TheChek News Flow

Research Calls

• Upgrades:
  • Coherent (COHR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $45
  • Equinix (EQIX) upgraded to Outperform from Market Perform at Cowen; tgt $811
  • Phreesia (PHR) upgraded to Buy from Neutral at Citigroup; tgt $40
  • Humana (HUM) upgraded to Buy from Neutral at Goldman; tgt raised to $652
  • HUYA (HUYA) upgraded to Buy from Hold at China Renaissance; tgt lowered to $4.20
  • Inspire Medical Systems (INSP) upgraded to Buy from Neutral at Goldman; tgt raised to $308
  • U.S. Bancorp (USB) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $58
• Downgrades:
  • Affirm (AFRM) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $13
  • Am Natl Bankshares (AMNB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $42
  • Amerant Bancorp (AMTB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $32
  • Bar Harbor Bankshares (BHB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $33
  • BHP Group (BHP) downgraded to Sell from Neutral at UBS
  • Block (SQ) assumed with an Overweight at Piper Sandler; tgt $93
  • Capital Bancorp (CBNK) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $26
  • Carrier Global (CARR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Comerica (CMA) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $80
  • Discover Financial Services (DFS) downgraded to Underperform from Buy at BofA Securities
  • F.N.B. Corp (FNB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $15.50
  • Heartland Financial (HTLF) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $54
  • Home Bancshares (HOMB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $28
  • Independent Bank (INDB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $100
  • MidWestOne Financial Group (MOFG) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $37
  • Robinhood Markets (HOOD) downgraded to Neutral from Buy at Citigroup; tgt lowered to $10
  • Shore Bancshares (SHBI) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $22
  • UserTesting (USER) downgraded to Mkt Perform from Strong Buy at Raymond James
  • UserTesting (USER) downgraded to Neutral from Overweight at Piper Sandler; tgt $7.50
• Others:
  • American Express (AXP) assumed with a Neutral at Piper Sandler; tgt $159
  • Amphenol (APH) initiated with an Outperform at Credit Suisse; tgt $93
  • Angi Inc. (ANGI) initiated with a Buy at Citigroup; tgt $2.60
  • Beam Therapeutics (BEAM) initiated with a Buy at Citigroup; tgt $62
  • Business First Bancshares (BFST) initiated with an Overweight at Piper Sandler; tgt $27
  • Cano Health (CANO) resumed with an Underperform at BofA Securities; tgt $1.50
  • Cognex (CGNX) initiated with an Underperform at Credit Suisse; tgt $41
  • Cousins Prop (CUZ) initiated with an Outperform at BMO Capital Markets; tgt $29
  • Criteo (CRTO) initiated with a Buy at Citigroup; tgt $36
  • Custom Truck One Source (CTOS) initiated with a Neutral at JP Morgan; tgt $7.50
  • Dover (DOV) initiated with an Outperform at Credit Suisse; tgt $171
  • eBay (EBAY) initiated with a Neutral at Citigroup; tgt $47
  • Etsy (ETSY) initiated with a Buy at Citigroup; tgt $161
  • Generac (GNRC) initiated with a Hold at Stifel; tgt lowered to $98
  • GoDaddy (GDDY) initiated with a Buy at Citigroup; tgt $95
  • Hayward Holdings (HAYW) initiated with a Buy at Stifel; tgt $11
  • Inspire Medical Systems (INSP) initiated with an Overweight at KeyBanc Capital Markets; tgt $287
  • InterActiveCorp (IAC) initiated with a Buy at Citigroup; tgt $60
  • KNOT Offshore Partners (KNOP) initiated with a Buy at Alliance Global Partners; tgt $16
  • Latham Group (SWIM) initiated with a Hold at Stifel; tgt $3
  • Mobileye Global (MBLY) initiated with an Overweight at JP Morgan; tgt $50
  • Original BARK Co. (BARK) initiated with a Buy at Citigroup; tgt $2
  • Outbrain Inc. (OB) initiated with a Neutral at Citigroup; tgt $4
  • Philip Morris International (PM) resumed with a Neutral at Citigroup; tgt $109
  • Redfin (RDFN) initiated with a Neutral at Citigroup; tgt $5
  • TE Connectivity (TEL) initiated with a Neutral at Credit Suisse; tgt $123
  • Teledyne Tech (TDY) initiated with an Outperform at Credit Suisse; tgt $503
  • The Trade Desk (TTD) initiated with a Buy at Citigroup; tgt $60
  • VeriSign (VRSN) initiated with a Buy at Citigroup; tgt $243
  • Wayfair (W) initiated with a Buy at Citigroup; tgt $50
  • Wish (WISH) initiated with a Sell at Citigroup; tgt $0.50
  • Ziff Davis (ZD) initiated with a Neutral at Citigroup; tgt $100

Gapping down
In reaction to earnings/guidance:

• JOAN -4.8%, BLBD -3.6%, LLY -2% (guidance update), UAL -1.4% (guidance update)

Other news:

• LEV -17.6% (announces the pricing of its previously announced marketed public offering of units in the United States and Canada)
• TRMB -6.4% (to acquire Transporeon for €1.88 bln)
• BMO -3.8% (public offering totaling approx. C$3.15 bln)
• GFI -2.9% (CEO steps down; Martin Preece appointed interim CEO)
• IVZ -1.5% (reports November AUM)
• USER -1.5% (announces expiration of "go-shop" period )
• ALEX -1.2% (promotes COO to additional role as President)
• IHG -0.8% (new CFO)

Analyst comments:

• AFRM -1.1% (downgraded to Neutral from Buy at BofA Securities)

Gapping up
In reaction to earnings/guidance:

• CNM +8.1%, PLAB +6.4%, FLNC +5.9%, CSV +5% (releases FY24 financial goals)

Other news:

• MRTX +9.6% (receives FDA accelerated approval of KRAZATI)
• MRNA +7.8% (Moderna and Merck (MRK) announce investigational cancer vaccine mRNA-4157/V940 has met primary efficacy endpoint)
• NFE +6.2% (provides update to dividend policy plan to return significant capital to shareholders)
• NRIX +4.9% (presents positive results from Novel BTK Degrader)
• KOPN +3.6% (joint tech solution with OPTAC-X and RealWear)
• NYMT +3.1% (names new President)
• PGEN +3.1% (Phase 1 Dose Escalation Data for Autologous PRGN-3006 UltraCAR-T)
• MASI +3% (hosts Investor Day to detail next phase of its growth trajectory at 7:30 am PT (10:30 am ET))
• EVGO +2.6% (EVgo Inc. and Lyft (LYFT) launch new partnership to accelerate rideshare electrification nationwide)
• BA +2.2% (United (UAL) finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024) 
• HUT +2% (replaces CFO)
• NYT +1.5% (CFO to retire next year)
• SSRM +1.3% (positive exploration results)
• TNDM +1.1% (to acquire Insulin Patch Pump Developer AMF Medical)
• DEN +1% (announce agreement for CO2 sequestration site with Weyerhaeuser)

Analyst comments:

• PHR +2.5% (upgraded to Buy from Neutral at Citigroup)
• ANGI +1.9% (initiated with a Buy at Citigroup)
• TTD +1.5% (initiated with a Buy at Citigroup)
• EQIX +1.4% (upgraded to Outperform from Market Perform at Cowen)
• W +1.3% (initiated with a Buy at Citigroup)
• ETSY +0.9% (initiated with a Buy at Citigroup)

Early premarket gappers

• Gapping up:
  • MRTX +14.7%, FLNC +7%, PGEN +5.6%, CSV +5%, NRIX +4.9%, PLAB +3.6%, ORCL +3.2%, NYMT +3.1%, NFE +2.9%, IVZ +2.6%, ETNB +2.3%, HUT +2%, NYT +1.5%, GOOD +1.5%, FSLR +1.1%, A +1.1%, DEN +1%, AB +0.9%, SSRM +0.9%, PLL +0.9%, META +0.8%
• Gapping down:
  • LEV -15.4%, IHG -5%, TRMB -3.9%, BLBD -3.6%, LLY -3.2%, GFI -3.2%, BMO -2.1%, JOAN -2.1%, TNDM -1%, MIRM -0.5%