TheChek News Flow

Research Calls II

Upgrades
- Mercury Systems (MRCY) upgraded to Outperform from Sector Perform at RBC Capital, tgt $90
- Moody's (MCO) upgraded to Buy from Hold at Deutsche Bank, tgt $528
- Polaris (PII) upgraded to Neutral from Sell at Citigroup, tgt $60
- RenaissanceRe (RNR) upgraded to In Line from Underperform at Evercore ISI, tgt $244
- Samsara (IOT) upgraded to Outperform from In Line at Evercore ISI, tgt $50
- SkyWest (SKYW) upgraded to Strong Buy from Outperform at Raymond James, tgt $140
- Sunrun (RUN) upgraded to Buy from Hold at Jefferies, tgt $21
- United Rentals (URI) upgraded to Outperform from Neutral at Robert W. Baird, tgt $1,050
Downgrades
- MYR Group (MYRG) downgraded to Sector Weight from Overweight at KeyBanc
- Palmer Square Capital BDC (PSBD) downgraded to Neutral from Overweight at JPMorgan, tgt $12
- Sixth Street Specialty Lending (TSLX) downgraded to Neutral from Overweight at JPMorgan, tgt $24
- Tetra Tech (TTEK) downgraded to Neutral from Buy at Northcoast
- ViaSat (VSAT) downgraded to Underweight from Equal Weight at Barclays, tgt $23
Others
- Klaviyo (KVYO) initiated with an Overweight at Wells Fargo, tgt $40
- LTC Properties (LTC) initiated with a Neutral at Cantor Fitzgerald, tgt $38
- MAA (MAA) initiated with a Neutral at Cantor Fitzgerald, tgt $150
- Macom (MTSI) initiated with a Buy at TD Cowen, tgt $150
- MongoDB (MDB) initiated with an Overweight at Wells Fargo, tgt $430
- Monday.com (MNDY) initiated with an Overweight at Wells Fargo, tgt $260
- Moody's (MCO) initiated with a Buy at Seaport Research, tgt $528
- MSCI (MSCI) initiated with a Buy at Seaport Research, tgt $650
- National Health Investors (NHI) initiated with an Overweight at Cantor Fitzgerald, tgt $90
- Netgear (NTGR) initiated with a Buy at Seaport Research, tgt $40
- Netstreit (NTST) initiated with an Overweight at Cantor Fitzgerald, tgt $21
- Omega Healthcare (OHI) initiated with an Overweight at Cantor Fitzgerald, tgt $50
- Oxford Lane (OXLC) initiated with a Buy at Clear Street, tgt $21.50
- Park Hotels & Resorts (PK) initiated with a Neutral at Cantor Fitzgerald, tgt $12
- Pebblebrook Hotel Trust (PEB) initiated with a Neutral at Cantor Fitzgerald, tgt $12
- Pool Corp (POOL) initiated with a Sector Weight at KeyBanc
- QXO (QXO) initiated with an Overweight at KeyBanc, tgt $28
- Realty Income (O) initiated with a Neutral at Cantor Fitzgerald, tgt $64
- Repligen (RGEN) initiated with a Buy at HSBC, tgt $150
- Rexford Industrial (REXR) initiated with an Overweight at Cantor Fitzgerald, tgt $50
- RingCentral (RNG) initiated with an Equal Weight at Wells Fargo, tgt $32
- Ryman Hospitality (RHP) initiated with an Overweight at Cantor Fitzgerald, tgt $108
- Safehold (SAFE) initiated with a Neutral at Cantor Fitzgerald, tgt $17
- Sabra Health Care (SBRA) initiated with a Neutral at Cantor Fitzgerald, tgt $20
- Semtech (SMTC) initiated with a Buy at TD Cowen, tgt $75
- Snowflake (SNOW) initiated with an Overweight at Wells Fargo, tgt $275
- Solventum (SOLV) initiated with a Neutral at UBS, tgt $77
- Sound Point Meridian Capital (SPMC) initiated with a Buy at Clear Street, tgt $20
- S&P Global (SPGI) initiated with a Buy at Seaport Research, tgt $540
- Stag Industrial (STAG) initiated with a Neutral at Cantor Fitzgerald, tgt $37
- Strawberry Fields REIT (STRW) initiated with an Overweight at Cantor Fitzgerald, tgt $14
- Target Hospitality (TH) initiated with a Hold at Texas Capital, tgt $9
- Terreno Realty (TRNO) initiated with an Overweight at Cantor Fitzgerald, tgt $70
- TransUnion (TRU) initiated with a Neutral at Seaport Research
- Twilio (TWLO) initiated with an Overweight at Wells Fargo, tgt $130
- UDR (UDR) initiated with a Neutral at Cantor Fitzgerald, tgt $40
- UMH Properties (UMH) initiated with a Neutral at Cantor Fitzgerald, tgt $15
- Ventyx Biosciences (VTYX) initiated with a Buy at Clear Street, tgt $11
- Ventas (VTR) initiated with an Overweight at Cantor Fitzgerald, tgt $77
- Verisk Analytics (VRSK) initiated with a Buy at Seaport Research, tgt $280
- VICI Properties (VICI) initiated with an Overweight at Cantor Fitzgerald, tgt $37
- Welltower (WELL) initiated with an Overweight at Cantor Fitzgerald, tgt $195
- ZoomInfo Technologies (GTM) initiated with an Underweight at Wells Fargo, tgt $10

>>> Europe : Brokers Upgrades & Downgrades - 1st of October 2025 V3(++)

>>> Up

* Ackermans PT Raised to 289 euros from 239 euros at Berenberg

* Adidas Raised to Buy at CaixaBank BPI; PT 223.10 euros (+)

* Autodesk Raised to Buy at HSBC; PT $388

* Autostore Raised to Buy at Arctic Securities; PT 12 kroner
* Banco BBVA Argentina SA ADRs Raised to Buy at HSBC; PT $17

* Engcon Raised to Buy at Nordea; PT 90 kronor (++)

* Galp Raised to Buy at JB Capital Markets; PT 20.50 euros (+)

* Gerard Perrier Raised to Buy at Gilbert Dupont; PT 98 euros (++)

* Greggs Raised to Hold at Panmure Liberum; PT 1,560 pence (++)
* InterContinental Hotels Raised to Equal-Weight at Morgan Stanley

* ITM Power PT Raised to 115 pence from 60 pence at Jefferies

* KGHM Raised to Buy at Erste Group; PT 185.90 zloty

* Lacroix Group SA Raised to Buy at Gilbert Dupont; PT 11.50 euros (++)

* Legrand PT Raised to 165 euros from 147 euros at Citi

* Nike PT Raised to $100 from $93 at JPMorgan (++)

* Note Raised to Hold at Nordea

* Orsted Raised to Buy at Fearnley; PT 131 kroner (+)

* Phoenix Group Raised to Outperform at Mediobanca SpA

* Torm Raised to Buy at Pareto Securities (++)

>>> Down

* AT&T Cut to Equal-Weight at Barclays; PT $30

* KWS Saat Cut to Hold at DZ Bank; PT 70 euros (+)

* Legrand Cut to Hold at Kepler Cheuvreux; PT 152 euros (++)

* Marvell Technology Cut to Hold at TD Cowen; PT $85

* Nova Ljubljanska Cut to Accumulate at Erste Group; PT 200 euros
* Pihlajalinna Cut to Hold at SEB Equities; PT 17.50 euros

* Streamwide Cut to Hold at TP ICAP Midcap; PT 70 euros (+)

* Viasat Cut to Underweight at Barclays; PT $23

>>> Initiation

* ABB ADRs Rated New Underperform at BNPP Exane; PT $58

* AQ Group Rated New Buy at SpareBank; PT 230 kronor

* ASML ADRs Rated New Buy at William O'Neil

* ASML Reinstated Buy at William O'Neil

* Bausch + Lomb Reinstated Neutral at Goldman; PT C$22.28

* Elastic Reinstated Equal-Weight at Wells Fargo; PT $90

* Exosens SAS Rated New Hold at Deutsche Bank; PT 45 euros (+)
* Saab Reinstated Buy at William O'Neil

* Theon International Rated New Buy at Deutsche Bank; PT 40 euros (+)

* United Internet Reinstated Buy at Kepler Cheuvreux; PT 31 euros (++)

>>> Call
* IHG Earns Upgrade From Morgan Stanley, But Accor Still Favored

* Ionos Slides as Kepler Calls Time For Breather After Strong Run (++)

>>> US Research Calls I

Research Calls I

Upgrades
- Autodesk (ADSK) upgraded to Buy from Hold at HSBC, tgt $343
- Banc of California (BANC) upgraded to Overweight from Neutral at JPMorgan, tgt $20
- Banco BBVA Argentina (BBAR) upgraded to Buy from Hold at HSBC, tgt $17
- Banco Macro (BMA) upgraded to Buy from Hold at HSBC, tgt $80
- Beta Bionics (BBNX) upgraded to Buy from Neutral at Goldman, tgt $26
- BRP Inc. (DOOO) upgraded to Buy from Neutral at Citigroup, tgt $73
- Carvana (CVNA) upgraded to Buy from Hold at Jefferies, tgt $475
- Carlyle Secured Lending (CGBD) upgraded to Neutral from Underweight at JPMorgan, tgt $12.50
- Delta Air Lines (DAL) upgraded to Buy from Hold at Jefferies, tgt $70
- Grocery Outlet (GO) upgraded to Outperform from Market Perform at Telsey Advisory Group, tgt $20
- Herc Holdings (HRI) upgraded to Outperform from Neutral at Robert W. Baird, tgt $160
- InterContinental Hotels Group (IHG) upgraded to Equal Weight from Underweight at Morgan Stanley
Downgrades
- Allstate (ALL) downgraded to In Line from Outperform at Evercore ISI, tgt $233
- AT&T (T) downgraded to Equal Weight from Overweight at Barclays, tgt $30
- Doximity (DOCS) downgraded to Sell from Neutral at Goldman, tgt $64
- Enlight Renewable (ENLT) downgraded to Hold from Buy at Deutsche Bank, tgt $30
- GE Vernova (GEV) downgraded to Sector Perform from Outperform at RBC Capital, tgt $605
- LivaNova (LIVN) downgraded to Neutral from Buy at Goldman, tgt $55
- MoonLake Immunotherapeutics (MLTX) downgraded to Neutral from Buy at Goldman, tgt $7
Others
- Aardvark Therapeutics (AARD) initiated with a Buy at JonesResearch, tgt $33
- Alexandria Real Estate (ARE) initiated with a Neutral at Cantor Fitzgerald, tgt $88
- Apple (AAPL) initiated with a Buy at Seaport Research, tgt $310
- Apple Hospitality REIT (APLE) initiated with an Overweight at Cantor Fitzgerald, tgt $14
- Astera Labs (ALAB) initiated with a Hold at TD Cowen, tgt $200
- AvalonBay Communities (AVB) initiated with a Neutral at Cantor Fitzgerald, tgt $205
- Axsome Therapeutics (AXSM) initiated with a Buy at B. Riley, tgt $179
- Bausch + Lomb (BLCO) initiated with a Neutral at Goldman, tgt $16
- Braze (BRZE) initiated with an Overweight at Wells Fargo, tgt $40
- Broadstone Net Lease (BNL) initiated with an Overweight at Cantor Fitzgerald, tgt $21
- Builders FirstSource (BLDR) initiated with an Overweight at KeyBanc, tgt $145
- BXP (BXP) initiated with an Overweight at Cantor Fitzgerald, tgt $90
- Camden Property Trust (CPT) initiated with a Neutral at Cantor Fitzgerald, tgt $115
- CareTrust REIT (CTRE) initiated with a Neutral at Cantor Fitzgerald, tgt $37
- Centerspace (CSR) initiated with a Neutral at Cantor Fitzgerald, tgt $62
- CoinBase (COIN) initiated with a Buy at BTIG Research, tgt $410
- Confluent (CFLT) initiated with an Overweight at Wells Fargo, tgt $24
- Cooper Companies (COO) initiated with a Sell at Goldman, tgt $64
- COPT Defense Properties (CDP) initiated with an Overweight at Cantor Fitzgerald, tgt $35
- Credo Technology (CRDO) assumed with a Buy at TD Cowen, tgt $170
- Datadog (DDOG) initiated with an Overweight at Wells Fargo, tgt $190
- Douglas Emmett (DEI) initiated with a Neutral at Cantor Fitzgerald, tgt $16
- Dynatrace (DT) initiated with an Overweight at Wells Fargo, tgt $65
- Eagle Point Credit (ECC) initiated with a Buy at Clear Street, tgt $7.50
- EastGroup Properties (EGP) initiated with an Overweight at Cantor Fitzgerald, tgt $190
- Elastic (ESTC) initiated with an Equal Weight at Wells Fargo, tgt $90
- Equifax (EFX) initiated with a Neutral at Seaport Research
- Equity Residential (EQR) initiated with an Overweight at Cantor Fitzgerald, tgt $35
- Essex Property Trust (ESS) initiated with an Overweight at Cantor Fitzgerald, tgt $300
- Essential Properties Realty Trust (EPRT) initiated with an Overweight at Cantor Fitzgerald, tgt $35
- Fair Isaac (FICO) initiated with a Buy at Seaport Research, tgt $1,600
- First Industrial Realty (FR) initiated with a Neutral at Cantor Fitzgerald, tgt $55
- Five9 (FIVN) initiated with an Equal Weight at Wells Fargo, tgt $28
- Freshworks (FRSH) initiated with an Equal Weight at Wells Fargo, tgt $13
- Gaming and Leisure Properties (GLPI) initiated with a Neutral at Cantor Fitzgerald, tgt $51
- GitLab (GTLB) initiated with an Equal Weight at Wells Fargo, tgt $50
- Glaukos (GKOS) initiated with a Buy at Goldman, tgt $103
- Grupo Financiero Galicia (GGAL) resumed with a Buy at HSBC, tgt $60
- Hagerty (HGTY) initiated with an Outperform at Citizens JMP, tgt $15
- Healthpeak Properties (DOC) initiated with a Neutral at Cantor Fitzgerald, tgt $20
- Healthcare Realty Trust (HR) initiated with an Overweight at Cantor Fitzgerald, tgt $23
- Host Hotels (HST) initiated with a Neutral at Cantor Fitzgerald, tgt $19
- HubSpot (HUBS) initiated with an Overweight at Wells Fargo, tgt $685
- Hudson Pacific Properties (HPP) initiated with an Overweight at Cantor Fitzgerald, tgt $3.50
- Idexx Laboratories (IDXX) initiated with a Neutral at UBS, tgt $720

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

RPM -6.6%, CALM -5.6%, AYI -3.3%

Other news:

ENTA -12.9% (prices offering of 6.5 mln shares of common stock at $10.00 per share)
LWAY -6.3% (cooperation agreement with Danone)
AIR -5.1% (prices offering of 3.0 mln shares of common stock at $83.00 per share)
ACOG -3.1% (prices offering of 5.6 mln shares of common stock at $6.25 per share)
ATUS -2.1% (ADEA and ATUS resolve litigation, sign IP licensing deal)
ACLS -1.7% (Axcelis Tech and Veeco Instruments (VECO) to merge in all-stock transaction)
SGML -1.6% (in sympathy with LAC news)
UUUU -1% (prices offering of $600 mln of 0.75% Convertible Senior Notes due 2031)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

NKE +3.9%

Other news:

LAC +32.4% (reaches agreement with GM and DOE to advance first draw loan)
CCCC +11.7% (entered into a clinical trial collaboration and supply agreement with Pfizer)
SLI +6.8% (in sympathy with LAC news)
PHAR +5.8% (receives FDA acceptance and Priority Review of supplemental NDA for leniolisib)
VECO +3.5% (Axcelis Tech and Veeco Instruments (VECO) to merge in all-stock transaction)
BZAI +3.2% (discloses Yotta as end customer)
ZETA +2.6% (to acquire Marigold's enterprise software unit, reaffirms guidance)
GEO +2.5% (awarded ICE contract)
LAR +2.4% (in sympathy with LAC news)
MSTR +2.4% (increased the regular dividend rate per annum on the Company's Variable Rate Series A Perpetual Stretch Preferred Stock from 10.00% to 10.25% effective for monthly periods commencing on or after October 1, 2025)
DGNX +2.2% (signs agreements with iNEED for rural banks in Indonesia)
SGMT +1.7% (doses first participants in Phase 1 PK clinical trial for Denifanstat and Resmetirom combination)
XPEV +1.4% (Sep deliveries)
NIO +1.3% (Sep deliveries)
OPEN +1.1% (Director bought 300752 shares worth ~$2 mln)
RGP +1% (launches rIQ)
LI +1% (Sep deliveries)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- LAC +30.8%, SLI +8%, BZAI +3.5%, NKE +3.5%, GEO +2.4%, RGP +2%, LAR +1.8%, ZETA +1.7%, XPEV +1.2%, LI +0.9%, PSN +0.7%, NIO +0.7%
Gapping down:
- ENTA -11%, CALM -6%, AIR -5.1%, ATUS -3.3%, ACOG -2.9%, SGML -1.6%, CWT -0.9%, PATH -0.6%, LWAY -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 1st of October 2025 V2(+)