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 🔸 $CVGW: Q4 EPS 5c vs. -2c last year; revenue up 19.5% to $170M vs. $161.93M est.; adj EBITDA $6.7M. 🔸 $GM: Multi-year deal with Vianode for synthetic graphite for EV batteries. 🔸 $TSLA: SEC sues Elon Musk for late disclosure of Twitter stake in 2022. 🔸 $VAL, $RIG, $NE, $HP, $SLB, $NOV: Downgraded to In Line from Outperform by Evercore/ISI. 🔸 $Oil Market: IEA reports 2025 oil surplus at 725k b/d, down from 950k b/d. 🔸 $Aluminum: Prices up slightly; EU eyes import limits from Russia, China's growth slows. 🔸 $PKE: Q3 EPS $0.08, sales $14.4M. 🔸 $BK: Q4 adj EPS $1.72 vs. $1.56 est.; AUM $2T; fee revenue +9% to $3.51B; net interest +8% to $1.19B; AUC/A $52.1T, up 9%. 🔸 $BHLB: Files for offering of up to 3.45M shares. 🔸 $BLK: Q4 adj EPS $11.93 vs. $11.22 est.; revenue +23% to $5.68B; AUM record $11.55T; operating margin 45.5%; $281B inflows Q4. 🔸 $DFS: Charge-off rate 2.55%, delinquency rate 1.76% at Dec 2024. 🔸 $JPM: Q4 EPS $4.81 vs. $4.04 est.; revenue $42.8B; charge-offs 1.63%, delinquencies 0.84%; FICC trading $5.01B vs. $4.37B est.; credit loss $2.63B; ROE 17%, ROTCE 21%; $486B inflows 2024. 🔸 $WFC: Q4 EPS $1.43 vs. $1.35 est.; net interest $11.84B; revenue $20.38B; commercial banking $3.17B, investment banking $4.61B, wealth management $3.96B. 🔸 $KROS: Paused dosing in TROPOS trial for pulmonary hypertension due to pericardial effusion concerns in safety review. 🔸 $VCEL: Lowers FY24 revenue forecast to $237M-$237.5M from $238M-$242M; raises gross margin to 72.5%; maintains EBITDA margin at 22%; Q4 revenue expected at $75.2M-$75.7M, under consensus. 🔸 $APLD: Q2 adj EPS ($0.06) vs. ($0.15) est.; EBITDA $21.4M vs. $19.68M est.; revenue $63.9M; cloud services +523% to $27.7M. 🔸 $PI: Maintains Q4 revenue and EBITDA guidance; expects EBITDA $13.6M-$15.1M, revenue $91M-$94M. 🔸 $LRCX: Downgraded to Peer Perform from Outperform by Wolfe Research. 🔸 $LASR: Q4 revenue forecast $46M-$48M, below $52M est.; lower than expected margins and EBITDA. 🔸 $MGNI: Expands partnership with Samsung Ads for programmatic ads in Southeast Asia. 🔸 $S: Downgraded to Neutral from Buy by UBS. 🔸 U.S. Policy: New regulations planned to limit chip exports to China from TSMC, Samsung, and others.

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.