Notes
QUICK MARKET SUMMARY:
Consumer
🔸 Carvana ( $CVNA) upgraded to Overweight at Morgan Stanley; PT raised to $280 from $260.
🔸 Cintas ( $CTAS) ended talks to buy UniFirst (UNF) for $275/share.
🔸 KB Home ( $KBH) Q1 miss: revenue down 5%, net income down 21%, lowers FY25 outlook; appoints Robert Dillard as CFO.
🔸 McCormick ( $MKC) Q1 EPS $0.60 (vs. $0.64 est.), reaffirms FY25 guidance.
🔸 Smithfield Foods sees higher annual sales and profit.
🔸 Tesla ( $TSLA) European market share down sharply; YTD sales -42.6%.
Energy, Industrials & Materials
🔸 American Electric ( $AEP) announces $2B stock offering.
🔸 Bunge ( $BG) selling European margarine business to Vandemoortele.
🔸 Canadian Solar ( $CSIQ) Q4 EPS loss (-$1.47) vs. (-$0.24) est.; record storage shipments.
🔸 Enerpac ( $EPAC) Q2 EPS $0.38 (vs. $0.40 est.), maintains guidance.
🔸 EOG Resources ( $EOG) downgraded to Neutral at Mizuho; PT cut to $140.
🔸 Oklo ( $OKLO) FY24 EPS loss (-$0.74); first Aurora deployment expected late 2027.
🔸 Parsons ( $PSN) approves $250M share buyback.
🔸 TechnipFMC ( $FTI) wins $500M–$1B EPC contract from Equinor.
Healthcare
🔸 Aura Biosciences ( $AURA) FY loss ($96M); cash runway into 2H26.
🔸 Beyond Air ( $XAIR) secures $2M for autism therapy development.
🔸 Merck ( $MRK) signs $200M licensing deal for Lp(a) inhibitor, potential $1.77B in milestones.
🔸 Neurogene ( $NGNE) FY loss ($82.6M); files $300M shelf offering; cash runway into 2H27.
Tech, Media & Telecom
🔸 Alibaba ( $BABA) to restart hiring; Chairman Tsai warns of potential AI bubble.
🔸 Cloudflare ( $NET) double-upgraded to Buy at BofA; PT raised to $160.
🔸 India plans to scrap 6% digital ad tax, easing pressure on U.S. tech firms.
🔸 Crown Castle ( $CCI) appoints interim CEO Daniel Schlanger; reaffirms guidance.
🔸 Volkswagen ( $cVOWGY) partners with Valeo and Mobileye for advanced driver-assistance systems.
#Upgrades - Jan 23, 2025
$OPCH - Jefferies: Hold to Buy ($35 from $26)
$BOOT - KeyBanc: Sector Weight to Overweight ($190)
$RVLV - KeyBanc: Sector Weight to Overweight ($37)
$NFLX - Arete: Sell to Neutral ($833)
$NFLX - Wolfe: Peerperform to Outperform ($1,100)
$TRUP - Piper Sandler: Neutral to Overweight ($57)
$FCCO - Raymond James: Outperform to Strong Buy ($30 from $27)
$LOGI - Morgan Stanley: Underweight to Equalweight ($92 from $73)
$AEP - Guggenheim: Neutral to Buy ($101 from $86)
$IDA - Guggenheim: Neutral to Buy ($121)
$EVRG - Guggenheim: Neutral to Buy ($71 from $56)
#Downgrades - Jan 23, 2025
$VEEV - Goldman Sachs: Buy to Sell ($200 from $261)
$SAM - Piper Sandler: Overweight to Neutral ($275 from $370)
$EA - BMO Capital: Outperform to Market Perform ($145 from $160)
$EA - Raymond James: Outperform to Market Perform
$EA - BofA Securities: Buy to Neutral ($130 from $170)
$PSN - William Blair: Outperform to Market Perform
$FE - Wolfe Research: Outperform to Peerperform
$ASML - Aletheia Capital: Hold to Sell ($525)
$GOLF - JPMorgan: Neutral to Underweight ($64)
$EIX - Guggenheim: Buy to Neutral ($60)
$CNP - Guggenheim: Buy to Neutral ($33)
$CMS - Guggenheim: Buy to Neutral ($69)
$SO - Guggenheim: Buy to Neutral ($93)
