52-week-high of $79.56 and a 52-week-low of $48.20. Louisiana-Pacific closed at $78.60 at the end of the last trading period.

UBS downgraded the previous rating for CryoPort Inc (NASDAQ:CYRX) from Buy to Neutral. For the first quarter, CryoPort had an EPS of $0.16, compared to year-ago quarter EPS of $0.31. The current stock performance of CryoPort shows a 52-week-high of $45.34 and a 52-week-low of $13.83. Moreover, at the end of the last trading period, the closing price was at $15.82.

According to Sidoti & Co., the prior rating for American Woodmark Corp (NASDAQ:AMWD) was changed from Buy to Neutral. In the fourth quarter, American Woodmark showed an EPS of $2.21, compared to $1.38 from the year-ago quarter. The stock has a 52-week-high of $77.53 and a 52-week-low of $41.20. At the end of the last trading period, American Woodmark closed at $74.67.

For FREYR Battery (NYSE:FREY), Goldman Sachs downgraded the previous rating of Buy to Neutral. FREYR Battery earned $0.09 in the first quarter, compared to $0.30 in the year-ago quarter. The stock has a 52-week-high of $16.92 and a 52-week-low of $6.20. At the end of the last trading period, FREYR Battery closed at $9.61.

For Louisiana-Pacific Corp (NYSE:LPX), TD Securities downgraded the previous rating of Buy to Hold. Louisiana-Pacific earned $0.34 in the first quarter, compared to $5.08 in the year-ago quarter. The current stock performance of Louisiana-Pacific shows a 52-week-high of $79.56 and a 52-week-low of $48.20. Moreover, at the end of the last trading period, the closing price was at $78.60.

For Lumentum Holdings Inc (NASDAQ:LITE), B of A Securities downgraded the previous rating of Neutral to Underperform. For the third quarter, Lumentum Holdings had an EPS of $0.75, compared to year-ago quarter EPS of $1.19. The current stock performance of Lumentum Holdings shows a 52-week-high of $96.45 and a 52-week-low of $42.00. Moreover, at the end of the last trading period, the closing price was at $52.39.

According to B of A Securities, the prior rating for MACOM Technology Solutions Holdings Inc (NASDAQ:MTSI) was changed from Buy to Neutral. MACOM Technology Solns earned $0.79 in the second quarter, compared to $0.68 in the year-ago quarter. The stock has a 52-week-high of $76.56 and a 52-week-low of $47.14. At the end of the last trading period, MACOM Technology Solns closed at $66.38.

According to B of A Securities, the prior rating for Coherent Corp (NYSE:COHR) was changed from Buy to Neutral. In the third quarter, Coherent showed an EPS of $0.58, compared to $0.95 from the year-ago quarter. The stock has a 52-week-high of $60.46 and a 52-week-low of $26.29. At the end of the last trading period, Coherent closed at $51.14.

For Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), Truist Securities downgraded the previous rating of Buy to Hold. For the first quarter, Norwegian Cruise Line had an EPS of $0.30, compared to year-ago quarter EPS of $1.82. At the moment, the stock has a 52-week-high of $22.75 and a 52-week-low of $10.84. Norwegian Cruise Line closed at $20.76 at the end of the last trading period.

According to Raymond James, the prior rating for MarineMax Inc (NYSE:HZO) was changed from Outperform to Market Perform. For the second quarter, MarineMax had an EPS of $1.23, compared to year-ago quarter EPS of $2.37. The current stock performance of MarineMax shows a 52-week-high of $44.00 and a 52-week-low of $25.60. Moreover, at the end of the last trading period, the closing price was at $38.52.

Raymond James downgraded the previous rating for Camping World Holdings Inc (NYSE:CWH) from Outperform to Market Perform. In the first quarter, Camping World Holdings showed an EPS of $0.14, compared to $1.15 from the year-ago quarter. The current stock performance of Camping World Holdings shows a 52-week-high of $33.98 and a 52-week-low of $18.69. Moreover, at the end of the last trading period, the closing price was at $32.48.

Raymond James downgraded the previous rating for Polaris Inc (NYSE:PII) from Strong Buy to Market Perform. Polaris earned $2.05 in the first quarter, compared to $1.29 in the year-ago quarter. At the moment, the stock has a 52-week-high of $131.09 and a 52-week-low of $91.89. Polaris closed at $129.43 at the end of the last trading period.

According to Raymond James, the prior rating for OneWater Marine Inc (NASDAQ:ONEW) was changed from Outperform to Market Perform. OneWater Marine earned $1.56 in the second quarter, compared to $2.54 in the year-ago quarter. The current stock performance of OneWater Marine shows a 52-week-high of $43.88 and a 52-week-low of $23.68. Moreover, at the end of the last trading period, the closing price was at $38.19.

According to BMO Capital, the prior rating for Independence Realty Trust Inc (NYSE:IRT) was changed from Outperform to Market Perform. Independence Realty Trust earned $0.27 in the first quarter, compared to $0.25 in the year-ago quarter. The stock has a 52-week-high of $22.64 and a 52-week-low of $14.55. At the end of the last trading period, Independence Realty Trust closed at $17.71.

According to Loop Capital, the prior rating for Leslies Inc (NASDAQ:LESL) was changed from Buy to Hold. Leslies earned $0.14 in the second quarter, compared to $0.01 in the year-ago quarter. At the moment, the stock has a 52-week-high of $17.12 and a 52-week-low of $5.43. Leslies closed at $5.46 at the end of the last trading period.

JP Morgan downgraded the previous rating for ESAB Corp (NYSE:ESAB) from Overweight to Neutral. ESAB earned $1.10 in the first quarter, compared to $1.17 in the year-ago quarter. The stock has a 52-week-high of $69.89 and a 52-week-low of $32.20. At the end of the last trading period, ESAB closed at $69.13.

Baird downgraded the previous rating for Activision Blizzard Inc (NASDAQ:ATVI) from Outperform to Neutral. In the first quarter, Activision Blizzard showed an EPS of $0.60, compared to $0.38 from the year-ago quarter. At the moment, the stock has a 52-week-high of $93.67 and a 52-week-low of $70.94. Activision Blizzard closed at $93.21 at the end of the last trading period.

According to Atlantic Equities, the prior rating for Activision Blizzard Inc (NASDAQ:ATVI) was changed from Overweight to Neutral. Activision Blizzard earned $0.60 in the first quarter, compared to $0.38 in the year-ago quarter. The stock has a 52-week-high of $93.67 and a 52-week-low of $70.94. At the end of the last trading period, Activision Blizzard closed at $93.21.

Citigroup downgraded the previous rating for Genpact Ltd (NYSE:G) from Buy to Neutral. In the first quarter, Genpact showed an EPS of $0.68, compared to $0.60 from the year-ago quarter. The current stock performance of Genpact shows a 52-week-high of $48.83 and a 52-week-low of $35.75. Moreover, at the end of the last trading period, the closing price was at $39.32.

According to Stifel, the prior rating for Masimo Corp (NASDAQ:MASI) was changed from Buy to Hold. Masimo earned $0.87 in the first quarter, compared to $0.93 in the year-ago quarter. The stock has a 52-week-high of $198.00 and a 52-week-low of $109.00. At the end of the last trading period, Masimo closed at $147.16.

According to JMP Securities, the prior rating for Pardes Biosciences Inc (NASDAQ:PRDS) was changed from Market Outperform to Market Perform. In the first quarter, Pardes Biosciences showed an EPS of $0.30, compared to $0.38 from the year-ago quarter. At the moment, the stock has a 52-week-high of $3.91 and a 52-week-low of $0.80. Pardes Biosciences closed at $2.13 at the end of the last trading period.

Deutsche Bank downgraded the previous rating for CommScope Holding Co Inc (NASDAQ:COMM) from Buy to Hold. In the first quarter, CommScope Hldg Co showed an EPS of $0.35, compared to $0.26 from the year-ago quarter. The stock has a 52-week-high of $13.73 and a 52-week-low of $3.97. At the end of the last trading period, CommScope Hldg Co closed at $5.20.

According to Deutsche Bank, the prior rating for Celanese Corp (NYSE:CE) was changed from Buy to Hold. For the first quarter, Celanese had an EPS of $2.01, compared to year-ago quarter EPS of $5.54. The stock has a 52-week-high of $128.35 and a 52-week-low of $86.73. At the end of the last trading period, Celanese closed at $121.04.

According to Jefferies, the prior rating for BridgeBio Pharma Inc (NASDAQ:BBIO) was changed from Buy to Hold. In the first quarter, BridgeBio Pharma showed an EPS of $0.92, compared to $1.35 from the year-ago quarter. The stock has a 52-week-high of $34.28 and a 52-week-low of $6.56. At the end of the last trading period, BridgeBio Pharma closed at $32.04.

New Street Research downgraded the previous rating for The Trade Desk Inc (NASDAQ:TTD) from Neutral to Sell. For the first quarter, Trade Desk had an EPS of $0.23, compared to year-ago quarter EPS of $0.21. The current stock performance of Trade Desk shows a 52-week-high of $91.66 and a 52-week-low of $39.44. Moreover, at the end of the last trading period, the closing price was at $90.69.

According to Stifel, the prior rating for Essex Property Trust Inc (NYSE:ESS) was changed from Buy to Hold. In the first quarter, Essex Property Trust showed an EPS of $3.65, compared to $3.37 from the year-ago quarter. At the moment, the stock has a 52-week-high of $300.31 and a 52-week-low of $195.03. Essex Property Trust closed at $242.53 at the end of the last trading period.

For Activision Blizzard Inc (NASDAQ:ATVI), Wells Fargo downgraded the previous rating of Overweight to Equal-Weight. Activision Blizzard earned $0.60 in the first quarter, compared to $0.38 in the year-ago quarter. The current stock performance of Activision Blizzard shows a 52-week-high of $93.67 and a 52-week-low of $70.94. Moreover, at the end of the last trading period, the closing price was at $93.21.

For Shopify Inc (NYSE:SHOP), Evercore ISI Group downgraded the previous rating of Outperform to In-Line. For the first quarter, Shopify had an EPS of $0.01, compared to year-ago quarter EPS of $0.02. At the moment, the stock has a 52-week-high of $71.43 and a 52-week-low of $23.64. Shopify closed at $68.68 at the end of the last trading period.

See all analyst ratings downgrades.

Initiations

Susquehanna initiated coverage on AvidXchange Holdings Inc (NASDAQ:AVDX) with a Positive rating. The price target for AvidXchange Holdings is set to $15.00. AvidXchange Holdings earned $0.02 in the first quarter, compared to $0.07 in the year-ago quarter. The stock has a 52-week-high of $11.86 and a 52-week-low of $6.23. At the end of the last trading period, AvidXchange Holdings closed at $11.64.

William Blair initiated coverage on Tarsus Pharmaceuticals Inc (NASDAQ:TARS) with an Outperform rating. The price target for Tarsus Pharmaceuticals is set to $44.00. In the first quarter, Tarsus Pharmaceuticals showed an EPS of $0.88, compared to $0.98 from the year-ago quarter. The stock has a 52-week-high of $20.09 and a 52-week-low of $11.33. At the end of the last trading period, Tarsus Pharmaceuticals closed at $18.80.

With a Neutral rating, Baird initiated coverage on First Horizon Corp (NYSE:FHN). The price target seems to have been set at $14.00 for First Horizon. In the first quarter, First Horizon showed an EPS of $0.45, compared to $0.38 from the year-ago quarter. The current stock performance of First Horizon shows a 52-week-high of $24.90 and a 52-week-low of $8.99. Moreover, at the end of the last trading period, the closing price was at $12.55.

Benchmark initiated coverage on Intensity Therapeutics Inc (NASDAQ:INTS) with a Speculative Buy rating. The price target for Intensity Therapeutics is set to $12.00. The stock has a 52-week-high of $6.75 and a 52-week-low of $5.51. At the end of the last trading period, Intensity Therapeutics closed at $5.89.

With a Buy rating, Guggenheim initiated coverage on Cabaletta Bio Inc (NASDAQ:CABA). The price target seems to have been set at $34.00 for Cabaletta Bio. In the first quarter, Cabaletta Bio showed an EPS of $0.45, compared to $0.45 from the year-ago quarter. At the moment, the stock has a 52-week-high of $14.25 and a 52-week-low of $0.59. Cabaletta Bio closed at $12.49 at the end of the last trading period.

With an Outperform rating, Macquarie initiated coverage on Melco Resorts and Entertainment Ltd (NASDAQ:MLCO). The price target seems to have been set at $16.30 for Melco Resorts and Enter. In the first quarter, Melco Resorts and Enter showed an EPS of $0.14, compared to $0.37 from the year-ago quarter. At the moment, the stock has a 52-week-high of $14.46 and a 52-week-low of $4.70. Melco Resorts and Enter closed at $13.39 at the end of the last trading period.

With a Sell rating, Redburn Partners initiated coverage on The Trade Desk Inc (NASDAQ:TTD). The price target seems to have been set at $34.00 for Trade Desk. In the first quarter, Trade Desk showed an EPS of $0.23, compared to $0.21 from the year-ago quarter. The current stock performance of Trade Desk shows a 52-week-high of $91.66 and a 52-week-low of $39.44. Moreover, at the end of the last trading period, the closing price was at $90.69.

With a Equal-Weight rating, Barclays initiated coverage on CDW Corp (NASDAQ:CDW). The price target seems to have been set at $198.00 for CDW. For the first quarter, CDW had an EPS of $2.03, compared to year-ago quarter EPS of $2.20. The current stock performance of CDW shows a 52-week-high of $215.00 and a 52-week-low of $148.03. Moreover, at the end of the last trading period, the closing price was at $189.61.

With a Buy rating, B. Riley Securities initiated coverage on Gambling.com Group Ltd (NASDAQ:GAMB). The price target seems to have been set at $14.00 for Gambling.com Gr. Gambling.com Gr earned $0.20 in the first quarter, compared to $0.12 in the year-ago quarter. At the moment, the stock has a 52-week-high of $12.13 and a 52-week-low of $6.62. Gambling.com Gr closed at $11.84 at the end of the last trading period.

Piper Sandler initiated coverage on Darden Restaurants Inc (NYSE:DRI) with a Neutral rating. The price target for Darden Restaurants is set to $167.00. In the fourth quarter, Darden Restaurants showed an EPS of $2.58, compared to $2.24 from the year-ago quarter. At the moment, the stock has a 52-week-high of $169.72 and a 52-week-low of $114.94. Darden Restaurants closed at $169.25 at the end of the last trading period.

With a Neutral rating, Piper Sandler initiated coverage on Dine Brands Global Inc (NYSE:DIN). The price target seems to have been set at $63.00 for Dine Brands Global. Dine Brands Global earned $1.97 in the first quarter, compared to $1.54 in the year-ago quarter. The current stock performance of Dine Brands Global shows a 52-week-high of $82.43 and a 52-week-low of $56.00. Moreover, at the end of the last trading period, the closing price was at $58.82.

Piper Sandler initiated coverage on Denny's Corp (NASDAQ:DENN) with a Neutral rating. The price target for Denny's is set to $12.00. For the first quarter, Denny's had an EPS of $0.13, compared to year-ago quarter EPS of $0.11. At the moment, the stock has a 52-week-high of $13.12 and a 52-week-low of $8.57. Denny's closed at $11.11 at the end of the last trading period.

With a Neutral rating, Piper Sandler initiated coverage on Brinker International Inc (NYSE:EAT). The price target seems to have been set at $40.00 for Brinker International. For the third quarter, Brinker International had an EPS of $1.23, compared to year-ago quarter EPS of $0.92. The stock has a 52-week-high of $42.12 and a 52-week-low of $22.45. At the end of the last trading period, Brinker International closed at $37.36.

Piper Sandler initiated coverage on Chuy's Holdings Inc (NASDAQ:CHUY) with a Neutral rating. The price target for Chuy's Holdings is set to $43.00. Chuy's Holdings earned $0.47 in the first quarter, compared to $0.34 in the year-ago quarter. At the moment, the stock has a 52-week-high of $43.16 and a 52-week-low of $20.54. Chuy's Holdings closed at $40.91 at the end of the last trading period.

With a Neutral rating, Piper Sandler initiated coverage on Cracker Barrel Old Country Store Inc (NASDAQ:CBRL). The price target seems to have been set at $96.00 for Cracker Barrel Old. In the third quarter, Cracker Barrel Old showed an EPS of $1.21, compared to $1.29 from the year-ago quarter. At the moment, the stock has a 52-week-high of $121.17 and a 52-week-low of $88.72. Cracker Barrel Old closed at $92.71 at the end of the last trading period.

Piper Sandler initiated coverage on Cheesecake Factory Inc (NASDAQ:CAKE) with a Neutral rating. The price target for Cheesecake Factory is set to $36.00. For the first quarter, Cheesecake Factory had an EPS of $0.61, compared to year-ago quarter EPS of $0.47. At the moment, the stock has a 52-week-high of $41.28 and a 52-week-low of $26.86. Cheesecake Factory closed at $35.31 at the end of the last trading period.

Piper Sandler initiated coverage on Bloomin Brands Inc (NASDAQ:BLMN) with a Neutral rating. The price target for Bloomin Brands is set to $28.00. For the first quarter, Bloomin Brands had an EPS of $0.98, compared to year-ago quarter EPS of $0.80. At the moment, the stock has a 52-week-high of $28.46 and a 52-week-low of $17.02. Bloomin Brands closed at $27.62 at the end of the last trading period.

With an Overweight rating, Piper Sandler initiated coverage on Dave & Buster's Entertainment Inc (NASDAQ:PLAY). The price target seems to have been set at $56.00 for Dave & Buster's Enter. Dave & Buster's Enter earned $1.45 in the first quarter, compared to $1.35 in the year-ago quarter. The stock has a 52-week-high of $47.29 and a 52-week-low of $30.38. At the end of the last trading period, Dave & Buster's Enter closed at $44.27.

Piper Sandler initiated coverage on BJ's Restaurants Inc (NASDAQ:BJRI) with a Neutral rating. The price target for BJ's Restaurants is set to $35.00. For the first quarter, BJ's Restaurants had an EPS of $0.15, compared to year-ago quarter EPS of $0.06. The current stock performance of BJ's Restaurants shows a 52-week-high of $36.14 and a 52-week-low of $21.11. Moreover, at the end of the last trading period, the closing price was at $34.34.

For Douglas Elliman Inc (NYSE:DOUG), BTIG initiated coverage, by setting the current rating at Neutral. Douglas Elliman earned $0.18 in the first quarter, compared to $0.08 in the year-ago quarter. At the moment, the stock has a 52-week-high of $5.96 and a 52-week-low of $2.07. Douglas Elliman closed at $2.48 at the end of the last trading period.

Piper Sandler initiated coverage on First Watch Restaurant Group Inc (NASDAQ:FWRG) with an Overweight rating. The price target for First Watch Restaurant Gr is set to $22.00. In the first quarter, First Watch Restaurant Gr showed an EPS of $0.15, compared to $0.08 from the year-ago quarter. At the moment, the stock has a 52-week-high of $18.92 and a 52-week-low of $12.80. First Watch Restaurant Gr closed at $18.27 at the end of the last trading period.

For RE/MAX Holdings Inc (NYSE:RMAX), BTIG initiated coverage, by setting the current rating at Neutral. RE/MAX Hldgs earned $0.26 in the first quarter, compared to $0.51 in the year-ago quarter. The current stock performance of RE/MAX Hldgs shows a 52-week-high of $28.20 and a 52-week-low of $16.78. Moreover, at the end of the last trading period, the closing price was at $19.78.

BTIG initiated coverage on Anywhere Real Estate Inc (NYSE:HOUS) with a Neutral rating. Anywhere Real Estate earned $0.97 in the first quarter, compared to $0.19 in the year-ago quarter. The stock has a 52-week-high of $12.91 and a 52-week-low of $4.33. At the end of the last trading period, Anywhere Real Estate closed at $7.26.

Piper Sandler initiated coverage on Texas Roadhouse Inc (NASDAQ:TXRH) with an Overweight rating. The price target for Texas Roadhouse is set to $126.00. For the first quarter, Texas Roadhouse had an EPS of $1.28, compared to year-ago quarter EPS of $1.08. The stock has a 52-week-high of $116.72 and a 52-week-low of $79.68. At the end of the last trading period, Texas Roadhouse closed at $114.77.

With a Sell rating, BTIG initiated coverage on eXp World Holdings Inc (NASDAQ:EXPI). The price target seems to have been set at $14.00 for eXp World Holdings. eXp World Holdings earned $0.01 in the first quarter, compared to $0.06 in the year-ago quarter. At the moment, the stock has a 52-week-high of $24.98 and a 52-week-low of $9.97. eXp World Holdings closed at $24.63 at the end of the last trading period.

BTIG initiated coverage on Compass Inc (NYSE:COMP) with a Buy rating. The price target for Compass is set to $5.00. Compass earned $0.33 in the first quarter, compared to $0.45 in the year-ago quarter. The current stock performance of Compass shows a 52-week-high of $5.16 and a 52-week-low of $1.84. Moreover, at the end of the last trading period, the closing price was at $3.90.

See all analyst ratings initiations.