Notes
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.
#Upgrades - Dec 18, 2024
• $BILL: KeyBanc Upgrades to Overweight from Sector Weight - PT $115
• $CFG: Raymond James Double Upgrades to Strong Buy from Market Perform - PT $55
• $DOW: Evercore ISI Upgrades to Outperform from In Line - PT $56
• $MSCI: Goldman Sachs Upgrades to Buy from Neutral - PT $723 (from $617)
• $PFG: Piper Sandler Upgrades to Overweight from Neutral - PT $90
• $PKG: Jefferies Upgrades to Buy from Hold - PT $280 (from $215)
• $QTWO: KeyBanc Upgrades to Overweight from Sector Weight - PT $126
• $RIG: Barclays Upgrades to Overweight from Equalweight - PT $4.50
• $WK: Stifel Upgrades to Buy from Hold - PT $130 (from $102)
• $WLK: Citi Upgrades to Buy from Neutral - PT $140 (from $152)
• $XMTR: JPMorgan Upgrades to Overweight from Neutral - PT $45 (from $25)
#Upgrades - Dec 06, 2024
• $ACN: Goldman Sachs Upgrades to Buy from Neutral - PT $420 (from $370)
• $ASAN: KeyBanc Upgrades to Sector Weight from Underweight
• $BRX: BMO Capital Upgrades to Outperform from Market Perform - PT $33
• $DG: BofA Securities Upgrades to Buy from Underperform - PT $95
• $EPAM: Goldman Sachs Upgrades to Buy from Neutral - PT $295 (from $235)
• $FTI: Jefferies Upgrades to Buy from Hold - PT $40 (from $29)
• $KC: UBS Upgrades to Buy from Neutral - PT $12.50 (from $4.20)
• $PCH: BMO Capital Upgrades to Outperform from Market Perform - PT $51
• $PJT: UBS Upgrades to Neutral from Sell - PT $175 (from $130)
• $PTON: UBS Upgrades to Neutral from Sell - PT $10 (from $2.50)
• $PUMP: JPMorgan Upgrades to Neutral from Underweight - PT $10
• $RIG: JPMorgan Upgrades to Neutral from Underweight - PT $5
• $RSG: BMO Capital Upgrades to Outperform from Market Perform - PT $238
• $SHOP: Loop Capital Upgrades to Buy from Hold - PT $140
• $SITE: Jefferies Upgrades to Buy from Hold - PT $175 (from $145)
• $TKR: Jefferies Upgrades to Buy from Hold
• $WSBC: Raymond James Upgrades to Strong Buy from Outperform - PT $44 (from $35)
• $WY: BMO Capital Upgrades to Outperform from Market Perform - PT $38