#Downgrades - Dec 13, 2024 • $AMPL: KeyBanc Downgrades to Sector Weight from Overweight • $BLD: Seaport Global Securities Downgrades to Neutral from Buy • $BOLD: Guggenheim Downgrades to Neutral from Buy • $DHI: JPMorgan Downgrades to Underweight from Neutral - PT $156 (from $188) • $EDIT: Stifel Downgrades to Hold from Buy - PT $3 (from $11) • $EDIT: Truist Securities Downgrades to Hold from Buy • $EGHT: Mizuho Downgrades to Underperform from Neutral - PT $2.50 (from $2.75) • $FOLD: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12 (from $17) • $HGV: Barclays Downgrades to Equalweight from Overweight - PT $41 (from $44) • $IBP: Seaport Global Securities Downgrades to Neutral from Buy • $IMCR: Morgan Stanley Downgrades to Equalweight from Overweight - PT $35 (from $74) • $IMRX: Morgan Stanley Downgrades to Underweight from Equalweight • $MNDY: KeyBanc Downgrades to Sector Weight from Overweight • $NDSN: Baird Downgrades to Neutral from Outperform - PT $237 (from $294) • $NOW: KeyBanc Downgrades to Sector Weight from Overweight • $RHP: JPMorgan Downgrades to Underweight from Neutral - PT $100 • $RNG: Mizuho Downgrades to Neutral from Outperform - PT $42 • $TOL: JPMorgan Downgrades to Neutral from Overweight - PT $150 (from $166) • $VIK: Barclays Downgrades to Equalweight from Overweight - PT $49 • $WFRD: Goldman Sachs Downgrades to Neutral from Buy - PT $98 • $ZI: KeyBanc Downgrades to Underweight from Sector Weight - PT $10

MORNING RECAP • Target Corp. ( $TGT): Shares fell after Q3 results missed expectations; EPS $1.85 vs. $2.30 est., sales up 0.9% to $25.23B missing $25.74B est., and operating margin at 4.6% vs. 5.6% est. FY EPS guidance lowered to $8.30-$8.90 from $9-$9.70. • Azek Company ( $AZEK): Beat Q4 expectations with EPS at $0.29 vs. $0.27 est., adjusted EBITDA $91.8M vs. $88.1M, and sales at $348.22M. FY25 guidance: revenue $1.51B-$1.54B, adjusted EBITDA $400M-$415M. • Chewy ( $CHWY): Upgraded to 'Buy' by Bank America with price target raised to $40 from $24. • Delta Air Lines ( $DAL): Projects mid-single digit revenue growth for 2025, with capacity expansion up to 4%. • La-Z-Boy ( $LZB): Q2 EPS $0.71 vs. $0.64 est., sales up 1.9% to $521M, Q3 guidance provided, dividend raised to $0.22. • Uber ( $UBER): Launched Uber XXL for airport travel in 60+ airports and new reservation features with flight tracking. • AeroVironment ( $AVAV): Upgraded to Buy from Hold by Jefferies. • DT Midstream ( $DTM): Acquires three pipelines from Oneok for $1.2B, spanning 1,300 miles across seven Midwest states. • Dycom ( $DY): Q3 EPS $2.68 vs. $2.26 est., revenue $1.27B vs. $1.22B est.; anticipates mid- to high single-digit revenue growth in Q4. • Patrick Industries ( $PATK): Announces a 3-for-2 stock split. • Powell Industries ( $POWL): Q4 revenue up 32.1% to $275.1M, but missed $284.3M est.; EPS $3.77 vs. $3.55 est.; orders up 56% to $267M, backlog steady at $1.3B, expects strong FY25. • SolarEdge ( $SEDG): Upgraded to Neutral from Sell by Guggenheim, previous $10 price target dropped. • Forestar Group ( $FOR): Files for potential sale of up to $300M in common stock. • JPMorgan ( $JPM): Downgraded to Perform from Outperform by Oppenheimer due to valuation. • Lemonade ( $LMND): Upgraded to equal weight from underweight by Morgan Stanley post-investor day. • StoneX Group ( $SNEX): Q4 EPS $2.32 vs $2.05 est., net revenue $454.8M vs $462.98M est. • XP Inc. ( $XP): Launches a buyback program up to R$1.0B; Q3 EPS as expected at 2.18, revenue slightly below at 4.319B; active clients increased to 4.7M. • Concentra Group Holdings Inc. ( $CON) will replace Myers Industries Inc. (MYE) in the S&P SmallCap 600 on November 27, following a distribution by Select Medical Holdings Corp. (SEM). • Pfizer ( $PFE) appointed Chris Boshoff as its R&D chief starting January 1. It also received EC approval for Hympavzi for hemophilia treatment. • Sangamo Therapeutics ( $SGMO) received FDA clearance for ST-503 human trials, with enrollment planned for mid-2025. • Varex Imaging ( $VREX) reported Q4 EPS at $0.19, beating the $0.09 estimate, but revenue dropped 10% to $205.7M. Forecasts Q1 revenue between $195M-$215M. • Viking Therapeutics ( $VKTX) shared positive mid-stage trial results for VK2809, showing significant improvement in liver fibrosis over placebo. • Comcast Corp. ( $CMCSA) is set to spin off cable channels like MSNBC, CNBC, and USA to reduce exposure to declining viewership and ad revenue, keeping NBC and Peacock, per WSJ. • Dolby Labs ( $DLB) Q4 EPS $0.81 vs. $0.70 est., revenue slightly below at $305M. Forecasts Q1 revenue $330-360M and FY revenue $1.33-1.39B. • Flex Ltd ( $FLEX) will replace Azenta Inc. ( $AZTA) in S&P MidCap 400, with Azenta moving to S&P SmallCap 600, effective November 25. • Keysight Technologies (KEYS) Q4 EPS $1.65 vs. $1.57 est., revenue at $1.287B. Q1 guidance: revenue $1.265-1.285B, EPS $1.65-1.71. • https://t.co/jK5z8CZLV2 ( $WIX) Q3 EPS $1.62 vs. $1.51 est., revenue $444.67M vs. $457.9M est. Increases FY24 revenue and bookings forecasts. • ZoomInfo Technologies ( $ZI) Chairman Schuck purchased 492,500 shares at $10.25 each on November 15, transaction worth $5,049,750.

RECAP • $CAVA: Q3 EPS $0.15, above expectations of $0.11; sales up 39% to $243.8M; FY guidance for restaurant comp sales at 12.5%, up from 8.5-9.5%, and EBITDA at $123M. Plans to increase restaurant openings and margins. • $FLUT: Q3 adjusted EBITDA up 74% to $450M; revenue up 27% to $3.25B; raised full-year forecasts for EBITDA and revenue, expecting 35% profit increase. • $CART: Q3 EPS $0.42 vs. $0.22 est.; revenue $852M vs. $844M est.; Q4 EBITDA guidance $230M-$240M, below estimate; increased buyback program by $250M. • $LNW: Q3 net income $64M, less than $100.7M expected; revenue $817M, slightly below $821.21M; continues double-digit revenue growth. • $RIVN: Formed JV with Volkswagen for tech development, with VW investing up to $5.8B by 2027. • $SAVE: Shares fell -60% due to bankruptcy filing rumors, currently negotiating with creditors. • $TSLA: Recalling 2,431 Cybertrucks due to potential power loss issues, marking the sixth recall this year. • $MODG: Q3 EPS loss at -$0.02, better than -$0.16 expected; revenue $1.01B, above $983M forecast; adjusted full-year revenue and EBITDA guidance downwards. • $OXY: Q3 adj EPS $1.00, above $0.74 expected; production rose 15.7% to 1.41 Mboepd due to CrownRock acquisition, despite lower prices; Q4 production expected at 1.43-1.47 Mboepd. • $RKLB: Q3 EPS ($0.10) vs. ($0.11) est., with revenues at $104.8M vs. $102.3M est.; Q4 revenue guidance $125-135M, with a new multi-launch deal for Neutron. • $DHT: Q3 EPS $0.22, topping $0.20 estimate; adjusted EBITDA $70.4M vs. $66.4M expected, on slightly lower than expected adjusted revenues of $92.64M. • $AB): Reported a 2% drop in AUM to $793B in October 2024 from $806B due to market downturn, with no net inflows or outflows. • $MARA: Q3 revenue increased by 34% to $131.6M, missing the forecast of $137.5M. • $PAY: Q3 EPS was $0.15 compared to $0.09 expected; revenue hit $231.6M against $190.6M estimated. They foresee Q4 revenue at $215M-$220M and FY24 at $829M-$834M, both above consensus. • $RKT: Q3 adjusted EPS met estimates at $0.08; adjusted EBITDA was $286M, above the $272.33M expected, with revenues at $1.323B, beating the forecast. They anticipate a drop in Q4 revenue to $1.05-1.2B. • $WULF: Q3 adjusted EBITDA was $6M, below the $11.2M prediction, with revenues at $27.1M, not meeting the $34.28M estimate. • $AMGN: Clarified no link between MariTide use and bone density changes, despite earlier reports of potential loss. The company remains confident in the drug's future. • $ICUI: Q3 adjusted EPS $1.59 vs $1.25 expected; revenue $589.131M vs $574.7M forecast, with a gross margin of 34.8%. FY guidance raised for EPS and EBITDA. • $NTRA: Q3 EPS ($0.26) vs ($0.57) expected, revenue $439.8M vs $361.45M; FY revenue guidance set at $1.61-1.64B, above consensus. • $PGNY: Q3 EPS $0.11, below $0.13 expected; revenue $286.625M vs $296.88M; full-year revenue and EBITDA guidance below market expectations. • $SGMO: Q3 EPS $0.04, better than ($0.03) expected; revenue $49.41M vs $17.94M forecast. Adjusted annual operating expenses expected to be $125-145M. • $SYRS: Shares dropped -80% after the SELECT-MDS-1 trial for tamibarotene failed to meet its primary endpoint, leading to discontinuation of the study. • $DOX: Q4 adjusted EPS $1.70, matching expectations, with revenue at $1.264B, slightly above the $1.263B estimate. • $PLUS: Q2 adjusted EPS $1.36, below $1.39 expected; revenue $515.2M vs $576.5M forecast. Full-year sales guidance unchanged, but adjusted EBITDA expected at $195-205M. • $IAS: Q3 EPS $0.10 vs $0.07 expected, with revenue at $133.528M and a gross margin of 80%. Q4 revenue and EBITDA guidance were both below expectations. • $SOUN: Q3 adjusted EPS ($0.04) vs ($0.07) expected; revenue $25.1M, above $23.02M estimate. Set FY24 and FY25 revenue targets. • $SWKS: Q4 adjusted EPS $1.55 vs $1.52, revenue $1.025B, nearly matching estimates. Q1 guidance for revenue and EPS below expectations. • $SPOT: Q3 revenue growth of 19% to €3.99B missed the €4.02B estimate; profit margin improved. Q4 revenue guidance below expectations but operating income and MAUs on target. • $SMCI: Announced delay in filing Q3 2024 quarterly report due to ongoing issues with the annual report. • $ZI: Q3 adjusted EPS $0.28, surpassing the $0.22 estimate; revenue $303.6M vs $299.38M. Q4 revenue guidance in line with estimates, but EPS slightly below consensus.