Notes
MARKET UPDATES:
CONSUMER:
🔸 $DG upgraded to Overweight (BofA).
🔸 Macau casinos ($WYNN, $LVS, $MLCO, $MGM): Gaming revenue +0.8% YoY.
🔸 $LI: March deliveries 36,674 (+26.5% YoY).
🔸 $NIO: March deliveries 15,039 (+14% MoM).
🔸 $PVH: Q4 EPS $3.27 (beat), revenue -4.8% YoY.
🔸 $TSLA: Denmark sales -65.6% YoY.
🔸 $ULTA: Upgraded to Buy, price target raised to $423.
ENERGY & INDUSTRIALS:
🔸 $AAL, $DAL, $LUV: Downgraded (Jefferies).
🔸 Oil: Brent stabilizes after Trump’s Russia comments.
🔸 $CVX: Sells East Texas gas assets ($1.2B+ value).
🔸 $EE: 7M-share secondary offering priced at $26.50.
FINANCIALS:
🔸 $LPLA: 4.7M-share secondary offering at $320.
🔸 $V: $375M escrow deposit, reducing Class B shares.
🔸 $WRB: Downgraded (BofA).
HEALTHCARE:
🔸 $JNJ: $10B talc settlement rejected by U.S. judge.
🔸 Drugmakers: Lobby Trump to phase in pharma tariffs.
TECH & MEDIA:
🔸 $LYV, $SEAT: Fall after Trump’s executive order on ticket pricing.
🔸 $PRGS: Q1 EPS $1.31 (beat), raises full-year guidance.
🔸 $SPIR: Q4 EPS loss ($2.21), weak Q1 outlook.
MORNING BID
$AAPL downgraded to Sell by MoffettNathanson, target price $188.
$AUR shares up 50% with new partnerships with Continental and Nvidia for deploying driverless trucks using Nvidia's DRIVE Thor and DriveOS.
$GETY and $SSTK to merge, forming a $3.7B visual content company under the ticker "GETY".
$META adds Dana White, John Elkann, and Charlie Songhurst to its board.
$MU shares rise following Nvidia's mention of using Micron's memory in new gaming chips.
$NVDA revealed new AI tech for robotics and self-driving, plus new gaming chips and a desktop computer at CES; expects automotive revenue growth.
$NXPI to buy TTTech Auto for $625 million to enhance autonomous vehicle safety software.
$LULU upgraded to Outperform by Bernstein, target now $460 from $360.
$TSLA downgraded to Neutral by Bank America, tgt up to $490 from $400, citing improved sentiment and growth recognition since April 2024 upgrade.
$ULTA CEO Dave Kimbell to retire; Kecia Steelman named new CEO, strong holiday performance, Q4 margin outlook raised.
$AZEK CFO Peter Clifford resigns to join a private firm outside the building products sector.
$APOG) Q3 EPS $1.19, beating consensus $1.11; revenue $341.34M vs. $332.19M expected. Cuts FY25 EPS guidance to $4.90-5.20, lowers revenue growth to -5% from -7% to -4%.
$GFL sold Environmental Services to $APO and BC Partners for $8.0B, retaining $1.7B equity, expecting $6.2B cash after taxes.
$RPM Q2 EPS $1.39 vs. $1.34 expected; revenue $1.85B vs. $1.79B. Maintains FY25 sales growth in low single digits.
$LUV sold and leased back 36 $BA 737-800s to Babcock & Brown, generating $871M from 35 aircraft in late December.
$APLT: Baird's target price adjustment: $14 to $5.
RBC's target price change: $12 to $4, rating shift from outperform to sector perform.
$ADSK: Citigroup's slight target price increase: $358 to $361.
$BFb: Barclays' target price reduction: $53 to $49.
$CF: Berenberg's target price elevation: $69 to $74.
$CRWD: Citigroup's significant target price hike: $300 to $400.
$DSGX: RBC's target price upgrade: $115 to $133.
$DOMO: TD Cowen's minor target price lift: $9 to $10.
$EQIX: Truist Securities' substantial target price increase: $935 to $1,090.
$GNL: Truist Securities' target price reduction: $8.50 to $8.
$SJM: Citigroup's target price rise: $134 to $137.
Barclays' target price elevation: $121 to $126.
$PASG: Wedbush's initiation of coverage with outperform rating, target price set at $4 from a previous $3.
$PEB: Stifel's target price adjustment: $15 to $16.25.
$PFE: Berenberg's target price uptick: $27 to $29.
$PLL: BMO's target price increase: $9.50 to $14.
$PLYM: Truist Securities' price target cut: $27 to $22.
$RDNT: Truist Securities' target price boost: $80 to $94.
$SW: JP Morgan's target price adjustment: $65 to $69.
$SBEV: H.C. Wainwright's target price decrease: $1 to $0.50.
$TXNM: Barclays' target price elevation: $46 to $52.
$ULTA: Citigroup's target price increase: $345 to $390.
$URBN: Citigroup's rating upgrade to buy from neutral, target price rise from $42 to $59.
$VYGR: Wedbush's initiation of coverage with outperform rating, target price set at $11 from $7.
$WMG: Citigroup's target price adjustment: $31 to $34.
#Downgrades - Nov 21, 2024
• $ADNT: BofA Securities Downgrades to Neutral from Buy - PT $24 (from $30)
• $GRAB: China Renaissance Downgrades to Hold from Buy - PT $5.40
• $RBC: BofA Securities Downgrades to Neutral from Buy - PT $335 (from $330)
• $SHOP: DZ Bank Downgrades to Sell from Hold
• $TRV: Janney Downgrades to Neutral from Buy - PT $280
• $ULTA: William Blair Downgrades to Market Perform from Outperform
• $WMT: DZ Bank Downgrades to Hold from Buy - PT $91
• $XPEV: Goldman Sachs Downgrades to Neutral from Buy - PT $12.50 (from $11.70)
#Upgrades - Oct 02, 2024
$PARR: JPMorgan Upgrades to Overweight from Neutral - PT $30 (from $36)
$CVBF: KBW Upgrades to Outperform from Market Perform - PT $22 (from $20)
$TMP: KBW Upgrades to Outperform from Market Perform - PT $68 (from $59)
$BOH: KBW Upgrades to Market Perform from Underperform - PT $67 (from $60)
$HAFC: KBW Upgrades to Outperform from Market Perform - PT $22 (from $20)
$TOWN: KBW Upgrades to Outperform from Market Perform - PT $40 (from $35)
$RIO: Berenberg Upgrades to Buy from Hold - PT $79 (from $71)
$MTB: Evercore Upgrades to Outperform from In Line - PT $210 (from $187)
$HD: Gordon Haskett Upgrades to Buy from Accumulate - PT $450
$BAH: JPMorgan Upgrades to Overweight from Neutral - PT $170 (from $150)
$SAIC: JPMorgan Upgrades to Overweight from Neutral - PT $170 (from $150)
$FANG: Barclays Upgrades to Overweight from Equalweight - PT $210
$RRC: Barclays Upgrades to Equalweight from Underweight - PT $34
$DQ: HSBC Upgrades to Buy from Hold - PT $29.30
$SPHR: Wolfe Research Upgrades to Outperform from Peerperform - PT $60
$ULTA: UBS Upgrades to Buy from - PT $505
$CRM: Northland Upgrades to Outperform from Market Perform - PT $400