>>> US After Hours Summary: EA -10.6%, PLXS -9.5%, CATY -7.1% lower on earnings/

After Hours Summary: EA -10.6%, PLXS -9.5%, CATY -7.1% lower on earnings/guidance; KNX +6%, WSBC +4%, ALK +3.1% higher on earnings; GWRE +4.4% to join S&P MidCap 400

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: KNX +6%, WSBC +4%, ALK +3.1%, CACI +2%, TOWN +1.7%, CADE +1.6% (also to acquire FCB Financial Corp; also increases dividend), SLG +1.2%, BANR +1.2%, DFS +0.8%, KMI +0.8% (also announces $1.7 bln Trident Intrastate Pipeline Project; also increases dividend), CNS +0.3%, STLD +0.1%

Companies trading higher in after hours in reaction to news: BETR +10.1% (authorizes new $25 mln share repurchase program), GWRE +4.4% (to join S&P MidCap 400), ARWR +4.1% (to move to S&P SmallCap 600 from S&P MidCap 400), OKE +1.6% (increases dividend), HSIC +1.6% (activist investor Ananym Capital to launch proxy fight, according to Reuters), NFE +0.7% (gas supply agreement with Energiza), MTB +0.6% (authorizes new $4 bln share repurchase program), AMAL +0.3% (increases dividend), ALTR +0.1% (shareholders approve merger with Siemens)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: EA -10.6%, PLXS -9.5%, CATY -7.1%, RLI -6.5%, HXL -3.7%, AA -1.7%, NBHC -0.2%

Companies trading lower in after hours in reaction to news: EVTL -28.4% (commences $75 mln unit offering), ASTS -13.9% ($400 mln convertible notes offering) LAKE -10.4% (stock offering), BTG -6.9% ($350 mln convertible notes offering) TTWO -1.6% (in sympathy with EA guidance), QUBT -0.9% (stock offering by selling shareholders), CON -0.7% (to acquire Nova Medical Centers; guides Q4 revs slightly above consensus), PRU -0.6% (to reinsure $7 bln Japanese whole life block), WBD -0.6% (CNN planning to lay off hundreds of employees this week, according to CNBC), OLP -0.3% (purchases two industrial properties for $49 mln), TM -0.3% (expands previously announced safety recall), BLBD -0.2% (names new CEO), KMPR -0.1% (estimates minimal California wildfire losses)

>>> Europe : Brokers Upgrades & Downgrades - 22nd of January 2025

>>> Up
* AAK Raised to Buy at ABG; PT 360 kronor
* Aviva Raised to Overweight at JPMorgan; PT 615 pence
* Bachem Raised to Equal-Weight at Barclays; PT 65 Swiss francs
* Big Yellow Group Raised to Buy at Berenberg
* BMW Raised to Buy at Berenberg
* Cargotec Raised to Buy at SEB Equities; PT 57 euros
* Coloplast Raised to Buy at HSBC; PT 920 kroner
* Corticeira Amorim Raised to Buy at JB Capital Markets
* Halma Raised to Buy at Berenberg; PT 3,250 pence
* Hannover Re Raised to Buy at HSBC; PT 280 euros
* JM Raised to Hold at SEB Equities; PT 173 kronor
* LDA SM Raised to Neutral at JB Capital Markets; PT 1.10 euros
* Millicom GDRs Raised to Buy at HSBC; PT 380 kronor
* Munich Re Raised to Buy at HSBC; PT 560 euros
* Netflix Raised to Buy at Canaccord; PT $1,150
* Netflix Raised to Equal-Weight at Barclays; PT $900
* Vestas Raised to Buy at Jefferies; PT 135 kroner

>>> Down
* Ambev ADRs Cut to Neutral at Grupo Santander; PT $3.56
* Amedeo Air Four Plus Cut to Hold at Jefferies
* America Movil ADRs Cut to Hold at HSBC; PT $15.50
* DFDS Cut to Sell at Nordea; PT 108 kroner
* Flow Traders Cut to Neutral at Oddo BHF; PT 25 euros
* JD Sports Cut to Neutral at Citi; PT 95 pence
* Mercedes Cut to Hold at Berenberg
* Porsche SE Cut to Hold at Berenberg
* Schaeffler Cut to Hold at Deutsche Bank; PT 4.50 euros
* STMicro Cut to Underweight at Barclays; PT 20 euros
* Swiss Re Cut to Hold at HSBC; PT 140 Swiss francs

>>> Initiation
* Alfa Financial Rated New Buy at Shore Capital; PT 270 pence
* Bilia Reinstated Buy at Pareto Securities; PT 150 kronor
* Dassault Systemes Rated New Outperform at Grupo Santander
* Geberit Rated New Underweight at JPMorgan; PT 450 Swiss francs
* Lindab Rated New Hold at SEB Equities; PT 200 kronor
* PolyPeptide Group Rated New Overweight at Barclays
* Sunrise Communications Rated New Buy at Redburn

>>> Call
* Delivery Hero Slides as BofA Reinstates Rating as Underperform
* Geberit Rated Underweight at JPMorgan, Earnings Risk Not Priced

>>> What to look at today - 22nd of January 2025

Asian stocks edged higher as optimism over more artificial intelligence spending under Donald Trump offset fears over the impact of tariffs on China. Shares in Taiwan and Japan led gains, lifted by technology stocks after Trump announced a new investment push for artificial intelligence. But Chinese shares bucked the trend, with the benchmark CSI 300 Index declining as much as 1.3% before paring losses. The broad MSCI Asia Pacific Index was up around 0.2%. The divergent fortunes of Asian stock markets underscore the difficult questions investors will be forced to weigh up over the coming months, when the Trump administration is expected to make a series of sweeping policy changes. The decline in Chinese shares came after the US president said he was still considering a 10% tariff on all goods from the country.  US 10-year Treasury yields advanced one basis point after falling five basis points in the previous session. The dollar strengthened against every Group-of-10 peer.   The decline in Chinese shares surprised some market participants. The country was spared the brunt of Trump’s early policy flurry, with his first big tariff comments instead targeting Canada and Mexico. Chinese Vice Premier Ding Xuexiang told the annual World Economic Forum in Davos, Switzerland, that his nation will expand its imports “to promote balanced trade.”  Elsewhere in Asia, the Bank of Japan is moving toward deciding to raise interest rates at its policy meeting this week, Kyodo News reported. That supports recent speculation that the bank will hike by 25 basis points. The yen was down slightly against the greenback, part of a broad move higher by the dollar. SoftBank Group’s shares rose more than 11% after Trump named the company as a participant in the ‘Stargate’ AI joint venture. The move pushed the Japanese company’s shares to their highest level since July, and have boosted sentiment for other tech stocks. Shares of Taiwan Semiconductor Manufacturing Co. rose as much as 2.7%, while those of South Korea’s SK Hynix Inc. jumped 3.9%. Fujikura Ltd., a Japanese wire cabling company that has been one of the country’s top performers, added to its recent gains with an almost 16% rise. Data from New Zealand on Wednesday showed annual inflation was unexpectedly steady in the final three months of last year, remaining above the midpoint of the central bank’s target band. In commodities, oil declined as Trump threatened a tariff on China. Gold held near the highest since early November, with traders monitoring the outlook for the global economy.  US After Hours NFLX +14.2% surges on robust earnings, net adds; UAL +3.6%, IBKR +3.2%, STX +2.5% also higher on earnings; AGYS -17.8%, WTFC -11.3%, CASH -3.7%, PRGS -3.7% lower on earnings

Nikkei +1.58% Hang Seng -1.76% CSI -0.95% Shanghai -0.91% Shenzen -1.01%

Eur$ 1.0415 CNH 7.2867 CNY 7.2806 JPY 155.83 GBP 1.2347 CHF 0.9068 RUB 99.6406 TRY 35.6451 WTI$ 75.80 -0.04% Gold 2,758 +0.48% BTC 105,710 -1.01% ETH 3,320 -0.37%

S&P +0.25% Nasdaq +0.62% EuroStoxx +0.13% FTSE +0.02% Dax +0.39% SMI +0.46%

Macro :
- *TRUMP TO ANNOUNCE OPENAI, SOFTBANK, ORACLE AI INVESTMENT: CBS
- EU Is Set to Cut Back ESG Reporting Rules Amid French Demands
- Musk Says FTC Concern Over Microsoft Bolsters His OpenAI Claims
- Trump Signs Order Limiting DEI in Federal Contracting
- Trump Attack on Climate Rules Takes Aim at Crucial Legal Pillar

Keep an eye on :
- ADS GY : Adidas Rises on Sales Beat, Strong Brand Momentum: Street Wrap
- ALO FP : Alstom 3Q Sales Beats Estimates
- Altice : Altice France Moves Closer to Creditors’ Terms in Latest Offer
- ARM US : Arm, Nvidia and Microsoft Gain on Softbank JV’s Spending Plans
- BARN SW : Barry Callebaut Lowers FY Sales Volume Outlook
- BRK/B US : Pilot Co. Shutting Global Oil Trading Business: Rtrs - https://dub.sh/SoEio61
- DFDS DC : DFDS Sees 2025 Ebit About DKK1B
- DHER GY : Delivery Hero-Backed Baemin to Cut Commission Fee From Feb. 26
- DRX LN : Drax lobbied Canada for intervention on EU forest protection measures
- GAB IM : Gabetti Property Solutions CEO Roberto Busso Resigns
- GIMB BB : Gimv Starts Capital Raise of Up to €247M to Finance Growth
- GOOGL US : Google Invests Another $1 Billion in AI Developer Anthropic
- GOOGL US : Google Rushed to Sell AI Tools to Israel’s Military After Hamas Attacks
- HOLN SW : Infrastructure Spending to Boost Holcim’s US Growth, CEO Says
- IVG IM : Iveco Appoints Nucera as Chief Quality & Operations Officer
- KARMAN IPO : Trive-Backed Space and Defense Firm Karman Files for US IPO
- MC FP : Champagne Shipments Tumble Again as Luxury Slowdown Worsens
- META US : Meta Plans Oakley-Branded Glasses, Explores Watches and Earbuds
- MSFT US : OpenAI, Microsoft Confirm Stargate Partnership (1)
- MSFT US : Musk Says FTC Concern Over Microsoft Bolsters His OpenAI Claims
- MSFT US : Microsoft secures deal to restore Amazon rainforest and offset AI emissions
- NOKIA FH : Nokia Names Patrik Hammaren President of Nokia Technologies
- ORCL US : Trump Backs Musk or Ellison Buying TikTok With US Stake
- RIO LN : Rio Tinto bets Donald Trump will give green light to US copper mine
- ROG SW : *Roche Gets FDA Clearance for Cobas Liat Molecular Tests
- SAN FP : Sanofi’s Sarclisa Gets EU Approval to Treat Multiple Myeloma
- SHA0 GY : Schaeffler Prelim FY Adjusted Ebit Margin 4.5%
- SBO AV : Schoeller-Bleckmann FY Ebit Misses Estimates
- SRG IM : Snam Sees 2025 Adj Net About EU1.35B, Div. to Grow 4% Annually
- STLAM IM : Capital.fr: Airbags défectueux : une plainte déposée par l'UFC-Que Choisir contre Stellantis
- TSLA US : Trump targets EV charging funding programs Tesla benefits from - TechCrunch
- TSLA US : Trump Backs Musk or Ellison Buying TikTok With US Stake (1)
- TTE FP : TotalEnergies Further Delays LNG Project in Mozambique: FT
- TRUEB SS : Swedish Spam Blocker Truecaller Takes on AI Voice Clones
- OKLO US : Oklo Shares Soar, Extend Gains for Fourth Straight Session
- UMG NA : Universal Music Shareholder Said to Seek €177 Million in Sale
- VOW GY : Volkswagen Sweetens Tennessee Union Offer With Profit Sharing
- VOYAGER TECH IPO : Commercial Space Station Developer Voyager Tech Files for IPO

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +4.2%
    • Adidas Profit Jumps After Strong Sneaker Sales in Holiday Season
  • BMW (BMW TH) +1.3%
    • BMW Raised to Buy at Berenberg
  • Mercedes (MBG TH) -0.3%
    • Mercedes Cut to Hold at Berenberg
  • Porsche SE (PAH3 TH) -0.6%
    • Porsche SE Cut to Hold at Berenberg
  • Qiagen (QIA TH) -1%
  • Porsche (P911 TH) -1.1%
MDAX:
  • Evotec SE (EVT TH) +2.2%
SDAX:
  • SUSS MicroTec (SMHN TH) +3%
  • Verbio SE (VBK TH) +2.2%
  • Borussia Dortmund (BVB TH) -1.7%
  • PNE AG (PNE3 TH) -1.8%
  • Schaeffler (SHA0 TH) -6.6%
    • Schaeffler Prelim FY Adjusted Ebit Margin 4.5%

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • NFLX +14.3%, TRV +7.9%, STX +6.6%, IBKR +4.6%, FULT +3.7%, UAL +3.7%, PG +2.9%, SMBK +1.6%, GEV +1.6%, TDY +1%
Other news:
  • ORCL +9% (President Trump at press conference alongside CEOs of OpenAI, Softbank (SFTBY), and Oracle confirm partnership to invest up to $500 billion in infrastructure connected to artificial intelligence)
  • SMTI +5.4% (signs license and distribution agreement with Biomimetic Innovations; also guides Q4 revs higher)
  • APTV +5.3% (announces intention to separate its electrical distribution systems business; reaffirms FY24 outlook)
  • GLSI +4.4% (provides update on commercial manufacturing)
  • ROKU +4.1% (in sympathy with strong NFLX earnings)
  • LNZA +3.3% (to form JV and launch spin-out of LanzaX Business; names interim CFO)
  • OGS +2.4% (increases dividend)
  • NTRA +2.4% (to Present New Data at the 2025 ASCO GI Symposium)
  • CSGS +1.8% (Board Chair to step down at end of term)
  • ORLA +1.5% (receives shareholder approval of Musselwhite Mine)
  • CHRS +1.5% (Presents Final Phase 2 Clinical Casdozokitug Combination Data in Patients with Metastatic Hepatocellular Carcinoma at ASCO-GI 2025)
  • GVA +1.3% (awarded contract from US Army Corps of Engineers)
  • DIS +1.3% (in sympathy with strong NFLX earnings)
  • PB +1.2% (authorizes new 4.8 mln share repurchase program)
  • BDN +1.1% (updates leasing momentum)
  • NOW +1% (enhances global partner program)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • AGYS -20.9%, SFNC -3%, PRGS -2.8%, BKU -2.7%, TXT -2.5%, CMA -2.4%, ABT -1.6%, WTFC -1.2%, CASH -1.2%, FNB -0.8%
Other news:
  • USCB -9.2% (increases dividend)
  • TWI -2.8% (union votes to ratify new contracts)
  • LPRO -2.7% (co-founder retires from Board)
  • IRON -2.5% ($200 mln stock and warrant offering)
  • AVBP -2% (enters exclusive license agreement with Lepu Biopharma for MRG007)
  • WDS -1.8% (reports Q4 operations update)
  • INBX -1.3% (preliminary data from the phase 1 Trial of ozekibart)
  • RKLB -1.2% (schedules the next Electron launch for Kinéis)

FT : Trainline shares hit by UK plans for state-backed rival

Trainline shares hit by UK plans for state-backed rival
Government outlines proposal for online service that brings together train operators’ ticketing websites

Shares in Trainline fell after the UK government outlined plans to launch a state-backed rival, triggering investor concerns that the London-listed company could lose its dominance of the domestic rail-ticketing market.

The government said on Wednesday that it planned to launch a new online service that would bring together individual train operators’ ticket websites, as part of the wider reform and nationalisation of the UK railway.

Shares in Trainline fell nearly 7 per cent by afternoon trading in London on Wednesday, reaching their lowest levels since October.

The threat of government competition has hung over Trainline, which has built a £1.7bn business by offering passengers a simple way to book tickets on any part of the UK’s railways, which includes a bewildering 55mn different ticketing and fare combinations.

The company takes a commission on ticket sales but draws on the same open-access database as the booking apps of other railway companies.

In its announcement, the UK government said its new ticketing site would “work alongside a thriving private sector retail market, where all rail retailers can compete in an open and fair manner”.

“The private sector will continue to play a key role in driving growth through innovation and investment and encouraging more people to choose rail,” it added.


Jody Ford, chief executive of Trainline said he welcomed the government’s “unequivocal commitment to a competitive retail market, underpinned by a level playing field, and recognition of the value and innovation that brings to rail users”.

Still, investors have for years feared that long-running government efforts to modernise the railway’s complex ticketing system could erode Trainline’s market dominance.

The company’s shares fell 40 per cent in 2021 when the previous Conservative government unveiled plans to create a new ticketing hub.

But the share price gradually recovered as the Conservatives’ reform agenda stalled. It boosted further in December 2023 when the then-government said it would not launch a rival.

Mark Plowright, director of Trainline rival Virgin Trains Ticketing, said a competitive ticketing industry would “benefit rail passengers across the UK”.

“However, there’s still much more work to be done to simplify rail tickets and make train travel less confusing for passengers,” he said.

>> US Research Calls I

Research Calls I
  • Upgrades:
    • 3M (MMM) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $170
    • Cerence (CRNC) upgraded to Buy from Hold at Needham; tgt $16
    • Charles Schwab (SCHW) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $93
    • Crinetics Pharmaceuticals (CRNX) upgraded to Buy from Hold at Jefferies; tgt $55
    • Darden Restaurants (DRI) upgraded to Outperform from Mkt Perform at Bernstein; tgt raised to $215
    • Mercantile Bank (MBWM) upgraded to Outperform from Market Perform at Hovde Group; tgt $54
    • Millicom International Cellular (TIGO) upgraded to Buy from Hold at HSBC Securities; tgt $34
    • Netflix (NFLX) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $1150
    • Netflix (NFLX) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $900
    • Netflix (NFLX) upgraded to Buy from Neutral at Rosenblatt; tgt $1494
    • Nordson (NDSN) upgraded to Buy from Hold at Loop Capital; tgt raised to $280
    • Olympic Steel (ZEUS) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $42
    • Seagate Tech (STX) upgraded to Buy from Hold at The Benchmark Company; tgt $120
    • Seagate Tech (STX) upgraded to Buy from Hold at Summit Insights
  • Downgrades:
    • CAE (CAE) downgraded to Sector Perform from Outperform at National Bank Financial
    • Celsius (CELH) downgraded to Hold from Buy at TD Cowen; tgt lowered to $29
    • Charles River (CRL) downgraded to Mkt Perform from Outperform at William Blair
    • Elevance Health (ELV) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $440
    • Fluence (FLNC) downgraded to Hold from Buy at Jefferies; tgt lowered to $15
    • Ford Motor (F) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $11
    • Hepsiburada (HEPS) downgraded to Hold from Buy at HSBC Securities; tgt $3.50
    • New Oriental Education & Technology (EDU) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $50
    • New Oriental Education & Technology (EDU) downgraded to Underperform from Outperform at Macquarie; tgt $44
    • New Oriental Education & Technology (EDU) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $52
    • Reddit (RDDT) downgraded to Neutral from Buy at ROTH MKM; tgt raised to $195
    • Rogers Comms (RCI) downgraded to Equal Weight from Overweight at Barclays
    • STMicroelectronics (STM) downgraded to Underweight from Equal Weight at Barclays
    • Yum! Brands (YUM) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $135
  • Others:
    • Absci Corporation (ABSI) initiated with a Buy at Needham; tgt $9
    • ACV Auctions (ACVA) initiated with an Equal-Weight at Stephens; tgt $20.50
    • APi Group (APG) initiated with a Buy at Truist; tgt $45
    • BBB Foods (TBBB) initiated with a Market Perform at Itau BBA; tgt $32
    • Cytokinetics (CYTK) initiated with a Buy at Stifel; tgt $80
    • Daktronics (DAKT) initiated with a Buy at Craig Hallum; tgt $26
    • Edgewise Therapeutics (EWTX) initiated with a Hold at Stifel; tgt $30
    • OPENLANE (KAR) initiated with an Equal-Weight at Stephens; tgt $20
    • Orthofix (OFIX) initiated with a Buy at Canaccord Genuity; tgt $24
    • Sun Country Airlines (SNCY) initiated with a Overweight at JP Morgan; tgt $23
    • Viking Holdings Ltd (VIK) initiated with a Neutral at Goldman; tgt $49
    • Walt Disney (DIS) resumed with a Buy at Citigroup; tgt $125

>>> Europe : Brokers Upgrades & Downgrades - 22nd of January 2025 V3(++)

>>> Up
* AAK Raised to Buy at ABG; PT 360 kronor
* Avanza Raised to Buy at Danske Bank Markets; PT 355 kronor (++)
* Aviva Raised to Overweight at JPMorgan; PT 615 pence
* Bachem Raised to Equal-Weight at Barclays; PT 65 Swiss francs
* Big Yellow Group Raised to Buy at Berenberg
* BMW Raised to Buy at Berenberg
* Cargotec Raised to Buy at SEB Equities; PT 57 euros
* Coloplast Raised to Buy at HSBC; PT 920 kroner
* Corticeira Amorim Raised to Buy at JB Capital Markets
* Elisa Raised to Buy at Kepler Cheuvreux (+)
* Halma Raised to Buy at Berenberg; PT 3,250 pence
* Hannover Re Raised to Buy at HSBC; PT 280 euros
* JM Raised to Hold at SEB Equities; PT 173 kronor
* LDA SM Raised to Neutral at JB Capital Markets; PT 1.10 euros
* Millicom GDRs Raised to Buy at HSBC; PT 380 kronor
* Millicom Raised to Buy at HSBC; PT $34 (+)
* Munich Re Raised to Buy at HSBC; PT 560 euros
* Netflix Raised to Hold at Benchmark (++)
* Netflix PT Raised to $1,150 from $800 at Needham (++)
* Netflix Raised to Buy at Canaccord; PT $1,150
* Netflix Raised to Equal-Weight at Barclays; PT $900
* Netflix PT Raised to $1,150 from $1,000 at TD Cowen (+)
* Netflix PT Raised to $1,150 from $1,040 at Oppenheimer (++)
* Suedzucker Raised to Hold at M.M. Warburg; PT 10.40 euros (+)
* Vestas Raised to Buy at Jefferies; PT 135 kroner
* Virbac Raised to Buy at IDMidcaps; PT 410 euros (+)

>>> Down
* Ambev ADRs Cut to Neutral at Grupo Santander; PT $3.56
* Amedeo Air Four Plus Cut to Hold at Jefferies
* America Movil ADRs Cut to Hold at HSBC; PT $15.50
* Apple Cut to Fully Valued at DBS Bank; PT $210 (+)
* Carrefour Cut to Underperform at BNPP Exane; PT 11 euros (+)
* DFDS Cut to Sell at Nordea; PT 108 kroner
* Flow Traders Cut to Neutral at Oddo BHF; PT 25 euros
* Hochschild Mining Cut to Sector Perform at RBC; PT 260 pence (+)
* JD Sports Cut to Neutral at Citi; PT 95 pence
* Mercedes Cut to Hold at Berenberg
* Porsche SE Cut to Hold at Berenberg
* Schaeffler Cut to Hold at Deutsche Bank; PT 4.50 euros
* STMicro Cut to Underweight at Barclays; PT 20 euros
* Swiss Re Cut to Hold at HSBC; PT 140 Swiss francs

>>> Initiation
* Alfa Financial Rated New Buy at Shore Capital; PT 270 pence
* Bilia Reinstated Buy at Pareto Securities; PT 150 kronor
* Dassault Systemes Rated New Outperform at Grupo Santander
* Geberit Rated New Underweight at JPMorgan; PT 450 Swiss francs
* Kaufman & Broad Rated New Buy at Kepler Cheuvreux (+)
* Lindab Rated New Hold at SEB Equities; PT 200 kronor
* Nexity Reinstated Hold at Kepler Cheuvreux; PT 12.90 euros (++)
* PolyPeptide Group Rated New Overweight at Barclays
* Sunrise Communications Rated New Buy at Redburn
* Transense Technologies Rated New Corporate at Cavendish (+)

>>> Call
* Alm Brand Jumps on Guidance Update; DNB Sees Strong End to 2024 (++)
* Aviva Raised to Overweight at JPMorgan on Direct Line Deal (+)
* Bachem Raised to Equal-Weight at Barclays on Valuation Pullback (+)
* Carrefour Slips as BNPP Exane Cuts on Market Conditions (++)
* Delivery Hero Slides as BofA Reinstates Rating as Underperform
* Deutsche Bank Gets Street-High Target at Kepler Cheuvreux (++)
* Geberit Rated Underweight at JPMorgan, Earnings Risk Not Priced
* Morgan Stanley Starts Operations of Futures Company in China (+)
* Porsche Falls as 2025 Volumes, Costs Disappoint: Street Wrap (++)
* Schaeffler Sinks as Deutsche Bank Downgrades on Profit Warning (++)
* STMicro Cut to Underweight at Barclays on Downside Risk, China (++)
* Wetherspoons Shares Swing Lower; Jefferies Notes Slight Slowdown (++)