>>> US Research Calls I

Research Calls I
  • Upgrades
    • Altria Group (MO) upgraded to Neutral from Sell at UBS, tgt $59
    • Apple (AAPL) upgraded to Hold from Underperform at Jefferies, tgt $188.32
    • Energy Fuels (UUUU) upgraded to Buy from Speculative Buy at Canaccord
    • National Health Investors (NHI) upgraded to Buy from Hold at Truist, tgt $77
    • Ross Stores (ROST) upgraded to Buy from Hold at Jefferies, tgt $150
    • Visteon (VC) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $123
    • WisdomTree (WT) upgraded to Buy from Neutral at Northcoast, tgt $15
  • Downgrades
    • Adobe (ADBE) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $280
    • Aptiv (APTV) downgraded to Peer Perform from Outperform at Wolfe Research
    • Arcos Dorados (ARCO) downgraded to Neutral from Overweight at JPMorgan, tgt $8.80
    • CarGurus (CARG) downgraded to Market Perform from Outperform at Citizens JMP
    • Centene (CNC) downgraded to Neutral from Buy at UBS, tgt $45
    • Centene (CNC) downgraded to Neutral from Overweight at JPMorgan, tgt $48
    • Cousins Properties (CUZ) downgraded to Hold from Buy at Truist, tgt $31
    • Highwoods Properties (HIW) downgraded to Hold from Buy at Truist, tgt $32
    • Innovative Industrial Properties (IIPR) downgraded to Peer Perform from Outperform at Wolfe Research
    • KBR (KBR) downgraded to Neutral from Buy at UBS, tgt $54
    • KeyCorp (KEY) downgraded to Neutral from Outperform at Robert W. Baird, tgt $18
    • Quanta Services (PWR) downgraded to Market Perform from Outperform at Northland, tgt $354
    • Stellantis (STLA) downgraded to Underperform from Peer Perform at Wolfe Research
  • Others
    • Amcor (AMCR) initiated with a Buy at Jefferies, tgt $12
    • Autoliv (ALV) assumed with a Buy at Jefferies, tgt $140
    • Aveanna (AVAH) initiated with an Equal Weight at Barclays, tgt $5.50
    • Block (XYZ) initiated with a Buy at Compass Point, tgt $80
    • Camtek (CAMT) initiated with an Outperform at Oppenheimer, tgt $100
    • Cava Group (CAVA) initiated with an Overweight at KeyBanc, tgt $100
    • Chime (CHYM) initiated with a Neutral at Compass Point, tgt $33
    • Crocs (CROX) initiated with a Sell at Goldman, tgt $88
    • Deckers Outdoor (DECK) initiated with a Sell at Goldman, tgt $90
    • DoubleDown (DDI) initiated with a Buy at Texas Capital, tgt $20
    • Federal Realty (FRT) initiated with an Overweight at Barclays, tgt $106
    • IonQ (IONQ) initiated with an Overweight at Cantor Fitzgerald, tgt $45
    • Jabil (JBL) resumed with a Buy at Stifel, tgt $245
    • Kimco Realty (KIM) initiated with an Overweight at Barclays, tgt $25
    • Oscar Health (OSCR) initiated with an Underweight at Barclays, tgt $17
    • Phillips Edison (PECO) initiated with an Equal Weight at Barclays, tgt $37
    • Primo Brands (PRMB) initiated with an Overweight at Morgan Stanley, tgt $38
    • Quantum Computing (QUBT) initiated with a Neutral at Cantor Fitzgerald, tgt $15
    • D-Wave Quantum (QBTS) initiated with an Overweight at Cantor Fitzgerald, tgt $20
    • Regency Centers (REG) initiated with an Equal Weight at Barclays, tgt $77
    • Rigetti Computing (RGTI) initiated with an Overweight at Cantor Fitzgerald, tgt $15
    • Simon Property (SPG) initiated with an Equal Weight at Barclays, tgt $170
    • Tanger (SKT) initiated with an Equal Weight at Barclays, tgt $33
    • Under Armour (UAA) initiated with a Neutral at Goldman, tgt $7
    • Vodafone (VOD) resumed with an Equal Weight at Morgan Stanley
    • Zevra Therapeutics (ZVRA) initiated with a Buy at H.C. Wainwright, tgt $26

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • VRNT +12.6%, GBX +12.1%, SAN +2.5%, TSLA +1.2%, MS +1.0%, AAPL +0.7%, GS +0.6%, C +0.6%, BAC +0.5%
  • Gapping down:
    • CNC -27.3%, TTGT -12.3%, ELV -4.0%, HUM -1.4%, UNH -1.2%, INTC -1.2%, CI -0.8%, STZ -0.6%

>>> Europe : Brokers Upgrades & Downgrades - 2nd of July 2025 V3(++)

>>> Up
* Admiral Raised to Buy at Goldman; PT 3,573 pence
* Hiscox Raised to Buy at Goldman; PT 1,395 pence
* IMI PT Raised to 2,450 pence from 2,260 pence at JPMorgan
* Munich Re Raised to Overweight at JPMorgan; PT 650 euros
* NN Group Raised to Buy at Goldman; PT 61 euros
* SLB Raised to Outperform at ATB Capital; PT $43
* STMicro Raised to Outperform at Oddo BHF; PT 32 euros
* Synektik Raised to Outperform at Santander Biuro Maklerskie (+)
* UCB Raised to Buy at BofA (+)

>>> Down
* Adobe Cut to Sell at Rothschild & Co Redburn; PT $280
* ARM Holdings ADRs Cut to Neutral at Oddo BHF; PT $170
* ASR Nederland Cut to Neutral at Goldman; PT 58.50 euros
* Broadcom Cut to Hold at Punto Casa de Bolsa; PT $280
* Bytes Technology Cut to Hold at Shore Capital (+)
* Cadeler Cut to Hold at Nordea
* Deutsche Post Cut to Hold at HSBC; PT 43 euros
* Jet2 Cut to Hold at Panmure Liberum; PT 1,980 pence (+)
* Kongsberg Cut to Neutral at SpareBank; PT 375 kroner
* Land Sec. Cut to Sell at Van Lanschot Kempen; PT 550 pence
* Legal & General Cut to Neutral at Goldman; PT 249 pence
* Lufthansa Cut to Market Perform at Bernstein (+)
* Melexis Cut to Accumulate at KBC Securities; PT 78 euros
* Norsk Hydro Cut to Hold at Norne Securities; PT 52 kroner
* SUSS MicroTec Cut to Neutral at Oddo BHF; PT 45 euros
* Swedbank Cut to Hold at Deutsche Bank; PT 260 kronor
* Vestas Cut to Sell at DZ Bank; PT 90 kroner (+)
* Zurich Ins. Cut to Sell at Goldman; PT 542 Swiss francs

>>> Initiation
* Cava Group Rated New Overweight at KeyBanc; PT $100
* Chesnara Rated New Equal-Weight at Barclays; PT 300 pence
* Crocs Reinstated Sell at Goldman; PT $88
* Deckers Outdoor Reinstated Sell at Goldman; PT $90
* Gjensidige Re-Initiated Hold at Berenberg; PT 250 kroner
* NP3 Fastigheter Rated New Underperform at Jefferies
* Qiagen Cut to Peerperform at Wolfe
* Sampo Re-Initiated Buy at Berenberg; PT 11.20 euros
* Tryg Re-Initiated Hold at Berenberg; PT 165 kroner
* Under Armour Reinstated Neutral at Goldman; PT $7

>>> Call
* Apple Shares Gain as Jefferies Upgrades, Sees Upside to 3Q
* Gore Street Energy Storage Fund/The Cut to Underperform at RBC
* Munich Re Upgraded at JPMorgan, Capital Returns Can Surprise
* NP3 Fastigheter at Risk of De-Rating, Underperform at Jefferies
* Sampo Top Pick in Nordic Insurers at Berenberg, Gjensidige Hold
* Traton Pre-Close Call Had Cautious Message on Margins, Citi Says

>>> Europe : Brokers Upgrades & Downgrades - 2nd of July 2025 V2(+)

>>> Up
* Admiral Raised to Buy at Goldman; PT 3,573 pence
* Hiscox Raised to Buy at Goldman; PT 1,395 pence
* IMI PT Raised to 2,450 pence from 2,260 pence at JPMorgan
* Munich Re Raised to Overweight at JPMorgan; PT 650 euros
* NN Group Raised to Buy at Goldman; PT 61 euros
* SLB Raised to Outperform at ATB Capital; PT $43
* STMicro Raised to Outperform at Oddo BHF; PT 32 euros
* Synektik Raised to Outperform at Santander Biuro Maklerskie (+)
* UCB Raised to Buy at BofA (+)

>>> Down
* Adobe Cut to Sell at Rothschild & Co Redburn; PT $280
* ARM Holdings ADRs Cut to Neutral at Oddo BHF; PT $170
* ASR Nederland Cut to Neutral at Goldman; PT 58.50 euros
* Broadcom Cut to Hold at Punto Casa de Bolsa; PT $280
* Bytes Technology Cut to Hold at Shore Capital (+)
* Cadeler Cut to Hold at Nordea
* Deutsche Post Cut to Hold at HSBC; PT 43 euros
* Jet2 Cut to Hold at Panmure Liberum; PT 1,980 pence (+)
* Kongsberg Cut to Neutral at SpareBank; PT 375 kroner
* Land Sec. Cut to Sell at Van Lanschot Kempen; PT 550 pence
* Legal & General Cut to Neutral at Goldman; PT 249 pence
* Lufthansa Cut to Market Perform at Bernstein (+)
* Melexis Cut to Accumulate at KBC Securities; PT 78 euros
* Norsk Hydro Cut to Hold at Norne Securities; PT 52 kroner
* SUSS MicroTec Cut to Neutral at Oddo BHF; PT 45 euros
* Swedbank Cut to Hold at Deutsche Bank; PT 260 kronor
* Vestas Cut to Sell at DZ Bank; PT 90 kroner (+)
* Zurich Ins. Cut to Sell at Goldman; PT 542 Swiss francs

>>> Initiation
* Cava Group Rated New Overweight at KeyBanc; PT $100
* Chesnara Rated New Equal-Weight at Barclays; PT 300 pence
* Crocs Reinstated Sell at Goldman; PT $88
* Deckers Outdoor Reinstated Sell at Goldman; PT $90
* Gjensidige Re-Initiated Hold at Berenberg; PT 250 kroner
* NP3 Fastigheter Rated New Underperform at Jefferies
* Qiagen Cut to Peerperform at Wolfe
* Sampo Re-Initiated Buy at Berenberg; PT 11.20 euros
* Tryg Re-Initiated Hold at Berenberg; PT 165 kroner
* Under Armour Reinstated Neutral at Goldman; PT $7

>>> Call
* Apple Shares Gain as Jefferies Upgrades, Sees Upside to 3Q
* Gore Street Energy Storage Fund/The Cut to Underperform at RBC
* Munich Re Upgraded at JPMorgan, Capital Returns Can Surprise
* NP3 Fastigheter at Risk of De-Rating, Underperform at Jefferies
* Sampo Top Pick in Nordic Insurers at Berenberg, Gjensidige Hold
* Traton Pre-Close Call Had Cautious Message on Margins, Citi Says

FT : Heathrow fire caused by ‘catastrophic failure’ at substation

Heathrow fire caused by ‘catastrophic failure’ at substation
Finding from official review raises questions for National Grid

The fire that led to the closure of Heathrow airport for 24 hours in March was caused by a “catastrophic failure” of equipment at an electrical substation, according to an official review of the incident. 

The blaze at the North Hyde substation in Hayes, west London, started when moisture got into the “bushing” — material through which current flows in and out of the transformer — causing an electrical fault, the government-owned National Energy System Operator (NESO) said on Wednesday.

The blaze destroyed the substation, triggering power outages for about 70,000 customers in the region including Heathrow airport, Europe’s busiest airport. 

The closure led to the cancellation of more than 1,300 flights and raised widespread questions about the resilience of critical national infrastructure. 

The NESO report found that a high moisture reading in the bushing was detected in oil samples in 2018, but “mitigating actions appropriate to its severity were not implemented”.

The finding raises questions for National Grid, the FTSE 100 company which owns and operates the substation along with the rest of the electricity transmission network in England and Wales. 

Britain’s energy regulator said this morning that it had opened an enforcement investigation into National Grid Electricity Transmission, and that the cause of the fire was “preventable”. 

“In the NESO final report, it has been established that the root cause of the fire was a preventable, technical fault,” Ofgem said in a statement.

National Grid’s transmission division has started an “end-to-end review of its oil sampling process, with a view to ensuring that it is robust,” NESO added.

“In addition, they are undertaking a review and assurance exercise of all recorded oil samples to ensure all appropriate actions have been taken where required.”

>>> What to look at today - 2nd of July 2025

Asian shares dropped after President Donald Trump ratcheted up trade tensions saying he won’t delay the July 9 deadline for imposing higher levies on trading partners. A regional stocks gauge retreated 0.4%. Japanese equities declined 1% after Trump threatened to hike tariffs on the country and deepened his criticism of Japan for not accepting US rice exports. A gauge of the dollar steadied after touching its lowest since 2022 in the prior session. Gold edged down 0.3% Wednesday after two consecutive days of gains. Investors are closely watching how Trump decides to handle the current pause on his April tariffs, which he put on hold for 90 days to allow time for talks. Stock markets - which once swung wildly on trade headlines - appear to see little risk, as equity indexes sit near all-time highs. The calm is being fueled by expectations that Trump will extend his tariff deadline based on his pattern of threatening first and backing down later. Trump for weeks has sought to exert leverage over trading partners with threats to set high levies on governments he sees as being difficult, and then back down - a strategy analysts and strategists call “TACO” for “Trump Always Chickens Out.”  Lombard Odier’s Senior Macro Strategist Homin Lee tells Bloomberg TV that major Asian economies, including Japan, could still reach a trade deal by Donald Trump’s July 9 deadline, noting there is scope for agreements similar to the existing US–UK trade framework. His top economic adviser, Kevin Hassett, earlier signaled agreements would be announced after the July 4 holiday and the signing of the tax and spending bill the US Senate approved. Trump’s latest tariff comments don’t pose a major threat to Japanese stocks, said Neil Newman, head strategist at Astris Advisory Japan. Separately, Trump’s $3.3 trillion tax and spending cut bill passed the Senate after Vice President JD Vance’s tie-breaking vote. House lawmakers are returning to Washington from a holiday week to vote Wednesday on the Senate version of the bill, but face Republican resistance from moderate and ultra-conservative GOP lawmakers. In commodities, gold held an advance, after rallying 2% over the previous two sessions while oil steadied in early Wednesday trading. US After Hours Lots of positive Fed Stress resullts from banks, including dividend hikes; CNC -23.7% lower after it withdraws guidance; VRNT +10.3% higher on Bloomberg report that Thoma Bravo in talks to acquire VRNT

Nikkei -0.47% Hang Seng +0.47% CSI +0.08% Shanghai -0.06% Shenzen -0.79%

Eur$ 1.1793 CNH 7.1643 CNY 7.1664 JPY 143.64 GBP 1.3742 CHF 0.7917 RUB 78.4743 TRY 39.8504 WTI$ 65.49 +0.05% Gold 3,338 -0.02% BTC 106,608 +0.62% ETH 2,443.+1.11%

S&P +0.21% Nasdaq +0.30% EuroStoxx +0.49% FTSE +0.25% Dax +0.40% SMI +0.39%

Macro :
- Bridgewater’s Flagship Pure Alpha Fund Gains 17% in 1H: Reuters
- Japan Says US Tariff Talks Ongoing, No Comment on Trump Remarks
- Dalai Lama Confirms Institution Will Continue With Successor (1)

Keep an eye on :
- ADP FP : Paris Air Traffic to Be Cut by 25% July 3 on Controller Strike
- AVAV US : AeroVironment Offering of 3.53m Shares Prices at $248/Share
- AGS BB : Ageas: Ageas Closes Purchase of Saga's Underwriting Business
- AIR FP : Airbus Said to Deliver About 60 Planes in June, Short of Target
- AZA SS : Avanza Founder Considers Taking Company Private, DI Reports
- BMED IM : Berlusconi Family Sells Monza Football Club to US Sports Adviser
- BIOV SW : Bioversys, Shionogi Enter Into Research Collaboration
- DELM SP : Canned-Food Producer Del Monte Foods Files for Bankruptcy
- DNO NO : DNO Enters North Sea Gas Offtake Agreement With Engie
- DUST SS : Dustin 3Q Ebit Beats Estimates
- ENGI FP : DNO Enters North Sea Gas Offtake Agreement With Engie
- EQT SS : EQT Said to Start Stake Sale in Radius’ €1 Billion Italian Unit
- ENX FP : Euronext Mulls Offering €6.90/Share for Athens Stock Exchange
- FCT IM : Fincantieri Set to Name Moutafis to Lead Expansion in US Market
- GS US : Goldman Plans to Boost Dividend to $4 a Share From $3 a Share
- HIK IM : Ecobat Closes Sale of Italian Business to Haiki
- IBE SM : Iberdrola to Pay Supplementary Dividend of at Least €0.404/Share
- PVH US : PVH CEO Stefan Larsson Buys $1M in Stock, Signaling Confidence in Fashion Company’s Strategy - WWD
- RECSI NO : REC Silicon Board Forms Investigative Subcommittee
- RYA ID : Ryanair June Load Factor 95%
- SAB SM : Banco Sabadell Confirms TSB Unit Sale to Santander for ~EU3.1B
- SFL IM : *Safilo Group in 10-Year License Agreeent for Victoria Beckham Eyewear
- SGSN SW : SGS to Buy ATS in $1.3 Billion Enterprise Value Deal
- 9984 JP : SoftBank’s Ampere Deal Now Faces a More In-Depth Review by FTC
- STLA IM : Italy June New Car Sales Fall 17.44% Y/y
- STLA US : Stellantis Sales Drop 10% in Second Quarter Despite Ram Rebound
- TASE IT : Tel Aviv Stock Exchange Holder Offers About 8M Shares: Terms
- TGS NO : TGS Awarded Offshore Wind Site Characterization Contract
- THRU LN : Thruvision Says Performance is in Line With Expectations
- TKA GY : Germany No Longer Wants TKMS Stake, Seeks Guarantees Instead: HB
- UCG IM : UniCredit Moves 2Q and 1H Results Approval to July 22
- VRNT US : Thoma Bravo Is Said to Be in Talks to Acquire Verint Systems
- WIZZ LN : Wizz Air June Passengers 5.88M
- WLN FP : Worldline to Start External Audit on Risky Ops: Les Echos