FT : Activist Cevian places €1.2bn bet on UBS

Activist Cevian places €1.2bn bet on UBS
Swiss lender could double valuation if it can close gap with US rival Morgan Stanley, investor says

Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years.

Cevian, Europe’s largest dedicated activist, has invested just under a tenth of its total portfolio in UBS shares since it rescued Credit Suisse in March, according to people with knowledge of the approach. Cevian is now a top-10 investor in the Swiss bank.

“This is the biggest opportunity in global financials,” Lars Förberg, Cevian’s co-founder, told the Financial Times. “UBS is valued like an average European bank, not as a leading global wealth manager. If the valuation gap to Morgan Stanley . . . is closed, the UBS share is worth SFr50 [$57.56].” 

Unlike more aggressive US rivals, Cevian prefers to work behind the scenes with its portfolio companies. People familiar with the activist’s strategy said Cevian was not seeking a board seat at UBS and supported current chair Colm Kelleher and chief executive Sergio Ermotti. 

Shares in UBS are up almost 50 per cent since it agreed to take over Credit Suisse, closing at just above SFr25 on Monday.

While UBS is one of Europe’s most valuable banks, it still heavily trails Wall Street peers. The Swiss lender trades at about 1.2 times tangible book value, compared with about two times for Morgan Stanley; both banks have large wealth management operations.

Previous activist campaigns at European banks have had mixed success.

At Barclays, Edward Bramson’s Sherborne Investors failed to convince other shareholders of his plan to shrink its investment bank during a three-year effort that ended in 2021. 

When activist Knight Vinke called for UBS to split its wealth business from its investment bank a decade ago, it also struggled to win over other investors.

Last year Chinese insurer Ping An turned activist at HSBC, demanding a break-up of the bank. Although it was unable to attract enough support for that move, it did chalk up some smaller successes.

Cevian does have form in the sector, with previous investments in Danske Bank and Swedbank and an ongoing position in Nordea, the largest retail and corporate bank in the Nordics, where it has a board seat.

People with knowledge of Cevian’s view of UBS said the investor had tracked the bank for about 15 years. It had come close to taking an activist position in Credit Suisse before it collapsed, they added, but considered the investment too risky.

The activist believes UBS can be more profitable by increasing its focus on wealth management, especially in the US, where it lags Morgan Stanley, according to people familiar with Cevian’s approach.

Morgan Stanley has shrunk its investment bank since the financial crisis and concentrated on building its wealth management business, which generates steadier profits and a higher rating from investors.

“From an earnings and valuation point of view, UBS should really be seen as a wealth manager with a banking license, not a bank with a wealth management business,” said Förberg. “The notion that large companies can’t be changed is not right. There are many levers you can pull . . . we believe that UBS can become significantly more profitable over time.”

Other long-term investment groups have also increased their holdings in UBS significantly this year. US asset managers Fidelity and Capital Group between them raised their stakes by more than SFr1.5bn and are now top-10 independent shareholders, according to data from S&P Capital IQ.

UBS declined to comment.

>>> What to look at today - 19th of December 2023

The yen reversed gains after the Bank of Japan kept its policy rate unchanged and persisted with the world’s last negative-rate regime. The Japan’s currency fell 0.4% to the weakest level in almost a week, while the Nikkei 225 Index rallied as much as 1.3% to the highest level in two weeks. Shares fell in Hong Kong and mainland China as weakness among developers continues to weigh on investor sentiment. BOJ officials maintained the policy rate at -0.1%, but offered no guidance whether they would keep scrap the policy next week. Speculation had been mounting that the central bank might hike rates, with April seen as the most likely option for the move, according to a Bloomberg survey. Traders will parse Governor Kazuo Ueda’s words closely when he addresses the press later Tuesday for hints on the future policy path. The rally in dollar-yen and Japanese stocks may be short-lived as speculation over policy change will soon arise again approaching the BOJ’s January meeting, according to Naka Matsuzawa, chief strategist at Nomura Securities Co.  In China, weakness among developers continues to weigh on the country’s struggling economic recovery. Country Garden Services Holdings Co. hit a record low after it said it set aside some funds as impairment. China South City Holdings Ltd. — partially owned by the southern city of Shenzhen — previously also warned it can’t pay interest due Wednesday, raising the risk of default.
US contracts were little changed after Wall Street extended its relentless rally Monday, buoyed by a burst of deals as traders largely ignored tempered messaging from Federal Reserve officials. The Nasdaq 100 extended gains to close at a record for the second consecutive session.  Treasuries fell marginally in Asian trading, while a gauge for the dollar steadied. The rally in Treasuries took a breather Monday amid efforts by Fed officials to rein in expectations for earlier and deeper-than-expected rates cuts.  The S&P 500 has enjoyed a seven-week bull run. Whether or not that will extend into an eighth week may be determined by near-term data readouts including durable goods orders, personal consumption expenditures — the Fed’s preferred measure of inflation — and the final third quarter gross domestic product estimate. Still, Chicago Fed President Austan Goolsbee and Cleveland Fed President Loretta Mester were the latest to join a growing chorus of central bank officials seeking to moderate market optimism on cuts after their New York counterpart John Williams last week said bets on a March reduction were premature. Oil traded near its highest close in two weeks as more companies shun the Red Sea after a spike in vessel attacks along the key shipping conduit. Gold ticked lower. US After Hours Relatively quiet session; HEI +2.3% up on earnings; CRM -0.2% inches lower on M&A news.

Nikkei +1.41% Hang Seng -1.05% CSI -0.45% Shanghai -0.55% Shenzen -0.57%

Eur$ 1.025 CNH 7.1486 CNY 7.1468 JPY 143.42 GBP 1.2659 CHF 0.8660 RUB 90.22 TRY 29.0685 WTI$ 72.37 Gold 2,025 BTC 42,920 +0.71% ETH 2,240 +1.13%

S&P -0.01% Nasdaq -0.10% EuroStoxx +0.15% FTSE +0.01% Dax +0.14% SMI +0.01%

Macro :
- European 2023 Car Sales May Climb 14%; 2024 BEV Growth to Slow
- Citi’s Montagu Sees Profit-Taking Risks for US, Europe Stocks
- Bond fund giant Pimco warns of ‘hard landing’ for UK economy
- Dealmakers to Miss $3 Trillion Mark for First Time in 10 Years
- Hindenburg’s Adani, Icahn Calls Mark Year of Prominent Bets

Keep an eye on :
- ABI BB : AB InBev Sells Its Stake in Russian JV to Turkish Partner Efes
- ADBE US : Adobe Looks to AI, Buybacks With $6 Billion After Figma Breakup
- AAPL US : Apple Plans Rescue for $17 Billion Watch Business in Face of Ban
- ATT SS : Attendo Confirms Talks on Possible Acquisition With Team Olivia
- CADLR NO : Danish Offshore Wind Farm Installer Targets Push Into Asia
- 1COV GY : Adnoc Is Said Preparing to Increase Takeover Offer for Covestro
- DEC LN : Diversified Energy Co Falls as US House Democrats Open Probe
- DEQ GY : Deutsche Euroshop to Raise Special Dividend, Buy Back ~1% Shares
- DNO NO : DNO’s Tawke Gross Output Averaging 90,000 Barrels a Day in Dec.
- EDP PL : EDP Agrees to Sell €898m of 2024 Tariff Deficit to Tagus
- FACC AV : Kordsa Signs Deal to Produce Goods for Aerospace Company FACC
- RMS FP : Hermes Billionaire’s Charity Fights His Plan to Cut Inheritance
- ICAD FP : Icade to Announce New Strategic Plan on Feb. 19, 2024
- ILMN US : Icahn Is Said Ready to Launch Fight to Control Illumina’s Board
- IPH FP : Sanofi to License Innate Pharma’s Natural Killer Cell Engager
- LEON SW : Leonteq Buys 10% Stake in the Swiss Stock Exchange BX Swiss
- MAERSKB DC : Maersk to Implement ERS for Israel-Related Cargo
- CFR SW : Richemont's Woes Double as YNAP Sale Fails, Notes at Risk: React
- SAN FP : Sanofi to License Innate Pharma’s Natural Killer Cell Engager
- SCHA NO : Schibsted M&A Makeover Suggests Big-Buyback, EPS Scope: BI Focus
- ENR GY : Siemens Transfers 8% Stake in Siemens Energy to Pension Fund
- S92 GY : SMA Solar Says Short Seller’s Assertions ‘Completely Lack Merit’
- SW FP : Sodexo Plans to List Pluxee on Feb. 1, 2024
- SPWR US : *SUNPOWER SINKS 31% IN BIGGEST 0NE-DAY DROP SINCE NOVEMBER 2008
- UBSG SW : Cevian Capital takes 1.3% stake in UBS for €1.2 billion
- VOD LN : Vodafone Has Decent Exit Potential With Opportunistic Iliad M&A
- X US : Nippon Steel/US Steel Deal Includes Termination Fee of $565m

>>> Europe : Brokers Upgrades & Downgrades - 19th of December 2023

>>> Up
* Duerr Raised to Neutral at BNPP Exane; PT 23 euros
* Flutter Raised to Buy at Peel Hunt
* Stora Enso Raised to Buy at DNB Markets; PT 14 euros

>>> Down
* Equinor Cut to Sector Perform at RBC; PT 350 kroner
* Lanxess Cut to Reduce at Baader Helvea; PT 26 euros
* PepsiCo Cut to Neutral at JPMorgan; PT $176
* Richemont Cut to Hold at SBG Securities; PT 133 Swiss francs
* Sartorius Stedim Biotech Cut to Add at AlphaValue/Baader
* Vaisala Cut to Reduce at Inderes; PT 40 euros
* Wacker Chemie Cut to Reduce at Baader Helvea; PT 109 euros

>>> Initiation
* 4aim Sicaf Rated New Outperform at EnVent S.p.A.; PT 410 euros
* ABB Assumed Neutral at UBS; PT 40 Swiss francs
* Ferguson Assumed Neutral at Citi; PT 15,100 pence
* Legrand Assumed Sell at UBS; PT 82 euros

>>> Call
* Citi’s Montagu Sees Profit-Taking Risks for US, Europe Stocks
* Equinor Cut at RBC on Likely ‘More Modest’ 2024 Distributions
* Flutter Upgraded to Buy at Peel Hunt on Clearer US Momentum
* Lanxess Cut at Baader Helvea, Too Early to Be Optimistic
* Wacker Chemie Downgraded at Baader Helvea, Sees Slow Recovery

FT : Bond fund giant Pimco warns of ‘hard landing’ for UK economy

Bond fund giant Pimco warns of ‘hard landing’ for UK economy
CIO Ivascyn says he has been running larger than usual bet on UK government bonds

The UK is at high risk of a serious economic downturn next year, one of the world’s biggest active bond fund managers has warned.

Daniel Ivascyn, chief investment officer at Pimco, told the Financial Times that he has been running larger than usual bets on UK government bonds relative to those from the US, in anticipation that the UK will suffer greater economic strain.

“In the case of the UK — a smaller, open economy, with a consumer that’s feeling the brunt of central bank policy far more than their US counterparts — you just have a higher probability of more significant economic deterioration.

“We do think there’s potentially more hard landing risks.”

The UK economy unexpectedly shrank in October, contracting 0.3 per cent after a 0.2 per cent expansion in the previous month, according to data last week. On Thursday, the Bank of England trimmed its fourth-quarter economic growth forecast back down to flat, from 0.1 previously, in part due to weaker household spending.

UK government bond yields, which move inversely to prices, have already fallen sharply since late October, with benchmark 10-year yields sinking by a full percentage point to about 3.7 per cent.

The move has been driven by investors betting on a faster pace of interest rate cuts next year and has been led by the US bond market, which exerts a strong influence around the world.

A weaker UK economic outlook would typically be expected to pull those yields down further, generating strong returns for bondholders.

Ivascyn also highlighted the eurozone as being susceptible to a deeper economic downturn in the year ahead. His large investments in UK and European bonds relative to the US have “worked out very, very well”, he said.

“The risk of harder landing scenarios [in the eurozone and the UK] or the susceptibility of those economies to additional unanticipated growth shocks are much more significant,” he said. The US economy has proven to be surprisingly resilient in 2023, but the UK and Europe risk “a more significant deterioration”. 

The European Central Bank on Thursday revised down expectations for euro area growth in 2023 and 2024, forecasting that gross domestic product growth this year will be 0.6 per cent.

Higher interest rates tend to have a more immediate slowing impact on European economies than in the US, in part because of the long-term structure of US mortgages.

The BoE and the ECB on Thursday pushed back against expectations for interest rate cuts early in 2024, just hours after the US Federal Reserve suggested it may cut interest rates three times next year. BoE governor Andrew Bailey said there was “still some way to go” before inflation sank back to the target, while ECB president Christine Lagarde said there was “work to be done”.

The downbeat outlooks for the UK and eurozone economies are in stark contrast to the US, where growth has remained strong.

This time last year, forecasters surveyed by the Philadelphia Fed were betting on a roughly 50 per cent chance of a decline in real US GDP in the first quarter of 2023. Earlier this year analysts and economists were betting on a recession. Instead, the resilient US consumer — still buoyed by the historic government stimulus during the early days of the Covid-19 pandemic — drove GDP growth to 5.2 per cent in the third quarter. 

The broad consensus now among investors is that the Fed will manage to deliver a soft landing — bringing inflation down to target without cracking the economy. Risky assets such as stocks, which perform well when the economy is humming and when interest rates are lower, have surged as US investors bet that the Fed will cut rates early in 2024.

Ivascyn said he did not expect a US recession next year, but added that he saw a greater risk of an economic slowdown than most traders are pricing in. The divergence between the US and other big markets presents an interesting investment opportunity, he said.

“Global bond investing was dead for a long period of time because yields were negative in the UK, Europe and Japan,” he added. “But global bond investing is back. It’s the first time in a long time we’ve been excited about value and relative value in the UK, Europe and Japan.”

>>> US After Hours Summary: Relatively quiet session; HEI +2.3% up on earnings;

After Hours Summary: Relatively quiet session; HEI +2.3% up on earnings; CRM -0.2% inches lower on M&A news

After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: HEI +2.3%
Companies trading higher in after hours in reaction to news: CRNX +2% (positive initial findings from Phase 2 study of Paltusotine), FMC +0.7% (global restructuring), AA +0.4% (expects impact to Q4 adjusted EPS), IONS +0.2% (license agreement with Otsuka Pharmaceutical), PRI +0.1% (names new CFO), BRK.A +0.1% (PacifiCorp enters into settlement agreements)

After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: QIPT -0.2%
Companies trading lower in after hours in reaction to news: INMB -15.7% (updates Alzheimer's Phase II clinical trial), BLUE -13.8% (commences $150 mln stock offering), MAMA -8.2% (stock offering), ADMA -3.4% (credit agreement with Ares Management), QRVO -0.5% (Luxshare will acquire its assembly and test facilities in China), MKL -0.5% (appoints new CFO), CMCSA -0.5% (Xfinity security incident), CRM -0.2% (to acquire Spiff), RYN -0.1% (special cash dividend), IMO -0.1% (provides FY24 capital spending forecast)

>>> US Close Dow +0.00% S&P +0.45% Nasdaq +0.61% Russell -0.14%

Closing Stock Market Summary
Following a seven-week win streak, the S&P 500 (+0.5%) and Nasdaq Composite (+0.6%) closed with gains thanks to strength in their mega cap components while the Dow Jones Industrial Average closed flat and the Russell 2000 declined 0.1%.

There was not a lot of conviction on either side of the tape today. Decliners had a fractional lead over advancers at the NYSE and an 11-to-10 lead at the Nasdaq. The lack of strong selling interest after big gains since late October was its own support factor for stocks, along with a buzz of M&A activity, highlighted by Nippon Steel's $55.00 per share all cash offer for U.S.
Steel (X 49.59, +10.26, +26.1%), and a fear of missing out on further gains.

Nine of the 11 S&P 500 sectors registered gains while two of them declined. The communication services (+1.9%) and consumer staples (+1.1%) sectors climbed more than 1.0%. Meanwhile, the rate-sensitive real estate (-0.4%) and utilities (-0.3%) sectors were alone in the red by the close.

The Treasury market experienced modest selling activity, especially in longer-dated tenors. The 2-yr note settled unchanged at 4.46% and the 10-yr note yield rose three basis points to 3.96%.

That price action was partially related to rising oil prices ($72.82, +1.42, +2.0%), which followed reports of several shipping companies, including BP, suspending travel through the Red Sea because of attacks on vessels by Houthi militants.

Treasuries had also been reacting to Chicago Fed President Goolsbee (2023 FOMC voter) telling CNBC he was a bit confused by the market's reaction to the latest FOMC meeting/comments, and Cleveland Fed President Mester (2024 voter) telling FT that the market is a little bit ahead of the Fed's rate-cut view. San Francisco Fed President Daly (2024 FOMC voter), however, said she thinks it's appropriate for the Fed to begin looking ahead to lowering rates in 2024, mindful not to over tighten, according to The Wall Street Journal.

The fed funds futures market still aligns more closely with the views of Ms. Daly rather than of Mr. Goolsbee and Ms. Mester, maintaining a line on six rate cuts by the Fed before the end of 2024, with the first cut coming in March.

Today's economic data was limited to the NAHB Housing Market Index climbed to 37 in December (consensus 38) from 34 in November.

Tuesday's economic calendar features November Building Permits ( consensus 1.46 million; prior 1.487 million) and Housing Starts ( consensus 1.36 million; prior 1.372 million) at 8:30 a.m. ET.
  • Nasdaq Composite: +42.4%
  • S&P 500: +23.5%
  • S&P Midcap 400: +13.2%
  • Dow Jones industrial Average: +12.6%
  • Russell 2000: +12.6%

>>> US Research Calls

Research Calls
  • Upgrades:
    • Allakos (ALLK) upgraded to Outperform from Mkt Perform at William Blair
    • Bank of Montreal (BMO) upgraded to Buy from Neutral at BofA Securities
    • BNY Mellon (BK) upgraded to Overweight from Neutral at JP Morgan; tgt $54.50
    • Broadstone Net Lease (BNL) upgraded to Overweight from Neutral at JP Morgan; tgt $19
    • Brookfield Asset Mgmt (BAM) upgraded to Buy from Hold at Deutsche Bank
    • Century Aluminum (CENX) upgraded to Peer Perform from Underperform at Wolfe Research
    • Check Point Software (CHKP) upgraded to Outperform from Mkt Perform at Raymond James
    • Canadian Solar (CSIQ) upgraded to Neutral from Sell at Goldman; tgt $25
    • CIBC upgraded to Neutral from Underperform at BofA Securities
    • Cousins Prop (CUZ) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $27
    • Elme Communities (ELME) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $18
    • Entain Plc (GMVHY) upgraded to Buy from Hold at Jefferies
    • EPR Properties (EPR) upgraded to Overweight from Neutral at JP Morgan; tgt $51
    • Equifax (EFX) upgraded to Buy from Hold at Jefferies; tgt raised to $315
    • First Internet Bancorp (INBK) upgraded to Buy from Hold at Craig Hallum; tgt raised to $35
    • Illumina (ILMN) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $185
    • Kyndryl (KD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $25
    • Lightspeed (LSPD) upgraded to Neutral from Underweight at JP Morgan; tgt $19
    • Progressive (PGR) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $176
    • Prologis (PLD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $148
    • Royal Bank of Canada (RY) upgraded to Buy from Neutral at BofA Securities
    • Salesforce (CRM) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $315
    • Snap (SNAP) upgraded to Buy from Neutral at Guggenheim; tgt $23
    • Sunnova Energy (NOVA) upgraded to Buy from Neutral at Goldman; tgt $17
    • Tanger Factory (SKT) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $29
    • Tronox (TROX) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $18
    • Welltower (WELL) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $99
  • Downgrades:
    • AbbVie (ABBV) downgraded to Hold from Buy at HSBC Securities
    • Affirm (AFRM) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt raised to $20
    • Anywhere Real Estate (HOUS) downgraded to Underweight from Neutral at JP Morgan; tgt $7
    • Archer-Daniels (ADM) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $80
    • Arm Holdings plc (ARM) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $70
    • AVROBIO (AVRO) downgraded to Neutral from Buy at Mizuho
    • Bayer AG (BAYRY) downgraded to Reduce from Hold at HSBC Securities
    • Bread Financial (BFH) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $36
    • Century Communities (CCS) downgraded to Neutral from Outperform at Wedbush; tgt $81
    • CompoSecure (CMPO) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $6
    • COPT Defense Properties (COPT) downgraded to Neutral from Overweight at JP Morgan; tgt $26
    • Chubb (CB) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $240
    • Exelon (EXC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $38
    • Flywire (FLYW) downgraded to Neutral from Overweight at JP Morgan; tgt $29
    • Formula One Group C (FWONK) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $70
    • Masonite International (DOOR) downgraded to Neutral from Outperform at Wedbush; tgt $92
    • M/I Homes (MHO) downgraded to Neutral from Outperform at Wedbush; tgt $116
    • M&T Bank (MTB) downgraded to Hold from Buy at Deutsche Bank; tgt $145
    • Meritage (MTH) downgraded to Neutral from Outperform at Wedbush; tgt $170
    • Nokia (NOK) downgraded to Neutral from Buy at Goldman
    • New York Community (NYCB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $12
    • Novartis AG (NVS) downgraded to Hold from Buy at HSBC Securities
    • Palo Alto Networks (PANW) downgraded to Mkt Perform from Outperform at Raymond James
    • Plymouth Industrial REIT (PLYM) downgraded to Underweight from Neutral at JP Morgan; tgt raised to $25
    • Ready Capital (RC) downgraded to Mkt Perform from Outperform at Raymond James
    • RE/MAX Holdings (RMAX) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $14
    • Roku (ROKU) downgraded to Sell from Neutral at Seaport Research Partners; tgt $75
    • Shopify (SHOP) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • Skyline Champion (SKY) downgraded to Neutral from Outperform at Wedbush; tgt $72
    • SolarEdge Technologies (SEDG) downgraded to Sell from Neutral at Goldman; tgt $77
    • SunPower (SPWR) downgraded to Sell from Neutral at Goldman; tgt lowered to $4
    • Taylor Morrison Home (TMHC) downgraded to Neutral from Outperform at Wedbush; tgt $52
    • Toronto-Dominion Bank (TD) downgraded to Neutral from Buy at BofA Securities
    • TRI Pointe Homes (TPH) downgraded to Neutral from Outperform at Wedbush; tgt $32
    • UnitedHealth (UNH) downgraded to Reduce from Hold at HSBC Securities; tgt lowered to $480
  • Others:
    • 360 DigiTech (QFIN) initiated with a Buy at Nomura
    • Amprius Technologies initiated with a Mkt Perform at William Blair (Friday)
    • Ardelyx (ARDX) initiated with a Strong Buy at Raymond James; tgt $12
    • AstraZeneca (AZN) initiated with a Buy at HSBC Securities; tgt $78
    • Atlassian (TEAM) initiated with an Equal Weight at CapitalOne; tgt $238
    • AppLovin (APP) initiated with a Buy at HSBC Securities; tgt $53.20
    • CoStar Group (CSGP) resumed with a Buy at Goldman; tgt $98
    • Bank of Montreal (BMO) resumed with a Buy at Canaccord Genuity
    • Cadrenal Therapeutics (CVKD) initiated with an Outperform at Noble Capital Markets; tgt $4
    • Danaher (DHR) initiated with a Hold at HSBC Securities
    • Enovix (ENVX) initiated with an Outperform at William Blair (Friday)
    • FinVolution Group (FINV) initiated with a Buy at Nomura
    • General Electric (GE) resumed with an Outperform at RBC Capital Mkts; tgt raised to $150
    • KLA Corporation (KLAC) initiated with a Buy at New Street; tgt $730
    • QuantumScape Corporation (QS) initiated with a Mkt Perform at William Blair (Friday)
    • Royal Bank of Canada (RY) resumed with a Buy at Canaccord Genuity
    • SES AI Corporation (SES) initiated with a Mkt Perform at William Blair (Friday)
    • Teva Pharma (TEVA) initiated with a Buy at HSBC Securities; tgt $13
    • Thermo Fisher (TMO) initiated with a Buy at HSBC Securities; tgt $610
    • Toronto-Dominion Bank (TD) resumed with a Buy at Canaccord Genuity
    • The Trade Desk (TTD) initiated with a Buy at HSBC Securities
    • Unity Software (U) initiated with a Hold at HSBC Securities
    • Vera Therapeutics (VERA) initiated with an Outperform at Raymond James; tgt $29