Research Calls II
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Upgrades:
- Booking Holdings (BKNG) upgraded to Buy from Hold at CFRA
- Charles Schwab (SCHW) upgraded to Buy from Hold at TD Cowen; tgt raised to $103
- Cisco (CSCO) upgraded to Buy from Hold at DZ Bank
- Edison (EIX) upgraded to Buy from Neutral at UBS; tgt lowered to $65
- Goodyear Tire (GT) upgraded to Buy from Hold at Argus; tgt $12
- Kellanova (K) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $83.50
- TC Energy (TRP) upgraded to Buy from Reduce at Veritas
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Downgrades:
- Capital Clean Energy Carriers (CCEC) downgraded to Hold from Buy at Fearnley
- Crane NXT (CXT) downgraded to Market Perform from Outperform at Northland Capital; tgt $72
- Interpublic (IPG) downgraded to Hold from Buy at Argus
- Shopify (SHOP) downgraded to Accumulate from Buy at Phillip Securities
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Others:
- Coeur Mining (CDE) resumed with an Outperform at BMO Capital Markets; tgt $9
- Cardiff Oncology (CRDF) started at a Buy at Fearnley
- Estrella Immunopharma (ESLA) initiated with a Buy at D. Boral Capital
- Fabrinet initiated with an Outperform at Fox Advisors; tgt $270
- MultiSensor AI (MSAI) initiated with a Buy at D. Boral Capital; tgt $2.50
- Venture Global (VG) initiated with an Outperform at Mizuho; tgt $25
- Venture Global (VG) initiated with a Buy at Deutsche Bank; tgt $19
- Venture Global (VG) initiated with a Buy at Guggenheim; tgt $27
- Venture Global (VG) initiated with a Buy at BofA Securities; tgt $23
- Venture Global (VG) initiated with an Overweight at JP Morgan; tgt $25
- Venture Global (VG) initiated with a Sector Perform at Scotiabank; tgt $17
- Venture Global (VG) initiated with a Buy at Goldman; tgt $29
- Venture Global (VG) initiated with an Outperform at RBC Capital Mkts; tgt $20
- Venture Global (VG) initiated with a Neutral at Citigroup; tgt $18
- Venture Global (VG) initiated with an Equal Weight at Wells Fargo; tgt $18
As U.S. and Russian Officials Meet, Talks Are Set to Go Beyond Ukraine
The two sides are meeting in Saudi Arabia for their most extensive discussions in years. In addition to Ukraine, business ties are on the table.
Senior American and Russian officials met in Saudi Arabia for more than four hours on Tuesday for the most extensive negotiations between the two countries in at least three years, as President Trump pushes to end the war in Ukraine and the Kremlin seeks warmer ties with Washington.
The State Department said afterward that the Russians and Americans had agreed to appoint “high level teams” to “begin working on a path to ending the conflict in Ukraine as soon as possible in a way that is enduring, sustainable, and acceptable to all sides.”
Ahead of the talks in Riyadh, the Saudi capital, Russian officials said they would pursue “normalization” with the United States, even holding out the possibility that major American oil companies could return to Russia.
Ukraine and Europe were watching from a distance with deep apprehension, amid fears that Mr. Trump could try to force a peace deal on Ukraine that would be favorable to Russia.
Mr. Ushakov told reporters after landing in Riyadh that the goal of the talks would be “to start a real normalization of the relationship between us and Washington.”
Mr. Dmitriev, who worked with Mr. Witkoff to broker the release last week of an American schoolteacher jailed in Russia, said he would seek to restart economic cooperation with the United States to “rebuild communication, rebuild trust, rebuild success.”
“U.S. oil majors have had very successful business in Russia,” Mr. Dmitriev said in a brief interview on Tuesday before the talks began, offering an example of how the countries could rebuild business ties. “We believe at some point they will be coming back, because why would they forego these opportunities that Russia gave them to have access to Russian natural resources?”
Leading Western oil companies, including Exxon Mobil, joined many other businesses in pulling out of Russia three years ago amid outrage over Mr. Putin’s full-scale invasion of Ukraine.
Energy and economic ties were among the topics of the call between Mr. Putin and Mr. Trump last week, according to Mr. Trump and the Kremlin.
Russian commentators have expressed the hope that talks with the Trump administration and a peace deal in Ukraine could pave the way for the United States to lift the severe sanctions imposed by the Biden administration against Moscow.
Mr. Dmitriev appeared to be hoping to engage with the Trump team by addressing the American president’s interest in profit and natural resources.
He said he would present the American delegation with an estimate showing that American companies lost $300 billion by leaving Russia.
“We need to put all facts on the table and then have a discussion based on facts, and not just ideological dogmas,” Mr. Dmitriev said. “We saw that President Trump is focused on having success.”
Tuesday’s discussions are the first time after Mr. Putin’s invasion in early 2022 that broad delegations of senior American and Russian officials are known to have met in person.
The meeting is another step in Mr. Trump’s bid to end the diplomatic isolation of Russia that former President Joseph R. Biden Jr. sought to enforce after the invasion — a step that the Trump administration says is necessary to stop the war.
“If there is going to be the possibility of progress here towards peace, we are going to need to talk to the Russians,” Mr. Rubio said on the CBS show “Face the Nation” on Sunday.
But in Europe and Ukraine, the news of Tuesday’s planned talks has been met with confusion and concern. While Mr. Rubio characterized the talks as preliminary, there was widespread criticism in Europe that Mr. Trump’s approach to Russia had not been coordinated with allies of the United States. And Ukrainian officials insisted they would reject any agreement about their country that was negotiated without their involvement.
“We cannot recognize any agreements made about us without us,” President Volodymyr Zelensky of Ukraine said Monday.
Mr. Zelensky has also been in the Gulf region this week, where several countries have sought to use their relationships with Moscow, Kyiv and the West to play roles as mediators in the Ukraine war. On Monday, Mr. Zelensky was in the United Arab Emirates to discuss prisoner exchanges and the return of Ukrainian children from Russia.
On Tuesday, Mr. Zelensky was set to meet with President Recep Tayyip Erdogan of Turkey in the Turkish capital, Ankara.
Ukrainian officials have also said that Mr. Zelensky will be in Saudi Arabia this week, but that Ukraine was not invited to the U.S.-Russia talks. Mr. Ushakov, the Kremlin foreign policy adviser, said there were no plans for a three-way meeting with the Ukrainians.
“We came here to hold negotiations with American colleagues,” he said.
For Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, hosting the talks has offered a major opportunity to solidify his status as a global leader with influence that extends beyond the Middle East.
The Saudis, in a Foreign Ministry statement, said they were welcoming the Russians and Americans “as part of the Kingdom’s efforts to enhance security and peace in the world.”
Like other countries in the Middle East, Saudi Arabia has avoided taking sides in the Ukraine war.
It has sent humanitarian aid to Ukraine while cultivating close ties with Russia. When a Ukraine peace conference was held in Switzerland last June that excluded Russia, Saudi Arabia and the neighboring United Arab Emirates refused to sign the final joint statement.
On Tuesday, two senior Saudi officials — Prince Faisal bin Farhan, the foreign minister; and Musaed al-Aiban, the national security adviser — were seated at the table with the American and Russian officials at the start of their meeting.
Airbags défectueux : Citroën demande à plus de 236 000 clients du nord de la France de ne plus rouler
Les véhicules concernés, situés au nord d’une ligne Lyon-Clermont-Ferrand, étaient déjà appelés à passer au garage depuis janvier 2025.
La Citroën C3 lors de sa présentation officielle, à Nice, dans le sud de la France, le 3 septembre 2009. VALERY HACHE / AFP
Citroën et DS ont demandé, lundi 17 février, à 236 900 propriétaires de modèles C3 et DS 3 dans le nord de la France, immatriculés entre 2008 et 2013, d’immobiliser leur véhicule jusqu’au remplacement de ses airbags. Ces airbags de marque Takata sont susceptibles de causer de graves blessures et ont déjà causé la mort de onze personnes en outre-mer, où le climat dégrade plus vite les airbags, et une mort en métropole, selon le ministère des transports.
Une chaotique campagne d’immobilisation – appelée « stop drive » – avait déjà été lancée par Citroën et DS début 2024 dans le sud de l’Europe et au Maghreb. En France, elle concernait le sud du pays et l’outre-mer.
Les véhicules concernés par le rappel de lundi, situés au nord d’une ligne Lyon-Clermont-Ferrand, étaient déjà appelés à passer au garage depuis janvier 2025. Mais de nouveaux tests sur une voiture en Loire-Atlantique ont incité la maison-mère de Citroën et DS, le groupe Stellantis, à étendre l’immobilisation « par précaution » au reste de la France, a communiqué un porte-parole du groupe à l’Agence France-Presse. Les propriétaires de ces véhicules sont appelés à prendre rendez-vous sur le site internet de Citroën.
A la différence de la campagne 2024, qui avait immobilisé de nombreux automobilistes pendant des semaines, le constructeur a maintenant des airbags de remplacement en nombre suffisant, et les concessionnaires peuvent les installer « tout de suite », a souligné le porte-parole. Le groupe a aussi mobilisé huit de ses usines en France (Rennes, Poissy, Sochaux, Mulhouse, Trémery, Charleville-Meizières, Hordain, Douvrin) pour accueillir des clients.
Avec ses courriers et ses campagnes d’affichage, Stellantis ne touche pas immédiatement tous les clients : sur 73 800 personnes prévenues en janvier dans le nord de la France, 42 400 se sont inscrites pour une réparation, et 17 600 voitures ont été révisées, selon Stellantis.
Depuis avril 2024, dans le cadre de la première vague de rappel lancée dans le sud de l’Europe et au Maghreb, plus de 400 000 voitures ont été réparées, sur les 530 000 Citroën C3 et DS3 vendues entre 2009 et 2019 dans les zones concernées.
Les véhicules vendus entre 2014 et 2019 dans le nord de la France et d’autres pays d’Europe (Allemagne, Autriche, Suisse...) feront l’objet de prochaines vagues de rappel, mais sans immobilisation, a précisé Stellantis.
Le scandale Takata, qui a éclaté en 2014, avait mené le fabricant japonais à la faillite. Volkswagen, Nissan, BMW ou Toyota, entre autres, ont rappelé des millions de véhicules équipés de ces airbags dangereux.
Mistral releases regional model focused on Arabic language and culture
The next frontier for large language models (LLMs), one of the key technologies underpinning the boom in generative AI tools, might be geographical. On Monday, Paris-based AI startup Mistral — which is vying to rival the likes of U.S.-based Anthropic and OpenAI — is releasing a model that’s a bit different from its usual LLM.
Named Mistral Saba, the new custom-trained model is designed to address a specific geography: Arabic speaking countries. The goal for Mistral Saba is to excel in Arabic interactions.
Mistral Saba is a relatively small model with 24 billion parameters. As a reminder, fewer parameters generally leads to better performance with lower latency. But more parameters usually means smarter answers, even though it’s not a linear correlation.
Mistral Saba is comparable in size to Mistral Small 3, its general purpose small model. But, according to Mistral’s own tests, Mistral Saba performs much better than Mistral Small 3 when handling Arabic content.
As an interesting side effect, due to cultural cross-pollination between the Middle East and South Asia, Saba also works well with Indian-origin languages, per Mistral — especially South Indian-origin languages, such as Tamil and Malayalam.
The new model represents an interesting strategic move for the French AI giant, showing an increased focus on the Middle East. Mistral said it expects the model will help it gain traction among customers in the region.
As an off-the-shelf model, Mistral Saba could be used for conversational support or content generation in Arabic that sounds more natural and relevant. It can also be used as the basis for some fine-tuned models for internal use cases, the company said.
Last week, Mistral used the AI Action Summit to demonstrate that it’s getting serious about business. While the company has already raised large amounts of money from international investors, many of its foreign backers are based in the U.S. — investors such as Lightspeed Venture Partners, Andreessen Horowitz and Salesforce Ventures.
Due to the shifting geopolitical landscape, Mistral could potentially welcome Middle Eastern investors in its upcoming funding round. It would be a way to raise more money to remain relevant in the AI race on a technical level, while positioning itself as the international alternative to U.S. and Chinese AI companies. Mistral’s newest model, Saba, could therefore contribute to that potential fundraising effort.
Mistral Saba is accessible through Mistral’s API. It can also be deployed on-premise, which could be a strong selling point for companies working in sensitive industries, such as energy, finance or healthcare.
Due to the company’s European roots, since the release of the original open-weight Mistral 7B model it has often reiterated that it takes multi-language support seriously. Saba’s release is a continuation of that positioning. And Mistral said that it will be turning its attention to other regional languages down the road.
Tencent Shares Hit More Than Three-Year High as App Launches DeepSeek Testing
The function isn’t currently available in WeChat, the overseas version of the app
Chinese technology giant Tencent Holdings began tests to integrate homegrown startup DeepSeek’s artificial-intelligence model into its Weixin messaging app, sending shares in the social-media and videogame company to their highest level since 2021.
Tencent recently started testing access to DeepSeek’s AI model for searches in Weixin, in addition to its own Hunyuan model, allowing some users to click on AI Search on the search bar within the app, a Tencent spokesperson said Monday.
The function isn’t currently available in WeChat 700 4.30%increase; green up pointing triangle, the overseas version of the app. Weixin and WeChat had a combined 1.38 billion monthly active users at the end of September.
Weixin is known as an everything app in China, offering messaging, payments and many other services on one platform. Users can play games, order food, hail a ride, send each other cash and book travel, all without leaving the app.
Jefferies analysts described the testing as “an important milestone for Weixin in becoming an AI superapp/agent in the future” in China.
Weixin stands out from other AI-powered consumer-facing apps thanks to its vast user base, daily use time and diverse engagement enabled by scenarios through its mini programs, the analysts said in a research note.
Shares in Tencent, China’s largest public company by market capitalization, rose as much as 7.8% early Monday as it became the latest tech player seeking to capitalize on DeepSeek’s low-cost yet powerful model.
Chinese AI company DeepSeek emerged seemingly out of nowhere last month. DeepSeek has touted its latest AI model, R1, as being particularly good at problem solving, performing on par with OpenAI’s o1 reasoning model but at a fraction of the cost per use.
Over the past few weeks, Chinese companies from software makers to telecommunication providers have rushed to deploy DeepSeek’s model. Chinese tech-related stocks have gotten a lift on hopes that DeepSeek’s breakthrough will power business growth.
Raymond Ma, Invesco’s chief investment officer for Hong Kong and mainland China, said the benefits brought by DeepSeek could “lead to a rerating of Chinese stocks.”
Goldman Sachs estimated that the Chinese AI story could attract as much as $200 billion of net buying to the stock market.
Tencent has also long been developing its own AI model, called Hunyuan. It said one version released in November delivered performance comparable with Meta Platforms’ Llama 3.1. According to some researchers, Tencent might have required about a tenth of the computing power Meta used to train the model.
Shares in Tencent have risen some 70% over the past year, thanks to the resurgence of its videogame business, and, more recently, optimism over China’s AI advancements. That came despite the stock suffering one of its worst selloffs in years in early January after the U.S. added the tech company to a Pentagon list of businesses with alleged ties to the Chinese military, an inclusion the company said was a mistake.
Asian stocks gained as AI optimism boosted technology shares across the region, while other investors remained cautious due to tensions between the US and European Union over tariffs and the war in Ukraine. Tencent Holdings Ltd. jumped as much as 7.8% in Hong Kong, extending a winning run that’s gotten a boost from DeepSeek’s debut. A gauge of Asian shares rose to its highest level since November, helped by technology companies from Japan to Taiwan. Treasury futures edged lower with cash trading closed globally due to Presidents’ Day in the US. The dollar was little changed. China’s tech-powered rally is gaining momentum as DeepSeek’s breakthrough in artificial intelligence drove a $1.3 trillion rally in the country’s shares. A meeting between President Xi Jinping and business figures including e-commerce icon Jack Ma may fuel optimism further. That contrasts with increasing discord between the US and Europe, which prompted a drop in German and French bond futures. Goldman Sachs Group Inc. strategists raised their MSCI China index target on optimism over the country’s technological advancements. Meanwhile, investor Michael Burry had rolled back on some of his investments in Chinese tech stocks just before DeepSeek’s breakthrough. Markets remained volatile during Asian trade, with the MSCI Asia Pacific gauge trimming some gains from its earlier highs.
US President Donald Trump’s tariff plans sparked threats of retaliation while Vice President JD Vance attacked longstanding European allies at a security conference at the weekend. Plans to negotiate an end to the war in Ukraine have left the bloc on the sidelines. Investors may demand higher yields on government debt across the European region on concern officials will seek to beef up military investment. Upgrading defense and protecting Ukraine may cost Europe’s major powers an additional $3.1 trillion over 10 years, according to Bloomberg Economics estimates. The euro was rangebound on Monday. Elsewhere in Asia, Westpac Banking Corp.’s shares slid as much as 6.2% after profit and margins slipped. Japan’s economy expanded for a third straight quarter as companies boosted investment and net exports improved. In commodities, oil steadied after a string of declines as the prospect of increased flows from Iraq and Russia weighed on the outlook.
Nikkei +0.06% Hang Seng -0.04% CSI +0.07% Shanghai +0.15% Shenzen +0.59%
Eur$ 1.0491 CNH 7.2481 CNY 7.2496 JPY 151.52 GBP 1.2588 CHF 0.9004 RUB 91.44052 TRY 36.2231 WTI$ 70.77 +0.04% Gold 2,896 +0.47% BTC 96,300 -0.90% ETH 2,670 -0.667%
S&P +0.20% Nasdaq +0.32% EuroStoxx -0.04% FTSE +0.05% Dax +0.16% SMI +0.45%
Macro :
- Panetta Says M&A Would Give Lenders Scale: Italy Bank Update
- Trump’s Tariffs Are a Mystery, So Investors Keep Buying Stocks
- Japan Seeks Exemption From Trump’s Reciprocal Tariffs, NHK Says
- Xi Hosts Summit With Jack Ma, Chinese Private Sector Leaders
- Jump in Dispersion Trades Belies Crowding Worries: Options Watch
- JPMorgan’s Matejka Turns Neutral on Growth Stocks Versus Value
Keep an eye on :
Keep an eye on :
- ACS SM : Acciona, ACS, Ferrovial and Sacyr will bid for the 3 billion dollar northern bypass of Atlanta - El Economista
- BABA US : Michael Burry’s Scion Slashes Alibaba, JD.com Equity Stakes
- AMZN US : Italy Probes Amazon Over Alleged €1.2b Tax Issue: Corriere (2)
- AMUN FP : Amundi-Backed AirFund Taps Ex-CS, UBS Executives for UK Office
- AAL LN : Anglo American Sets Out June Demerger Timeline for Amplats
- AAPL US : Apple’s Promised AI Overhaul for Siri Faces Last-Minute Snags
- ASDPO FH : Aspo 4Q Net Sales Miss Estimates
- AGR LN : Assura Got Preliminary Approach from KKR, USS Investment
- BAMI IM : Banco BPM to Meet Investors in Paris, Milan: Italy Bank Update
- BAMI IM : Banco BPM to Meet Investors in Paris, Milan: Italy Bank Update
- BAKKA NO : Bakkafrost 4Q Operating Ebit Misses Estimates
- BAVA DC : Bavarian Nordic Gets US FDA Approval of Chikungunya Vaccine
- BBVA SM : BBVA to Propose Final Gross Cash Dividend of €0.41/Share
- BA US : Boeing CEO to Testify on Safety Reforms in April Senate Hearing
- BKNG US : Booking Upgraded at CFRA on Margin Potential, Market Position
- BP/ LN : BP Begins Output From Phase 2 of Raven Project Offshore Egypt
- BP/ LN : BP Investors Welcome Elliott as Oil Major Readies Strategy Reset
- CTT PL : CTT Says Global Portfolio Investments Cut Stake to 14.9975%
- CTPNV NA : CTP Invests €57M in Project Construction for Hitachi Energy
- CVC NA : Advent, CVC, Motive Partners Work on Bid for Osttra: Sky
- CVC NA : CVC Capital Fund Extends Macromill Tender Period to March 4
- CYTK US : Cytokinetics Shares Climb After Betaville Alert
- DELL US : Dell Nears $5 Billion AI Server Deal for Elon Musk’s xAI
- ENI IM : Eni’s Plenitude Mulls Purchase of Acea Unit, Milano Finanza Says
- FASTAT SS : Fastator CEO Svante Bengtsson to Step Down as CEO in Summer
- GXI GY : Activist Investor Sachem Head Builds Stake in Gerresheimer
- ISB IR : Iceland Prepares to Sell Remaining Stake in Islandsbanki
- FDJ FP : La Francaise des Jeux SACA FY Revenue Meets Estimates
- KTM AV : Hedge Fund Whitebox Tweaks KTM Counterproposal in Creditor Call
- MBTN SW : Meyer Burger Extends Loan Maturity, Continues M&A Review
- NOKIA FH : Exclusive-EU set to clear Nokia's $2.3 billion Infinera deal without conditions, sources say
- PARA US : Paramount Wrestles With Potential Legal Risk in Trump Settlement, Sources Say -- WSJ
- GM US : General Motors Closing Plant In China Restructuring: Rtrs
- GSK LN : GSK’s Meningococcal Vaccine Penmenvy Is Approved by FDA
- INTC US : Broadcom Weighs Possible Deal for Intel’s Chip-Design Unit: WSJ
- PRS SM : *PRISA SHAREHOLDERS OFFER €450M TO BUY MEDIA UNIT: EL ECONOMISTA
- RATOB SS : Ratos 4Q Operating Profit From Continuing Ops Misses Estimates
- RHM GY : Rheinmetall Calls Bid on Defense Spending: EMEA Options Snapshot
- RIO LN : Rio Tinto’s Port, Rail and Mine Ops Resume After Cyclone Zelia
- SPOT US : Spotify Weighs $6 Premium for Added Features, Access to Tickets
- TLGO SM : Pegaso, Consortium Reach Agreement on Talgo Stake Sale
- TIT IM : Italy’s Poste Buys Telecom Italia Stake With Meloni Blessing (1)
- TEF SM : Telefonica Eyes Sale of Argentina, Peru, Colombia Units: Ambito
- 2330 TT : TSMC Considers Operating US Intel Factories After Trump Request
- UBER US : DoorDash Accused By Uber of Unfair Business Practices -- WSJ
- VLA FP : Bavarian Nordic Gets US FDA Approval of Chikungunya Vaccine
- WHA NA : Wereldhave Cut to Neutral at Van Lanschot Kempen; PT 16 euros
- ZTS US : Zoetis Gets Conditional License from USDA for Avian Flu Vaccine
>>> Up
* AKVA Raised to Buy at Pareto Securities; PT 80 kroner
* Cisco Raised to Buy at DZ Bank; PT $71
* Demant Raised to Buy at HSBC; PT 360 kroner
* Ferrexpo Raised to Buy at Peel Hunt; PT 120 pence
* Ferrexpo Raised to Buy at Peel Hunt; PT 120 pence
* Gerresheimer Raised to Buy at DZ Bank; PT 110 euros
* Kingspan Raised to Neutral at JPMorgan; PT 69 euros
* SoftwareONE Raised to Hold at Research Partners
* Thyssenkrupp Raised to Buy at DZ Bank; PT 6.40 euros
* Trustpilot PT Raised to 410 pence from 330 pence at Berenberg
* Wienerberger Raised to Accumulate at Erste Group; PT 36.50 euros
>>> Down
>>> Down
* Commerzbank Cut to Market Perform at KBW; PT 22 euros
* Enento Group Cut to Reduce at Inderes; PT 17 euros
* GN Store Nord Cut to Hold at HSBC; PT 155 kroner
* ING Cut to Sell at DZ Bank; PT 15 euros
* MPC Container Ships Cut to Hold at Arctic Securities
* MPC Container Ships Cut to Hold at Arctic Securities
* Sonova Cut to Hold at HSBC; PT 310 Swiss francs
* Tomra Cut to Sell at Nordea; PT 158 kroner
* Tomra Cut to Sell at SEB Equities; PT 165 kroner
>>> Initiation
* Big Yellow Group Rated New Outperform at Oddo BHF
>>> Initiation
* Big Yellow Group Rated New Outperform at Oddo BHF
* Safestore Rated New Neutral at Oddo BHF; PT 670 pence
>>> Call
* Booking Upgraded at CFRA on Margin Potential, Market Position
>>> Call
* Booking Upgraded at CFRA on Margin Potential, Market Position
* JPMorgan’s Matejka Turns Neutral on Growth Stocks Versus Value