Notes
#Downgrades - Dec 05, 2024
• $ABBV: Daiwa Securities Downgrades to Neutral from Buy - PT $180
• $AEO: JPMorgan Downgrades to Neutral from Overweight - PT $23 (from $27)
• $ALLY: Wolfe Research Downgrades to Peerperform from Outperform
• $AMAT: Morgan Stanley Downgrades to Underweight from Equalweight - PT $164 (from $179)
• $CHWY: BNP Paribas Downgrades to Neutral from Outperform - PT $30
• $CNX: JPMorgan Downgrades to Underweight from Neutral - PT $37 (from $31)
• $DVN: JPMorgan Downgrades to Neutral from Overweight - PT $191
• $F: Wolfe Research Downgrades to Underperform from Peerperform
• $FOUR: Benchmark Downgrades to Hold from Buy
• $FWONA: Seaport Global Securities Downgrades to Neutral from Buy
• $GRAB: HSBC Downgrades to Hold from Buy - PT $5.50 (from $4.25)
• $MRVI : Goldman Sachs Downgrades to Sell from Neutral - PT $4.25 (from $7)
• $NAUT: Goldman Sachs Downgrades to Sell from Neutral - PT $1.75 (from $2.25)
• $NCNO: Piper Sandler Downgrades to Neutral from Overweight - PT $38
• $OTIS: Barclays Downgrades to Underweight from Equalweight - PT $94
• $PB: Wolfe Research Downgrades to Peerperform from Outperform
• $PFG: Morgan Stanley Downgrades to Underweight from Equalweight - PT $80 (from $86)
• $RLMD: Mizuho Downgrades to Neutral from Outperform - PT $1 (from $23)
• $ROP: Barclays Downgrades to Underweight from Overweight - PT $569 (from $625)
• $SBRA: Mizuho Downgrades to Neutral from Outperform - PT $20
• $SM: JPMorgan Downgrades to Neutral from Overweight - PT $16 (from $15)
• $VCYT: Goldman Sachs Downgrades to Neutral from Buy - PT $37 (from $38)
MORNING RECAP
• Target Corp. ( $TGT): Shares fell after Q3 results missed expectations; EPS $1.85 vs. $2.30 est., sales up 0.9% to $25.23B missing $25.74B est., and operating margin at 4.6% vs. 5.6% est. FY EPS guidance lowered to $8.30-$8.90 from $9-$9.70.
• Azek Company ( $AZEK): Beat Q4 expectations with EPS at $0.29 vs. $0.27 est., adjusted EBITDA $91.8M vs. $88.1M, and sales at $348.22M. FY25 guidance: revenue $1.51B-$1.54B, adjusted EBITDA $400M-$415M.
• Chewy ( $CHWY): Upgraded to 'Buy' by Bank America with price target raised to $40 from $24.
• Delta Air Lines ( $DAL): Projects mid-single digit revenue growth for 2025, with capacity expansion up to 4%.
• La-Z-Boy ( $LZB): Q2 EPS $0.71 vs. $0.64 est., sales up 1.9% to $521M, Q3 guidance provided, dividend raised to $0.22.
• Uber ( $UBER): Launched Uber XXL for airport travel in 60+ airports and new reservation features with flight tracking.
• AeroVironment ( $AVAV): Upgraded to Buy from Hold by Jefferies.
• DT Midstream ( $DTM): Acquires three pipelines from Oneok for $1.2B, spanning 1,300 miles across seven Midwest states.
• Dycom ( $DY): Q3 EPS $2.68 vs. $2.26 est., revenue $1.27B vs. $1.22B est.; anticipates mid- to high single-digit revenue growth in Q4.
• Patrick Industries ( $PATK): Announces a 3-for-2 stock split.
• Powell Industries ( $POWL): Q4 revenue up 32.1% to $275.1M, but missed $284.3M est.; EPS $3.77 vs. $3.55 est.; orders up 56% to $267M, backlog steady at $1.3B, expects strong FY25.
• SolarEdge ( $SEDG): Upgraded to Neutral from Sell by Guggenheim, previous $10 price target dropped.
• Forestar Group ( $FOR): Files for potential sale of up to $300M in common stock.
• JPMorgan ( $JPM): Downgraded to Perform from Outperform by Oppenheimer due to valuation.
• Lemonade ( $LMND): Upgraded to equal weight from underweight by Morgan Stanley post-investor day.
• StoneX Group ( $SNEX): Q4 EPS $2.32 vs $2.05 est., net revenue $454.8M vs $462.98M est.
• XP Inc. ( $XP): Launches a buyback program up to R$1.0B; Q3 EPS as expected at 2.18, revenue slightly below at 4.319B; active clients increased to 4.7M.
• Concentra Group Holdings Inc. ( $CON) will replace Myers Industries Inc. (MYE) in the S&P SmallCap 600 on November 27, following a distribution by Select Medical Holdings Corp. (SEM).
• Pfizer ( $PFE) appointed Chris Boshoff as its R&D chief starting January 1. It also received EC approval for Hympavzi for hemophilia treatment.
• Sangamo Therapeutics ( $SGMO) received FDA clearance for ST-503 human trials, with enrollment planned for mid-2025.
• Varex Imaging ( $VREX) reported Q4 EPS at $0.19, beating the $0.09 estimate, but revenue dropped 10% to $205.7M. Forecasts Q1 revenue between $195M-$215M.
• Viking Therapeutics ( $VKTX) shared positive mid-stage trial results for VK2809, showing significant improvement in liver fibrosis over placebo.
• Comcast Corp. ( $CMCSA) is set to spin off cable channels like MSNBC, CNBC, and USA to reduce exposure to declining viewership and ad revenue, keeping NBC and Peacock, per WSJ.
• Dolby Labs ( $DLB) Q4 EPS $0.81 vs. $0.70 est., revenue slightly below at $305M. Forecasts Q1 revenue $330-360M and FY revenue $1.33-1.39B.
• Flex Ltd ( $FLEX) will replace Azenta Inc. ( $AZTA) in S&P MidCap 400, with Azenta moving to S&P SmallCap 600, effective November 25.
• Keysight Technologies (KEYS) Q4 EPS $1.65 vs. $1.57 est., revenue at $1.287B. Q1 guidance: revenue $1.265-1.285B, EPS $1.65-1.71.
• https://t.co/jK5z8CZLV2 ( $WIX) Q3 EPS $1.62 vs. $1.51 est., revenue $444.67M vs. $457.9M est. Increases FY24 revenue and bookings forecasts.
• ZoomInfo Technologies ( $ZI) Chairman Schuck purchased 492,500 shares at $10.25 each on November 15, transaction worth $5,049,750.
#Upgrades - Nov 20, 2024
• $AVAV: Jefferies Upgrades to Buy from Hold - PT $230 (from $240)
• $CHWY: BofA Securities Upgrades to Buy from Underperform - PT $40 (from $24)
• $ENR: JPMorgan Upgrades to Neutral from Underweight - PT $39 (from $32)
• $GLPI: Deutsche Bank Upgrades to Buy from Hold - PT $54 (from $49)
• $INSP: BofA Securities Upgrades to Buy from Underperform - PT $255 (from $220)
• $LMND: Morgan Stanley Upgrades to Equalweight from underweight - PT $42 (from $23)
• $NWL: Barclays Upgrades to Overweight from Equalweight - PT $10 (from $8)
• $SEDG: Guggenheim Upgrades to Neutral from Sell
• $XPEV: CMB International Securities Upgrades to Buy from Hold - PT $16 (from $8)
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🔹Deposit: Opened
🔹CHWY/USDT Trading in Innovation Zone: 2024-09-02 14:00 (UTC)
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📈 $CHWY/USDT Trading: 2024-09-02 14:00 (UTC)
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