>>> US Research Calls II

Research Calls II
  • Upgrades:
    • Infosys (INFY) upgraded to Outperform from Hold at CLSA
    • Jazz Pharma (JAZZ) upgraded to Buy from Neutral at UBS; tgt raised to $179
    • JPMorgan Chase (JPM) upgraded to Neutral from Underperform at Robert W. Baird; tgt raised to $220
    • Logitech Int'l SA (LOGI) upgraded to Outperform from Neutral at Wedbush; tgt $125
    • Sea Limited (SE) upgraded to Neutral from Reduce at Phillip Securities
    • Steel Dynamics (STLD) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $158
    • Surmodics (SRDX) upgraded to Buy from Hold at Lake Street; tgt $43
    • Tesla (TSLA) upgraded to Buy from Hold at TD Cowen; tgt raised to $388
    • The Trade Desk (TTD) upgraded to Hold from Sell at The Benchmark Company
    • Ventas (VTR) upgraded to Buy from Hold at Argus
    • Viavi (VIAV) upgraded to Buy from Neutral at Rosenblatt; tgt $14
    • Vodafone PLC (VOD) upgraded to Buy from Hold at DZ Bank
    • Wayfair (W) upgraded to Buy from Hold at Jefferies; tgt raised to $47
    • Zscaler (ZS) upgraded to Buy from Neutral at BofA Securities; tgt raised to $240
  • Downgrades:
    • BigBear.ai (BBAI) downgraded to Market Perform from Outperform at Northland Capital; tgt raised to $4
    • Lear (LEA) downgraded to Hold from Buy at TD Cowen; tgt $95
    • Neumora Therapeutics (NMRA) downgraded to Neutral from Buy at Guggenheim
    • Neumora Therapeutics (NMRA) downgraded to Hold from Buy at Stifel; tgt lowered to $2
    • South Bow Corporation (SOBO) downgraded to Peer Perform from Outperform at Wolfe Research
    • South Bow Corporation (SOBO) downgraded to Neutral from Sector Outperform at CIBC
  • Others:
    • Ardelyx (ARDX) resumed with a Buy at Ladenburg Thalmann
    • ARS Pharmaceuticals (SPRY) initiated with a Sector Outperform at Scotiabank; tgt $30
    • Avidity Biosciences (RNA) initiated with a Sector Outperform at Scotiabank; tgt $70
    • Blueprint Medicines (BPMC) initiated with a Sector Outperform at Scotiabank; tgt $150
    • C.H. Robinson (CHRW) initiated with a Buy at Deutsche Bank; tgt $129
    • Cogent Biosciences (COGT) initiated with a Sector Outperform at Scotiabank; tgt $17
    • CSX (CSX) initiated with a Hold at Deutsche Bank; tgt $34
    • Denali Therapeutics (DNLI) resumed with an Overweight at Morgan Stanley; tgt lowered to $33
    • Dyne Therapeutics (DYN) initiated with a Sector Outperform at Scotiabank; tgt $50
    • Edgewise Therapeutics (EWTX) initiated with a Sector Outperform at Scotiabank; tgt $50
    • FedEx (FDX) initiated with a Buy at Deutsche Bank; tgt $337
    • Gain Therapeutics (GANX) initiated with a Sector Outperform at Scotiabank; tgt $12
    • GXO Logistics (GXO) initiated with a Hold at Deutsche Bank; tgt $45
    • Hub Group (HUBG) initiated with a Hold at Deutsche Bank; tgt $41
    • Innoviva (INVA) initiated with a Sector Outperform at Scotiabank; tgt $55
    • J.B. Hunt Transport (JBHT) initiated with a Hold at Deutsche Bank; tgt $167
    • Lucid Group (LCID) initiated with a Hold at TD Cowen; tgt $2.30
    • MARA Holdings Inc. (MARA) initiated with a Buy at Rosenblatt; tgt $19
    • Nexxen International (NEXN) resumed with a Buy at Needham; tgt $12
    • Norfolk Southern (NSC) initiated with a Buy at Deutsche Bank; tgt $293
    • Old Dominion (ODFL) initiated with a Buy at Deutsche Bank; tgt $236
    • Palvella Therapeutics (PVLA) initiated with a Sector Outperform at Scotiabank; tgt $50
    • Perspective Therapeutics (CATX) initiated with a Sector Outperform at Scotiabank; tgt $15
    • PTC Therapeutics (PTCT) initiated with a Sector Perform at Scotiabank; tgt $55
    • Rivian Automotive (RIVN) initiated with a Hold at TD Cowen; tgt $12.70
    • RXO, Inc. (RXO) initiated with a Hold at Deutsche Bank; tgt $19
    • Saia (SAIA) initiated with a Buy at Deutsche Bank; tgt $570
    • Sandisk (SNDK) initiated with an Overweight at Cantor Fitzgerald; tgt $60
    • Sprott Inc. (SII) initiated with an Outperform at BMO Capital Markets
    • Stellantis (STLA) initiated with a Hold at TD Cowen; tgt $13
    • Teradyne (TER) initiated with a Buy at Vertical Research; tgt $135
    • Under Armour (UAA) initiated with a Neutral at KGI Securities
    • Union Pacific (UNP) initiated with a Buy at Deutsche Bank; tgt $295
    • UPS (UPS) initiated with a Hold at Deutsche Bank; tgt $119
    • Vertiv (VRT) initiated with an Outperform at RBC Capital Mkts; tgt $121
    • Visteon (VC) resumed with a Buy at TD Cowen; tgt $108
    • Werner Enterprises (WERN) initiated with a Hold at Deutsche Bank; tgt $33
    • XPO, Inc. (XPO) initiated with a Buy at Deutsche Bank; tgt $156
    • Zai Lab (ZLAB) initiated with a Sector Outperform at Scotiabank; tgt $55

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • HPE -19.5%, BBAI -15.4%, SWBI -9.1%, GCO -8.9%, IOT -8.1%, FNKO -6.4%, COO -6.3%, COOK -3.2% (also names new CFO), GHLD -2.9% (also declares $0.50/sh special dividend), PBPB -2.6%, COST -1.6%
Other news:
  • LUNR -35.6% (lander reaches the moon, but its status is unclear, according to CNN)
  • SERV -8.8% (files $300 mln mixed shelf securities offering)
  • AKA -6.4% (to debut 7 new US Princess Polly stores in 2025)
  • SRDX -4.4% (FTC sues to block GTCR's acquisition of SRDX, noting it is anticompetitive; issues statement)
  • SCPH -2.6% (FDA approves sNDA expanding FUROSCIX indication to include edema)
  • LDI -2.2% (CEO steps down)
  • FORM -1.4% (partners with Delft Circuits to revolutionize quantum computing interfacing)
  • UPBD -0.8% (Acima Leasing Announces CFPB's Voluntary Dismissal of Previously Disclosed Lawsuit)
  • XERS -0.7% (files $250 mln mixed shelf securities offering)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • GAP +16.9% (also increases dividend), AVGO +10.4%, WLDN +7.1%, IDT +6.7% (also increases dividend), VEL +5.9%, ADV +5.5%, ASLE +5%, MLNK +4.7% (also authorizes new $129.5 mln share repurchase program), GRNT +3.4%, DOMO +0.7%
Other news:
  • ATYR +7.8% (announces positive review for Efzofitimod in Phase 3 study)
  • SII +6.9% (Toronto exchange approves buyback)
  • WBA +6.1% (to be acquired by Sycamore Partners for $11.45/sh in cash + up to $3/sh additional payout)
  • MBLY +2.3% (Point72 Asset Mgmt (Steven Cohen) discloses 5% stake)
  • CNTA +2% (to present data from Phase 1 trial of ORX750)
  • NVDA +0.9% (in sympathy with strong AVGO earnings)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • American Public Education (APEI) upgraded to Outperform from Mkt Perform at William Blair
    • Applied Optoelectronics (AAOI) upgraded to Neutral from Sell at B. Riley Securities; tgt $13
    • Array Tech (ARRY) upgraded to Buy from Neutral at Guggenheim; tgt $10
    • Bank of America (BAC) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $50
    • CAE (CAE) upgraded to Neutral from Underperform at BofA Securities
    • Canadian Natrl Res (CNQ) upgraded to Outperform from In-line at Evercore ISI
    • Dayforce (DAY) upgraded to Buy from Hold at TD Cowen; tgt raised to $68
    • Hawaiian Electric (HE) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $14
    • Huntington Banc (HBAN) upgraded to Outperform from Neutral at Robert W. Baird; tgt $18
    • Leonardo DRS (DRS) upgraded to Buy from Neutral at BofA Securities; tgt $40
  • Downgrades:
    • Air Lease (AL) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $50
    • BorgWarner (BWA) downgraded to Hold from Buy at TD Cowen; tgt $31
    • Gauzy (GAUZ) downgraded to Hold from Buy at TD Cowen; tgt $10
    • Traeger (COOK) downgraded to Market Perform from Outperform at Telsey Advisory Group; tgt lowered to $2.50
  • Others:
    • American Axle (AXL) initiated with a Hold at TD Cowen; tgt $5
    • Aptiv (APTV) resumed with a Buy at TD Cowen; tgt $90
    • Aspen Aerogels (ASPN) resumed with a Buy at TD Cowen; tgt $11
    • Aurora Innovation (AUR) resumed with a Hold at TD Cowen; tgt $8
    • Autoliv (ALV) initiated with a Buy at TD Cowen; tgt $116
    • Cerence (CRNC) resumed with a Hold at TD Cowen; tgt $11.50
    • Cipher Mining (CIFR) initiated with a Buy at Rosenblatt; tgt $6.50
    • Coinbase Global (COIN) initiated with a Buy at Rosenblatt; tgt $305
    • Cormedix (CRMD) initiated with an Outperform at Leerink Partners; tgt $18
    • Domo (DOMO) resumed with a Neutral at DA Davidson; tgt lowered to $8
    • Ford Motor (F) initiated with a Hold at TD Cowen; tgt $10
    • General Motors (GM) initiated with a Buy at TD Cowen; tgt $105
    • GH Research PLC (GHRS) initiated with an Outperform at RBC Capital Mkts; tgt $31
    • Goodyear Tire (GT) initiated with a Buy at TD Cowen; tgt $14
    • HIVE Digital Technologies (HIVE) initiated with a Buy at Rosenblatt; tgt $6
    • Hut 8 Mining (HUT) initiated with a Buy at Rosenblatt; tgt $23