Research Calls II
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Upgrades:
- Credo Technology Group (CRDO) upgraded to Positive from Neutral at Susquehanna; tgt $60
- Mid-America Aptmt (MAA) upgraded to Buy from Hold at Jefferies; tgt raised to $190
- Paycom Software (PAYC) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $245
- Pembina Pipeline (PBA) upgraded to Buy from Neutral at Citigroup
- ProQR Therapeutics (PRQR) upgraded to Buy from Neutral at Citigroup; tgt $4
- Trevi Therapeutics (TRVI) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $29
- XPeng (XPEV) upgraded to Buy from Neutral at Citigroup; tgt raised to $29
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Downgrades:
- APA Corp. (APA) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $32
- Marex Group plc (MRX) downgraded to Hold from Buy at HSBC Securities; tgt raised to $36
- Methanex (MEOH) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt $53
- Neumora Therapeutics (NMRA) downgraded to Mkt Perform from Outperform at William Blair
- Occidental Petro (OXY) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $64
- Pebblebrook Hotel Trust (PEB) downgraded to Neutral from Buy at Compass Point; tgt lowered to $15
- PPG Industries (PPG) downgraded to Hold from Buy at Argus
- Sherwin-Williams (SHW) downgraded to Hold from Buy at Jefferies; tgt lowered to $380
- UDR (UDR) downgraded to Hold from Buy at Truist; tgt raised to $46
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Others:
- Karman Space and Defense (KRMN) initiated with an Outperform at Evercore ISI; tgt $38
- Karman Space and Defense (KRMN) initiated with an Outperform at William Blair
- Karman Space and Defense (KRMN) initiated with a Buy at Citigroup; tgt $42
- Karman Space and Defense (KRMN) initiated with an Outperform at Robert W. Baird; tgt $40
- Karman Space and Defense (KRMN) initiated with an Outperform at RBC Capital Mkts; tgt $35
- Pulmonx (LUNG) initiated with a Buy at D. Boral Capital; tgt $17
- SailPoint (SAIL) initiated with a Buy at BTIG Research; tgt $27
- SailPoint (SAIL) initiated with a Buy at Truist; tgt $29
- SailPoint (SAIL) initiated with a Buy at BofA Securities; tgt $27.50
- SailPoint (SAIL) initiated with an Outperform at RBC Capital Mkts; tgt $27
- SailPoint (SAIL )initiated with an Overweight at Piper Sandler; tgt $30
- SailPoint (SAIL) initiated with a Neutral at Goldman; tgt $23
- SailPoint (SAIL) initiated with an Overweight at Barclays; tgt $27
- SailPoint (SAIL) initiated with a Neutral at JP Morgan; tgt $25
- SailPoint (SAIL) initiated with a Buy at TD Cowen; tgt $30
- SailPoint (SAIL) initiated with an Outperform at Evercore ISI; tgt $29
- SailPoint (SAIL) initiated with a Neutral at Mizuho; tgt $25
- SailPoint (SAIL) initiated with a Buy at Jefferies; tgt $26
- SailPoint (SAIL) initiated with an Equal-Weight at Morgan Stanley; tgt $26
- Sandisk (SNDK) initiated with an Outperform at Mizuho; tgt $60
- Super Micro Computer (SMCI) initiated with a Buy at Rosenblatt; tgt $60
Research Calls I
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Upgrades:
- Airbnb (ABNB) upgraded to Buy from Hold at Jefferies; tgt raised to $185
- Camden Property (CPT) upgraded to Buy from Hold at Jefferies; tgt raised to $139
- CME Group (CME) upgraded to Outperform from Mkt Perform at Raymond James; tgt $287
- Cracker Barrel (CBRL) upgraded to Buy from Hold at Truist; tgt raised to $55
- DocuSign (DOCU) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $75
- Fastenal (FAST) upgraded to Outperform from Mkt Perform at William Blair
- Grainger (GWW) upgraded to Outperform from Mkt Perform at William Blair
- Hudson Pacific Properties (HPP) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $4
- Independence Realty Trust (IRT) upgraded to Buy from Hold at Jefferies; tgt raised to $24
- KeyCorp (KEY) upgraded to Buy from Neutral at Citigroup; tgt $20
- Knight-Swift (KNX) upgraded to Neutral from Sell at Citigroup; tgt $53
- Samsara (IOT) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt $48
- Samsara (IOT) upgraded to Overweight from Neutral at Piper Sandler; tgt $50
- Shift4 Payments (FOUR) upgraded to Strong Buy from Outperform at Raymond James; tgt $140
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Downgrades:
- Emerson (EMR) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $110
- Host Hotels (HST) downgraded to Neutral from Buy at Compass Point; tgt lowered to $18
- Jack Henry (JKHY) downgraded to Neutral from Buy at Northcoast
- Kilroy Realty (KRC) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $35
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Others:
- Aardvark Therapeutics (AARD) initiated with an Overweight at Cantor Fitzgerald; tgt $50
- Aardvark Therapeutics (AARD) initiated with an Outperform at RBC Capital Mkts; tgt $21
- Aardvark Therapeutics (AARD) initiated with a Buy at BofA Securities; tgt $22
- Aardvark Therapeutics (AARD) initiated with an Overweight at Morgan Stanley; tgt $29
- ArriVent BioPharma (AVBP) initiated with a Buy at Guggenheim; tgt $45
- Knife River Corp. (KNF) initiated with a Overweight at Wells Fargo; tgt $102
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- BNTX -3%, TSM -1.3% (Feb sales), ASX -1% (Feb sales)
Other news:
- LUNR -8.6% (collected some data for NASA before calling an early end of IM-2 mission)
- RKT -6.7% (Rocket Companies enters into agreement to acquire Redfin (RDFN) in all-stock transaction for $12.50 per Redfin share)
- NVO -6.2% (headline results from REDEFINE 2, a phase 3 trial in the global REDEFINE program)
- HOOD -5.6% (ordered to pay $29.75 mln in fines for violating numerous FINRA rules)
- ALKT -4.7% (announces intention to offer $300.0 mln aggregate principal amount of convertible senior notes due 2030 in a private offering)
- MEOH -4.1% (provides update on Geismar Operations; estimates startup by early May)
- DXCM -3.1% (receives FDA warning letter; does not expect a material financial impact)
- HIVE -3% (Feb production)
- SYNA -2.4% (launches ultra-low-power Wi-Fi/Bluetooth/802.15.4 Triple Combo SoC Family for Embedded Edge AI IoT)
- VAL -1.7% (files for 4,760,965 share common stock offering by selling shareholders)
- GEO -1.7% (reports contract modification for company-owned, 1,328-Bed Karnes ICE Processing Center)
- QQQ -1%, SPY -0.9%, IWM -0.9%, DIA -0.8% (premarket weakness in index futures)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- WLFC +6%, IMOS +3.6% (Feb sales), FNV +1.1%
Other news:
- RDFN +85.7% (Rocket Companies enters into agreement to acquire Redfin (RDFN) in all-stock transaction for $12.50 per Redfin share)
- CKPT +66.8% (to be acquired by Sun Pharma for upfront cash payment of $4.10 per share)
- TRVI +32.8% ( topline results from the Phase 2a RIVER trial of haduvio in patients with refractory chronic cough; to host a conference call and webcast today at 8:30 a.m. ET)
- MLYS +15.9% (announces positive topline results from launch-HTN and advance-HTN pivotal trials of lorundrostat for the treatment of uncontrolled or resistant hypertension)
- JBI +14.4% (announces $40 million debt paydown)
- VRN +12.2% (Veren and Whitecap Resources (SPGYF) to combine in an all-share transaction valued at approximately $15 billion, inclusive of net debt)
- BEAM +12.1% (Initial Data for BEAM-302 in the Phase 1/2 Trial in Alpha-1 Antitrypsin Deficiency; prices offering of common stock and warrants)
- BECN +8.2% (QXO, Inc and Beacon Roofing Supply (BECN) confirm that they are in discussions about a potential combination in which QXO would acquire Beacon for $124.35 per share in cash, or total consideration of approximately $11 billion)
- LGTY +5% (receives unsolicited proposal for $15.00 per share)
- PERI +4.4% (authorizes expansion of share repurchase program)
- CTSH +4% (activist investor Mantle Ridge built an over $1 bln stake in the company, according to WSJ)
- DASH +3.7% (to join S&P 500)
- TKO +2.6% (to join S&P 500)
- EXE +2.1% (to join S&P 500)
- WSM +1.7% (to join S&P 500)
- INCY +1% (results of Phase 3 Clinical Trials Evaluating Ruxolitinib Cream 1.5% (Opzelura) in Patients with Prurigo Nodularis (PN) at 2025 American Academy of Dermatology Annual Meeting)
S&P announces quarterly rebalance; DASH, TKO, WSM and EXE to join S&P 500
S&P Dow Jones Indices will make the following changes to the S&P 100, S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range.
All companies being added to the S&P 100 are more representative of the mega-cap market space. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from the S&P SmallCap 600 are no longer representative of the small-cap market space.
- Palantir Technologies (PLTR), Intuitive Surgical (ISRG) and ServiceNow (NOW) will replace Dow Inc. (DOW), Kraft Heinz (KHC) and Ford Motor (F) in the S&P 100, respectively. All companies being removed from the S&P 100 will remain in the S&P 500.
- DoorDash (DASH), S&P MidCap 400 constituents TKO Group (TKO), Williams-Sonoma (WSM) and Expand Energy (EXE) will replace Borgwarner (BWA), Teleflex (TFX), Celanese (CE) and FMC Corp. (FMC) in the S&P 500 respectively. S&P SmallCap 600 constituents VF Corp. (VFC), Alaska Air (ALK) and Hims & Hers Health (HIMS), will replace TKO Group, Williams-Sonoma and Expand Energy in the S&P MidCap 400 respectively. Teleflex, Celanese, FMC and Borgwarner will replace VF, Alaska Air Group, Hims & Hers Health, and Ambac Financial (AMBC) in the S&P SmallCap 600, respectively.
- S&P SmallCap 600 constituents Bath & Body Works (BBWI), ATI Inc. (ATI) and EchoStar (SATS) will replace Chemours (CC), Teradata (TDC) and Neogen (NEOG) in the S&P MidCap 400 respectively. Chemours, Teradata and Neogen will replace Bath & Body Works, ATI and EchoStar in the S&P SmallCap 600 respectively.
- Ryman Hospitality (RHP), Element Solutions (ESI), Freshpet (FRPT), WillScot (WSC), Mueller Water (MWA), Kratos Defense (KTOS) and CleanSpark (CLSK) will replace Wabash National (WNC), Green Dot (GDOT), Fulgent Genetics (FLGT), Nabors Industries (NBR), Green Plains (GPRE), Mativ Holdings (MATV) and Hain Celestial (HAIN) in the S&P SmallCap 600 respectively.
>>> Up
* Admiral PT Raised to 3,800 pence from 3,550 pence at RBC
* Babcock Raised to Buy at Berenberg
* CME Group Raised to Outperform at Raymond James; PT $287 (+)
* Elis Raised to Outperform From Mkt Perform by Bernstein, Target Raised to EUR27.50 From EUR23.90 by Bernstein
* Eurocommercial Raised to Buy at Berenberg
* Greencore Group Raised to Buy at HSBC; PT 230 pence
* Greencore Group Raised to Buy at HSBC; PT 230 pence
* Palfinger Raised to Buy at Hauck & Aufhaeuser; PT 33 euros (+)
* Pennon Raised to Buy at Citi; PT 497 pence
* Pepco Group Raised to Buy at Deutsche Bank; PT 20 zloty (+)
* Straumann Raised to Buy at Octavian; PT 140 Swiss francs
>>> Down
>>> Down
* Air France-KLM Cut to Market Perform at Bernstein (+)
* Alstom Cut to Neutral at Citi; PT 26 euros
* Alstom Cut to Neutral at Citi; PT 26 euros
* BAE Cut to Hold at Berenberg
* BT Cut to Underweight at Barclays; PT 150 pence
* Chemring Group Cut to Hold at Berenberg
* Emerson Electric Cut to Underweight at Barclays; PT $110
* Erste Cut to Neutral at Citi; PT 66 euros
* Galderma Cut to Sector Perform at RBC; PT 106 Swiss francs
* Holcim Cut to Neutral at Citi; PT 109 Swiss francs
* Marex Group Cut to Hold at HSBC; PT $36
* Neste Cut to Hold at Berenberg; PT 10 euros
* Reckitt Cut to Neutral at BofA (+)
* Tulikivi Cut to Sell at Inderes; PT 42 euro cents
>>> Initiation
>>> Initiation
* Adyen Reinstated Overweight at Cantor; PT 1,924 euros
* Fastighets AB Trianon Rated New Buy at Pareto Securities
* Fastighets AB Trianon Rated New Buy at Pareto Securities
* Nvidia Rated New Buy at Founder Securities
>>> Call
>>> Call
* Asia Stocks Attractive as Tariffs Hurt US Exceptionalism: Nomura
* Berenberg Lowers Neste to Hold on Decreased Profit Outlook Amid Tough Operating Conditions
* Berenberg Lowers Neste to Hold on Decreased Profit Outlook Amid Tough Operating Conditions
* Equity Positioning Is Now Underweight: Deutsche Bank Strategists
* Galderma Upside Scope Relatively Limited, RBC Downgrades Rating
* Holcim Cut to Neutral at Citi, Value Seen Captured in Shares
* Morgan Stanley’s Wilson Sees Support for S&P 500 Around 5,500 (+)
* Pennon Risks Excessively Discounted, Raised to Buy at Citi (+)
* Reckitt Cut to Neutral at BofA as No Catalysts, Prefers Unilever (+)