TheChek News Flow

Research Calls

• Upgrades:
  • AIA Group (AAGIY) upgraded to Overweight from Neutral at JP Morgan
  • Alibaba (BABA) upgraded to Buy from Hold at DZ Bank; tgt $120
  • Cogent Communications (CCOI) upgraded to Outperform from Market Perform at TD Cowen
  • Despegar.com (DESP) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $13
  • DigitalOcean (DOCN) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $103
  • Henkel AG (HENKY) upgraded to Hold from Sell at Berenberg
  • Himax Tech (HIMX) upgraded to Outperform from Neutral at Credit Suisse; tgt $8
  • Hubbell (HUBB) upgraded to Peer Perform from Underperform at Wolfe Research
  • Pinnacle West (PNW) upgraded to In-line from Underperform at Evercore ISI; tgt $78
  • Petrobras (PBR) upgraded to Neutral from Sell at UBS
  • Quebecor (QBCRF) upgraded to Buy from Hold at Canaccord Genuity
  • Rigetti Computing (RGTI) upgraded to Buy from Hold at The Benchmark Company; tgt $4
  • Rivian Automotive (RIVN) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $30
  • Sabra Health Care REIT (SBRA) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $14
  • Twilio (TWLO) upgraded to Buy from Hold at Argus; tgt $72
• Downgrades:
• • Brookfield Corp. (BN) downgraded to Hold from Buy at Canaccord Genuity
  • Canadian Tire Corporation (CDNAF) downgraded to Sector Perform from Outperform at National Bank Financial
  • Cano Health (CANO) downgraded to Neutral from Buy at Citigroup; tgt lowered to $0.80
  • Forward Air (FWRD) downgraded to Hold from Buy at Stifel; tgt lowered to $103
  • Forward Air (FWRD) downgraded to Mkt Perform from Strong Buy at Raymond James
  • Forward Air (FWRD) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $80
  • Heritage Commerce Corp. (HTBK) downgraded to Equal-Weight from Overweight at Stephens; tgt $10
  • Kezar Life Sciences (KZR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $4
  • Lucid Group (LCID) downgraded to Underperform from Neutral at Exane BNP Paribas; tgt $5
  • Medical Properties Trust (MPW) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $8
  • Medical Properties Trust (MPW) downgraded to Underperform from Strong Buy at Raymond James
  • Olaplex (OLPX) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $3
  • Origin Materials (ORGN) downgraded to Hold from Buy at Craig Hallum; tgt $2
  • Sealed Air (SEE) downgraded to Neutral from Buy at UBS; tgt $44
  • SLR Capital Partners (SLRC) downgraded to Neutral from Buy at Ladenburg Thalmann
  • Stanley Black & Decker (SWK) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $94
  • Triumph Group (TGI) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $8
  • Ventas (VTR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $48
  • Western Midstream (WES) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $30
  • Wolverine (WWW) downgraded to Hold from Buy at Williams Trading; tgt lowered to $12
  • Wolverine (WWW) downgraded to Neutral from Buy at Seaport Research Partners
  • Wolverine (WWW) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $9
• Others:
  • Cisco (CSCO) placed on positive catalyst watch at Citigroup
  • CymaBay Therapeutics (CBAY) initiated with a Buy at Guggenheim; tgt $20
  • Expeditors Intl (EXPD) initiated with an Underweight at JP Morgan; tgt $110
  • HCI Group (HCI) initiated with a Mkt Perform at William Blair
  • Hippo (HIPO) initiated with a Mkt Perform at William Blair
  • Kura Oncology (KURA) initiated with a Buy at BofA Securities; tgt $31
  • Madison Square Garden Entertainment (MSGE) initiated with a Neutral at JP Morgan; tgt $38
  • MercadoLibre (MELI) resumed with a Buy at William O'Neil
  • PROCEPT BioRobotics (PRCT) initiated with an Overweight at Piper Sandler; tgt $42
  • Towne Bank (TOWN) initiated with a Market Perform at Hovde Group; tgt $27

Gapping down
In reaction to earnings/guidance:

• CANO -43.2% (also provides update on strategic actions, including a possible sale; plans to exit some ops; workforce reduction; substantial doubt about ability to continue as a "going concern"; also to delay 10-Q filing), MAXN -25.7% (also chooses Albuquerque for its first US manufacturing expansion), VTYX -6.1%, OABI -4.3%, ARLO -3.2%, ONTO -3%, VIAV -2.5%, TARS -2.4%, ATGE -2.1%, EPSN -1.1%, HIVE -0.9%

Other news:

• AVAL -8.3% (announced resolutions of previously disclosed investigations by the DOJ and SEC related to the construction of a toll road in Colombia by a joint venture)
• VLD -6.6% (convertible notes offeing)
• OPTN -5.6% (files $200 mln mixed shelf securities offering)
• CDNA -3.9% (comments on issuance of proposed LCD for Molecular Testing for Solid Allograft Rejection)
• AKBA -3.4% (to delay 10-Q filing; also reaffirms guidance)
• BZH -3% (files mixed shelf securities offering)
• SRG -2.2% (to delay 10-Q filing)
• MELI -2% (names new CFO)
• FHTX -2% (MRK terminates Research Collaboration and Exclusive License Agreement with FHTX)

Analyst comments:

• OLPX -3.1% (downgraded to Hold from Buy at Canaccord Genuity)
• SEE -1.7% (downgraded to Neutral from Buy at UBS)
• SWK -1.4% (downgraded to Underperform from Peer Perform at Wolfe Research)
• HTBK -1.3% (downgraded to Equal-Weight from Overweight at Stephens)
• VTR -1.1% (downgraded to Neutral from Buy at BofA Securities)

Gapping up
In reaction to earnings/guidance:

• PGY +16.9%, IONQ +7.5%, ADVM +6.6% (also completes enrollment of phase 2 LUNA Trial), SVV +5.8%, BAP +4%, RCEL +3.4%, AMLX +2.3%, SPB +2.1%, FLO +2%, IAG +1.3%, AKRO +1%

Other news:

• ACHR +24% (ACHR and BA resolve federal and state litigation; accelerates path to market: secures $215m investment from Stellantis (STLA) Boeing (BA) United Airlines (UAL) ARK Invest (ARKK) and others)
• GNFT +3.5% (new data published relating to NIS2+)
• NMG +3.3% (provides a quarterly operational update)
• VINP +1.7% (increases dividend)
• NXST +1.6% (NXST, SSP, SBGI, and GTN interested in sports rights according to CNBC)
• PSN +1.4% (selected by US Cyber Command to continue support)
• VSTO +1.4% (to rebrand as The Kinetic Group following spinoff)
• THS +0.9% (10% owner JANA Partners discloses purchase of 41500 shares)
• VRCA +0.9% (announces presentation of data from phase 2 study of VP-315)

Analyst comments:

• CCOI +2.7% (upgraded to Outperform from Market Perform at TD Cowen)
• DOCN +1.4% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
• SBRA +0.9% (upgraded to Neutral from Underperform at BofA Securities)