Research Calls I
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Upgrades:
- International Paper (IP) upgraded to Buy from Neutral at BofA, tgt $46
- International Paper (IP) upgraded to Buy from Neutral at BofA, tgt $46
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Downgrades:
- Check Point (CHKP) downgraded to Neutral from Outperform at Wedbush, tgt $135
- Chewy (CHWY) downgraded to Neutral from Overweight at JPMorgan, tgt $24
- Dynatrace (DT) downgraded to Neutral from Outperform at Wedbush, tgt $54
- Fortinet (FTNT) downgraded to Neutral from Outperform at Wedbush, tgt $155
- Novo Nordisk (NVO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $40
- NuScale Power (SMR) downgraded to Sell from Neutral at UBS, tgt $6
- Qualys (QLYS) downgraded to Neutral from Outperform at Wedbush, tgt $175
- Tenable (TENB) downgraded to Underperform from Outperform at Wedbush, tgt $29
- Telos (TLS) downgraded to Neutral from Outperform at Wedbush, tgt $5
- Varonis Systems (VRNS) downgraded to Neutral from Outperform at Wedbush, tgt $46
- Check Point (CHKP) downgraded to Neutral from Outperform at Wedbush, tgt $135
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Others:
- Angi (ANGI) assumed with an Underweight at JPMorgan
- Air Products (APD) initiated with a Sector Weight at KeyBanc
- Axalta Coating Systems (AXTA) initiated with an Overweight at KeyBanc, tgt $47
- Bread Financial (BFH) initiated with an Equal Weight at Wells Fargo, tgt $115
- BOK Financial (BOKF) initiated with a Market Perform at Hovde Group, tgt $143
- Celanese (CE) initiated with an Overweight at KeyBanc, tgt $57
- Chesapeake Utilities (CPK) initiated with an Outperform at Mizuho, tgt $150
- CRH (CRH) resumed with an Overweight at Morgan Stanley, tgt $139
- Corteva (CTVA) initiated with a Sector Weight at KeyBanc
- Datadog (DDOG) assumed with an Outperform at Wedbush, tgt $275
- Dell Technologies (DELL) initiated with an Outperform at RBC Capital, tgt $640
- Dianthus Therapeutics (DNTH) initiated with an Overweight at JPMorgan, tgt $135
- Dow (DOW) initiated with a Sector Weight at KeyBanc
- Eastman Chemical (EMN) initiated with a Sector Weight at KeyBanc
- Element Solutions (ESI) reinstated with a Buy at Goldman, tgt $44
- First Financial Bankshares (FFIN) initiated with a Market Perform at Hovde Group, tgt $36
- Fidelity Nat'l Info (FIS) initiated with a Neutral at Piper Sandler, tgt $42
- FMC (FMC) initiated with an Overweight at KeyBanc, tgt $16
- Getty Images (GETY) assumed with an Underweight at JPMorgan
- Global Payments (GPN) initiated with a Neutral at Piper Sandler, tgt $101
- Hims & Hers Health (HIMS) assumed with a Neutral at JPMorgan, tgt $32
- HP (HPQ) initiated with a Sector Perform at RBC Capital, tgt $33
- Huntsman (HUN) initiated with an Overweight at KeyBanc, tgt $14
- International Flavors & Fragrances (IFF) initiated with a Sector Weight at KeyBanc
- Jack Henry (JKHY) initiated with a Neutral at Piper Sandler, tgt $171
- Kodiak AI (KDK) initiated with an Equal Weight at Morgan Stanley, tgt $9
- Korsana Biosciences (KRSA) initiated with a Buy at UBS, tgt $55
- Linde (LIN) initiated with an Overweight at KeyBanc, tgt $542
- LyondellBasell Industries (LYB) initiated with a Sector Weight at KeyBanc
- MARA Holdings (MARA) assumed with a Buy at H.C. Wainwright, tgt $20
- Mosaic (MOS) initiated with a Sector Weight at KeyBanc
- Nutrien (NTR) initiated with a Sector Weight at KeyBanc
- Olin (OLN) initiated with an Overweight at KeyBanc
- Old National Bancorp (ONB) initiated with an Overweight at JPMorgan, tgt $32
- Palo Alto Networks (PANW) assumed with an Outperform at Wedbush, tgt $400
- People Incorporated (PPLI) assumed with an Overweight at JPMorgan, tgt $54
- PPG Industries (PPG) initiated with an Overweight at KeyBanc, tgt $133
- Q2 Holdings (QTWO) initiated with an Overweight at Piper Sandler, tgt $82
- Rubrik (RBRK) assumed with an Outperform at Wedbush, tgt $120
- Rocket Lab USA (RKLB) initiated with an Outperform at Raymond James, tgt $80
- RPM International (RPM) initiated with an Overweight at KeyBanc, tgt $123
- Shopify (SHOP) initiated with an Outperform at Bernstein, tgt $160
- Sherwin-Williams (SHW) initiated with a Sector Weight at KeyBanc
- Neuronetics (STIM) initiated with a Buy at B. Riley, tgt $5
- Teamshares (TMS) initiated with an Outperform at Grupo Santander, tgt $10.90
- WEX (WEX) initiated with a Neutral at Piper Sandler, tgt $209
- Westlake (WLK) initiated with an Overweight at KeyBanc, tgt $92
- Yelp (YELP) assumed with an Underweight at JPMorgan, tgt $19
- Ziff Davis (ZD) assumed with a Neutral at JPMorgan, tgt $60
- Angi (ANGI) assumed with an Underweight at JPMorgan
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- ZUMZ -16.2%, ADBE -4.1%, KR -2.9%
Other news:
- PMTS -16.9% (prices 2.34 mln-share secondary offering at $21.50/share)
- EXEL -1.8% (FDA notified Exelixis that it had extended the review period for Exelixis' new drug application (NDA) for zanzalintinib)
- HOOD -0.7% (reports August operating data)
- TENB -0.7% (prices upsized $725 mln convertible notes offering)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- FEIM +29.9%, AENT +28.9%, RH +6.8%, ORCL +5.7%, CPRT +5.3% (also to acquire ACVA for $10.50/share in cash), DSGX +3.3%, REF +1%
Other news:
- ACVA +44.2% (to be acquired by CPRT for $10.50/sh)
- THO +10% (further leadership changes as part of previously announced evolution of its North American RV operating model)
- ATEC +6.8% (CEO disclosed the purchase of 115,000 shares at $8.73 - $8.84 worth approximately $1.0 mln (transaction date 9/10))
- XP +3.9% (stock offering by selling shareholder)
- GME +3.8% (President, CEO and Chairman Ryan Cohen bought 1 mln shares of Class A Common Stock at $20.0199 - $20.4699 worth about $20.4 mln (transaction date 9/10))
- SI +3% (gets FDA 510(k) clearance for N-22 Humeral Head, starts full launch)
- UNTY +2.7% (expects one-time Q3 tax benefit)
- CELH +2.5% (CEO bought 18000 shares worth ~$494K)
- CATX +2.2% (receives acceptance of VMT-a-NET Data for presentation at the 38th EORTC-NCI-AACR Symposium 2026)
- VIK +1.8% (authorizes new $1 bln share repurchase program)
- FBRT +1.8% (authorizes new $50 mln share repurchase program)
- CRDL +1.5% (files preliminary $150 mln base shelf prospectus)
- BBWI +1.5% (activist Barington Capital takes stake, according to Bloomberg)
- NRXP +1.5% (announces that its subsidiary, HOPE Therapeutics, will be the first Interventional Psychiatry to deploy Zeta Surgical's newly FDA-cleared Zeta TMS Robotic System, with clinical staff now in training ahead of deployment in Florida)
- RKLB +1.4% (completes 16th Electron launch of 2026, deploys Earth observation satellite)
- MTN +1.3% (provides update following close of nominations window, reiterates active search underway in its ongoing commitment to Board refreshment)
- VFS +1.3% (announced preliminary August domestic Vietnam deliveries of 20,161 EVs, representing an increase of 12% compared to the previous month)
- BGSI +1.3% (launches buyback for up to 10% of public float through normal course bid)
Early premarket gappers
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Gapping up:
- AENT +49.2%, ACVA +44%, FEIM +29.5%, CRDL +15.7%, CATX +8.3%, RH +8.2%, ORCL +7%, CPRT +5.7%, XP +3.9%, GME +3.6%, BBWI +3.2%, SI +3%, DSGX +2.6%, CW +2.2%, CELH +2.1%, JOBY +2.1%, VIK +1.8%, THO +1.5%, RKLB +1.5%, FBRT +1.3%, RUM +1%, REF +0.9%
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Gapping down:
- ZUMZ -16.3%, PMTS -15%, ADBE -3.8%, HOOD -1.1%, TENB -0.7%, LYEL -0.6%, RWT -0.6%
Asian stocks and bonds dropped following a surge in oil prices, as investors awaited key US inflation data Friday that may determine whether the Federal Reserve raises interest rates this month. The MSCI Asia Pacific Index slid 1.7%, set for its biggest loss in three weeks. Brent crude climbed 0.2% to $107.86 a barrel after earlier rising to almost $110. Bonds came under further pressure after the US Treasury bought back fewer securities than investors had anticipated on Thursday, pushing 10-year yields to the cusp of 5%. Asian government bonds followed Treasuries lower. Australia’s three-year yield jumped as much as 20 basis points to 5.05%, its highest level since 2011, while New Zealand’s two-year yield climbed 25 basis points. The US 10-year yield was little changed at 4.96% on Friday after surging 12 basis points in US trading. There were still some positive pockets in the markets. Oracle Corp. shares gained in extended trading after the company reported faster growth in its cloud-computing business than analysts had projected. Friday’s US consumer price index report will now be a key test for risk sentiment, with investors looking to see whether higher energy costs are spilling over into broader price pressures. Producer-price-inflation data published Thursday showed renewed pressure from rising energy prices last month, potentially adding to the case for a Fed rate hike next week. August’s CPI data is seen as increasingly pivotal, with Fed policymakers — notably Governor Christopher Waller — signaling that the outcome of the Fed’s Sept. 15-16 meeting hinges on evidence that inflation is moderating. Bloomberg Economics estimates that headline CPI accelerated in August due to a resurgence in gasoline prices, while core CPI likely rose at a similar pace to July. Treasuries fell across the curve on Thursday after the US government purchased fewer 10- to 20-year securities than investors had expected in Treasury Secretary Scott Bessent’s first expanded buyback operation. The 10-year yield has now climbed 19 basis points this week. Swaps are now pricing in about a 70% chance of a Fed hike next week and fully discounting a move by October. European Central Bank President Christine Lagarde added to concerns over tighter global monetary policy, saying the region’s inflation would remain well above target into 2027. Oil’s surge has added another complication for central banks as the conflict around the Strait of Hormuz threatens to keep energy prices elevated. An increase in attacks on shipping in the waterway has pushed up prices for oil, natural gas and diesel, adding to concerns that energy costs will feed through to inflation. Iran-backed Houthis advanced toward coastal areas along the Bab al-Mandeb Strait, gaining ground in their attempt to seize Mokha near the southern end of the Red Sea. US After Hours RH +6.9%, ORCL +4.7%, DSGX +2.4% higher on earnings; ADBE -2.3% lower on earnings; ACVA +44% to be acquired by CPRT; CELH +2.1% on CEO insider buy.
Nikkei -2.17% Hang Seng -0.55% CSI -0.96% Kospi -1.41% Shanghai -1.27% Shenzen -1.69%
Eur$ 1.1606 CNH 6.7103 CNY 6.7105 JPY 154.37 GBP 1.3504 CHF 0.8133 RUB 84.0625 TRY 48.6040 WTI$ 102.46 -0.04% Gold 4,328 -0.82% BTC 77,080 -0.21% ETH 2,458.4 -0.10%
S&P +0.30% Nasdaq +0.20% EuroStoxx +0.24% FTSE +0.20% Dax +0.18% SMI +0.10%
Macro :
- Brent Oil Trades Near $107 as Houthi-Saudi Fighting Escalates
- Saudi crown prince urged Trump to strike Houthis amid Red Sea threat
- UAE Plans to Invest $46 Billion in Germany From AI to Energy
- UAE Plans to Invest $46 Billion in Germany From AI to Energy
- Bitcoin Slips Further Below $80,000 as the Range Trade Resumes
- UK Grid Needs £70 Billion Upgrade as Consumers Face Higher Bills
- Ebola Spreads to Seventh Congo Province After Long-Distance Trip
- The Dutch Village in the Path of Europe’s Energy Transition
Keep an eye on :
Keep an eye on :
- ADBE US : Adobe Sees 4Q Revenue $6.80B to $6.85B, Est. $6.85B
- AGS BB : Ageas Completes Sale of 30.95% Stake in MAHB to Maybank
- AB US : AllianceBernstein Assets Under Management $919B Vs. $844B Y/y
- ALV GY : Insurers Zurich and Allianz have exposure linked to Radiant World
- APO US : Apollo Sports Capital Has Interest in NFL Stake, CEO Tylis Says
- AZM IM : Azimut Gets Antitrust Nod for Yapi Kredi Yatirim Acquisition
- BEI GY : Beiersdorf Hiked Nivea Investment Delays Profit Repair to 2028
- BEI GY : Beiersdorf Hiked Nivea Investment Delays Profit Repair to 2028
- BX US : Blackstone Preps Buying More TPUs Than Previously Shared: Info
- CHEMM DC : ChemoMetec FY Outlook Below Consensus
- CEG US : Constellation to Buy Rhode Island State Energy Center From Shell
- DIE BB : Windshield Giant Belron Is Said to Seek Banks for Amsterdam IPO
- ELIS FP : Elis To Redeem €380m 2.25% Conv. Notes Due 2029
- ETL FP : Astroscale's French Subsidiary Wins 13.2 Million Euro Deorbiting Contract
- FRVIA FP : FORVIA HELLA CFO Vienney to Step Down in February 2027
- FRA GY : Fraport Aug. Frankfurt Airport Passengers 6.3M
- GDWN LN : Cerberus to Buy Part of Goodwin Unit for up to About £1.1B Cash
- HBR LN : Harbour Energy Holder BASF Handels- & Export Offers 80m Shares, *HARBOUR ENERGY OFFERING PRICED AT 266P/SHR: TERMS
- INTC US : Intel-Backed Altera Seeking IPO as Soon as 2026, Reuters Says
- IOS GY : IONOS to Cut About 450 Jobs in Transformation Program
- ORCL US : Oracle 1Q Adjusted Revenue Beats Estimates
- ORCL US : Oracle’s GPU Pricing Lifts the Hyperscaler Trade: Equity Insight
- ORSTED DC : Orsted Gets Final Opinion on Taxation of UK Offshore Projects
- PRY IM : Prysmian Capital Increase for Atkore Deal Prices at EU121/Share
- RH US : RH 2Q Adjusted EPS Beats Estimates --> +15%
- NVDA US : Nvidia CEO Touts Cybersecurity as Next Big AI Market
- OMV AV : OMV Petrom Buys Battery Energy Storage System for Solar Park
- Open AI IPO : OpenAI Is Open to Slowing Cutting-Edge AI, Altman Tells Staff
- APN LN : Protein Powder Executives Offer Stake After 113% Gain, Romania Aug. Consumer Prices Rise 6.17% Y/y, Est. +6.60%
- RECT BB : Balcaen Controlled Companies to Act in Concert on Recticel Stake
- ENH NO : SED Energy to Buy Ventura Offshore in All-Share Deal
- SNP RO : OMV Petrom Buys Battery Energy Storage System for Solar Park
- SPCX US : SpaceX’s Next Starship Flight Will Generate Revenue, CFO Says
- STLA US : Stellantis CEO Says Company on Track to Deliver Mid-Term Targets
- TEF SM : Virgin Media O2 Holders Propose ~£600m Cost Cuts, FT Reports
- TSLA US : Tesla China Launches New Model Y Performance AWD Model
- TRN LN : Trainline Sees Earnings Slightly Ahead of Guidance
- UCG IM : UniCredit Board Approves Capital Increase for Commerzbank Offer
- 1U1 GY : United Internet Sees ~EU95M Charge from Restructuring at Units
- MTN US : Activist Oasis Seeks Board Seats at Vail Resorts: Semafor
- VTURA NO : SED Energy to Buy Ventura Offshore in All-Share Deal
- FHZN SW : Zurich Airport Aug. Passenger Traffic +1.8%
- ZURN SW : Insurers Zurich and Allianz have exposure linked to Radiant World
>>> Up
* EDP SA Raised to Overweight at Morgan Stanley; PT 5.30 euros
* GEA Group Raised to Overweight at Barclays; PT 78 euros
* Halma Raised to Hold at Jefferies; PT 3,660 pence
* Ibersol Raised to Buy at JB Capital Markets; PT 12.90 euros
* Naturgy Raised to Outperform at Oddo BHF; PT 34.50 euros
* Renishaw Raised to Buy at Jefferies; PT 6,090 pence
* Renishaw Raised to Buy at Jefferies; PT 6,090 pence
* Straumann Raised to Equal-Weight at Morgan Stanley
* Vestas Price Target Raised to DKK 285 from DKK 270 by Nordea
* XP Power Raised to Buy at Jefferies; PT 2,330 pence
>>> Down
>>> Down
* Nike Cut to Underweight at Morgan Stanley; PT $31
* Norsk Hydro Cut to Neutral at JPMorgan; PT 97 kroner
* Novo Nordisk ADRs Cut to Underweight at Morgan Stanley; PT $40
* Novo Nordisk Cut to Underweight at Morgan Stanley; PT 250 kroner
* Ypsomed Cut to Neutral at UBS; PT 400 Swiss francs
>>> Initiation
* Ypsomed Cut to Neutral at UBS; PT 400 Swiss francs
>>> Initiation
* Academedia Reinstated Buy at Nordea; PT 130 kronor
* Air Products Reinstated Sector Weight at KeyBanc
* CF Industries Rated New Underweight at KeyBanc; PT $115
* Dell Technologies Rated New Outperform at RBC; PT $640
* Digi Spain Telecom Rated New Neutral at Oddo BHF; PT 7 euros
* HP Inc. Rated New Sector Perform at RBC; PT $33
* International Workplace Rated New Overweight at JPMorgan
* International Workplace Rated New Overweight at JPMorgan
* Linde Reinstated Overweight at KeyBanc; PT $542
* Lottomatica Reinstated Buy at William O'Neil
* Mosaic Rated New Sector Weight at KeyBanc
* Technoprobe Rated New Outperform at BNP Paribas; PT 40 euros
* VBG Group Rated New Buy at ABG; PT 410 kronor
>>> Call
>>> Call
- GEA Group (G1A TH) +2.5%
- GEA Group Raised to Overweight at Barclays; PT 78 euros
- Frontline (HF6 TH) +2.3%
- Salmar (JEP TH) +1%
- ASML (ASME TH) -1.2%
- Novo Nordisk (NOV TH) -2.3%
- Novo Nordisk Cut to Underweight at Morgan Stanley; PT 250 kroner
- Enagas (EG4 TH) -3.5%
- FlatexDEGIRO (FTK TH) -5.7%
- FlatexDEGIRO Chair Resigns, Interim Successor Named
DAX:
- GEA Group (G1A TH) +3.6%
- GEA Group Raised to Overweight at Barclays; PT 78 euros
MDAX:
- Aroundtown (AT1 TH) +1%
- Bilfinger (GBF TH) +1%
- FlatexDEGIRO (FTK TH) -3.7%
- EQS-News: flatexDEGIRO with changes to the Supervisory Board