Research Calls I
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Upgrades
- Bayer (BAYRY) upgraded to Buy from Hold at Kepler Cheuvreux
- First Solar (FSLR) upgraded to Buy from Hold at Jefferies, tgt $192
- J.M. Smucker (SJM) upgraded to Buy from Hold at Jefferies, tgt $115
- Urban Outfitters (URBN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $90
- Bayer (BAYRY) upgraded to Buy from Hold at Kepler Cheuvreux
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Downgrades
- Arista Networks (ANET) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $106
- Bill (BILL) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $55
- Etsy (ETSY) downgraded to Sell from Neutral at Arete, tgt $43
- Ingram Micro (INGM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $22
- Sunrun (RUN) downgraded to Underperform from Hold at Jefferies, tgt $5
- UnitedHealth (UNH) downgraded to Neutral from Outperform at Robert W. Baird, tgt $312
- Arista Networks (ANET) downgraded to Neutral from Outperform at BNP Paribas Exane, tgt $106
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Others
- American Superconductor (AMSC) initiated with a Buy at Clear Street, tgt $44
- Artiva Biotherapeutics (ARTV) assumed with a Buy at H.C. Wainwright, tgt $12
- Avidity Biosciences (RNA) initiated with a Strong Buy at Raymond James, tgt $65
- Coinbase (COIN) initiated with an Outperform at William Blair
- Core Natural Resources (CNR) initiated with a Buy at UBS, tgt $80
- Disc Medicine (IRON) resumed with a Strong Buy at Raymond James, tgt $89
- DoorDash (DASH) initiated with a Hold at Stifel, tgt $198
- Dyne Therapeutics (DYN) assumed with an Outperform at Raymond James, tgt $37
- Gold Royalty (GROY) initiated with a Buy at Canaccord, tgt $3
- Mineralys Therapeutics (MLYS) initiated with a Hold at Jefferies, tgt $15
- Pharvaris (PHVS) initiated with a Buy at Guggenheim, tgt $32
- Summit Therapeutics (SMMT) initiated with an Underperform at Leerink, tgt $12
- TD Synnex (SNX) initiated with an Overweight at Morgan Stanley, tgt $145
- Tectonic Therapeutic (TECX) resumed with an Outperform at Raymond James, tgt $76
- Travere Therapeutics (TVTX) assumed with a Buy at H.C. Wainwright, tgt $30
- Uber (UBER) initiated with a Buy at Stifel, tgt $110
- Wave Life Sciences (WVE) assumed with an Outperform at Raymond James, tgt $14
- American Superconductor (AMSC) initiated with a Buy at Clear Street, tgt $44
Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- GTLB -11.9%, CHWY -7.8%, GME -4.3%, VSCO -0.5%
Other news:
- CABA -17.4% (announces new rese-cel safety and efficacy data in patients with myositis, lupus and scleroderma to be presented at the EULAR 2025 Congress; announces proposed public offering of securities)
- AMSC -16.1% (stock offering)
- KRT -9.2% (prices secondary offering of 1.5 mln shares of common stock at $27.00 per share)
- CLF -6.9% (US, Mexico nearing deal on steel duties, according to Bloomberg)
- IREN -3.5% (prices upsized offering of $500 million of 3.50% convertible senior notes due 2029)
- NUE -3.4% (US, Mexico nearing deal on steel duties, according to Bloomberg)
- ETSY -3.2% (proposes offering of $650 mln of convertible senior notes due 2030)
- JYNT -3% (names new CFO)
- BY -2.9% (prices secondary offering of 4,282,210 shares of common stock at $24.75 per share and concurrent share repurchase)
- BTSG -2.6% (prices secondary offering of 14.0 mln shares of common stock at $21.75 per share)
- KEN -2.4% (subsidiary OPC Energy announced updates on its offering of new shares)
- GGAL -2.3% (prices secondary offering by HSBC Bank of 11,721,449 ADSs at $54.25 per ADS)
- ADNT -1.9% (following investor presentation)
- BRO -1.5% (prices offering of 39,215,686 shares of its common stock at $102.00 per share)
- STLD -1.4% (US, Mexico nearing deal on steel duties, according to Bloomberg)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- SFIX +12.5%, SAIL +10.6%, PLAY +7.1%
Other news:
- XNET +8.7% (investee company completes IPO on Shanghai Stock Exchange STAR Market)
- NMG +7.6% (firming up its project debt financing structure with the intended participation of syndicate institutional funds and export credit agencies for over US$1 billion toward the Company's Phase-2 Matawinie Mine and Bécancour Battery Material Plant)
- SSTK +7.1% (GETY SSTK merger proposal approved by shareholders)
- GETY +5.9% (GETY SSTK merger proposal approved by shareholders)
- CLDX +4.6% (announces presentations of Barzolvolimab Phase 2 Data)
- CXW +2.7% (to acquire the Farmville Detention Center)
- MXCT +2.6% (MaxCyte and Ori Biotech successfully integrate their ExPERT and IRO platforms to improve the yield of gene-edited T cells and shorten manufacturing timelines)
- CRVS +2.3% (presents soquelitinib preclinical data highlighting potential of ITK inhibition to treat systemic sclerosis at EULAR 2025 Congress)
- VTS +2.1% (CEO bought 10000 shares)
- MT +1.8% (US, Mexico nearing deal on steel duties, according to Bloomberg)
- IPX +1.8% (has received the first task order, valued at $1.3 million, from the U.S. Army)
- DNUT +1.7% (sells remaining stake in Insomnia Cookies)
- AB +1.5% (reports May AUM)
- INMB +1.5% (presents data from study)
- NVAX +1% (Co's COVID-19-Influenza Combination and Stand-alone Influenza Vaccine Candidates Showed Robust Immune Responses and Were Well Tolerated in Initial Cohort of a Phase 3 Trial)
Early premarket gappers
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Gapping up:
- SFIX +12.9%, XNET +10.1%, GETY +8.3%, PLAY +7.8%, SSTK +6.9%, CLDX +4.6%, VTS +2.8%, CXW +2.7%, DNUT +2.7%, MXCT +2.6%, BTSG +2.1%, MT +2.1%, IPX +1.8%, AB +1.5%, INMB +1%
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Gapping down:
- CABA -19.6%, AMSC -15%, GTLB -12%, KRT -9.4%, CLF -6.9%, GME -4.7%, IREN -4.5%, BY -3.8%, JYNT -3%, NUE -2.8%, STLD -2.8%, FUFU -2.8%, KEN -2.4%, GGAL -2.3%, HP -1.3%, BRO -1%
>>> Up
* Azimut Raised to Buy at Banca Akros (ESN); PT 31 euros (+)
* Bayer Raised to Buy at HSBC; PT 32 euros
* Bayer Raised to Buy at Kepler Cheuvreux; PT 33 euros (+)
* Capricorn Energy Raised to Neutral at Stifel; PT 253 pence
* Capricorn Energy Raised to Neutral at Stifel; PT 253 pence
* Demant Raised to Outperform at BNPP Exane; PT 315 kroner (+)
* Faes Farma Raised to Buy at JB Capital Markets; PT 5.50 euros
* I-RES Raised to Overweight at Barclays; PT 1.20 euros
* Kojamo Raised to Overweight at Barclays; PT 12.50 euros
* Micron Raised to Hold at GF Securities; PT $116
* Note Raised to Buy at Pareto Securities; PT 178 kronor
* U-blox PT Raised to 118 Swiss francs at Bank Vontobel (+)
>>> Down
>>> Down
* Airtel Africa Cut to Equal-Weight at ABSA Securities
* Care Property Invest NV Cut to Hold at KBC Securities (+)
* Grainger Cut to Equal-Weight at Barclays; PT 225 pence
* Grieg Seafood Cut to Neutral at SpareBank; PT 64 kroner (+)
* Grupa Pracuj Cut to Sell at Citi; PT 58.60 zloty
* HKFoods Cut to Reduce at Inderes; PT 1.50 euros
* HKFoods Cut to Reduce at Inderes; PT 1.50 euros
* Nightingale Health Cut to Reduce at Inderes; PT 2.90 euros
* Orkla Cut to Hold at ABG; PT 120 kroner
* Sonova Cut to Underperform at BNPP Exane; PT 215 Swiss francs (+)
>>> Initiation
>>> Initiation
* DoorDash Rated New Hold at Stifel
* Dynavox Group Rated New Hold at Danske Bank Markets (+)
* Stora Enso ADRs Rated New Neutral at BNPP Exane; PT $10.40
* Stora Enso ADRs Rated New Neutral at BNPP Exane; PT $10.40
* Traton Rated New Buy at ABG; PT 38.31 euros
* UPM-Kymmene ADRs Rated New Outperform at BNPP Exane; PT $34.20
* Wise Rated New Neutral at Cantor; PT 1,200 pence
>>> Call
>>> Call
* BT Set for ‘Break-Out,’ Added to Analyst Focus List at JPMorgan
* Citi’s Manthey Sees 3% Rally in Global Stocks Through End-2025 (+)
* Uber Rated New Buy at Stifel on Growth View; DoorDash Rated Hold
* Uber Rated New Buy at Stifel on Growth View; DoorDash Rated Hold
>>> Up
* Bayer Raised to Buy at HSBC; PT 32 euros
* Capricorn Energy Raised to Neutral at Stifel; PT 253 pence
* Capricorn Energy Raised to Neutral at Stifel; PT 253 pence
* Faes Farma Raised to Buy at JB Capital Markets; PT 5.50 euros
* I-RES Raised to Overweight at Barclays; PT 1.20 euros
* Kojamo Raised to Overweight at Barclays; PT 12.50 euros
* Micron Raised to Hold at GF Securities; PT $116
* Note Raised to Buy at Pareto Securities; PT 178 kronor
>>> Down
>>> Down
* Airtel Africa Cut to Equal-Weight at ABSA Securities
* Grainger Cut to Equal-Weight at Barclays; PT 225 pence
* Grupa Pracuj Cut to Sell at Citi; PT 58.60 zloty
* HKFoods Cut to Reduce at Inderes; PT 1.50 euros
* HKFoods Cut to Reduce at Inderes; PT 1.50 euros
* Nightingale Health Cut to Reduce at Inderes; PT 2.90 euros
* Orkla Cut to Hold at ABG; PT 120 kroner
>>> Initiation
>>> Initiation
* DoorDash Rated New Hold at Stifel
* Stora Enso ADRs Rated New Neutral at BNPP Exane; PT $10.40
* Stora Enso ADRs Rated New Neutral at BNPP Exane; PT $10.40
* Traton Rated New Buy at ABG; PT 38.31 euros
* UPM-Kymmene ADRs Rated New Outperform at BNPP Exane; PT $34.20
* Wise Rated New Neutral at Cantor; PT 1,200 pence
>>> Call
>>> Call
* BT Set for ‘Break-Out,’ Added to Analyst Focus List at JPMorgan
* Uber Rated New Buy at Stifel on Growth View; DoorDash Rated Hold
* Uber Rated New Buy at Stifel on Growth View; DoorDash Rated Hold
Asian stocks posted modest gains after US and Chinese officials struck an optimistic tone at the end of two days of talks aimed at defusing trade tensions. Shares in mainland China stood out. A regional stock gauge edged up 0.3%. Hong Kong’s 1% advance and mainland China’s 0.9% move were the biggest gains in the region. US equity-index futures dipped 0.3% as investors searched for details from the talks in London. Contracts for European equities fell 0.4%. Treasuries steadied ahead of Wednesday’s US inflation reading. A gauge of the dollar strengthened 0.1% and gold rose 0.5%. The US and China de-escalated trade tensions, agreeing to a preliminary deal on how to implement the consensus reached in Geneva, negotiators for both sides said. While the full details of their accord weren’t immediately available, US negotiators said they “absolutely expect” that issues around shipments of rare earth minerals and magnets will be resolved with the framework implementation. Financial markets were closely watching whether the world’s largest economies can find a way to tamp down trade tensions that economists say have tipped the world economy into a downturn, with the US among the hardest hit. Despite the modest moves Wednesday, global stocks are still at a record high, having recovered from their April lows as President Donald Trump suspended his tariffs until July 9. The talks in London came after the US and China accused each other of reneging on a deal reached in May in Geneva, where they tried to start dialing back the trade war. The US and China have agreed to a preliminary deal on how to implement the consensus the two sides reached in Geneva, US Commerce Secretary Howard Lutnick told reporters in London. Ahead of the talks, China granted approval to some applications for the export of rare earths. Boeing Co. also began shipping commercial jets to China for the first time since early April, indicating a reopening of trade flows. The US-China technology competition and associated export controls will remain tension points as trade talks continue to play out over the coming months, Sarah Bianchi, a strategist at Evercore ISI, wrote in a note Tuesday. In other tariff news, a federal appeals court allowed Trump to continue enforcing his global tariffs. Chinese rare earths and magnets shares advance after the US and China agreed on a preliminary plan to ease trade tensions. The market perception is that Beijing played its cards well, leveraging rare earths and possibly securing some concessions, said Charu Chanana, chief investment strategist at Saxo Markets. In contrast, US markets face a broader set of policy risks, including Wednesday’s inflation reading, uncertainty around leadership at the Federal reserve and growing unrest in Los Angeles, she said. A growing chorus of advisers inside and outside the Trump administration are pushing the name of Treasury Secretary Scott Bessent as the next chair of the Fed. Trump said Friday he would name a successor “very soon” to replace Jerome Powell, whose term as Fed chair ends in May 2026. Meanwhile, protests over immigration raids stretched into a fifth night in Los Angeles and led to a curfew in parts of the city’s downtown. On US inflation, forecasters say prices likely picked up in May, reflecting a modest impact from tariff pass-through for goods that are mostly imported. The consumer price index is seen rising 0.3% from April after increasing 0.2% the previous month, excluding the volatile food and energy categories. That may reinforce the Fed’s wait-and-see stance toward further easing as it assesses the impact of tariffs, with traders increasingly betting that the central bank will cut interest rates just once this year. The so-called core CPI, which is regarded as a better indicator of underlying inflation, is seen accelerating for the first time this year — to 2.9% — on an annual basis, based on the median projection. US After Hours GTLB -13.9%, GME -4.6% lower on earnings; PLAY +10.2%, SFIX +8.1% higher on earnings; GM to invest $4 bln; steel stocks weak on Bloomberg report that US, Mexico are nearing deal on steel duties.
Nikkei +0.48% Hang Seng +0.94% CSI +0.77% Shanghai +0.52% Shenzen +0.73%
Eur$ 1.1416 CNH 7.1870 CNY 7.1863 JPY 145.08 GBP 1.3482 CHF 0.8228 RUB 78.3792 TRY 39.1852 WTI$ 64.95 -0.05% Gold 3,340 +0.48% BTC 109,475 -0.46% ETH 2,790 +0.56%
S&P -0.31% Nasdaq -0.36% EuroStoxx -0.24% FTSE -0.16% Dax -0.43% SMI -0.19%
Macro :
- No Changes in Composition of AEX Index, Euronext Says
Keep an eye on :
- APOTEA SS : Apotea Sverige Holders Offer Up to 8.8m Shares, Apotea Sverige Offering by Holders Prices at SEK92/Share
- AHT LN : Ashtead Holders Voted 93.79% for Delisting From LSE Main Market
- BYW6 GY : BayWa to Sell Cefetra to First Dutch for About EU125M
- BBVA SM : BBVA Plans to Set Up Abu Dhabi Branch for Its Investment Bank
- BT/A LN : BT’s Openreach threatens to block new TalkTalk customers over unpaid bills
- CIBUS SS : Cibus Nordic Real Estate Offers Up to SEK1 billion Shares, Cibus Nordic Real Estate Offering Prices at SEK172.60/Share
- COREA SS : Corem Property Offers 160m Class B Shares via Nordea,Corem Property Offering of 192m Shares Prices at SEK4.90/Share
- CVC NA : CVC Capital Holder Stratosphere Finance Offers Shares
- DAE SW : Daetwyler to Close Vandalia Production Site by End-September
- DEMANT DC : Demant to Acquire Kind for Total Consideration of €700m
- DHL GY : DHL Plans to Invest Over €500M in the Middle East Until 2030
- FAE SM : Faes Farma to Buy SIFI at €270m Enterprise Value
- FNAC FP : Fnac Darty Sees Operating Margin Over 3% by 2030
- GM US : General Motors: GM to invest $4 billion in its U.S. manufacturing plants
- GRAB US : Grab Raises $1.5 Billion From Upsized Convertible-Bond Sale
- ITX SM : Inditex 1Q Ebit Meets Estimates
- INTC US : Intel Gains, Outperforms Chipmakers on Heavy Trading Volume
- BAER SW : Julius Baer to Redeem Perpetual Tier 1 Subordinated Bonds
- LEON SW : Leonteq Enters Partnership With Emirates Islamic
- LLBN SW : LLB Group CEO Gabriel Brenna to Leave Company
- MSFT US : Starbucks to roll out Microsoft Azure OpenAI assistant for baristas
- NTG NO : Nordic Technology Group Offering of 70.9m Shares Prices
- OUT1V FH : Finland's Outokumpu to Target Growth Under New Strategy
- PHIL IM : Philogen to License Cancer Drug Rights to Bristol Subsidiary
- PUB FP : Publicis Wins $1.7 Billion Mars Advertising Account from WPP
- SYNSAM SS : Synsam Holder Theia Holdings Sarl Offers 24.4m Shares, Synsam Offering of Shares by Holder Prices at SEK46/Share
- TALK LN : BT’s Openreach threatens to block new TalkTalk customers over unpaid bills
- TSLA US : Musk Sets June 22 Launch Date for Tesla’s Robotaxi Service
- UCB BB : UCB Says Bimzelx Stringent ACR50 Endpoint Maintained 3 Years
- VOYG US : Space Firm Voyager Raises $383 Million in IPO Priced Above Range
All,
Update on the ALHG FP's holding following the AMF disclosure that Financière Agache did exercise its MMB FP's transfer rights.
1/ Conclusion
On June 10th, VIV FP disclosed that it acquired on June 05th, Financière Agache's position in MMB FP (11.2m shares, AMF's filing attached).
Financière Agache did ultimately exercise its MMB's transfer rights (deadline was June 15th).
The recent article suggesting BOL FP acquired Financière Agache's position in MMB FP was wrong.
As a result, VIV FP now owns 13.2% of MMB FP and could own up to 13.8% if the remaining 879m MMB FP transfer rights are exercised.
VIV FP's MMB stake increase has limited impact on its holding discount to NAV which is currently 43.5%.
We believe MMB FP could be worth up to €28.2 per share.
However, Financière Agache's decision to exercise its transfer rights do not play in favor of our opinion on MMB FP's valuation.
2/ MMB FP's updated shareholding structure
MMB FP's shareholding structure is now as per the below:
3/ Potential next step, ALHG/MMB structure collapse
As suggested in our previous note, BOL FP might decide, at some point, to collapse MMB FP and ALHG FP.
Making a basic assumption of an exchange ratio set at no premium to MMB FP's current price and using ALHG FP's current price as a reference, this would Imply an exchange ratio of 11.8 ALHG share per MMB share.
BOL FP would then control 24.2% of ALHG FP's capital (directly and indirectly through VIV FP).
4/ ALHG FP's SOP
Using MMB's current price of €20.1, ALHG is currently trading at a 21.4% discount to its NAV.
However, MMB's current price is not properly reflecting the true value of its assets and it seems as if MMB FP is currently undervalued.
Valuing the Publishing business at 11.2x EV/EBIT 25E and the Travel Retail business at 8.7x EV/EBIT 25E, MMB FP could be worth €28.2 per share or a 28.8% discount to its adjusted NAV.
Applying our MMB valuation, ALHG would thus be trading at a 42.1% discount to its “see-through” NAV.
5/ VIV FP's updated SOP
VIV FP is currently trading at a 43.5% discount to its NAV.
David Darmouni
Equity Sales
Makor Securities London Ltd. | Makor Group
6th Floor, 30 Panton Street, London, SW1Y 4AJ
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- Novo (NOV TH) +1.3%
- Legal & General (LGI TH) +1.2%
- Bayer (BAYN TH) +1%
- Bayer Raised to Buy at HSBC; PT 32 euros
- Rolls-Royce (RRU TH) +1%
- Leonardo (FMNB TH) -1.3%
- Deutsche Boerse (DB1 TH) -1.4%
- Safran (SEJ1 TH) -1.4%
- Thales (CSF TH) -1.7%
- Brenntag (BNR TH) -1.9%
- Talanx (TLX TH) -2%
- Rheinmetall (RHM TH) -2.5%
- Inditex (IXD1 TH) -3.5%
- *INDITEX 1Q EBIT EU1.64B, EST. EU1.65B
- Hensoldt (HAG TH) -4.3%
- RENK Group (R3NK TH) -5.7%