Wells Fargo's Q2 2025 Tactical Ideas list includes 10 stocks with key catalysts. Overweight: $CHKP, $COF, $CPRI, $DLTR, $KKR, $LLY, $PTCT, $ROKU, $RYTM. Underweight: $TSLA, citing weak auto fundamentals and overvaluation vs. the Magnificent 7. Notes Cybercab launch in June as unlikely due to limited testing.

$ROKU - TRUMP MEDIA ANNOUNCES RELEASE OF TRUTH+ STREAMING ON ROKU

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 Baidu ( $BIDU) Q4 Revenue: ¥34.12B (-2% y/y, Est. ¥33.32B) 📉 🔹 Ad revenue down 7% to ¥17.9B, offset by AI Cloud growth (+26% y/y). Broadcom ( $AVGO) & Intel ( $INTC): 🔹 Broadcom held informal talks on acquiring Intel’s chip-design unit (WSJ). 🔹 No formal offer yet; deal uncertain. Roku ( $ROKU): Files mixed securities shelf. Alcohol Industry Struggles: 🔹 Younger consumers opt for moderation/abstinence, hurting alcohol sales. 🔹 Underperforming stocks: TAP, DEO, BF/B, BUD. 🔹 Winners: Nonalcoholic brands like Athletic Brewing & Ritual Zero Proof thrive. 🔹 Anglo American ( $NGLOY): Selling nickel unit to MMG Ltd for up to $500M, refocusing on copper & iron ore. 🔹 Delta ( $DAL): Regional jet flipped on landing in Toronto amid high winds; 18 injured. 🔹 Diamondback ( $FANG): Acquires Double Eagle units for 6.9M shares + $3B cash to expand Midland Basin. 🔹 Entergy ( $ETR): Q4 adj. EPS $0.66 (Est. $0.63); FY25 guidance: $3.75-$3.95 (Est. $3.92). 🔹 H&E ( $HEES): Accepts Herc Rentals' $5.3B bid, rejecting United Rentals' offer (FT). 🔹 Sealed Air ( $SEE): CEO Patrick Kivits steps down; Dustin Semach appointed; FY24 outlook reaffirmed. 🔹 Capital One ( $COF): Jan. net charge-offs 6.12% (vs. 5.71% y/y); delinquencies 4.61% (vs. 4.78% y/y). 🔹 Discover ( $DFS): Jan. credit card delinquency 1.80%, charge-off 2.63% (SEC filing). 🔹 JPMorgan ( $JPM): Jan. credit card delinquency 0.88%, charge-off 1.64% (SEC filing). 🔹 Janus Henderson ( $JHG): Expanding into Saudi Arabia to grow Middle East presence (Bloomberg). 🔹 KKR ( $KKR): Buying 5% more of Eni’s (E) Enilive biofuel unit for €587.5M, raising stake to 30%. 🔹 Johnson & Johnson ( $JNJ): Faces court decision today on $10B settlement over baby powder litigation; Judge Lopez to decide on Chapter 11 filing. 🔹 Medtronic ( $MDT): Q3 adj. EPS $1.39 (Est. $1.36); Q3 revs +2.5% y/y to $8.29B (Est. $8.33B); maintains full-year guidance. 🔹 Oculis ( $OCS): 5M share secondary priced at $20.00 per share.

$ROKU - ROKU LOCKS EXCLUSIVE U.S. STREAMING RIGHTS FOR X GAMES ASPEN AND A SOON-TO-BE-ANNOUNCED X GAMES EVENT COMING SUMMER 2025

$ROKU - Needham expects Roku to be bought at a premium within a year We expect Roku to be purchased for a large premium within the next 12 months. We believe that there are several categories of potential purchasers including: Streamers ( $NFLX, etc.) CTV ad buyers ( $TTD, etc.) Retailers ( $TGT, etc.) LLMs (large language models) hungry for billions of new data points daily ( $AMZN/AWS, $MSFT/OpenAI, $GOOGL/YouTube/Gemini, etc.).

#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)

$ROKU - ROKU SHARES UP 2.6% PREMARKET AFTER MOFFETTNATHANSON RAISES TO NEUTRAL FROM SELL; RAISES TARGET PRICE

#Upgrades - Sep 12, 2024 $BILL: BNP Paribas Upgrades to Outperform from Neutral - PT $90 $CSBR: Craig-Hallum Upgrades to Buy from Hold - PT $6 $CTAS: CFRA Upgrades to Sell from Strong Sell - PT $170 (from $645) $DEO: BofA Securities Upgrades to Buy from Neutral - PT $147 $PCH: BofA Securities Upgrades to Buy from Neutral - PT $51 (from $49) $ROKU: Wolfe Research Upgrades to Outperform from Peerperform - PT $93

#Upgrades - Sep 05, 2024 $BZH: Wedbush Upgrades to Outperform from Neutral - PT $45 (from $41) $EGP: Mizuho Upgrades to Outperform from Neutral - PT $200 (from $175) $JWN: Barclays Upgrades to Equalweight from Underweight - PT $23 (from $18) $KREF: KBW Upgrades to Outperform from Market Perform - PT $13 $NMRK: KBW Upgrades to Outperform from Market Perform - PT $16.50 $PLNT: Exane BNP Paribas Upgrades to Outperform from Neutral - PT $97 $ROKU: Wells Fargo Upgrades to Equal Weight from Underweight - PT $72 (from $50) $STWD: KBW Upgrades to Outperform from Market Perform - PT $22.50 (from $20.50) $XPEV: JPMorgan Upgrades to Overweight from Neutral - PT $11.50 (from $8)