>>> Google's medical AI destroys GPT's benchmark and outperforms doctors

Google's medical AI destroys GPT's benchmark and outperforms doctors

Google Research and Google’s AI research lab, DeepMind, have detailed the impressive reach of Med-Gemini, a family of advanced AI models specialized in medicine. It's a huge advancement in clinical diagnostics with massive real-world potential.
Doctors treat a multitude of patients daily, with needs ranging from simple to very complex. To deliver effective care, they must be familiar with each patient’s health record and keep up-to-date with the newest procedures and treatments. And then there’s the all-important doctor-patient relationship, built on empathy, trust, and communication. For an AI to come close to emulating a real-world doctor, it needs to be able to do all of these things.

The intersection of AI and medicine has really taken off. In the last six months, New Atlas has reported on AI models that aid less experienced doctors in identifying the precursors of colon cancer, diagnose childhood autism from eye images, and predict in real-time whether a surgeon has removed all cancerous tissue during breast cancer surgery. But Med-Gemini is something else.

Google’s Gemini models are a new generation of multimodal AI models, meaning that they can process information from different modalities, including text, images, videos, and audio. The models are adept at language and conversation, understanding the diverse information they’re trained on, and what’s called ‘long-context reasoning,’ or reasoning from large amounts of data such as hours of video or tens of hours of audio.

Med-Gemini has all of the advantages of the foundational Gemini models but has fine-tuned them. The researchers tested these medicine-focused tweaks and included their results in the paper. There’s a lot in the 58-page paper; we’ve selected the most impressive bits.

Self-training and web search capabilities

Arriving at a diagnosis and formulating a treatment plan requires doctors to combine their own medical knowledge with a raft of other relevant information: patient symptoms, medical, surgical and social history, lab results and the results of other investigative tests, and the patient’s response to prior treatment. Treatments are a ‘movable feast,’ with existing ones being updated and new ones being introduced. All these things influence a doctor’s clinical reasoning.

That’s why, with Med-Gemini, Google included access to web-based searching to enable more advanced clinical reasoning. Like many medicine-focused large language models (LLMs), Med-Gemini was trained on MedQA, multiple-choice questions representative of US Medical License Exam (USMLE) questions designed to test medical knowledge and reasoning across diverse scenarios.

However, Google also developed two novel datasets for their model. The first, MedQA-R (Reasoning), extends MedQA with synthetically generated reasoning explanations called ‘Chain-of-Thoughts’ (CoTs). The second, MedQA-RS (Reasoning and Search), provides the model with instructions to use web search results as additional context to improve answer accuracy. If a medical question leads to an uncertain answer, the model is prompted to undertake a web search to obtain further information to resolve the uncertainty.
Med-Gemini was tested on 14 medical benchmarks and established a new state-of-the-art (SoTA) performance on 10, surpassing the GPT-4 model family on every benchmark where a comparison could be made. On the MedQA (USMLE) benchmark, Med-Gemini achieved 91.1% accuracy using its uncertainty-guided search strategy, outperforming Google’s previous medical LLM, Med-PaLM 2, by 4.5%.
On seven multimodal benchmarks, including the New England Journal of Medicine (NEJM) image challenge (images of challenging clinical cases from which a diagnosis is made from a list of 10), Med-Gemini performed better than GPT-4 by an average relative margin of 44.5%.
“While the results … are promising, significant further research is needed,” the researchers said. “For example, we haven’t considered restricting the search results to more authoritative medical sources, using multimodal search retrieval or performed analysis on accuracy and relevance of search results and the quality of the citations. Further, it remains to be seen if smaller LLMs can also be taught to make use of web search. We leave these explorations to future work.”

Retrieving specific information from lengthy electronic health records

Electronic health records (EHRs) can be long, but doctors need to be aware of what they contain. To complicate matters, they typically contain textual similarities (“diabetes mellitus” vs. “diabetic nephropathy”), misspellings, acronyms (“Rx” vs. “prescription”), and synonyms (“cerebrovascular accident” vs. “stroke”) – things that can pose a challenge to AI.
To test Med-Gemini’s ability to understand and reason from long-context medical information, the researchers ran a so-called ‘needle-in-a-haystack task’ using a large, publicly available database, the Medical Information Mart for Intensive Care or MIMIC-III, containing de-identified health data of patients admitted to intensive care.
The goal was for the model to retrieve the relevant mention of a rare and subtle medical condition, symptom, or procedure (the ‘needle’) over a large collection of clinical notes in the EHR (‘the haystack).
Two hundred examples were curated, and each example consisted of a collection of de-identified EHR notes from 44 ICU patients with long medical histories. They had to have the following criteria:

  • More than 100 medical notes, with the length of each example ranging from 200,000 to 700,000 words
  • In each example, the condition was only mentioned once
  • Each sample had a single condition of interest
There were two steps to the needle-in-a-haystack task. First, Med-Gemini had to retrieve all mentions of the specified medical problem from the extensive records. Second, the model had to evaluate the relevance of all mentions, categorize them, and conclude whether the patient had a history of that problem, providing clear reasoning for its decision.


Example of Med-Gemini's long-context capabilities
Saab et al.
Compared to the SoTA method, Med-Gemini performed well on the needle-in-a-haystack task. It rated 0.77 on precision compared to the SoTA method (0.85) and outdid the SoTA method on recall: 0.76 vs. 0.73.
“Perhaps the most notable aspect of Med-Gemini is the long-context processing capabilities because they open up new performance frontiers and novel, previously infeasible application possibilities for medical AI systems,” said the researchers. “This ‘needle-in-a-haystack’ retrieval task reflects a real-world challenge faced by clinicians and Med-Gemini-M 1.5’s performance demonstrates its potential to significantly reduce cognitive load and augment clinicians’ capabilities by efficiently extracting and analyzing information from vast amounts of patient data.”
For an easy-to-understand discussion of these key research points, and an update on the mud-slinging between Google and Microsoft, check out AI Explained’s video from 13:38 onwards.

New OpenAI Model 'Imminent' and AI Stakes Get Raised (plus Med Gemini, GPT 2 Chatbot and Scale AI)

Conversations with Med-Gemini

In a test of real-world usefulness, Med-Gemini was asked about an itchy skin lump by a patient user. After asking for an image, the model asked appropriate follow-up questions and correctly diagnosed the rare lesion, recommending what the user should do next.

Example of Med-Gemini's diagnostic dialogue in a dermatological setting
Saab et al.
Med-Gemini was also asked to interpret a chest X-ray for a physician while they were waiting for a formal radiologist’s report and formulate a plain English version of the report that could be provided to the patient.

Med-Gemini's diagnostic dialogue assistance in a radiological setting
Saab et al.

“The multimodal conversation capabilities of Med-Gemini-M 1.5 are promising given they are attained without any specific medical dialogue fine-tuning,” the researchers said. “Such capabilities allow for seamless and natural interactions between people, clinicians, and AI systems.”
However, the researchers recognize that further work is needed.
“This capability has significant potential for helpful real-world applications, including assisting clinicians and patients, but of course also entails highly significant risks,” they said. “While highlighting the potential for future research in this domain, we have not rigorously benchmarked capabilities for clinical conversation in this work as previously explored by others in dedicated research towards conversational diagnostic AI.”
Visions of the future

Where to from here? The researchers admit that there is much more work to be done, but the Med-Gemini model's initial capabilities are certainly promising. Importantly, they plan to incorporate responsible AI principles, including privacy and fairness, throughout the model development process.

“Privacy considerations in particular need to be rooted in existing healthcare policies and regulations governing and safeguarding patient information,” the researchers said. “Fairness is another area that may require attention, as there is a risk that AI systems in healthcare may unintentionally reflect or amplify historical biases and inequities, potentially leading to disparate model performance and harmful outcomes for marginalized groups.”
But, ultimately, Med-Gemini is seen as a tool for good.
“Large multimodal language models are ushering in a new era of possibilities for health and medicine,” the researchers said. “The capabilities demonstrated by Gemini and Med-Gemini suggest a significant leap forward in the depth and breadth of opportunities to accelerate biomedical discoveries and assist in healthcare delivery and experiences. However, it is paramount that advancements in model capabilities are accompanied by meticulous attention to the reliability and safety of these systems. By prioritizing both aspects, we can responsibly envision a future where the capabilities of AI systems are meaningful and safe accelerators of both scientific progress and care in medicine.”
The study can be accessed via the pre-print website arXiv.

(ZH) Where Unsold EVs Go To Die: Belgium's Ports Drowning Under Glut Of Chinese

Where Unsold EVs Go To Die: Belgium's Ports Drowning Under Glut Of Chinese Imports

Ten years ago this week, we posted one of out most viral stories, highlighting the over-capacity in the auto industry: "Where the World's Unsold Cars Go To Die," which highlighted the 'endgame' of automakers' 'channel stuffing' efforts to disguise the sudden lack of demand for all the exciting new models that they had forecast would boom to the moon...
And now, as MishTalk's Mike Shedlock reports, we are seeing similar pictures across Europe...

"Some are parked here for a year, sometimes more."
Due to China’s overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated.
You probably need to see it to appreciate the challenges the automobile industry faces in transitioning to electricity. You also need to come here to understand how the Chinese industry’s overcapacity has flooded the European market. That morning, as the sun unexpectedly lit up the maze of highways leading to this remote arm of the port of Antwerp, Belgium, a huge cargo ship from the Norwegian company Höegh Autoliners unloaded thousands of cars at one of the terminals of International Car Operators (ICO), a subsidiary of the Japanese group Nippon Yusen Kaisha.
Alongside Swedish-Norwegian Wallenius Wilhelmsen, it is one of the main operators of the now merged port of Antwerp-Bruges, the world’s largest automotive terminal, through which the production of some 40 brands used to transit. But that was before the emergence of their Chinese competitors.

Car Parks
Imported vehicles are seriously piling up at European ports, turning them into “car parks.” Automakers are distributors are struggling with a slowdown in car sales as well as logistical bottlenecks that make it hard to alleviate the buildup of new, unsold vehicles.
Some Chinese brand EVs had been sitting in European ports for up to 18 months, while some ports had asked importers to provide proof of onward transport, according to industry executives. One car logistics expert said many of the unloaded vehicles were simply staying in the ports until they were sold to distributors or end users.
“It’s chaos,” said another person who had been briefed on the situation.
This is another part of the escalating trade war between China and the rest of the world.

China Produces 55 Percent of All Steel, Biden and Trump Eye Tariffs

China keeps returning to a well that has run dry, using exports as a means for growth. China is about to hit a brick wall, with global consequences.
My #1 issue looking ahead to 2025 is a global trade war with serious repercussions.

FT : French tech group Atos says Daniel Křetínský and Onepoint make bailout offe

French tech group Atos says Daniel Křetínský and Onepoint make bailout offers
Indebted IT services group is trying to agree a restructuring this month

French tech group Atos said Czech billionaire Daniel Křetínský and David Layani’s Onepoint have made offers to bail out the heavily indebted group as it races to strike a restructuring deal this month.

The Paris-listed group, which faces €3.65bn in debt repayments by the end of next year, said on Monday that it had received offers from four parties.

Křetínský, who had previously failed in an attempt to buy the oldest part of Atos focused on managing IT systems, has teamed up with London-based hedge fund Attestor on its new offer.

Onepoint, the largest shareholder in Atos, put forward a separate proposal backed by investment firm Butler Industries. US private equity firm Bain also made an approach, though Atos decided not to pursue the discussions, saying the offer failed to meet its objectives. The fourth offer came from a consortium of the IT company’s bondholders and bank creditors.

“Any solution will probably involve radical changes to the capital structure of the company and a significant issuance of new equity securities which will result in massive dilution of existing shareholders,” Atos said in a statement.

The group’s plight has deteriorated this year, with credit agencies repeatedly cutting its rating. It has churned through executives while its share price has collapsed more than 90 per cent in the past three years, giving it a market value of just €250mn. Its shares jumped as much as 12 per cent in early trading on Monday in Paris before giving up the gains.

In a sign of the worsening picture, Atos has recently upped its projected funding needs to stay afloat through 2025 to €1.7bn. The company said on Monday that a €100mn deal for short-term financing with bondholders had been agreed while talks with banks and the French government to secure an additional €350mn are ongoing.

Talks with the French government that would see the latter take control of assets deemed to be of strategic importance are also continuing, Atos said. France’s finance minister Bruno Le Maire has previously said the government had made an offer to buy key assets for up to €1bn.

The government wants to purchase three parts of Atos: super calculators for quantum computing, which are used by the French army for the country’s nuclear weapons programme; secure communications tech also used by the military; and certain cyber security assets. The company is set to provide cyber security services for this summer’s Paris Olympics.

Until recently, the government had remained at arm’s length from the turmoil at Atos, which is chaired by former UniCredit boss Jean Pierre Mustier, even as multiple attempts to restructure the company and sell assets fell apart.

As the company’s financial situation has worsened, however, the government has stepped in to provide a short-term loan and create a “golden share” that could be applied to the company’s strategic assets, allowing ministers to block their potential sale.

WSJ : Vinci Begins CEO Succession Plan With Appointment of Pierre Anjolras as CO

Vinci Begins CEO Succession Plan With Appointment of Pierre Anjolras as COO
The appointment of a new COO is the first step in the implementation of the succession plan of CEO Huillard, whose term of office ends in 2025

Vinci DG 0.14%increase; green up pointing triangle has appointed company veteran Pierre Anjolras as chief operating officer, marking the first step in the process to name a successor for chief executive Xavier Huillard, whose term will end next year.

Anjolras joined the French construction and infrastructure company in 1999, it said Monday. He acquired extensive experience in motorway concessions, becoming COO of Cofiroute in 2004 before being named CEO of ASF in 2007. Cofiroute and ASF are Vinci Autoroutes networks.

In 2021, he was appointed as chairman of Vinci Construction.

The appointment is the first step in the implementation of the succession plan of Huillard, whose term of office will end in 2025 at the end of the annual general meeting.

WSJ : Qualcomm’s Smartphone Future Looks Brighter With AI

Qualcomm’s Smartphone Future Looks Brighter With AI
AI-enabled smartphones and PCs should help the maker of wireless chips, which remains among the cheapest in semiconductor stocks

The irony of an AI iPhone is that it could also help one company that Apple AAPL 5.98%increase; green up pointing triangle is least interested in helping.

Investors are increasingly enthusiastic about such a device following Apple’s latest earnings. Those results showed a pronounced weakness in iPhone revenue during the March quarter, but that was already expected, and the company cushioned the news with a generous stock buyback. Chief Executive Tim Cook also used the occasion to further tout Apple’s interest in generative artificial intelligence, which has analysts more convinced that an AI-enabled iPhone is on the horizon. Ben Reitzes of Melius Research predicted “an AI-driven iPhone supercycle is likely coming in 2025” in his note to clients. Apple’s shares jumped 6% on Friday, the stock’s best single-day gain in 18 months.

That followed an even better day for Qualcomm QCOM -0.26%decrease; red down pointing triangle. The maker of modem chips used in the iPhone and many other wireless devices saw its stock jump nearly 10% on Thursday after its own March quarter results, where chip sales were helped by AI-enabled Android phones such as Samsung’s latest Galaxy family that went on sale in January.

A growing number of smartphones and personal computers with AI processors and capabilities embedded in the hardware are making their way to the market this year. Such on-device AI offers benefits such as faster speed in processing AI tasks as well as greater privacy—as less data has to go back and forth between the cloud for such tasks. Samsung’s Galaxy S24 phones offer functions such as real-time translating and image-based web search. The market has been receptive; unit sales of the S24 phones during their first three weeks after launch were up 8% from the previous Galaxy family’s sales last year during the same window, according to Counterpoint Research.

The launch of an AI-enabled iPhone would likely further juice the market for on-device AI, given Apple’s marketing prowess. And that would be a major benefit for Qualcomm, even given the two companies’ longstanding animosity. Qualcomm has long dominated the market for modem chips—also known as basebands—that handle the task of connecting a device to a carrier network. Its Snapdragon central processor is also the main computing chip for a variety of Android phones, including the latest from Samsung. And it has a growing business in the RF (radio frequency) chips that work with basebands to filter interference and boost signal strength.

For smartphones processing demanding AI algorithms on the device, the ability of such components to work closely together while conserving power becomes paramount. That plays to Qualcomm’s advantages—particularly among the wireless components that the company has a long-established expertise in. “If AI is in a phone, the computer and memory is going to consume more power,” said TD Cowen analyst Matt Ramsay. “If you want the battery life to be the same, where are you going to get the power budget from? Modem, RF and screen.”

That could even help extend the life of Qualcomm’s contentious business with Apple, which has long been working to get Qualcomm’s chips out of its devices. Apple’s failure to develop its own modem led to the two companies extending their deal last year. Qualcomm is also believed to have won a place for its RF chips in this year’s coming iPhone lineup after chip maker Skyworks told investors during its own quarterly call last week that it lost that socket. In a note to clients, UBS analyst Tim Arcuri said “as time goes on without an Apple modem, Qualcomm’s leverage grows arguably stronger as AI requires much tighter modem/RF integration to keep battery life manageable.”

Qualcomm is also making a major play in AI-enabled PCs, a large number of which are expected to launch later this year. Any share gains in PCs would represent pure upside for the company, as it has little presence there now. Microsoft’s Build conference later this month is expected to showcase many new AI-enabled laptop computers, including models powered by Qualcomm’s Snapdragon processor.

Much remains to be seen about whether on-device AI can actually spark a much-needed boost in sales for smartphones and PCs, two largely mature markets. But unlike many other chip stocks, Qualcomm’s current valuation isn’t reflecting much in the way of AI hype. The shares closed Friday around 17 times forward earnings—a 39% discount to the PHLX Semiconductor Index’s near-decade high multiple of 28.3, according to FactSet. Helping sell a few more smartphones by making them even smarter could go a long way.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • BNTX -4%, THS -3.4%, AMR -2.5%, SHO -1.4%, AXSM -1.1%, CNA -0.9%, SAVE -0.8%
Other news:
  • GLYC -76.8% (announces results of pivotal phase 3 Study of uproleselan in relapsed/refractory (R/R)
  • AML; did not achieve a statistically significant improvement)
  • EYPT -32.9% (topline data from the phase 2 pavia trial of Duravyu in non-proliferative diabetic retinopathy)
  • MPW -15.8% (Steward Health Care finalizing financing deal with Medical Properties Trust to support its restructuring)
  • LAZR -7.7% (files mixed securities shelf offering; confirmed after the close a restructuring plan)
  • ADCT -4.7% (Announces Initial Data from Investigator-Initiated Phase 2 Clinical Trial of ZYNLONTA in Patients with Relapsed/Refractory Marginal Zone Lymphoma; agreed to sell, by way of an underwritten offering, 13,411,912 of its common shares at a price of $4.90/share)
  • MTH -3.1% (commenced an offering of $500 mln aggregate principal amount of its Convertible Senior Notes due 2028)
  • SO -2.5% (offering of $1.1 billion in aggregate principal amount of Convertible Senior Notes due June 15, 2027)
  • PAC -2.3% (reports April traffic)
  • BMRN -2.3% (reports New Data for BioMarin's VOXZOGO (vosoritide) for Multiple Growth-Related Conditions in Children Presented at Pediatric Endocrine Society (PES) Annual Meeting)
  • ADTN -1.7% (to take a $293 mln goodwill impairment charge in Q1)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • FRPT +11.1%, BCRX +9.4%, L +4%, JLL +2.7%
Other news:
  • PRFT +52.5% (to be Acquired by EQT for $76.00 per share; also reported earnings)
  • ZTEK +10.6% (subsidiary Triera Biosciences prioritized the development of a prophylaxis and therapeutic for highly pathogenic avian influenza and reports initial test results)
  • LILM +8.7% (files for 75 mln share offering by selling shareholder)
  • HIMS +5.7% (CEO says that he "in no way condone nor support acts or threats of violence, antisemitism, or intimidation and there is absolutely no justification for violence on our campuses")
  • XERS +4.8% (has entered into an exclusive worldwide collaboration and license agreement with Beta Bionics for the development and commercialization of a glucagon product utilizing Xeris' XeriSol technology for use in Beta Bionics' proprietary bi-hormonal pump and pump systems)
  • VST +4.4% (to join S&P 500)
  • MNMD +3.9% (Presents Phase 2b Study of MM120 for Generalized Anxiety Disorder)
  • HUT +3.9% (provides operations update for April)
  • CLLS +3.7% (Cellectis Announces Completion of the Additional Equity Investment by AstraZeneca (AZN))
  • URGN +3.2% (reports New Real-World Retrospective Analysis Presented at AUA 2024 Reports 86% Recurrence-Free Survival (RFS) at 24 Months with JELMYTO Across All Studied Patient and Disease Characteristics in Cohort of Responders to Induction Therapy; Results from ATLAS Showing Robust UGN-102 Durability of Response in New and Recurrent Low-Grade Intermediate-Risk Non-Muscle Invasive Bladder Cancer at AUA 2024)
  • MNKD +3% (receives FDA fast track designation for clofazimine inhalation suspension for the treatment of nontuberculous mycobacterial lung disease)
  • VZLA +2.9% (has now issued 448,137 common shares for the previously announced asset purchase agreement dated March 5, 2024, entered into with Inca Azteca Gold S.A.P.I. de C.V)
  • REVG +1.9% (favorable research report from Alta Fox)
  • WT +1.7% (sends letter to stockholders urging full support of the current board to continue the company's strong momentum)
  • X +1.6% (EU Commission clears acquisition of US Steel by Nippon Steel)
  • VALE +1.2% (informs on settlement proposal)
  • CLF +1.1% (unit received an Order from MSHA at the Company's operations in Michigan)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • PRFT +52.8%, ADCT +30.4%, VST +5%, CLLS +4%, L +4%, URGN +3.2%, LILM +1.9%, ABR +1.5%, VALE +1.5%, CLF +1.5%, MNMD +1.2%, BRK.B +1.2%
  • Gapping down:
    • GLYC -56.9%, LAZR -8.9%, IART -6.5%, SAVE -5.7%, PAC -2.3%, MNKD -1.8%, AZN -1.2%, BMRN -1.1%

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Banco Santander Brasil (BSBR) upgraded to Buy from Neutral at BofA Securities
    • Bausch + Lomb (BLCO) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $18
    • Blueprint Medicines (BPMC) upgraded to Market Perform from Underperform at Leerink Partners; tgt raised to $97
    • Camden Property (CPT) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $110
    • Chemomab Therapeutics (CMMB) upgraded to Outperform from Perform at Oppenheimer; tgt $6
    • CytomX Therapeutics (CTMX) upgraded to Buy from Hold at Jefferies; tgt raised to $8
    • Glaukos (GKOS) upgraded to Buy from Hold at Jefferies; tgt raised to $125
    • Melco Resorts & Entertainment (MLCO) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $9.60
    • Micron (MU) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $150
    • Mid-America Aptmt (MAA) upgraded to Outperform from Neutral at Wedbush; tgt raised to $154
    • Sensata Tech (ST) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $60
    • Silicon Motion (SIMO) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $88
    • U.S. Steel (X) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt lowered to $48
    • Wolverine (WWW) upgraded to Buy from Neutral at Seaport Research Partners; tgt $15
  • Downgrades:
    • Comerica (CMA) downgraded to Neutral from Buy at Citigroup; tgt $56
    • Johnson Controls (JCI) downgraded to Neutral from Buy at UBS; tgt lowered to $68
    • Peloton (PTON) downgraded to Neutral from Buy at Citigroup; tgt lowered to $4
    • Ryan Specialty Group (RYAN) downgraded to Peer Perform from Outperform at Wolfe Research
    • Uniti Group (UNIT) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $6
    • Victoria's Secret (VSCO) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $15
  • Others:
    • EHang (EH) initiated with an Overweight at Morgan Stanley; tgt $27.50
    • enCore Energy Corp. (EU) initiated with a Buy at H.C. Wainwright; tgt $7.50
    • Eton Pharmaceuticals (ETON) initiated with a Buy at Craig Hallum; tgt $8
    • Flutter Entertainment (FLUT) initiated with a Buy at MoffettNathanson; tgt $240
    • Citigroup opened 90-day Positive Catalyst Watch on Hancock Whitney (HWC)
    • Jasper Therapeutics (JSPR) initiated with a Buy at H.C. Wainwright; tgt $65
    • PACS Group (PACS) initiated with an Outperform at RBC Capital Mkts; tgt $30
    • PACS Group (PACS) initiated with a Buy at Truist; tgt $32
    • PACS Group (PACS) initiated with an Outperform at Oppenheimer; tgt $31
    • PACS Group (PACS) initiated with a Buy at Citigroup; tgt $32
    • PACS Group (PACS) initiated with an Overweight at JP Morgan; tgt $27
    • PACS Group (PACS) initiated with an Overweight at Stephens; tgt $31

>>> Europe : Brokers Upgrades & Downgrades - 6th of May 2024 V3(++)

>>> Up
* A2A Raised to Buy at Intesa Sanpaolo; PT 2.10 euros (+)
* AMD Raised to Buy at Phillip Secs; PT $190
* Know IT Raised to Buy at Nordea; PT 198 kronor
* Micron Raised to Outperform at Baird; PT $150
* Pihlajalinna Raised to Buy at Nordea; PT 10 euros
* Raute Raised to Buy at Inderes; PT 12.50 euros
* U.S. Steel Raised to Overweight at Morgan Stanley; PT $48
* Vaisala Raised to Accumulate at Inderes; PT 39 euros

>>> Down
* 2020 Bulkers Cut to Sell at DNB Markets; PT 154 kroner (+)
* Avance Gas Cut to Hold at DNB Markets; PT 172 kroner (+)
* Bergman & Beving Cut to Hold at Handelsbanken (+)
* Castellum Cut to Hold at DNB Markets; PT 135 kronor (+)
* Golden Ocean Cut to Sell at DNB Markets; PT 140 kroner (+)
* Mentice Cut to Hold at Pareto Securities; PT 34 kronor
* Peloton Cut to Neutral at Citi; PT $4
* Salmar Cut to Hold at Pareto Securities; PT 700 kroner
* Scandi Standard Cut to Hold at TP ICAP Midcap; PT 72 kronor (+)
* Valiant Cut to Hold at Kepler Cheuvreux; PT 110 Swiss francs (++)
* Victoria's Secret Cut to Underweight at Morgan Stanley; PT $15
* Zignago Vetro Cut to Hold at Intesa Sanpaolo; PT 14.50 euros (++)

>>> Initiation
* Colruyt Reinstated Reduce at Kepler Cheuvreux; PT 40 euros (++)
* Hemnet Rated New Buy at ABG; PT 360 kronor
* Karnell Group Rated New Buy at SEB Equities; PT 45 kronor
* Northern Data Rated New Buy at B Riley; PT 36 euros
* Telefonica Reinstated Underperform at BNPP Exane; PT 3.30 euros

>>> Call
* Investors Not Pricing US Election Volatility Risks, Goldman Says (+)
* Morgan Stanley’s Wilson Likes Quality Stocks on Uncertain Macro (+)