TheChek News Flow

>>> US Research Calls

Research Calls I

Upgrades:
- Adient (ADNT) upgraded to Overweight from Neutral at JPMorgan, tgt $25
- Agilon Health (AGL) upgraded to Outperform from Market Perform at Bernstein, tgt $125
- AstraZeneca (AZN) upgraded to Hold from Sell at Deutsche Bank
- Cardiff Oncology (CRDF) upgraded to Buy from Neutral at H.C. Wainwright, tgt $9
- Eli Lilly (LLY) upgraded to Buy from Hold at Berenberg, tgt $1,400
- Enbridge (ENB) upgraded to Outperform from Market Perform at BMO Capital
- Enbridge (ENB) upgraded to Outperform from Sector Perform at National Bank
- Etsy (ETSY) upgraded to Outperform from Perform at Oppenheimer, tgt $90
- Gentherm (THRM) upgraded to Overweight from Neutral at JPMorgan, tgt $48
- GSK (GSK) upgraded to Buy from Hold at Berenberg
- Middleby (MIDD) upgraded to Overweight from Neutral at JPMorgan, tgt $147
- New York Times (NYT) upgraded to Buy from Neutral at Guggenheim, tgt $82
- Radiant Logistics (RLGT) upgraded to Outperform from Market Perform at Citizens, tgt $10
- ResMed (RMD) upgraded to Outperform from Sector Perform at RBC Capital, tgt $262
- SEI Investments (SEIC) upgraded to Outperform from Market Perform at William Blair
- Ulta Beauty (ULTA) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $525
Downgrades:
- Aptiv (APTV) downgraded to Neutral from Overweight at JPMorgan, tgt $56
- Ascendis Pharma (ASND) downgraded to Outperform from Strong Buy at Raymond James, tgt $287
- Banco Santander Brasil (BSBR) downgraded to Hold from Buy at HSBC, tgt $6.20
- Cellectis (CLLS) downgraded to Market Perform from Outperform at Citizens
- EHang (EH) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $5.30
- Lear (LEA) downgraded to Neutral from Overweight at JPMorgan, tgt $150
- Magna (MGA) downgraded to Neutral from Overweight at JPMorgan, tgt $72
- Rapid7 (RPD) downgraded to Underweight from Neutral at JPMorgan, tgt $12
- Ribbon Communications (RBBN) downgraded to Neutral from Buy at Rosenblatt, tgt $2.20
- Scholar Rock (SRRK) downgraded to Equal Weight from Overweight at Barclays, tgt $58
Others:
- AAR Corp. (AIR) initiated with a Neutral at Guggenheim
- Applied Aerospace & Defense (AADX) initiated with a Buy at Guggenheim, tgt $30
- Astrana Health (ASTH) initiated with an Outperform at Oppenheimer, tgt $53
- Bentley Systems (BSY) initiated with an Overweight at Cantor Fitzgerald, tgt $37
- BWX Technologies (BWXT) initiated with a Buy at Guggenheim, tgt $192
- CenterPoint Energy (CNP) initiated with a Sector Perform at RBC Capital, tgt $40
- Curtiss-Wright (CW) initiated with a Buy at Guggenheim, tgt $786
- Dave (DAVE) initiated with an Overweight at JPMorgan, tgt $480
- Evolution Metals & Technologies (EMAT) initiated with a Buy at Aletheia Capital, tgt $4.50
- Einride (ENRD) initiated with a Buy at Canaccord, tgt $8
- Fastenal (FAST) assumed with an Underperform at Wolfe Research, tgt $51
- Ferguson Enterprises (FERG) assumed with a Peer Perform at Wolfe Research
- GFL Environmental (GFL) assumed with an Outperform at Wolfe Research, tgt $77
- Grainger (GWW) assumed with a Peer Perform at Wolfe Research
- Hayward Holdings (HAYW) assumed with a Peer Perform at Wolfe Research
- Healthcare Realty Trust (HR) assumed with a Hold at Jefferies, tgt $20
- HEICO (HEI) initiated with a Neutral at Guggenheim
- Hexcel (HXL) initiated with a Buy at Guggenheim, tgt $120
- Howmet Aerospace (HWM) initiated with a Buy at Guggenheim, tgt $350
- Installed Building Products (IBP) initiated with a Buy at Stifel, tgt $240
- ITT (ITT) assumed with an Outperform at Wolfe Research, tgt $272
- Janus Living (JAN) initiated with a Buy at Jefferies, tgt $36
- Karman (KRMN) initiated with a Buy at Guggenheim, tgt $63
- Kratos Defense & Security (KTOS) initiated with a Buy at Guggenheim, tgt $74
- L3Harris Technologies (LHX) initiated with a Buy at Guggenheim, tgt $365
- Leonardo DRS (DRS) initiated with a Buy at Guggenheim, tgt $51
- Mercury Systems (MRCY) initiated with a Buy at Guggenheim, tgt $115
- Moog (MOG.A) initiated with a Neutral at Guggenheim
- MSC Industrial (MSM) assumed with a Peer Perform at Wolfe Research
- Netskope (NTSK) initiated with an Overweight at Stephens, tgt $21
- Nokia (NOK) initiated with a Buy at Rosenblatt, tgt $15
- Northrop Grumman (NOC) initiated with a Buy at Guggenheim, tgt $612
- Pentair (PNR) assumed with an Outperform from Peer Perform at Wolfe Research, tgt $91
- PPL Corp. (PPL) initiated with a Sector Perform at RBC Capital, tgt $35
- Procore Technologies (PCOR) initiated with an Overweight at Cantor Fitzgerald, tgt $65
- Republic Services (RSG) assumed with a Peer Perform at Wolfe Research
- RBC Bearings (RBC) initiated with a Buy at Guggenheim, tgt $600
- Redwire (RDW) initiated with a Neutral at Guggenheim
- Samsara (IOT) initiated with an Overweight at Cantor Fitzgerald, tgt $45
- SPX Technologies (SPXC) assumed with an Outperform at Wolfe Research, tgt $250
- StandardAero (SARO) initiated with a Neutral at Guggenheim
- TransDigm (TDG) initiated with a Neutral at Guggenheim
- Ventas (VTR) assumed with a Buy at Jefferies, tgt $102
- VSE Corp. (VSEC) initiated with a Neutral at Guggenheim
- Vishay Intertechnology (VSH) initiated with an Outperform at Oppenheimer, tgt $42
- Waste Connections (WCN) assumed with an Outperform at Wolfe Research, tgt $204
- Waste Management (WM) assumed with a Peer Perform at Wolfe Research
- Welltower (WELL) assumed with a Buy at Jefferies, tgt $275
- Woodward (WWD) initiated with a Buy at Guggenheim, tgt $404
- Xylem (XYL) assumed with a Peer Perform at Wolfe Research
- York Space Systems (YSS) initiated with a Neutral at Guggenheim

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

PLAY -12%, KMTS -8.7%

Other news:

CNTB -34.3% (reports Phase 2 asthma data for rademikibart; plans FDA talks after COPD readout)
ENVA -17.5% (withdraws bank regulatory applications; reaffirms guidance and intends to accelerate repurchases)
TRMD -7.4% (prices 9.0M-share secondary offering at $32.25/share)
AXON -3.1% (launches $1.0 bln 0% convertible senior notes offering due 2031)
CTNM -2.8% (Phase 2 Results for JNJ-5120/PIPE-307 for the Treatment of Major Depressive Disorder; did not meet primary endpoint)
SYY -2.4% (prices 12.35 mln-share common stock offering at $81.00/share)
NIQ -1.8% (expands Homescan shopper panels in Singapore and Hong Kong; launches Digital Purchase GeoAudiences in five European markets)
BNTC -1.7% (files for $200 mln mixed securities shelf offering)
INGM -1.5% (outlines long-term strategy, intelligence-led transformation and multi-year financial framework at Capital Markets Day)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

RLGT +15.1%, FPS +9.3%, SMG +1.9% (guidance), DRVN +0.8% (guidance)

Other news:

VERA +12.4% (TRUTAKNA met all ORIGIN 3 final efficacy endpoints in IgA nephropathy)
RCKT +7.6% (FDA aligned on pivotal Phase 2 path for RP-A501 in Danon disease)
ALMU +7.5% (signs SCAT wafer production agreement for AI datacom photonics)
FLEX +4.6% (names planned cloud and power infrastructure spin-off Axiom, files Form 10)
PLSE +4.5% (completes enrollment in 100-patient PRECISE-BTN thyroid nodule study)
SANM +2.8% (names new board member)
RKLB +2.4% (completes $1.944 bln ATM to fully fund pending Iridium acquisition)
OCUL +2.1% (FDA pre-NDA meeting supports 4Q26 AXPAXLI filing in wet AMD)
CSTL +1.7% (New decision modeling study demonstrates TissueCypher significantly improves risk-aligned management for patients with Barrett's Esophagus)
DHT +1.6% (secures three-year time charter for DHT Panther)
AGMB +1.6% (Phase 1 Results for AGMB-447)
OUST +1.6% (highlights Rev8 OS1 Max lidar gains for aerial mapping)
DCO +1.5% (lands follow-on PAC-3 MSE missile award worth more than $35 mln)
HOS +1.4% (awarded multi-year decommissioning contract in the North Sea)
BLSM +1.2% (Presents Updated Data from Ongoing Phase 1/2 SOLARA Trial Demonstrating Encouraging Anti-Tumor Activity of OMNI-EGFR Inhibitor BH-30643 in EGFR C797S-Positive NSCLC at IASLC 2026 World Conference on Lung Cancer)
GRAB +1.1% (intends to execute the approximately $900 million remaining aggregate authorized amount under its previously announced share repurchase programs over the next 12 months; also upgrades 2028 targets to $1.7 billion in Adjusted EBITDA2 and a 30%+ Group revenue CAGR from 2025 to 2028)
CIFR +1% (CIFR, Fluidstack and Anthropic commit $10 mln for Colorado City water system repairs and upgrades)
VIV +1% (declares R$500 mln of interest on capital)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- RLGT +13.5%, AGMB +1.6%, HOS +1.4%, DHT +1.1%, CSGP +1%, VIV +1%, BCE +0.9%, PBF +0.8%, NVDA +0.7%, OUST +0.7%
Gapping down:
- ENVA -16.2%, PLAY -11.5%, KMTS -8.7%, TRMD -6.3%, ENRD -4.2%, SION -2.9%, SANM -2.9%, CTNM -2.8%, SYY -2.4%, INGM -2.4%, BNTC -1.7%, RMNI -1.5%, VCYT -1.4%, TEM -1.2%, SMMT -1.2%, ASND -0.9%, DXCM -0.8%

>>> Europe : Brokers Upgrades & Downgrades - 15th of Sept 2026 V3(++)

>>> Up

* AstraZeneca Raised to Hold at Deutsche Bank; PT 11,700 pence (+)

* Axfood Raised to Buy at Nordea; PT 285 kronor

* Eli Lilly Raised to Buy at Berenberg; PT $1,400

* Fevertree Drinks Raised to Buy at Goodbody; PT 1,000 pence (+)

* Fevertree Drinks Raised to Buy at Kepler Cheuvreux; PT 910 pence (++)

* GSK Raised to Buy at Berenberg; PT 2,200 pence

* GSK ADRs Raised to Buy at Berenberg; PT $60
* Hemnet Raised to Overweight at Morgan Stanley; PT 102 kronor

>>> Down

* Cellectis ADRs Cut to Market Perform at Citizens
* Evonik Cut to Equal-Weight at Morgan Stanley; PT 18 euros

* Helleniq Energy Cut to Hold at Eurobank Equities; PT 17.50 euros (++)

* Lundbeck Cut to Sell at Deutsche Bank; PT 36 kroner (+)

>>> Initiation
* Bentley Systems Rated New Overweight at Cantor; PT $37

* Capital Tankers Rated New Buy at ABG; PT 226 kroner

* GEK TERNA SA Reinstated Outperform at NBG Securities (++)

* JOST Werke Rated New Buy at Kepler Cheuvreux; PT 83 euros (++)

* Magnum Ice Cream Rated New Neutral at Citi; PT 17.70 euros

* Medacta Rated New Hold at Deutsche Bank; PT 121 Swiss francs

* Nokia ADRs Rated New Buy at Rosenblatt Securities Inc

* OMC Tankers GDRs Rated New Buy at ABG; PT 40 kroner

* Ondine Biomedical Rated New Buy at Peel Hunt; PT 29 pence

* Philip Morris Reinstated Buy at William O'Neil

* Rivian Rated New Neutral at Citi; PT $18

* Schott Pharma Rated New Overweight at JPMorgan; PT 27.10 euros

* UniCredit Rated New Sector Perform at RBC; PT 90 euros

>>> Call

* Ambu Slips as UBS Cuts to Neutral, Says Reset Is Required (++)

* Axfood Raised to Buy at Nordea as Food Inflation Seen Returning (+)
* Bearish Stock Bets Leave Asia With Weakest Positioning: Citi

* BlackRock Raises EM Equities Back to Overweight on AI, Earnings

* Evonik Downgraded at Morgan Stanley on Methionine Price Risk

* GSK Upgraded to Buy at Berenberg on Strong Pipeline Momentum (+)

* Lundbeck Drops as Deutsche Bank Cuts on Looming Patent Cliff (++)

* Magnum Ice Cream Neutral at Citi, More Negative Skew Into 2027

* Morgan Stanley Adds 15 Stocks to European Overweight Top Picks (++)

* Repsol and Neste Gain; Remain Top Refining Picks at Jefferies (++)

* Schott Pharma New Overweight at JPMorgan on Supportive Trends

FT : UK state pension will surpass income tax threshold next year Some older peo

UK state pension will surpass income tax threshold next year

Some older people whose only income is the state pension will be paying income tax for the first time

The UK state pension is set to rise above the tax-free income threshold for the first time, adding to the fiscal challenges facing chancellor John Healey ahead of October’s Budget.

Earnings data published on Tuesday showed that wages had risen by 3.9 per cent, meaning that the state pension is on track to rise by the same percentage under the terms of the so-called triple lock.

That will take the state pension above £13,000 a year, more than the current threshold of £12,570 above which income tax becomes payable.

The triple lock mechanism holds that the state pension rises each year by whichever is higher of CPI inflation, average earnings or 2.5 per cent.

The policy, in place since 2011, has contributed to a steady increase in state spending on pensions as a share of GDP, from 4.3 per cent in 2010 to 4.9 per cent at present.

The Institute for Fiscal Studies estimates annual state pension spending is £16bn higher than it would have been without the triple lock.

The boost expected from next April means some older people whose only income is the state pension will be pushed into paying income tax for the first time.

Rachel Reeves, the previous chancellor, had pledged to keep the state pension out of tax, putting pressure on her successor, Healey, to raise the tax-free allowance, which has been fixed since 2021, or find an alternative workaround.

Such a “tax amnesty” will protect only one in 16 retirees, according to former pensions minister Sir Steve Webb, now a partner at consultants Lane Clark & Peacock.

Webb said: “Those on the new state pension can expect to see an increase of nearly £500 per year next April.

“But the sting in the tail is that this will take the standard rate of the new state pension above the tax threshold.”

He warned that the government’s plans were a “mess”, adding: “They will also create unfairness between different groups of pensioners and between pensioners and low-paid workers, who do not qualify for any exemption.”

Total wage growth, including bonuses, stood at 3.9 per cent in the quarter to July, according to Office for National Statistics data.

The figures are subject to revision and the eventual state pension increase will also take into account whether inflation exceeds earnings.

Data due on Wednesday is expected to show consumer price inflation rose to 3.1 per cent in August but the pension uprating will be based on the following month’s data, published in October.

UK borrowing costs have already soared to the highest level since before the 2008 financial crisis, with 10-year gilt yields exceeding 5.3 per cent.

>>> Europe : Brokers Upgrades & Downgrades - 15th of Sept 2026 V2(+)