Notes
#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)
RECAP
• $AAP Q3: Sales down 21% to $2.15B, below $2.67B forecast; EPS at -$0.04 vs. $0.49 expected. Plans include store and distribution center closures, and headcount cuts.
• $BZH Q4: Revenue up 25% to $806.2M vs. $777.8M expected; Adjusted EBITDA down 10.5%. Home closings up 4.8%, but gross margin decreased.
• $BV Q4: Adj. EPS $0.30 vs. $0.31 est., revenue slightly below at $728.7M. FY guidance lower than expected.
• $CPRI ends merger with Tapestry, which then ups its share buyback plan.
• $IBTA Q3: EPS $0.94 vs. $0.35 forecast, revenue up 16% to $98.6M. Q4 revenue guidance below expectations.
• $JJSF Q4: Adj. EPS $1.60 vs. $1.85 expected, sales slightly under $429.75M estimate.
• $HP Q4: EPS $0.76 vs. $0.81 expected, revenue $694M vs. $695.24M forecast. FY25 CapEx guidance $290M-$325M, depreciation around $400M, R&D $32M.
• $HI Q4: Adj. EPS $1.01 vs. $0.92 expected, revenue $837.6M vs. $792.98M. Q1 and FY25 EPS guidance below estimates.
• $OVV agrees to acquire Montney assets for $2.377B cash from Paramount Resources Ltd.
• $TTEK Q4: EPS $0.38 vs. $0.37 expected, revenue $1.37B vs. $1.135B. Provides next quarter and FY guidance.
• $NU Q3: Adjusted net income $592M vs. $559M est., revenue $2.9B as expected, ROE at 30%.
• $OPRX Q3: EPS $0.12 vs. $0.06 est., revenue $21.3M vs. $25M. FY guidance below expectations.
• $TARS Q3: EPS ($0.61) vs. ($0.97) est., sales $48.1M vs. $43.44M.
• $CSCO Q1: EPS $0.91 vs. $0.87, revenue $13.84B vs. $13.77B. Provides Q2 and FY guidance.
• $DIS Q2: EPS $1.14 vs. $1.10, revenue $22.57B vs. $22.47B. Forecasts high-single digit EPS growth for FY25.
• $ASML expects sales to reach €44B-€60B by 2030, with 8%-14% annual growth.
• $DDD Q3 prelim: Revenue about $113M, with growth in materials but decline in printer sales.
• $DIGI Q4: EPS $0.52 vs. $0.50, revenue $105.1M vs. $104.08M. Q1 guidance set.
• $JD Q3: EPS $1.24 vs. $1.05, revenue up 5.1% to $37.1B. No Q4 guidance.
• $KLIC Q4: EPS $0.34 vs. $0.35, revenue $181.3M vs. $180M. Announces share repurchase and dividend increase.
• $NN Q3: EPS ($0.11) vs. ($0.16), revenue $1.61M vs. $1.105M.
• $SONO Q4: EPS ($0.18) vs. ($0.41), revenue $255.38M vs. $247.36M. No forward guidance.
• $SYNA to issue $400M in convertible notes due 2031.
$ASML
ASML Says 3Q Results Published Early Due to Technical Error
ASML: Technical Error Led to Early Publication of 3Q Results
ASML: 3Q Information Was Erroneously Published Earlier Tuesday on Company's Website
ASML: For Transparency, ASML Brought Forward Publication of Results
ASML Brought Forward Publication of Full 3Q Results For Transparency