>>> Ralph Lauren target raised to $335 at Telsey Advisory Group (293.77)

Ralph Lauren target raised to $335 at Telsey Advisory Group (293.77)
Telsey Advisory Group raises their RL tgt to $335 from $315. Analyst Dana Telsey noted, "RL enters FY26 with sustained operating momentum, driven by disciplined execution of its brand elevation strategy, continued product innovation, and a diversified global footprint. Recent performance reinforces the view that RL is navigating macroeconomic headwinds with agility, supported by its multiyear track record of HSD AUR growth and a flexible, cost-efficient supply chain. Throughout FY24 and into FY25, RL has consistently delivered earnings beats across regions, demonstrating resilience in a volatile environment and reflecting the strength of RL's premium positioning and its appeal to a broader, younger, and increasingly global consumer base. The first quarter FY26 revenue guide, calling for high-single-digit growth in constant currency (issued in the face of an uncertain macro backdrop), signals continued confidence in the underlying demand for the brand. Moreover, RL's consistent ability to drive higher AURs while expanding its customer base (particularly among younger, female, and less price-sensitive demographics), suggests that recent investments in product, marketing, and channel mix are resonating with target consumers. With improving visibility into gross margin leverage and operating efficiency, RL appears poised to further reinvest in long-term brand health while delivering attractive shareholder returns. As such, we maintain our Outperform Rating, and, given expectations for continued strength in FY26, we raise our price target to $335, from $315 prior. Our increased price target assumes a 21.8x multiple on our two-year forward EPS estimate of $15.34, compared to the current NTM multiple of 20.7x."

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • BRKR -7.8%, KOS -3.1%, CNA -2%, MUFG -1.5%, BRK.B -0.7%
Other news:
  • MVST -5% (CFO Carl (Pat) Schultz steps down)
  • YMM -4.1% (announces changes to its freight brokerage service)
  • SUNS -2.3% (files for $500 mln mixed securities shelf offering)
  • HLVX -2% (enters into a definitive agreement to be acquired by XOMA Royalty (XOMA) for $1.95 in cash per share plus a contingent value right)
  • ALTS -1.1% (files for $2 bln mixed securities shelf offering)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • COMM +42% (also entered into a definitive agreement to sell its Connectivity and Cable Solutions segment to Amphenol Corporation), ZEPP +19%, W +11%, ENR +8.4%, IDXX +6.4%, AXSM +6%, KRYS +5.1%, EEX +4.3%, TSEM +4.1%, FRPT +3.7%, BNTX +2.5%, BCRX +2.5%, SPNT +2%, L +1.9%, DJT +1.6%, WAT +1.6%,
Other news:
  • SCS +45.6% (HNI Corporation (HNI) to acquire Steelcase for total consideration of approximately $2.2 bln)
  • OPEN +14.2% (received written notice from the Nasdaq that the Company has regained compliance with Nasdaq's minimum bid price requirement)
  • TMC +11.8% (The Metals Company and Tonga announce updated sponsorship agreement for Tonga Offshore Mining; releases two economic studies with combined NPV of $23.6B and declares world-first nodule reserves)
  • ELME +9.1% (concludes strategic alternatives review process; to sell 19 properties, remaining assets to be marketed for sale)
  • CERT +9% (announces the EMA has formally qualified the Simcyp Simulator for use in regulatory submissions across the EU)
  • KGS +7.2% (to join S&P SmallCap 600)
  • FFAI +7% (Shares Weekly Investor Update)
  • SPOT +4% (announces upcoming changes to Spotify Premium subscriptions)
  • QBTS +3.7% (introduces new developer tools to advance quantum AI exploration and innovation)
  • SITC +3.5% (announces two sales and special common distribution)
  • UBS +2.7% (resolves legacy Credit Suisse matter with US Department of Justice)
  • PLTR +2.1% (awarded a US Army contract transitioning existing contracts in which Palantir is currently a prime or subcontractor to this $10 bln enterprise agreement)
  • TSLA +2.1% (discloses summary of the 2025 CEO Elon Musk interim award; produced EV sales fall 8% in July, according to Reuters)
  • LYG +2% (issues motor finance update)
  • ALGN +1.8% (CEO bought 7576 shares at $131.49 worth ~$996K)
  • AA +1.8% (explores feasibility of Gallium Critical Mineral Production in Western Australia)
  • HPK +1.8% (announces amendments to its term loan credit agreement and senior credit facility agreement)
  • TTEC +1% (provides update on potential take private transaction)

>>> Blade Air Mobility announces an agreement to sell Blade’s passenger division

Blade Air Mobility announces an agreement to sell Blade’s passenger division to Joby Aviation, Inc. (JOBY) for up to $125 mln (3.78)
  • Blade Passenger division to be sold to Joby Aviation for up to $125 mln.
  • Blade's Medical division will remain public and rebrand as Strata post-close, focusing entirely on its rapidly growing contractual medical services and logistics business.
  • Long-term partnership between Joby and Strata will provide future access to Joby eVTOLs for medical flights.
  • Divestiture is expected to be Adjusted EBITDA and Free Cash Flow neutral.

FT : Window shopping with the watch world

Window shopping with the watch world
The guichet timepiece is the trend to know

There are times when it seems as if some guiding, albeit slightly mischievous, spirit of the watch industry has whispered identical words of inspiration into different ears at different maisons, and then sat back to watch the fun. If there is such a spirit flitting between factories then he/she/they have been very busy, as 2025 has witnessed the most remarkable resurgence of one of the most esoteric of timepieces: the guichet. The watch is distinguished by its blank plane of metal through which hours and minutes are read via small windows rather than by the sweep of traditional hands.

At the beginning of the year, Louis Vuitton launched its Tambour Convergence. And then at Watches and Wonders Cartier reintroduced its historic Tank à Guichets, while Bremont, perhaps the most surprising of all, presented its bronze-cased Terra Nova Jumping Hour. Each takes a distinctly different approach, yet all share the same fundamental principle.

Louis Vuitton pink-gold Tambour Convergence Watch, £32,500

Bremont bronze Terra Nova Jumping Hour, £4,900

To understand this horological curiosity, we must journey back to the beginning of the 1920s, when “montres à guichets” emerged. The construction and design did away with the fragile watch glass, and in the context of the nascence of what would become known as art deco they were aesthetically satisfying in their sleek minimalism. Cartier made its first Tank à Guichets in 1928. “When Cartier launched that watch, it was very innovative. Other companies made the guichet in the same period, but Cartier made a guichet with precious metals. The construction of the case is very interesting, and it has a very flat movement. After almost a century, it’s still contemporary design,” says Pierre Rainero, Cartier’s director of image, style and heritage. He explains why the maison has chosen this moment to revive the design: “We thought that the Tank à Guichets, among all other watches created during that period at the time of Louis Cartier himself, is probably one of the most meaningful in terms of Cartier’s philosophy of watchmaking design.”

The new collection features models in yellow gold, rose gold and platinum; true to the original, they sport a crown at the top of their cases and house a manually wound movement. Alongside these historically faithful renditions, Cartier has created a 200-piece limited edition in platinum that repositions the hour display to 10 o’clock and the minute display to four o’clock, creating an asymmetrical layout. This arrangement is not merely aesthetic but functional, says Rainero: “It corresponds even better to the way you read the time.”

© Yona Hillat. Cartier
Cartier platinum Tank à Guichets, £55,000

© Vincent Wulveryck, Collection Cartier © Cartier
1928 Cartier gold Tank à Guichets

Whereas Rainero revels in the archival accuracy of this year’s Cartier revival, Jean Arnault, watch director at Louis Vuitton, is happy to be unfettered by history. He described LV’s Tambour Convergence as a blend of vintage inspiration and modern execution. “What I love about what we’re doing at Louis Vuitton is the ability to reinterpret vintage designs without having the pollution of a watch that existed in the ’40s, ’50s, ’60s,” he says.

Unlike Cartier’s jumping-hour mechanism, where the hour changes instantly every 60 minutes, Louis Vuitton opted for a “dragging hour” display, where the hour is moving constantly at the speed of the conventional hour hand. “We wanted to make the watch as thin as possible,” says Arnault. “That’s why we didn’t go for the jump hour. We have the movement ready if we want to do it, because we have jump hours in the collection, but it would make for a thicker watch.”

While Cartier and Louis Vuitton are making the most of the elegance of the guichet. Bremont’s Terra Nova Jumping Hour offers an unabashed tool-watch interpretation in the brand’s aluminium-enriched bronze alloy. CEO Davide Cerrato believes that the Terra Nova connects the guichet with a military form. “In the first world war they were called trench watches. A protective metal cap was used instead of glass or crystal sapphire to make the watches less fragile. So, there was also a very nice link with Bremont’s military history and DNA.”

The front of the Jaeger-LeCoultre pink-gold and enamel Reverso Tribute Nonantième, £68,500...

...and the reverse side of the watch

Unlike Arnault, Cerrato is besotted with “the magic of the quick jump”. Working with [movement supplier] Sellita, we were able to ensure that the jump is done in less than one-10th of a second – it’s very sharp and very crisp and very quick. And that’s the magic of the thing. If you are in a place that is quiet enough, you hear when it makes the shift.”

Jaeger-LeCoultre has also been swigging the guichet Kool-Aid. Its Reverso Tribute Nonantième “Enamel” shows the hour through a circular aperture with a rotating minutes disc set below a day-night indicator, all against a background of star-strewn midnight blue. I find it mesmerisingly beautiful. However, it craftily avoids full commitment to the guichet aesthetic as all this detailed gorgeousness is on the reverse side of the watch, while the front is more conventional.

You could argue that it is two distinct types of watch in one case, meaning the £68,500 price tag will be amortised twice as rapidly.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • ZEPP +18.9%, OPEN +15.7%, ENR +10.7%, CERT +9%, KGS +8.2%, FFAI +6.7%, IDXX +5.9%, SPOT +4.9%, EEX +3.7%, SITC +3.3%, FRPT +3.3%, UBS +2.5%, TSLA +2.5%, BNTX +2.4%, DJT +2.3%, PLTR +2.1%, AA +2.1%, L +1.9%, HPK +1.8%, ALGN +1.7%, TTEC +1.6%, WAT +1.6%, LYG +1.5%, BGS +1.2%
  • Gapping down:
    • MVST -5.3%, YMM -4%, KOS -3.6%, EM -3.4%, SUNS -2.3%, MUFG -1.5%, ALTS -1.1%, SAM -0.7%, BRK.B -0.7%

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025 V3(++)

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Bonduelle Raised to Buy at Gilbert Dupont; PT 10.10 euros (++)
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* CMB Tech Raised to Buy at Arctic Securities; PT 10.03 euros (+)
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Disney PT Raised to $140 from $120 at Morgan Stanley (++)
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Forbo Raised to Hold at Kepler Cheuvreux; PT 820 Swiss francs (++)
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hammerson Raised to Buy at Peel Hunt; PT 350 pence (+)
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* Interparfums Raised to Add at IDMidcaps; PT 35 euros (+)
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros
* Porsche Raised to Hold at Bankhaus Metzler; PT 45 euros (++)
* TeamViewer Raised to Buy at Kepler Cheuvreux; PT 12.80 euros (+)

>>> Down
* Aasen Sparebank Cut to Hold at Norne Securities; PT 134 kroner (+)
* Bittium Cut to Sell at OP Corporate Bank; PT 8 euros (++)
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Grong Sparebank Cut to Hold at Norne Securities; PT 166 kroner (+)
* Raisio Cut to Accumulate at OP Corporate Bank; PT 2.80 euros (++)
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell ADRs Cut to Hold at HSBC; PT $78.30 (++)
* SpareBank 1 Helgeland Cut to Sell at Arctic Securities (+)
* Weir Group Cut to Hold at Kepler Cheuvreux; PT 2,700 pence (++)

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Italgas Re-Initiated Buy at Deutsche Bank; PT 8.10 euros (+)
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Goldman’s Kostin Says 2Q Earnings Show US Tech Exceptionalism (++)
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman
* TeamViewer Upgraded to Buy at Kepler on Momentum, Valuation (+)
* Shell Downgraded by HSBC On Rising Debt, Trading Exposure (++)

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025 V2(+)

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* CMB Tech Raised to Buy at Arctic Securities; PT 10.03 euros (+)
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hammerson Raised to Buy at Peel Hunt; PT 350 pence (+)
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* Interparfums Raised to Add at IDMidcaps; PT 35 euros (+)
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros
* TeamViewer Raised to Buy at Kepler Cheuvreux; PT 12.80 euros (+)

>>> Down
* Aasen Sparebank Cut to Hold at Norne Securities; PT 134 kroner (+)
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Grong Sparebank Cut to Hold at Norne Securities; PT 166 kroner (+)
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell Cut to Hold at HSBC; PT 2,950 pence
* SpareBank 1 Helgeland Cut to Sell at Arctic Securities (+)

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Italgas Re-Initiated Buy at Deutsche Bank; PT 8.10 euros (+)
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman
* TeamViewer Upgraded to Buy at Kepler on Momentum, Valuation (+)