Research Calls II
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Upgrades:
- Atlassian (TEAM) upgraded to Buy from Hold at Truist; tgt raised to $300
- Instil Bio (TIL) upgraded to Buy from Hold at Jefferies; tgt raised to $52
- Labcorp Holdings Inc. (LH) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $265
- LPL Financial (LPLA) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $397
- LTC Properties (LTC) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $40
- lululemon athletica (LULU) upgraded to Outperform from Mkt Perform at Bernstein; tgt raised to $460
- P10, Inc. (PX) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $15
- Principal Fincl (PFG) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $92
- Prosperity Bancshares (PB) upgraded to Neutral from Underperform at BofA Securities; tgt $80
- Sabra Health Care REIT (SBRA) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $20
- Shake Shack (SHAK) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $159
- Shell plc (SHEL) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $79.80
- Snowflake (SNOW) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $200
- Ultrapar Participacoes (UGP) upgraded to Overweight from Neutral at JP Morgan
- Vornado Rlty Trust (VNO) upgraded to Outperform from Neutral at Mizuho; tgt raised to $48
- Zions Bancorp (ZION) upgraded to Buy from Neutral at Goldman; tgt $71
- Zoom Communications (ZM) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $85
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Downgrades:
- Dentsply Sirona (XRAY) downgraded to In-line from Outperform at Evercore ISI; tgt $20
- Essential Utilities (WTRG) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $39
- Kilroy Realty (KRC) downgraded to Neutral from Outperform at Mizuho; tgt lowered to $43
- Kraft Heinz (KHC) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $35
- LyondellBasell (LYB) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $95
- Marti Technologies (MRT) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt $3
- Mondelez Int'l (MDLZ) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $61
- Old Dominion (ODFL) downgraded to Neutral from Positive at Susquehanna; tgt $195
- Playa Hotels & Resorts (PLYA) downgraded to Hold from Buy at Truist; tgt $13
- Quaker Chemical (KWR) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $170
- Raymond James (RJF) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $166
- Ready Capital (RC) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $10
- RingCentral (RNG) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $30
- Ross Stores (ROST) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $165
- Sabre (SABR) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $4
- Saia (SAIA) downgraded to Neutral from Positive at Susquehanna; tgt $530
- Tesla (TSLA) downgraded to Neutral from Buy at BofA Securities; tgt raised to $490
- TotalEnergies SE (TTE) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $64.10
- Tyler Tech (TYL) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $615
- Unum Group (UNM) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $79
- Victory Capital (VCTR) downgraded to Neutral from Buy at B. Riley Securities; tgt raised to $60
- XPO, Inc. (XPO) downgraded to Neutral from Positive at Susquehanna; tgt $155
- ZoomInfo (ZI) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $11
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Others:
- Coca-Cola (KO) initiated with an Overweight at Piper Sandler; tgt $74
- On (ONON) resumed with a Buy at BofA Securities; tgt $73
- Penguin Solutions (PENG) initiated with a Buy at Loop Capital; tgt $30
- PepsiCo (PEP) initiated with an Overweight at Piper Sandler; tgt $171
- Rollins (ROL) initiated with a Hold at Canaccord Genuity; tgt $48
- Tyra Biosciences (TYRA) initiated with a Buy at UBS; tgt $28
Research Calls I
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Upgrades:
- Acadia Healthcare (ACHC) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $70
- Advanced Energy (AEIS) upgraded to Buy from Hold at Needham; tgt $145
- Alaska Air (ALK) upgraded to Positive from Neutral at Susquehanna; tgt $95
- American Water Works (AWK) upgraded to Equal Weight from Underweight at Wells Fargo; tgt lowered to $129
- Bank of America (BAC) upgraded to Buy from Neutral at UBS; tgt raised to $53
- California Water (CWT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt lowered to $52
- Cardinal Health (CAH) upgraded to Outperform from In-line at Evercore ISI; tgt $140
- Carvana (CVNA) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $280
- Clorox (CLX) upgraded to Equal Weight from Underweight at Wells Fargo; tgt $157
- Cousins Prop (CUZ) upgraded to Neutral from Underperform at Mizuho; tgt raised to $30
- Digital Realty Trust (DLR) upgraded to Buy from Neutral at UBS; tgt raised to $205
- Dutch Bros (BROS) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $70
- Equinor (EQNR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $30.90
- Intl Flavors (IFF) upgraded to Buy from Hold at Argus
- Robinhood Markets (HOOD) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $43
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Downgrades:
- American States Water (AWR) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $77
- Apple (AAPL) downgraded to Sell from Neutral at MoffettNathanson; tgt $188
- Bloomin' Brands (BLMN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $13
- Bridge Investment Group (BRDG) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $10
- Cboe Global Markets (CBOE) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $174
- Central Garden & Pet (CENTA) downgraded to Hold from Buy at Argus
- Comerica (CMA) downgraded to Neutral from Buy at Goldman; tgt $71
- Datadog (DDOG) downgraded to Hold from Buy at Truist; tgt lowered to $150
- Dine Brands (DIN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $32
- Dow (DOW) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $53
- Eni S.p.A. (E) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $31.60
- Excelerate Energy (EE) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $31
- Federated Hermes (FHI) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $42
- Forge Global Holdings (FRGE) downgraded to Underweight from Neutral at JP Morgan
- Freeport-McMoRan (FCX) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $46
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Others:
- Anteris Technologies Global Corp. (AVR) initiated with an Overweight at Barclays; tgt $22
- Ascendis Pharma (ASND) initiated with a Buy at UBS; tgt $196
- Audioeye (AEYE) initiated with a Buy at Needham; tgt $25
- Boot Barn Holdings (BOOT) resumed with a Buy at BofA Securities; tgt $187
- Brazil Potash Corp. (GRO) initiated with a Buy at ROTH MKM; tgt $17
- Centessa Pharmaceuticals (CNTA) initiated with a Buy at TD Cowen
- CG Oncology (CGON) initiated with a Buy at TD Cowen
- Denali Therapeutics (DNLI) initiated with an Outperform at Robert W. Baird; tgt $31
- EyePoint Pharmaceuticals (EYPT) initiated with a Buy at Citigroup; tgt $33
- Hims & Hers Health (HIMS) initiated with a Buy at BTIG Research; tgt $35
- ICON plc (ICLR) initiated with an Outperform at RBC Capital Mkts; tgt $263
- KalVista Pharmaceuticals (KALV) initiated with a Buy at TD Cowen; tgt $30
- Keurig Dr Pepper (KDP) initiated with a Neutral at Piper Sandler; tgt $35
Tiger Woods’s Futuristic New Golf League Has Arrived. Is Anyone Going to Watch?
The high-tech TGL is finally set to tee off with superstar players—and a bet that fans will tune into the latest bold attempt to spruce up the sport
On Tuesday night, a collection of the best golfers in the world will assemble for a brand new, high-stakes competition. But they won’t be pulling up to the first tee box at one of the sport’s most prestigious courses.
In fact, they won’t even be outdoors.
Instead, this group of major champions and top-10 players are betting that fans are ready to take a chance on golf like they have never seen it before—played against a giant computer screen.
The launch of TGL, a new golf league co-founded by Tiger Woods and Rory McIlroy in partnership with the PGA Tour, marks a foray into uncharted territory for professional golf. It’s a team competition that combines simulator golf, where players hit balls into an enormous screen, with live action as players finish every hole by playing around a real green complex.
If that sounds like a concept goofy enough that the roof could cave in at any moment, well, that already happened. TGL’s debut was pushed back by a year after damage to the roof at the indoor venue in Palm Beach, Fla.
Its belated arrival comes at a time of rapid upheaval in the sport, and when alternative versions of the game have become increasingly appealing and accessible to everyday players. These days, more Americans than ever are playing on simulators—and that’s particularly true for young people and women. In fact, there were more off-course golf participants (32.9 million) than on-course ones (26.6 million) in 2023, according to the National Golf Foundation.
Which is why everyone from billionaire investors to the game’s best golfers sense an opportunity to experiment with a new format that seeks to attract both fanatics and people who are less inclined to play—or this in case watch—the traditional version of the sport that can take all day.
“We’re trying to bring a new demographic to this game of golf,” Woods said recently. “It’s going to be unbelievable on TV. I hope that we can invigorate the game because it definitely needs it right now.”
That’s the plan, at least. What the coming weeks will determine is whether that enthusiasm is shared by fans who actually tune in.
How Does TGL Work?
The league features six teams of four players apiece competing inside the 250,000- square-foot SoFi Center, a custom-built venue with a playing area almost the size of a football field. Players hit their shots into a screen that’s the size of a medium building at 64-feet tall and 53-feet wide—or roughly 24 times the size of a simulator—on holes that were designed for TGL.
Then there’s an element of real-life golf, too. Once a ball reaches within 50 yards or so of the hole, the ball is spotted from its virtual location to the venue’s short-game complex, which includes a green.
That means chipping and putting are actually performed in person. What it doesn’t mean, though, is that the green stays the same—motors and turntables can transform the contours and shape on every hole.
What’s the Competition Format?
Each session is match play between two teams playing 15 holes, with three players per team participating in each. The debut is between New York Golf Club’s Xander Schauffele, Rickie Fowler and Matt Fitzpatrick, who will square off against Ludvig Aberg, Shane Lowry and Wyndham Clark of The Bay Golf Club. Woods, meanwhile, is on Jupiter Links Golf Club, while McIlroy is a member of Boston Common Golf.
The match starts with nine holes of triples, where three players alternate shots, before six holes of singles, where each player plays two full holes. The team that takes the most holes wins, and the clubs that perform the best over the course of the season advance to the playoffs.
There’s also a 40-second shot clock, and part of the idea is that it should take only two hours—much quicker than a standard round of golf.
“To me, it’s exciting to take golf that really hasn’t innovated all that much and do something different,” said hedge fund titan and Mets owner Steve Cohen, who owns New York Golf Club.
Why Does This Exist?
TGL was first unveiled in 2022, back when the PGA Tour was battling the Saudi-backed LIV Golf circuit, which was poaching many of the game’s best players. While the Tour increased the prize money at its events to fend off its new rival, TGL represented another way to line the pockets of popular players who remained loyal.
More broadly, it was also a counter to LIV’s stated goal of growing the sport through new formats, which followed plenty of criticism that the pro game needed more innovation to engage modern audiences.
In the time since, though, it has become clear that LIV may also serve as a cautionary tale. Its backers have poured billions into a product that has garnered low viewership numbers and scant signs of commercial success.
When TGL tees off, it’s hoping for an entirely different outcome.
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- APOG -4.4%, RPM -3.3%, UMC -2.3% (Dec revs)
Other news:
- SLRN -15.5% (additional Phase 2 data and Phase 3 program design)
- DNLI -8.4% (results for regimen G)
- HLIO -3.4% (promotes new CEO)
- DOMO -2.5% (partners with Data Consulting Group)
- CIFR -2.2% (Dec operations update)
- IREN -2.1% (reports December 2024 monthly update)
- KURA -2% (promotes new CMO)
- SYK -1.8% (to acquire Inari Medical (NARI) for $4.9 bln)
- PAC -1.8% (reports December traffic)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- ULTA +1.8% (Q4 guidance update; new CEO), LNN +0.7%
Other news:
- GETY +76.7% (Shutterstock and Getty Images (GETY) to combine in merger of equals)
- SSTK +43.1% (Shutterstock and Getty Images (GETY) to combine in merger of equals)
- IMRX +31.4% (Data Update from Three Pancreatic Cancer Arms of Ongoing Phase 2a Trial of IMM-1-104)
- NARI +21.3% (to be acquired by SYK for $4.9 bln)
- MPTI +7.5% ($10 mln U.S. DoD order)
- ENVX +7.1% (announced the successful completion of Site Acceptance Testing (SAT) for its High Volume Manufacturing (HVM) line at Fab2 in Malaysia)
- ZEPP +4.8% (to Showcase Groundbreaking Innovations at CES Pepcom & ShowStoppers Media Events)
- AEVA +4.1% (introduces Atlas Ultra at CES)
- KALU +3.9% (appoints new CEO)
- INMB +3.9% (receives FDA orphan designation for treatment of epidermolysis bullosa)
- GFL +3.6% (agrees to sell Environmental Services business valued at $8.0 billion)
- LAC +3.5% (increases mineral resource and reserve for Thacker Pass; announces appointment of Luke Colton as EVP and CFO)
- NVX +3.2% (purchases land for future manufacturing plant)
- RAIL +3.2% (to redeem all preferred shares)
- NVDA +2.6% (several CES announcements/updates)
- UBER +2.2% (collaborates with NVIDIA (NVDA) to accelerate autonomous mobility)
- ADC +2% (summarizes 2024 investment activity; provides investment volume guidance)
- SYM +1.8% (appoints new CTO)
- DSX +1.6% (reports final results of self tender offer of common stock)
- MBX +1.4% (Phase 1 Topline Results for MBX 1416)
- LCID +1.2% (to leverage Panasonic Energy's latest-generation high-performance EV Batteries; UAW says Lucid workers win substantial back pay and reinstatement in dramatic settlement)
- SU +1.2% (reports Q4 operational/production results)
- BWXT +1.1% (enters into an agreement to acquire Kinectrics for approximately $525 million, including assumption of Kinectrics' net pension and debt liabilities, and estimated transaction expenses)
- PDS +1% (meets 2024 debt repayment; provides financial and operational updates)
- TECH +1% (prevailed on another claim that Miltenyi Biotec commercialized antibodies developed based on information obtained by reverse engineering its proprietary R&D systems)
Early premarket gappers
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Gapping up:
- GETY +29.6%, NARI +21.3%, SSTK +13.2%, ZEPP +4.8%, NVX +4.2%, INMB +3.9%, RAIL +3.2%, LCID +2.9%, MPTI +2.7%, GFL +2.2%, ADC +2%, NVDA +2%, ULTA +1.9%, UBER +1.9%, DSX +1.6%, GILT +1.5%, KALU +1.3%, SU +0.9%, AHH +0.8%
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Gapping down:
- SLRN -15.5%, DNLI -5.4%, HLIO -3.4%, IREN -3.1%, DOMO -2.5%, UMC -2.1%, KURA -2%, SYK -1.9%, CIFR -1.9%, PAC -1.8%, APOG -1.6%, META -1%, IEP -1%, PDS -1%, VRNA -1%, AZEK -0.8%, CBOE -0.8%