MONDAY’S TOP WALL STREET CALLS ❖ Evercore ISI: Reiterates $NFLX Outperform — expects modest Q3 beat. ❖ Mizuho: Downgrades $RIVN, $TXN, $SWKS, $QRVO to Underperform. ❖ Wolfe Research: $DLR to Outperform. ❖ Evercore ISI & Loop Capital: Turn more bullish on $AAPL — upgrade to Buy, PT $315. ❖ Bank of America: Reiterates $NVDA and $AVGO as top picks. ❖ Morgan Stanley: Initiates $AVPT Overweight; downgrades $PGR to Underweight. ❖ Goldman Sachs: Upgrades $DRI to Buy. ❖ Wedbush Securities: Reiterates $TSLA Outperform. ❖ Barclays: Upgrades $KLAC, downgrades $MRVL; upgrades $SRE ❖ BofA: Reiterates $GOOGL Buy, raises PT to $280. ❖ TD Cowen: Upgrades $ALLY to Buy. ❖ Wolfe Research: Initiates $SAIL Buy, PT $27. ❖ Citigroup: Initiates $WSC Buy; downgrades $GIL to Neutral.

DAILY RECAP **BYD Co. ( $BYDDF)** reported a 67.8% y/y increase in November vehicle sales, reaching 506,804 units compared to 301,903 last year. Year-to-date sales hit 3.76M units, up from 2.68M last year. **Gap ( $GAP)** received an upgrade to overweight from neutral by JPMorgan after a CEO and CFO meeting. **Li Auto Inc. ( $LI)** delivered 48,740 vehicles in November 2024, a y/y increase of 18.8%, with a 2024 total of 441,995 and cumulative deliveries at 1,075,359. **NIO Inc. ( $NIO)** saw a 28.9% y/y rise in November deliveries to 20,575 vehicles, split between its NIO and ONVO brands. **Stellantis ( $STLA)** announced CEO Carlos Tavares' resignation, effective immediately, with a new CEO search set to conclude in 2025's first half. **XPeng Inc. ( $XPEV)** delivered 30,895 Smart EVs in November, up 54% y/y and 29% m/m, with strong sales of the MONA M03 and P7+. **Core Scientific Inc. ( $CORZ)** plans to issue $500M in convertible senior notes maturing in 2031. **IREN Limited ( $IREN)** boosted its self-mining capacity by 33% to 28 EH/s with new substation energization. **LendingClub ( $LC)** was downgraded to neutral by JPMorgan due to fintech sector concerns. **Mara Holdings ( $MARA)** is set to offer $700M in zero-coupon convertible senior notes privately. **Toast ( $TOST)** received a downgrade to Neutral from Goldman Sachs, citing high valuation and visibility issues. **Upstart Holdings ( $UPST)** was downgraded to underweight by JP Morgan. **Bausch + Lomb ( $BLCO)** was downgraded to Equal Weight by Morgan Stanley. **Nevro ( $NVRO)** saw a downgrade to Underweight by Morgan Stanley. **Tandem Diabetes ( $TNDM)** got an upgrade to Overweight from Morgan Stanley. **Cloudflare ( $NET)** was upgraded to overweight by Morgan Stanley, optimistic about future growth. **SentinelOne ( $S)** was downgraded to equal weight by Morgan Stanley, due to cybersecurity sector concerns. **U.S. to implement new export restrictions on Monday targeting China's semiconductor sector**, affecting companies like Naura Technology Group, potentially impacting shares of $AMAT, $LRCX, $KLAC.