TheChek News Flow

>>> US Research Calls I

Research Calls I

Upgrades
- Bloom Energy (BE) upgraded to Overweight from Neutral at JPMorgan, tgt $33
- BridgeBio (BBIO) upgraded to Outperform from Perform at Oppenheimer, tgt $60
- Brown-Forman (BF.B) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $30
- Caterpillar (CAT) upgraded to Buy from Hold at Melius Research, tgt $500
- Charles River (CRL) upgraded to Buy from Neutral at Citigroup, tgt $200
- Citizens Financial Group (CFG) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $57
- Doximity (DOCS) upgraded to Outperform from In Line at Evercore ISI, tgt $70
- Fox Corp. (FOXA) upgraded to Peer Perform from Underperform at Wolfe Research
- Haemonetics (HAE) upgraded to Buy from Neutral at Citigroup, tgt $90
- Hologic (HOLX) upgraded to Buy from Neutral at Citigroup, tgt $80
- J.M. Smucker (SJM) upgraded to Outperform from Underperform at BNP Paribas Exane, tgt $120
- JPMorgan Chase (JPM) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $327
- Microsoft (MSFT) upgraded to Outperform from Perform at Oppenheimer, tgt $600
- Morgan Stanley (MS) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $160
- PNC (PNC) upgraded to Mkt Perform from Underperform at Keefe Bruyette; tgt $212
- Sunrun (RUN) upgraded to Hold from Underperform at Jefferies, tgt $11
- The Hanover (THG) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $188
- Warner Music (WMG) upgraded to Neutral from Underperform at BofA Securities, tgt $33
Downgrades
- Arch Capital (ACGL) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $101
- Ball Corp. (BALL) downgraded to Neutral from Buy at BofA Securities, tgt $66
- Enphase Energy (ENPH) downgraded to Sell from Buy at Goldman, tgt $32
- EOG Resources (EOG) downgraded to Neutral from Buy at Roth Capital, tgt $134
- Freeport-McMoRan (FCX) downgraded to Neutral from Buy at BofA Securities, tgt $56
- Greif (GEF) downgraded to Neutral from Buy at BofA Securities, tgt $77
- Illumina (ILMN) downgraded to Sell from Neutral at Citigroup, tgt $80
- LPL Financial (LPLA) downgraded to Hold from Buy at TD Cowen, tgt $403
- Monster Beverage (MNST) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $60
- Norfolk Southern (NSC) downgraded to Neutral from Buy at Citigroup, tgt $288
- O-I Glass (OI) downgraded to Neutral from Buy at BofA Securities, tgt $17
- PVH Corp. (PVH) downgraded to Hold from Buy at TD Cowen, tgt $74
- RenaissanceRe (RNR) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $268
- RxSight (RXST) downgraded to Neutral from Buy at BTIG
- RxSight (RXST) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $9
- Silgan Holdings (SLGN) downgraded to Neutral from Buy at BofA Securities, tgt $59
- SolarEdge (SEDG) downgraded to Neutral from Buy at Goldman, tgt $27
- Tandem Diabetes (TNDM) downgraded to Sell from Neutral at Citigroup, tgt $14
- Thermo Fisher (TMO) downgraded to Neutral from Buy at UBS, tgt $460
- Truist (TFC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $48
- T-Mobile (TMUS) downgraded to Underweight from Sector Weight at KeyBanc, tgt $200
- Wynn Resorts (WYNN) downgraded to Neutral from Buy at Citigroup, tgt $114
- XPO (XPO) downgraded to Neutral from Buy at Citigroup, tgt $140
Others
- Alamos Gold (AGI) initiated with a Buy at Stifel
- Altria (MO) assumed with an Underperform at Jefferies, tgt $50
- BBB Foods (TBBB) initiated with a Neutral at Goldman, tgt $29
- Bio-Techne (TECH) initiated with a Buy at TD Cowen, tgt $65
- British American Tobacco (BTI) assumed with a Buy at Jefferies
- Cartesian Therapeutics (RNAC) initiated with an Outperform at Wedbush, tgt $38
- C3 AI (AI) initiated with a Buy at WestPark Capital, tgt $40
- Ero Copper (ERO) downgraded to Sector Perform from Outperform at National Bank
- Ero Copper (ERO) initiated with a Buy at Stifel
- FVCBankcorp (FVCB) assumed with an Overweight at Piper Sandler, tgt $16
- GeneDx (WGS) initiated with an Overweight at Piper Sandler, tgt $110
- Genius Sports (GENI) initiated with a Buy at Arete, tgt $15
- Inovio (INO) initiated with an Overweight at Piper Sandler, tgt $5
- Instacart (CART) initiated with a Neutral at Edgewater Research
- Kinetik Holdings (KNTK) initiated with a Buy at Clear Street, tgt $60
- LiveRamp (RAMP) initiated with a Buy at DA Davidson, tgt $45
- MongoDB (MDB) initiated with an Outperform at Wolfe Research, tgt $280
- Newmont (NEM) initiated with a Buy at Stifel, tgt $73
- Philip Morris (PM) assumed with a Buy at Jefferies, tgt $220
- Redwire (RDW) initiated with a Buy at Canaccord, tgt $20
- Sportradar (SRAD) initiated with a Neutral at Arete, tgt $31
- Super Micro (SMCI) resumed with an Underperform at BofA Securities, tgt $35
- Teck Resources (TECK) initiated with a Hold at Stifel
- Wingstop (WING) initiated with an Outperform at William Blair

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

RXST -38.2% (downside Q2 revenue guidance, lowers FY25 rev guidance), AEHR -20.6%, WPP -15.3%, PENG -7.5%, MBLY -1% (guides Q2 revs above consensus; also commences 45 mln share offering by Intel; MBLY to purchase $100 mln of Intel shares)

Other news:

EVTL -25.2% (files for $60 mln ordinary share offering)
COGT -2.8% (prices offering of 22,222,223 shares of common stock at $9.00 per share)
INTC -0.9% (commences offering of 45 mln MBLY shares, MBLY to purchase $100 mln of MBLY shares from Intel as part of deal)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

KRUS +2%

Other news:

VRNA +20.7% (Verona Pharma to be acquired by Marck (MRK) for $107 per ADS)
AES +14.1% (explores options, including possible sale, amid takeover interest from large investment firms, according to Bloomberg)
RYTM +7.2% (to announce topline results from Phase 2 Trial for Oral MC4R)
NSPR +4% (launches CGuard Prime Carotid Stent System in the US)
TIXT +2.6% (provided an update on its process in respect of the previously announced unsolicited non-binding proposal received from TELUS Corporation)
ALVO +2.2% (acquires Ivers-Lee Group in Switzerland)
SLDB +2.1% (FDA approves IND and Health Canada approves CTA for SGT-501)
PLUG +2.1% (extends strategic hydrogen supply agreement with multi-year contract)
SBUX +1.5% (has received proposals for its China business, according to Bloomberg)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- AES +12.3%, ALVO +6.8%, EXAS +2.6%, RYTM +2.3%, EBS +2.3%, KRUS +2%, TOL +1.6%, SLDB +1.5%, CAAS +1.5%, SBUX +1.3%, ATR +0.7%
Gapping down:
- RXST -37.8%, EVTL -20.3%, AEHR -20%, WPP -18.5%, PENG -6.6%, COGT -2.1%, MBLY -1.4%

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025 V3(++)

>>> Up

* Also Raised to Buy at Research Partners; PT 320 Swiss francs (+)

* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros

* Azimut Raised to Buy at Deutsche Bank; PT 35 euros (+)

* Balfour Beatty PT Raised to 610 pence at Jefferies

* Berkeley Raised to Outperform at RBC

* Bloom Energy Raised to Overweight at JPMorgan; PT $33

* Brown-Forman Raised to Neutral at Rothschild & Co Redburn

* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence

* Indra Raised to Buy at Goldman; PT 45 euros

* Industrivarden Raised to Add at AlphaValue/Baader

* Industrivarden Raised to Hold at Nordea

* Meta PT Raised to $800 from $700 at TD Cowen (+)

* Microsoft Raised to Outperform at Oppenheimer; PT $600 (++)

* Norwegian Cruise PT Raised to $25 from $22 at Barclays (++)

* Persimmon Raised to Sector Perform at RBC

* Royal Caribbean PT Raised to $358 from $263 at Barclays (++)

* Royal Caribbean PT Raised to $400 from $310 at Stifel (++)

* Siemens Energy Raised to Add at AlphaValue/Baader (++)

>>> Down

* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence

* Admicom Cut to Reduce at Inderes; PT 55 euros

* AUTO1 Cut to Hold at mwb research AG (++)

* Bellway Cut to Sector Perform at RBC

* CIE Automotive Cut to Neutral at Alantra Equities (++)

* Cicor Tech Cut to Hold at Research Partners; PT 200 Swiss francs (++)

* Hexatronic Cut to Hold at ABG; PT 23 kronor

* Kion Cut to Hold at Jefferies; PT 57 euros

* Klepierre Cut to Neutral at Oddo BHF; PT 35 euros (+)

* Molson Coors PT Cut to $55 from $65 at Bernstein (++)

* Monster Beverage Cut to Neutral at Rothschild & Co Redburn

* Puig Cut to Hold at Bestinver; PT 17.70 euros

* Sparebanken Ost Cut to Hold at Norne Securities; PT 84 kroner (+)
* T-Mobile Cut to Underweight at KeyBanc; PT $200

* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence

* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends

* Umicore Raised to Add at AlphaValue/Baader (++)

* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation

* Alamos Gold Rated New Buy at Stifel Canada; PT C$46

* Altria Reinstated Underperform at Jefferies; PT $50

* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence

* C3.ai Rated New Buy at WestPark Capital; PT $40

* Freeport Rated New Buy at Stifel Canada; PT $56

* Galderma Reinstated Buy at William O'Neil

* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence

* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50

* Newmont Corp Rated New Buy at Stifel Canada; PT $73

* Persimmon Re-Initiated Buy at Panmure Liberum (+)

* Philip Morris Reinstated Buy at Jefferies; PT $220

* Vivendi Re-Initiated Hold at Kepler Cheuvreux; PT 3 euros (+)

>>> Call

* Azimut Rises After Deutsche Bank Upgrades on New Bank Project (++)

* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform

* Meta’s EssilorLuxottica Stake Is a Vote of Confidence: Bernstein (+)

* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades

* Indra Rises as Goldman Upgrades on Defense ‘Mega Trend’ (++)
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies

* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded

* Symrise Rated New Buy at Bankhaus Metzler; PT 119 euros (+)

* UniCredit Move Shows It Hasn’t Given Up on Commerzbank: JPMorgan (+)

(BUS) Merck to Acquire Verona Pharma, Expanding its Portfolio to Include Ohtuvayre® (ensifentrine), a First-In-Class COPD Maintenance

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025 V2(+)

>>> Up

* Also Raised to Buy at Research Partners; PT 320 Swiss francs (+)

* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros

* Azimut Raised to Buy at Deutsche Bank; PT 35 euros (+)

* Balfour Beatty PT Raised to 610 pence at Jefferies

* Berkeley Raised to Outperform at RBC

* Bloom Energy Raised to Overweight at JPMorgan; PT $33

* Brown-Forman Raised to Neutral at Rothschild & Co Redburn

* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence

* Indra Raised to Buy at Goldman; PT 45 euros

* Industrivarden Raised to Add at AlphaValue/Baader

* Industrivarden Raised to Hold at Nordea

* Meta PT Raised to $800 from $700 at TD Cowen (+)

* Persimmon Raised to Sector Perform at RBC

>>> Down

* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence

* Admicom Cut to Reduce at Inderes; PT 55 euros

* Bellway Cut to Sector Perform at RBC

* Hexatronic Cut to Hold at ABG; PT 23 kronor

* Kion Cut to Hold at Jefferies; PT 57 euros

* Klepierre Cut to Neutral at Oddo BHF; PT 35 euros (+)

* Monster Beverage Cut to Neutral at Rothschild & Co Redburn

* Puig Cut to Hold at Bestinver; PT 17.70 euros

* Sparebanken Ost Cut to Hold at Norne Securities; PT 84 kroner (+)
* T-Mobile Cut to Underweight at KeyBanc; PT $200

* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence

* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends

* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation

* Alamos Gold Rated New Buy at Stifel Canada; PT C$46

* Altria Reinstated Underperform at Jefferies; PT $50

* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence

* C3.ai Rated New Buy at WestPark Capital; PT $40

* Freeport Rated New Buy at Stifel Canada; PT $56

* Galderma Reinstated Buy at William O'Neil

* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence

* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50

* Newmont Corp Rated New Buy at Stifel Canada; PT $73

* Persimmon Re-Initiated Buy at Panmure Liberum (+)

* Philip Morris Reinstated Buy at Jefferies; PT $220

* Vivendi Re-Initiated Hold at Kepler Cheuvreux; PT 3 euros (+)

>>> Call

* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform

* Meta’s EssilorLuxottica Stake Is a Vote of Confidence: Bernstein (+)

* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies

* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded

* Symrise Rated New Buy at Bankhaus Metzler; PT 119 euros (+)

* UniCredit Move Shows It Hasn’t Given Up on Commerzbank: JPMorgan (+)

>>> What to look at today - 9th of July 2025

Asian shares posted a modest decline as investors refrained from taking risky bets after President Donald Trump ratcheted up trade tensions. Copper futures in London fell on Trump’s latest tariff threat. A regional stock gauge declined 0.3%, its third drop in four days. Hong Kong shares retreated 0.9% after China’s factory deflation persisted into a 33rd month while consumer prices unexpectedly rose in June. Shares in mainland China rose 0.3%, on course for the highest closing level since December. Treasuries fell for a fifth session as demand for long-term government debt across the globe waned amid a flurry of bond auctions this week. US copper prices posted a record gain in the last session after Trump said he planned to implement a 50% tariff on imports. Benchmark copper futures fell in London on expectations that more supply will end up in other markets. Investors are holding back as they gauge the impact of escalating trade tensions, looking for signals on where stocks might head next after reaching record highs last week. Trump showed a renewed determination Tuesday to push ahead with his plans to heavily tax imports after a slew of tariff warning letters on partners such as South Korea and Japan. Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals. The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday. The president pushed back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.

Trump said that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days.

She continued to recommend phasing into global equities or diversified portfolios to navigate volatility ahead. Meanwhile, the copper market plunged into a turmoil after Trump sowed chaos with the news of higher-than-expected 50% tariff on imports of the commodity. That spurred a record spike in US futures and a drop in the global benchmark. Copper climbed as much as 17% on Comex on Tuesday, a record one-day spike to an all-time high, before falling more than 4% in early trading on Wednesday. On the LME, the metal slid as much as 2.4% at Wednesday’s open, before trading 0.7% lower at $9,722 a ton at 10:34 a.m. in Singapore. US After Hours AEHR -18.8%, PENG -8.5% lower on earnings; RXST -35.2% lower on guidance; AES +12.7% higher on Bloomberg report that it's exploring options.

Nikkei +0.27% Hang Seng -0.97% CSI +0.29% Shanghai +0.33% Shenzen +0.29%

Eur$ 1.1712 CNH 7.1842 CNY 7.1803 JPY 147.08 GBP 1.3584 CHF 0.7973 RUB 78.4656 TRY 40.0455 WTI$ 68.20 -0.19% Gold 3,295 -0.20% BTC 108,553 -0.12% ETH 2,602 +0.09%

S&P -0.09% Nasdaq -0.09% EuroStoxx +0.28% FTSE +0.11% Dax +0.16% SMI -0.04%

Macro :
- Trump Tariff Threat to Disrupt Pharma Supply Chain: Zuellig CEO

- Covid-19 Variant Nimbus Dominant in US as Vaccine Access in Flux

- Lutnick Says EU Has Made Real Offers, Trump Deciding How to Play

- Trump Says He’ll Set 50% Copper Tariff, Wait Year on Drug Duties

- Trump Says FAA System Contractor to be Picked in Couple Months

- Swiss Axpo’s Nuclear Power Plant Beznau Is Back on the Grid

Keep an eye on :

- AC FP : Accor Sells Nightclubs to Pernod, Gourcuff for €80M: Les Echos

- AENA SM : Aena plans a 6% rate hike amid fight with airlines

- AIR FP : EU to Protect Airbus in US Trade Deal as Ferrari Set to Lose Out

- ATUS US : Altice USA Subsidiary Lightpath Seeks to Sell Fiber Network ABS
- APPL US : Apple Bids for Rights to Screen Formula 1 in US: FT

- BAC UF : Kuwait Wealth Fund Offloads $3.1 Billion Bank of America Stake

- BA US : Boeing Delivers Most Jets in 18 Months With Boost From Beijing

- CIRSA SM : Cirsa IPO priced 30.2mil shares @ 15/share - should trade today

- CBK GY : UniCredit Increases Voting Rights in Commerzbank to Around 20%

- ENSU NO : Ensurge Micropower Offering Prices at NOK1.25/Share

- EL FP : Meta Invests $3.5 Billion in EssilorLuxottica for AI Glasses

- FDJU FP : FDJ United Holder Offers About 6.1M Shares: Terms

- RACE IM : EU to Protect Airbus in US Trade Deal as Ferrari Set to Lose Out

- GOOGL US : NYC Takes Step Toward Robotaxis With Arrival of Waymo Test Cars

- GPI IM : *GPI HIRES ROTHSCHILD TO SEEK POTENTIAL INVESTORS: SOLE

- Gruppo API : Italy’s Gruppo API Gets Offers by Bin Butti Group, Socar: Sole

- INSE LN : Inspired Says Holders Don’t Intend to Accept Regent’s Offer

- INTC US : Intel Offering of Mobileye Stock to Price Wed. Post-Close: Terms

- KOG NO : Kongsberg 2Q Ebitda Beats Estimates

- LDO IM : Leonardo Buys Sweden’s Axiomatics, MF Reports

- ALMC FP : McPhy Energy to Be Partially Bought by John Cockerill Hydrogen

- MAT US : Mattel Introduces Barbie Doll With Type 1 Diabetes

- Mistral AI : Mistral in Talks With MGX, Others to Raise Up to $1 Billion

- MBLY US : Mobileye Prelim 2Q Adjusted Revenue Beats Estimates

- RI FP : Accor Sells Nightclubs to Pernod, Gourcuff for €80M: Les Echos

- PROK US : ProKidney Shares Jump by Record After Kidney Disease Data +515%

- RECSI NO : Anchor to Acquire 42.9% Stake in REC Silicon

- REP SM : Repsol 2Q Upstream Production Beats Estimates
- RNO FP : Renault set to name interim CEO as de Meo departure looms

- R3NK GY : Gearbox Maker Renk Is Said to Mull Options for Civilian Business

- TSLA US : OpenAI Hires Former Tesla Software VP David Lau: Wired

- TSLA US : SpaceX Said to Plan Offering With Valuation of $400 Billion

- VSAT US : Virgin Atlantic Will Use Musk’s Starlink for Wi-Fi Across Fleet

- VOW GY : Rivian Spinoff Making Small EVs Said to Be Valued at $1 Billion

- WRBY US : Warby Parker Rises After Meta Invests $3.5b in EssilorLuxottica

- UCG IM : UniCredit Increases Voting Rights in Commerzbank to Around 20%

- UCG IM : EU to Warn Italy It Overstepped on UniCredit’s BPM Bid (Correct)

- VRNA US : Merck nears $10bn deal for respiratory drugmaker Verona

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025

>>> Up

* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros

* Balfour Beatty PT Raised to 610 pence at Jefferies

* Berkeley Raised to Outperform at RBC

* Bloom Energy Raised to Overweight at JPMorgan; PT $33

* Brown-Forman Raised to Neutral at Rothschild & Co Redburn

* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence

* Indra Raised to Buy at Goldman; PT 45 euros

* Industrivarden Raised to Add at AlphaValue/Baader

* Industrivarden Raised to Hold at Nordea

* Persimmon Raised to Sector Perform at RBC

>>> Down

* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence

* Admicom Cut to Reduce at Inderes; PT 55 euros

* Bellway Cut to Sector Perform at RBC

* Hexatronic Cut to Hold at ABG; PT 23 kronor

* Kion Cut to Hold at Jefferies; PT 57 euros

* Monster Beverage Cut to Neutral at Rothschild & Co Redburn

* Puig Cut to Hold at Bestinver; PT 17.70 euros
* T-Mobile Cut to Underweight at KeyBanc; PT $200

* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence

* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends

* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation

* Alamos Gold Rated New Buy at Stifel Canada; PT C$46

* Altria Reinstated Underperform at Jefferies; PT $50

* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence

* C3.ai Rated New Buy at WestPark Capital; PT $40

* Freeport Rated New Buy at Stifel Canada; PT $56

* Galderma Reinstated Buy at William O'Neil

* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence

* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50

* Newmont Corp Rated New Buy at Stifel Canada; PT $73

* Philip Morris Reinstated Buy at Jefferies; PT $220

>>> Call

* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform

* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies

* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded

>>> Stoxx 600 Pre-Market Indications

EssilorLuxottica (ESL TH) +6.2%
- Meta Invests $3.5 Billion in EssilorLuxottica for AI Glasses (1)
Azimut (HDB TH) +2.6%
Indra (IDA TH) +1.9%
Rolls-Royce (RRU TH) +1.5%
Hensoldt (HAG TH) +1.3%
RENK Group (R3NK TH) +1.2%
Aurubis (NDA TH) +1%
UniCredit (CRIN TH) +0.4%
- UniCredit Boosts Equity Stake in Commerzbank to About 20% (2)
Sanofi (SNW TH) -0.8%
Bayer (BAYN TH) -0.9%
Roche (RHO5 TH) -0.9%
Fortum (FOT TH) -1%
Fresenius Medical Care (FME TH) -1%
AstraZeneca (ZEG TH) -1%
Thyssenkrupp (TKA TH) -1.1%
Carnival Plc (POH1 TH) -1.3%
Novo (NOV TH) -1.5%
Kion (KGX TH) -2.5%
- Kion Upside Limited Following Rally, Cut to Hold at Jefferies