>>> US Research Calls I

Research Calls I
  • Upgrades
    • Five Below (FIVE) upgraded to Outperform from Market Perform at Telsey Advisory Group, tgt $170
    • Green Plains (GPRE) upgraded to Outperform from Perform at Oppenheimer, tgt $14
    • International Paper (IP) upgraded to Buy from Neutral at BofA Securities, tgt $57
    • Rambus (RMBS) upgraded to Buy from Neutral at Arete, tgt $91
    • Silgan Holdings (SLGN) upgraded to Buy from Neutral at BofA Securities, tgt $57
    • Thomson Reuters (TRI) upgraded to Buy from Hold at TD Securities
    • Venture Global (VG) upgraded to Buy from Hold at Deutsche Bank, tgt $17
    • Wynn Resorts (WYNN) upgraded to Buy from Neutral at UBS, tgt $147
  • Downgrades
    • Bill (BILL) downgraded to Neutral from Overweight at Piper Sandler, tgt $50
    • Cooper Companies (COO) downgraded to Neutral from Buy at Citigroup, tgt $72
  • Others
    • Accel Entertainment (ACEL) initiated with a Buy at Texas Capital, tgt $17
    • Acuren (TIC) initiated with a Buy at Jefferies, tgt $16
    • Biomea Fusion (BMEA) initiated with a Buy at Jefferies, tgt $5
    • Fractyl Health (GUTS) initiated with a Buy at Ladenburg, tgt $3.60
    • Nano Nuclear Energy (NNE) initiated with a Neutral at BTIG Research
    • Northpointe (NPB) initiated with a Neutral at Janney, tgt $19.25
    • Novavax (NVAX) assumed with a Buy at H.C. Wainwright, tgt $10
    • P3 Health Partners (PIII) resumed with a Buy at Lake Street; tgt $20
    • ServiceTitan (TTAN) initiated with an Outperform at BMO Capital, tgt $129
    • Southern Missouri Bancorp (SMBC) assumed with a Neutral at Piper Sandler, tgt $66

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • COO -14.2%, DOMO -12.9%, GCO -10.9%, HRL -7.6%, NTAP -7.3%, NTNX -6.9% (also increases share repurchase authorization by $350 mln; also collaboration with Finanz Informatik and signs long-term contract), BBWI -5.5%, CRWD -4.1% (also to acquire Onum), URBN -3.6%, VEEV -3.5%, LI -3.1%, NAT -2%, NVDA -1.8% (also approves additional $60 bln share repurchase authorization), HPQ -1.6%, BBY -1%
Other news:
  • OTLK -69.6% (Provides regulatory update on FDA review of ONS-5010/LYTENAVA for the treatment of wet AMD)
  • CGTX -15.7% (launches offering of 14.7 mln shares of common stock for gross proceeds of $30 mln)
  • RR -6.9% (entered into new $100 mln At The Market offering agreement; terminated the prior ATM Agreement)
  • SORA -2.8% (completed DV8 Public Company Limited tender offer)
  • PRTA -1.9% (provides update on PRX012 and announces Phase 1 ASCENT results)
  • VNDA -1.5% (FDA has granted Orphan Drug Designation for VGT-1849B, a selective peptide nucleic acid-based JAK2 inhibitor for the treatment of polycythemia vera)
  • QGEN -1.4% (launches $750 mln Non-U.S. Convertible Bond offering due 2032)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • PAHC +15.4%, PSTG +14.8%, SNOW +14.4%, BBW +14%, TCOM +7.9%, VSCO +7.6%, CLCO +7.4%, GEF +6.8%, BURL +6.1%, DG +6.1%, FIVE +4.6%, TITN +4.5%, CM +3.6%, TD +3.1%, A +1.1%, DKS +0.9%
Other news:
  • GPRE +16% (to sell Tennessee Plant to POET)
  • CELC +8.5% (to initiate NDA submission of Gedatolisib)
  • AVNW +2.8% (CFO to step down, provides guidance)
  • ALT +2.5% (FDA accepts proprosal for reasonably likely surrogate endpoint for MASH)
  • CHDN +1.7% (completes acquisition of a majority of Casino Salem Project)
  • SPRY +1.7% (provided neffy updates)

>>> Victoria's Secret beats by $0.20, beats on revs; guides Q3 EPS in-line, revs

Victoria's Secret beats by $0.20, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY26 revenue guidance (22.78 0.79)
  • Reports Q2 (Jul) earnings of $0.33 per share, excluding non-recurring items, $0.20 better than the FactSet Consensus of $0.13; revenues rose 2.9% year/year to $1.46 bln vs the $1.41 bln FactSet Consensus.
  • Co issues guidance for Q3, sees EPS of ($0.75)-($0.55), excluding non-recurring items, vs. ($0.57) FactSet Consensus; sees Q3 revs of $1.390-$1.420 bln vs. $1.36 bln FactSet Consensus.
  • Co raises guidance for FY26, sees FY26 revs of $6.33-$6.41 bln, above prior guidance of $6.20-$6.30 bln, vs the. $6.24 bln FactSet Consensus. At this forecasted level of net sales, the Company is reiterating its full year outlook for adjusted operating income and expects adjusted operating income to be in the range of $270 million to $320 million.

>>> Novo Nordisk A/S: Replicate Bioscience announces partnership with Novo Nordi

Novo Nordisk A/S: Replicate Bioscience announces partnership with Novo Nordisk to unlock self-replicating RNA therapies for obesity and diabetes (56.44)
  • Replicate Bioscience, a clinical-stage company pioneering next-generation self-replicating RNA (srRNA) technology for applications across infectious disease, immunology, and other therapeutic areas, today announced a multi-year research collaboration with Novo Nordisk. This collaboration unites Novo Nordisk's deep therapeutic knowledge and drug development expertise with Replicate's novel srRNA platform to develop new therapeutic candidates to treat obesity, type 2 diabetes and other cardiometabolic diseases.
  • Under the terms of the agreement, Novo Nordisk and Replicate will collaborate on certain targets for cardiometabolic diseases. Novo Nordisk will receive a defined exclusive, worldwide license to use Replicate's srRNA platform to develop and commercialize the lead programs. Replicate will receive research funding and is eligible to receive up to US$550 million from Novo Nordisk. This includes an up-front cash payment and potential milestone payments. Replicate is also eligible to receive tiered royalties on future product sales as part of the multi-year deal.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • PSTG +16.2%, GPRE +15.7%, SNOW +13.9%, PAHC +13.5%, CELC +11.6%, CLCO +9.5%, TCOM +8.1%, GEF +6.8%, FIVE +4.2%, TD +3.7%, CM +3.6%, AVNW +2.8%, CHDN +1.7%, SPRY +1.7%, GES +1.5%
  • Gapping down:
    • CGTX -14.7%, COO -14.2%, DOMO -12.1%, NTAP -7%, HRL -6.8%, NTNX -5.5%, URBN -5.4%, PRTA -4.2%, LI -4%, VEEV -3.7%, CRWD -3%, A -2.3%, NVDA -1.8%, HPQ -1.6%, QGEN -1.5%

>>> Europe : Brokers Upgrades & Downgrades - 28th of August 2025 V2(+)

>>> Up
* Ageas PT Raised to 71 euros from 60 euros at Berenberg
* Basler Raised to Buy at Jefferies; PT 21 euros
* Canada Goose Raised to Hold at Williams Trading; PT C$20
* Cancom Raised to Buy at Jefferies; PT 29 euros
* Cie du Bois Sauvage Raised to Accumulate at KBC Securities
* Huber+Suhner Raised to Outperform at ZKB; PT 138.80 Swiss francs (+)
* Nike PT Raised to $100 from $73 at Williams Trading
* Nvidia Raised to Buy at Punto Casa de Bolsa; PT $205.67
* Nvidia PT Raised to $210 from $190 at Citi
* Nvidia PT Raised to $210 from $206 at Morgan Stanley
* Orsted Raised to Buy at Berenberg; PT 225 kroner
* PolyPeptide Group PT Raised to 44 Swiss francs at RBC
* Royal Unibrew Raised to Buy at Danske Bank Markets (+)

>>> Down
* Accelleron Cut to Neutral at Oddo BHF; PT 70 Swiss francs
* Accelleron Cut to Hold at Research Partners; PT 75 Swiss francs (+)
* Alfen Cut to Underperform at Jefferies; PT 8 euros
* Dermapharm Cut to Hold at Jefferies; PT 34 euros
* Diploma Cut to Neutral at Davy; PT 5,500 pence (+)
* Faron Pharma Cut to Reduce at Inderes; PT 215.58 pence
* Friedrich Vorwerk Group Cut to Underperform at Jefferies
* Fugro Cut to Underperform at Jefferies; PT 10 euros
* Investis Cut to Hold at Bank Vontobel (+)

>>> Initiation
* Georg Fischer Rated New Outperform at Oddo BHF
* Omai Gold Mines Rated New Buy at Stifel Canada; PT C$1.40
* PKO Rated New Accumulate at Patria Finance; PT 87 zloty
* Rockwool Reinstated Outperform at BNPP Exane; PT 335 kroner (+)
* ServiceTitan Rated New Outperform at BMO; PT $129
* Sweden’s Saab to Deliver Its First Anti-Drone Missile Next Year (+)

>>> Call
* Alfen Cut, Basler Raised as Jefferies Seeks Ideas in Mid-Caps
* Citi Strategists Say French Stocks Likely Optimistic on Politics (+)
* Delivery Hero Set to Underperform on Outlook Cut: Morgan Stanley
* Elekta 1Q Results Show ‘Better Quarter’ Overall, Barclays Says (+)
* Georg Fischer a Transformation Story, New Outperform at Oddo BHF