>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • LBPH +46.2%, RILY +11.8%, RDW +7.6%, VRA +6.9%, SIRI +5.5%, NRIX +4.1%, BLCO +3.5%, BNTC +2.7%, NTRA +2.5%, CG +2.2%, NNDM +1.3%, GSK +1.1%, TMHC +1%, CCEC +0.8%, BRK.B +0.5%
  • Gapping down:
    • UVE -3.2%, BA -2.1%, SUUN -1.8%, AMGN -1.1%, EG -1%, BTU -0.8%, IP -0.5%, TOL -0.5%

WWD : Architect Lauren Rottet Is Designing the Ultimate Luxury Spa Experience

Architect Lauren Rottet Is Designing the Ultimate Luxury Spa Experience
The celebrated interior architect talks about her design philosophy, her upcoming spa project at the Wynn in the U.A.E., being inspired by the Met Museum’s Manus x Machina exhibition and more.
From the St. Regis to Goldman Sachs and Viking Cruises, architect Lauren Rottet’s client’s designs include a vast array of more than 50 hotels, restaurants, office buildings and luxury private residences across the world.

And while her design experience is across the architecture space, one of Rottet’s specialties is her ability to design the ultimate luxury spa experience. Some previous notable projects include Canyon Ranch’s Texas and Massachusettes locations, the Four Seasons Chicago with Augustinus Bader and the Belmond Cap Juluca Guerlain Spa in Anguilla. Currently, Rottet’s eponymous studio is working with the Wynn on its spa for the new Al Marjan Island in the U.A.E., slated to open in 2027.

What makes Rottet’s design practice stand out is her exploration in the pursuit of bringing nature inside — creating biophilia, “the innate desire for humans to be connected to nature and other life forms” and biomimicry, “emulation of models, systems and elements of nature for the purpose of solving problems.”

Lauren Rottet at Artemest Milan for her special design of The Living Room at L’Appartemento.
Courtesy Photo

Born and raised in Waco, Texas, Rottet is a veteran of the industry and previously was at prominent firm Skidmore Owings & Merrill; she later opened her own firm, Rottet Studio, in 2008. Rottet also has her own line of furniture and lighting called Rottet Collection and created a special design of The Living Room at L’Appartemento for Artemest Milan this past April.

Rottet said she was attracted to designing interiors because it was more challenging and fulfilling as a mix of both psychology and art. “People spend most of their time inside and their interiors reflect who they are and how they want to live, work or vacation,” Rottet told WWD.

Speaking about her design philosophy and how it’s evolved, Rottet said that she looks to creating interiors that are “stimulating, thought-provoking, inspiring” and healing through their “calmness, balance and light.”
Canyon Ranch in Lenox, Mass.
Canyon Ranch

When creating a luxury experience at the spa she designs, Rottet notes that luxury means different things to different people but an unforgettable experience is a must. “A luxury spa experience is about relaxation stimulation, discovery and at the end of the day unparalleled satisfaction both mentally and physically.”

When it comes to creating a strategic design to influence the type of clientele that luxury spas are looking to attract, the manipulation of space and experience to support the brands and create an unforgettable experience is Rottet’s role.

She also notes that design encompasses everything — the guests’ experience from the phone call or online booking, the arrival outside the venue and the smell that lingers after the guests have finished their treatment or returned home.
Guerlain products displayed at the Belmond Cap Juluca Spa, by Guerlain.
Victor Stonem

Design has a large impact on consumers — when entertaining a well-designed space, they gain respect and trust for the company and, in turn, invest in more treatments and products being offered. By gaining the trust of guests at the spas through a good design, service and product, people will be willing to pay more to get the whole package.

Creating the ultimate spa experience requires Rottet to meticulously plan out the self care experience from beginning to end. The usage of natural and artificial light is a key element of Rottet Studio design projects — and the usage of visual movements through reflection, refraction, texture and shapes.
Rottet points to The Met Museum’s 2016 exhibition, “Manus x Machina: Fashion in the Age of Technology” as highly influential in her work. The exhibition looked at the merging of the manus (hand, or more specifically haute couture in fashion) and machina (machine) to redefine what fashion means in the modern age — and in Rottet’s approach, she said she’s constantly using the exhibition’s use of materials, forms and architectural beauty as a point of reference.
LivNordic spa on the Viking Cruise’ Star cruise ship.
Eric Laignel

“I am highly influenced by fashion when it is game-changing and reflects the state of the year, economy and issues that are pertinent in the world like art does,” Rottet said. “I go to all the best international art shows and I always see a consistency in the theme or expression of the work — no matter where the artist lives and works.”

Another major piece to the puzzle is providing cultural context to her projects; throughout Rottet’s process of working with hotels, she researches the city and region, its history and how the area has changed over time, local food, fashion and its people.

Different locations also lend different light qualities for Rottet to play with — Aspen light gives fabrics a violet look, while San Francisco gives off aqua blues. When bringing her materials to the hotel’s location, she examines them under the location’s natural light.
Reception area at Canyon Ranch in Fort Worth, Texas.
Shaun Menary

At the Guerlain Spa at Belmond’s Cap Juluca Anguilla, Rottet said the entire island’s elements felt like a spa with Guerlain wellness properties of water, salt and botanicals naturally found. On the North side of the island were shallow crystalline salt ponds where its indigenous Caribbean tribe, the Arawak, harvested salt for its cooking and healing properties — a treatment for harvesting salt is available at the spa.

With Anguilla’s natural healing rocks of limestone and coral stone, the guests of the hotel and spa are meant to be barefoot — with Caribbean nature immersing its guests throughout the entire experience.
Many of Rottet Studio’s projects for spas are in collaboration with major brands such as Guerlain and Augustinus Bader — the team also does extensive research into the customers, logos, colorways, motifs and moods of the brands they work with.

“When we first started to design the spa for Guerlain at Cap Juluca, we studied the ancient and current medicinal healing properties of the endogenous salts, stones and tropical,” Rottet said. “We studied Guerlain’s history, its place with royalty, their wellness philosophy and the individual products. Our spa design, Guerlain’s treatments and experiences have been customized to connect the guest with the energy and rhythms of the sea. The turquoise ocean view makes a stunning backdrop to Guerlain’s Orchidée Impériale deep cobalt blue containers.”
Augustinus Bader spa at the Four Seasons Chicago.
Courtesy Photo

As for the future of design in the luxury spa and hospitality industry? Rottet foresees that customers will become more addicted to the experience beyond the physical environment of a hotel or a spa. One such way is through hotels creating highly curated gift shops with sought-after items such as ski jackets, bathing suits, beach bags, sandals and glasses that create memories for the consumer to keep coming back.

Another forecast by Rottet is that more resort spas will customize treatments to be one with the surrounding natural elements in their region such as limestone, coral, salt or gold and botanicals like lavender, chamomile, pomegranate and aloe vera.

“The luxury guest wants to experience and discover things they do not have and they spend their money on things that bring them good memories. They pay for counseling and guidance to do the right thing to keep themselves healthy. The clever spas will figure out how to be their health and beauty coach 24/7 all year round,” Rottet said.

FT : TPG and Blackstone team up to bid for eyecare company Bausch + Lomb

TPG and Blackstone team up to bid for eyecare company Bausch + Lomb
Deal could be among year’s largest private equity buyouts as contact lens maker looks to split from indebted parent

Private equity groups TPG and Blackstone have teamed up to work on a joint bid for eyecare company Bausch + Lomb, according to people familiar with the matter. 

If it goes through, the deal could be one of the largest private equity buyouts of the year, with Bausch + Lomb’s enterprise value including debt totalling $11.5bn as of market close on Friday. Several other private equity funds assessing bids have dropped out of the process.

Bausch + Lomb was put up for sale to resolve an impasse over a separation from its heavily indebted parent company.

TPG and Blackstone have long been considered the front-runners to take the business private, as before Bausch + Lomb publicly listed in 2022 the private equity groups had expressed interest in buying the business, the people added. TPG already owns ophthalmology company BVI Medical.

People familiar with the bidding said offers are expected to value the company at an enterprise value of between $13bn and $14bn, or up to $25 per share. Bausch + Lomb closed Friday trading at $19.47.

A sale process was kicked off for Bausch + Lomb, led by advisers at Goldman Sachs, in an attempt to resolve a feud between shareholders and creditors of its parent company Bausch Health, which owns 88 per cent of Bausch + Lomb. Bausch + Lomb’s chief executive is famed dealmaker Brent Saunders, who sold Allergan to AbbVie for $63bn.

Formal bids are expected by as early as the end of the month. However, it is still possible a deal may not occur, the people said.

Blackstone, TPG and Bausch + Lomb declined to comment. Goldman did not immediately respond.

A spin-off process ground to a halt as losing its more profitable subsidiary threatened to leave Bausch Health insolvent because of a $21bn debt pile, and was opposed by lenders, including Apollo Management, Elliott Management, GoldenTree Asset Management and Silver Point Capital.

Shares in Bausch + Lomb are up 25 per cent to $19.47 since the Financial Times reported last month that the eyecare company was up for sale. Bonds in Bausch Health have also traded strongly as a sale would allow the company, formerly known as Valeant, to pay down its debts. 

Bausch Health has about $10bn worth of maturities coming due before the end of 2027 — with the highest priority being a $2.4bn fixed-rate loan due next year. How Bausch Health’s key shareholders — including Wall Street titans Carl Icahn and John Paulson — would spend the proceeds of the sale is unclear. But one idea under discussion is to pay themselves a special dividend after paying down the near-term debt, according to two people. But this move would likely rankle creditors. 

Representatives for Icahn declined to comment, while Paulson & Co did not immediately respond to a request for comment.

Bausch + Lomb is projected to generate nearly $860mn in adjusted earnings before interest, taxation, depreciation and amortisation from $4.7bn in revenues this year, nearly three-fifths of which comes from sales of contact lenses and dry eye drugs Xiidra and Miebo. The company also sells surgical equipment to ophthalmologists.

Doubts over Bausch Health’s performance and solvency have been added to by its lead drug — Xifaxan, a gastrointestinal medication — coming off patent by 2029. Bausch Health’s market value has risen by nearly 26 per cent to just under $2.9bn after the sale process was first reported, but remains well below its value before the company faced legal challenges over its Xifaxan patents.

>>> Europe : Brokers Upgrades & Downgrades - 14th of October 2024 V2(+)

>>> Up
* Alfen Raised to Hold at Kepler Cheuvreux
* Bunzl Raised to Overweight at JPMorgan; PT 3,980 pence
* Dometic Raised to Hold at Nordea
* Equinor Raised to Equal-Weight at Morgan Stanley; PT 270 kroner
* Equinor ADRs Raised to Equal-Weight at Morgan Stanley; PT $25.80
* Humana Raised to Buy at Kepler Cheuvreux (+)
* JPMorgan PT Raised to $240 from $225 at Wells Fargo
* Spirax Raised to Buy at Peel Hunt; PT 8,300 pence
* Stora Enso Raised to Neutral at BNPP Exane (+)

>>> Down
* Arcadium Lithium Cut to Hold at TD Cowen; PT $5.85
* BASF Cut to Neutral at UBS (+)
* Caterpillar Cut to Underweight at Morgan Stanley; PT $332
* Compass Group Cut to Neutral at Citi; PT 2,650 pence
* Deutsche PBB Cut to Reduce at AlphaValue/Baader
* Hermes Cut to Market Perform at CICC; PT 2,000 euros
* Ipsen Cut to Hold at Kepler Cheuvreux (+)
* J. Martins Cut to Hold at Bestinver; PT 18.40 euros (+)
* Knorr-Bremse Cut to Sell at Hauck & Aufhaeuser; PT 65.50 euros (+)
* Logista Integral SA Cut to Hold at Kepler Cheuvreux (+)
* Pluxee Cut to Sell at Goldman; PT 18 euros
* TI Fluid Cut to Hold at Investec; PT 200 pence

>>> Initiation
* 1Spatial Rated New Corporate at Cavendish; PT 140 pence (+)
* Argan Rated New Accumulate at KBC Securities; PT 90 euros (+)
* Corem Property Rated New Buy at Pareto Securities
* Diamondback Resumed Neutral at Citi; PT $195
* Galp Rated New Buy at HSBC; PT 20 euros

>>> Call
* JPMorgan Strategists Say Euro-Zone Stocks to Continue to Lag S&P (+)
* Compass Cut at Citi After Strong Run, Aramark Now Top Pick
* Dometic Loses Only Sell; Nordea Says Bad News Probably Priced In (+)
* Equinor Raised, But Morgan Stanley Remains Cautious on Energy
* Goldman Sachs Upgrades China Growth Forecasts on Latest Stimulus
* Hedge Funds Buy US Stocks by Most Since 2021, Goldman Says
* L’Oreal’s Growth May Be Stuck Near-Term, Prefer Beiersdorf: Citi
* TI Fluid’s Latest Offer from ABC Still Looks Low: Jefferies
* Wizz Air Gets Street-Low Price Target as Citi Sees Weak Results

>>> Stoxx 600 Pre-Market Indications

  • ITV (IJ7 TH) +3%
  • Equinor (DNQ TH) +1.8%
    • Equinor Raised, But Morgan Stanley Remains Cautious on Energy
  • Elekta (EJXB TH) +1.5%
  • GSK (GS71 TH) +1.4%
    • GSK Reports Positive Phase 3 Results in Depemokimab Trials
  • Gerresheimer (GXI TH) +1.3%
  • Diageo (GUI TH) +1.3%
  • Bayer (BAYN TH) +1.1%
  • Rio Tinto (RIO1 TH) +1.1%
  • Hermes (HMI TH) -1.3%
    • Watch Paris Stocks after Fitch Cuts France Outlook to Negative
  • Philips (PHI1 TH) -1.3%
  • AB InBev (1NBA TH) -1.3%
  • Tomra (TMRA TH) -1.3%
  • L’Oreal (LOR TH) -1.4%
    • L’Oreal’s Growth May Be Stuck Near-Term, Prefer Beiersdorf: Citi
  • Buzzi SpA (UCM TH) -1.5%
  • UMG (0VD TH) -1.6%
  • Lufthansa (LHA TH) -2.1%
    • Lufthansa CEO Says Fees Hurting German Airports, Bild Reports
  • Ryanair (RY4C TH) -2.5%
    • Ryanair Lower Profit View Baked In After Fares Reset: 2Q Preview
  • IAG (INR TH) -3.7%
    • China Eastern Pulls Madrid Flight as Subsidies Come Under Threat
    • Friday, British Airways Axes Some Long-Haul Flights Amid Engine Woes (1)

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +1.6%
    • Friday: Bayer Shares Slip on Latest Jury Ruling in Roundup Litigation
  • BASF (BAS TH) -1.2%
MDAX:
  • Gerresheimer (GXI TH) +1.8%
  • Thyssenkrupp (TKA TH) +1.6%
  • Aixtron (AIXA TH) +1.3%
  • RTL (RRTL TH) +1.2%
  • Puma (PUM TH) +1%
  • Lufthansa (LHA TH) -2%
    • Lufthansa CEO Says Fees Hurting German Airports, Bild Reports
SDAX:
  • Schaeffler (SHA TH) +6.8%
  • MLP (MLP TH) +2.4%
  • Kontron (KTN TH) +2.3%
  • Sixt (SIX2 TH) +1.1%
  • Deutz (DEZ TH) +1%
  • Deutsche PBB (PBB TH) -2.2%
    • Deutsche PBB Cut to Reduce at AlphaValue/Baader

>>> What to look at today - 14th of October 2024

Chinese shares fluctuated in a volatile session after a Finance Ministry briefing at the weekend underwhelmed investors and a drop in factory prices reinforced concerns about the economy. Onshore equities swung between gains and losses while Hong Kong shares dropped along with US stock futures. China’s yuan weakened against the greenback, as did the Australian and New Zealand dollars. Oil declined after China’s briefing lacked new incentives to boost consumption in the biggest importer. While China’s Finance Minister Lan Fo’an vowed more support for the real estate sector at the keenly anticipated weekend briefing, he did not produce a headline monetary stimulus figure, disappointing some investors. The focus is now turning to the next major policy briefing in the coming weeks — from the Communist Party-controlled parliament that oversees the budget — for details of more support.  Before the weekend briefing, money managers had been waiting for more fiscal measures to help sustain the rally sparked by the stimulus blitz that authorities unleashed in late September. Investors and analysts surveyed by Bloomberg had expected China to deploy as much as 2 trillion yuan ($283 billion) in fresh fiscal stimulus on Saturday, including potential subsidies, consumption vouchers and financial support for families with children. The CSI 300 Index, a benchmark of onshore equities, capped its biggest weekly loss since late July on Friday, while the Aussie and kiwi - proxies for China sentiment among developed market currencies - fell for two weeks running. In the commodities space, Brent dropped below $78 a barrel while iron ore futures in Singapore reversed an early decline. The US dollar advanced after rising for a second week as traders pared expectations on the pace of Federal Reserve rate cuts. The Monetary Authority of Singapore kept its monetary settings unchanged for a sixth consecutive review. This week, Chinese growth and retail sales data are due while inflation readings in New Zealand, Canada and the UK are expected. Thailand, Philippines and Indonesia central banks will give policy decisions ahead of the European Central Bank later this week.  The ECB will probably advance the global push for monetary easing with an interest-rate cut that policymakers had all but ruled out just a month ago.

Nikkei Closed Hang Seng -0.18% CSI +1.68% Shanghai +1.71% Shenzen +2.38%

Eur$ 1.0924 CNH 7.0836 CNY 7.0753 JPY 149.27 GBP 1.3059 CHF 0.8583 RUB 95.8044 TRY 34.2810 WTI$ 74.67 -1.18% Gold 2,659 +0.10% BTC 64,270 +2.44% ETH 2,359 +3.23%

S&P -0.06% Nasdaq -0.11% EuroStoxx +0.06% FTSE -0.10% Dax +0.18% SMI +0.16%

Macro :
- Fitch Cuts France's Outlook to Negative on Affirmed Rating -->French Bond Futures Soften After Fitch Gives Negative Outlook
- German Economy in Recession With No More Growth Seen in 2024
- China Says Major Disagreements Remain With EU Over EV Tariffs
- Goldman Sachs Upgrades China Growth Forecasts on Latest Stimulus
- Germany’s Social Democrats Weigh EV Subsidies in 2025 Strategy
- Chinese Equities Brace for Monday’s Negative Feedback Loop
- Hurricane Milton Was Intensified by Climate Change, Study Says
- Hedge Funds Buy US Stocks by Most Since 2021, Goldman Says
- Kenyan Chepngetich Sets Women’s World Record at Chicago Marathon
- UK Warned to Prepare for Floods After Unusually Wet September
- Bitcoin Jumps as Traders Weigh China Fiscal Stimulus, Trump Odds

Keep an eye on :
- AC FP : BTG asset manager buys Accor chain in Brazil for R$1.7 billion
- AKERBP NO : Aker BP 3Q Avg Production Meets Estimates
- ALV GY : *SINGAPORE WON'T ALLOW ALLIANZ-INCOME DEAL IN 'CURRENT FORM'
- AAPL US : Apple Prepares to Take the Smart Home Market Seriously: Power On
- BEI GY : L’Oreal’s Growth May Be Stuck Near-Term, Prefer Beiersdorf: Citi
- BA US : Boeing Sees $5b of Charges; to Cut Workforce by About 10%
- BA US : issues downside Q3 revenue guidance; making important strategic decisions to restore the company
- BOSN SW : Bossard 3Q Sales Misses Estimates
- CABK SM : CriteriaCaixa is on track to reach an agreement to sell Saba to Belgian company Interparking
- CVS US : CVS to Exit Core Infusions Services Business: Reuters
- DAZN : Saudi Arabia’s PIF Has No Plans to Invest in Blavatnik’s Dazn
- DNO NO : DNO 3Q Kurdistan Net Output 17,607 Boepd, North Sea 11,236 Boepd
- ENEL IM : Lula, Tarcísio and Nunes join forces and push for the end of Enel's concession after blackout in SP Sun, 13 Oct
- ENEL IM : Aneel calls meeting with Enel and companies that serve São Paulo after blackout leaves 1.2 million without power
- ENEL IM : TCNN Brazil: Silveira defends the expiration of Enel's concession in SP and calls the company to the emergency room
- FRA GY : Fraport Sept. Frankfurt Airport Passengers +1.2%
- FROG US : Software Tools Maker JFrog Said to Draw Takeover Interest
- GALP PL : Galp 3Q Refining Margin Misses Estimates
- HARL LN : Spain’s Navantia Close to Harland & Wolff Deal, Telegraph Says
- IPH FP : Innate Pharma Names Jonathan Dickinson as CEO From Nov. 1
- ISP IM : Intesa Fires ‘Disloyal’ Employee for Accessing Clients’ Data
- MUL LN : Frasers Group Sweetens Offer for Mulberry to 150 Pence/Share
- LDO IM : Leonardo, Rheinmetall to Announce Military JV Oct. 15, Sole Says
- OR FP : L’Oreal’s Growth May Be Stuck Near-Term, Prefer Beiersdorf: Citi
- LMT US : US Approves Possible $1.2B Military Sale to UAE
- LHA GY : Lufthansa CEO Says Fees Hurting German Airports, Bild Reports
- MC FP : LVMH: Kim Jones Is Stepping Down as Artistic Director of Womenswear and Couture at Fendi
- MUL LN : Mulberry Majority Owner Has ‘No Interest’ in Revised Frasers Bid
- ALCOX FP : Nicox and Soleus Sign $16.5M Royalty and Equity Financing
- NOVN SW : PE firms queue up for Novartis' Indian arm
- PFE US : Pfizer Wins US FDA Approval for Hympavzi in Hemophilia A or B
- RHM GY : Leonardo, Rheinmetall to Announce Military JV Oct. 15, Sole Says
- RIO LN : Rio Takes Step to M&A Redemption With $6.7 Billion Lithium Bet
- SCYR SM : Sacyr wins the Second Itata Route Concession in Chile with an investment of 516 million
- SAN FP : Lenders Prep Around €9.65 Billion for Sanofi Health Unit Buyout
- SIE GY : Siemens Pakistan Shares Rise 10% on Plan to Sell Energy Business
- SKAB SS : Skanska Signs Pact With Ingka Worth About SEK380m
- TLGO SM : Poland Seeks Spain’s Backing in Bid for Talgo: Business Insider
- TSLA US : SpaceX Wins Earlier-Than-Expected Approval to Fly Fifth Starship
- TIFS LN : ABC Technologies Raises Offer for TI Fluid to 200 Pence/Share
- TIFS LN : TI Fluid’s Latest Offer from ABC Still Looks Low: Jefferies
- 2330 TT : TSMC Plans More Chip Plants in Europe, Taiwan Official Says
- UPG BB : Unifiedpost to Sell Assets to Repay Francisco Partners Loan
- VEON US : Veon to Move Group HQ to Dubai From Amsterdam
- VOW GY : Germany’s Social Democrats Weigh EV Subsidies in 2025 Strategy

>>> Europe : Brokers Upgrades & Downgrades - 14th of October 2024

>>> Up
* Alfen Raised to Hold at Kepler Cheuvreux
* Bunzl Raised to Overweight at JPMorgan; PT 3,980 pence
* Dometic Raised to Hold at Nordea
* Equinor Raised to Equal-Weight at Morgan Stanley; PT 270 kroner
* Equinor ADRs Raised to Equal-Weight at Morgan Stanley; PT $25.80
* JPMorgan PT Raised to $240 from $225 at Wells Fargo
* Spirax Raised to Buy at Peel Hunt; PT 8,300 pence

>>> Down
* Arcadium Lithium Cut to Hold at TD Cowen; PT $5.85
* Caterpillar Cut to Underweight at Morgan Stanley; PT $332
* Compass Group Cut to Neutral at Citi; PT 2,650 pence
* Deutsche PBB Cut to Reduce at AlphaValue/Baader
* Hermes Cut to Market Perform at CICC; PT 2,000 euros
* Pluxee Cut to Sell at Goldman; PT 18 euros
* TI Fluid Cut to Hold at Investec; PT 200 pence

>>> Initiation
* Corem Property Rated New Buy at Pareto Securities
* Diamondback Resumed Neutral at Citi; PT $195
* Galp Rated New Buy at HSBC; PT 20 euros

>>> Call
* Compass Cut at Citi After Strong Run, Aramark Now Top Pick
* Equinor Raised, But Morgan Stanley Remains Cautious on Energy
* Goldman Sachs Upgrades China Growth Forecasts on Latest Stimulus
* Hedge Funds Buy US Stocks by Most Since 2021, Goldman Says
* L’Oreal’s Growth May Be Stuck Near-Term, Prefer Beiersdorf: Citi
* TI Fluid’s Latest Offer from ABC Still Looks Low: Jefferies
* Wizz Air Gets Street-Low Price Target as Citi Sees Weak Results