Analyst Price Target Updates: 🔻 Cuts: 🔸 $ACVA: Jefferies $25 ($27), Needham $25 ($28) 🔸 $ALB: Piper Sandler $85 ($90) 🔸 $AMGN: Bernstein $350 ($380) 🔸 $CE: Jefferies $55 ($70), JPM $54 ($92), RBC $56 ($84), Downgraded to Sector Perform 🔸 $ETSY: BTIG $60 ($65), Canaccord $76 ($105), Guggenheim $70 ($80) 🔸 $EXAS: Jefferies $80 ($85), Leerink $85 ($95) 🔸 $WST: Jefferies $240 ($393) 🔸 $WING: Benchmark $325, Bernstein $330 ($380), Jefferies $270 ($280), TD Cowen $305 ($365) 🔸 $ZTS: Jefferies $190 ($200) 🔺 Raises: 🔸 $AMPL: Baird $17 ($12), Outperform; Piper Sandler $17 ($15) 🔸 $ADI: JPM $300 ($280), Oppenheimer $270 ($245), Piper Sandler $240 ($220), TD Cowen $280 ($260) 🔸 $AIZ: KBW $230 ($212), Upgraded to Outperform 🔸 $AXSM: H.C. Wainwright $200 ($190) 🔸 $BELFA: Needham $100 ($95) 🔸 $BMRN: Scotiabank $80 ($78) 🔸 $CVNA: D.A. Davidson $260 ($220), Jefferies $265 ($225), Needham $340 ($330), RBC $320 ($280) 🔸 $CRL: JPM $165 ($175) 🔸 $CAKE: Citigroup $67 ($66), Jefferies $63 ($58) 🔸 $CWAN: Piper Sandler $36 ($28), Upgraded to Overweight 🔸 $CVS: Bernstein $71 ($52) 🔸 $DVN: Bernstein $48 ($50), JPM $48 ($45) 🔸 $EQT: JPM $58 ($53) 🔸 $GTLB: Wells Fargo $85 ($80) 🔸 $IFF: Citigroup $99 ($100) 🔸 $KVYO: Barclays $51 ($47), Benchmark $54 ($51), Needham $56 ($46), Piper Sandler $53 ($50) 🔸 $LRCX: Susquehanna $125 ($75), Upgraded to Positive 🔸 $MTDR: JPM $76 ($75) 🔸 $RBA: CIBC $116 ($108) 🔸 $RELY: JPM $30 ($21) 🔸 $ROKU: Jefferies $100 ($55), Upgraded to Hold 🔸 $TOST: JPM $42 ($36), KBW $42 ($40) 🔸 $TNL: Jefferies $70 ($62) 🔸 $VRTX: RBC $408 ($407) 🆕 Coverage Initiations: 🔸 $SEI: Piper Sandler Overweight, PT $37 🔸 $ORA: Jefferies Buy (from Hold), PT $78 ($73)

MORNING BID 🔸 $CWAN acquires $ENFN for $11.25/share, totaling $1.5B, including $30M to end Enfusion's tax agreement. 🔸 $NVDA and $AMD drop due to new U.S. AI chip export controls, effective in 120 days. 🔸 $UNH, $CI, $CVS, $HUM up after U.S. proposes 2.2% increase in 2026 Medicare Advantage payments. 🔸 $SAGE confirms $BIIB $7.22/share acquisition proposal. 🔸 $EXAS reports Q4 revenue $713M, FY24 $2.76B; plans three new cancer tests in 2025. 🔸 $HOLX Q1 revenue $1.022B, slightly below expectations due to currency impact. 🔸 $JNJ to buy $ITCI for $132/share, valuing deal at $14.6B. 🔸 $NTRA Q4 revenue $472M, FY24 guidance $1.7B. 🔸 $RXST FY25 revenue guidance $185M-$197M, gross margin 71%-73%. 🔸 $BEN AUM dropped to $1.58T in Dec '24 from $1.65T in Nov '24 due to market downturn and $18.9B net outflows. 🔸 $LZ upgraded by JPMorgan to Overweight from Underweight, price target raised to $9 from $8. 🔸 $CLMT secured a $1.44B DOE loan to expand its Montana Renewables facility. 🔸 Biden admin delayed Nippon Steel's (NPSCY) $14.9B bid for $X to June, after blocking it on Jan. 3 for national security. 🔸 $ASO highlighted by Barron's for recovery potential in 2025 despite recent sales dips. 🔸 $BNED files for a $100M mixed shelf offering. 🔸 BMW saw sales decline due to China demand drop and recalls. 🔸 $BOOT Q3 EPS $2.43 vs. $2.05 est., revenue $608.2M vs. $593.45M, with 8.6% same-store sales growth. 🔸 $HSY CEO Michele Buck to retire by June 30, 2026. 🔸 $KSS to close San Bernardino EFC and 27 stores by April 2025, incurring $60M-$80M in charges. 🔸 $LULU ups Q4 EPS to $5.81-$5.85, revenue to $3.56B-$3.58B, with gross margin up 30 bps. 🔸 $JWN reports 4.9% net sales, 5.8% comp sales growth for holiday, expects 2.5%-3.5% comp sales growth for FY24.

#Upgrades - Dec 03, 2024 • $ALHC: Stephens Upgrades to Overweight from Equal Weight - PT $17 (from $13) • $AU: RBC Capital Upgrades to Outperform from Sector Perform - PT $31 • $AXON: Morgan Stanley Upgrades to Overweight from Equalweight - PT $700 (from $500) • $C: KBW Upgrades to Outperform from Market Perform • $CENX: Wolfe Research Upgrades to Outperform from Peerperform • $CNP: UBS Upgrades to Buy from Neutral - PT $37 (from $31) • $CRDO: BofA Securities Upgrades to Buy from Underperform - PT $80 (from $27) • $CVS: Deutsche Bank Upgrades to Buy from Hold - PT $66 • $DTE: UBS Upgrades to Buy from Neutral - PT $143 (from $129) • $KR: Jefferies Upgrades to Buy from Hold - PT $73 (from $54) • $PTCT: RBC Capital Upgrades to Outperform from Sector Perform - PT $63 (from $39) • $STT: KBW Upgrades to Outperform from Market Perform • $SYF: Wells Fargo Upgrades to Overweight from Equal Weight - PT $85 (from $60) • $UPST: Redburn-Atlantic Upgrades to Buy from Neutral - PT $95

Stock Gainers Brief: • $CVS: +3%; added four new board members, including Larry Robbins from Glenview Capital, expanding to 16 members; upgraded by Wells Fargo. • $FOUR: +4%; to join S&P MidCap 400 in place of RCM on November 20. • $HOOD: +6%; upgraded to Buy by Needham due to expected benefits from Trump's policy changes at SEC. • $LBRT: +2%; stock up with Chris Wright, a fracking advocate, nominated for Energy Secretary. • $MBI: +10%; upgraded to Outperform by KBW with a new $9 target after favorable legal and earnings news. • $SMCI: +9%; plans to meet Nasdaq compliance requirements for continued listing. • $TSLA: +8%; due to Trump team's interest in autonomous vehicle regulations. • $WOLF: +5%; CEO Gregg Lowe ousted, Thomas Werner steps in as Executive Chairman during CEO search. Stock Laggards Brief: • $BIIB: -1%; downgraded to Hold by Needham, with no expected upside in the next year. • $CMAX: -55%; filed for bankruptcy with $693M in debt, $390M in assets. • $LLY: -4%; continues to decline with other obesity/healthcare stocks. • $MARA: -6%; issuing $700M in convertible notes. • $NGNE: -35%; halted development of high-dose gene therapy due to serious side effect. • $PLTR: -9%; despite being a top S&P performer YTD, sees significant drop. • $UBER & $LYFT: -6%; both affected by news of potential regulations for autonomous vehicles.

#Upgrades - Nov 18, 2024 • $AMLX: Baird Upgrades to Outperform from Neutral - PT $11 (from $3) • $APD: UBS Upgrades to Buy from Neutral - PT $375 (from $338) • $AUTL: Goldman Sachs Upgrades to Buy from Neutral - PT $7.60 (from $7) • $BFAM: BMO Capital Upgrades to Outperform from Market Perform - PT $125 (from $137) • $CBRL: Argus Upgrades to Buy from Hold - PT $52 • $CVS: Wells Fargo Upgrades to Overweight from Equal Weight - PT $66 (from $60) • $FUTU: Morgan Stanley Upgrades to Overweight from Equalweight - PT $115 (from $70) • $HOOD: Needham Upgrades to Buy from Hold - PT $40 • $HPE: Raymond James Upgrades to Strong Buy from Outperform - PT $29 (from $23) • $MBI: KBW Upgrades to Outperform from Market Perform - PT $9 (from $6.50) • $MPWR: Loop Capital Upgrades to Buy from Hold - PT $660 • $MRNA: HSBC Upgrades to Buy from Hold - PT $58 • $PRMB: Deutsche Bank Upgrades to Buy from Hold - PT $33 (from $20) • $ROKU: Baird Upgrades to Outperform from Neutral - PT $90 (from $70) • $UFCS: Piper Sandler Upgrades to Neutral from Underweight - PT $26 (from $19)

MORNING RECAP • $TSLA +8% pre-market on report of Trump's team prioritizing self-driving vehicle regulations. • $BG approved $500M more for stock buybacks. • $F faces recall investigation for 112,567 vehicles due to seat belt issues. • $GIS prepares for mixed securities offering. • $SAVE files for bankruptcy due to financial losses. • $LBRT shares up as Chris Wright, its CEO and fracking advocate, is named Energy Secretary by Trump. • Trump's efficiency drive to slash federal contractor rates, led by Vivek Ramaswamy and Elon Musk. • Oil prices decline due to ample global supply and weak demand outlook from China. • Manulife's CEO Roy Gori to retire in May 2025. • $MARA plans to offer $700M in convertible notes. • $HOODupgraded to Buy by Needham, target $40. • Shift4 Payments to join S&P MidCap 400, replacing RCM, effective Nov 20. R1 RCM acquisition by TowerBrook and CD&R set for Nov 19. • $BIIB downgraded to Hold by Needham with no expected upside in the next year. • $CVS upgraded to Overweight by Wells Fargo, target price now $66. • $CVS to add four new board members including Larry Robbins from Glenview Capital. • $NVDA faces overheating issues with its Blackwell GPUs in server setups. • $ALAB gets Buy rating from Citigroup with $120 target. • $MPWR upgraded to Buy after stock drop. • $SMCI aims to submit Nasdaq compliance plan. • $WBD settles NBA lawsuit, extends partnership for 10+ years.

$CVS - CVS SHARES SINK 13% AS PRELIM 3Q ADJUSTED EPS MISSES ESTIMATE

$CVS - CVS'S 3Q RESULTS WON'T MEET WALL STREE EXPECTATIONS: WSJ

#Upgrades - Oct 10, 2024 $AIG: JPMorgan Upgrades to Overweight from Neutral - PT $89 (from $93) $AKR: Compass Point Upgrades to Buy from Neutral - PT $27 (from $23) $BMRC: Daishin Securities Upgrades to Buy from Marketperform - PT $24 (from $21) $CVS: Barclays Upgrades to Overweight from Equalweight - PT $82 (from $63) $EAT: BofA Securities Upgrades to Neutral from Underperform - PT $90 (from $63) $EVGO: UBS Upgrades to Buy from Neutral - PT $8.50 (from $4) $FTV: JPMorgan Upgrades to Overweight from Neutral - PT $92 (from $90) $LC: KBW Upgrades to Outperform from Market Perform - PT $15 (from $11.50) $LHX: Wolfe Research Upgrades to Outperform from Peerperform - PT $300 $LXU: UBS Upgrades to Buy from Neutral - PT $11 (from $9.50) $MDT: RBC Capital Upgrades to Outperform from Sector Perform - PT $105 (from $98) $NKE: Truist Securities Upgrades to Buy from Hold - PT $97 (from $83) $TROX: UBS Upgrades to Buy from Neutral - PT $19 (from $17) $TRU: Wolfe Research Upgrades to Outperform from Peerperform - PT $130 $XOM: Scotiabank Upgrades to Sector Outperform from Sector Perform - PT $145 (from $129)

$CVS - CVS HEALTH TO LAY OFF NEARLY 3,000 WORKERS IN COST-CUTTING DRIVE - CNN