US BROKER MOVES: RKT upgraded at KBW; INCY downgraded at Jefferies
The upgrades for Rocket Companies (RKT) and downgrades for Incyte (INCY) reflect varied sentiment in the market, with RKT transitioning from Market Perform to Outperform at KBW, indicating a more favorable outlook on its fundamentals.
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A Saudi source denies to Al Arabiya reports by the New York Times that the Kingdom’s leadership encourages the prolongation of the war
LSE (LSEG LN) files to sell USD denominated benchmark notes; details light
US BROKER MOVES: RKT upgraded at KBW; INCY downgraded at Jefferies
Two India-flagged LPG tankers have safely crossed the Strait of Hormuz and are heading to India, according to reports
Oil production outages from the Middle East are estimated to be around 9mln bpd as of now, via Kpler's Bakr
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UPGRADES
- Circle Internet Group (CRCL) upgraded from Hold to Buy at Clear Street; PT USD 136.00 (prev. USD 92.00)
- Customers Bancorp (CUBI) upgraded from Underweight to Equal Weight at Stephens; PT USD 71.00
- Ecolab (ECL) upgraded from Hold to Buy at Berenberg; PT USD 326.00 (prev. USD 300.00)
- Intuit (INTU) upgraded from Underperform to Neutral at BNP Paribas Exane; PT USD 463.00
- LifeMD (LFMD) upgraded from Neutral to Outperform at Mizuho; PT USD 8.00 (prev. USD 6.00)
- PennyMac Financial Services (PFSI) upgraded from Market Perform to Outperform at KBW; PT USD 115.00
- Rocket Companies (RKT) upgraded from Market Perform to Outperform at KBW; PT USD 22.00 (prev. USD 20.00)
- SEACOR Marine (SMHI) upgraded from Neutral to Buy at Clarksons Platou; PT USD 10.00
- Simply Good Foods (SMPL) upgraded from Neutral to Buy at Jefferies; PT USD 22.00 (prev. USD 23.00)
- Upstart (UPST) upgraded from Neutral to Buy at BTIG; PT USD 43.00
DOWNGRADES
- Adobe (ADBE) downgraded from Buy to Hold at Argus
- Alnylam Pharmaceuticals (ALNY) downgraded from Buy to Hold at Jefferies; PT USD 330.00 (prev. USD 522.00)
- HeartBeam (BEAT) downgraded from Buy to Speculative Buy at Benchmark; PT USD 8.00
- DiDi Global (DIDIY) downgraded from Outperform to Neutral at Macquarie; PT USD 3.90 (prev. USD 9.30)
- Hain Celestial (HAIN) downgraded from Equalweight to Underweight at Barclays; PT USD 0.50
- Immunocore (IMCR) downgraded from Buy to Hold at Jefferies; PT USD 33.00 (prev. USD 48.00)
- Incyte (INCY) downgraded from Buy to Hold at Jefferies; PT USD 94.00 (prev. USD 120.00)
- KinderCare Learning (KLC) downgraded from Equalweight to Underweight at Barclays; PT USD 2.00
- NewLake Capital Partners (NLCP) downgraded from Buy to Neutral at Compass Point; PT USD 15.00
- BeOne Medicines (ONC) downgraded from Buy to Hold at Jefferies; PT USD 290.00 (prev. USD 420.00)
- Qualcomm (QCOM) downgraded from Neutral to Sell at Seaport Global Securities
- Summit Therapeutics (SMMT) downgraded from Buy to Hold at Jefferies; PT USD 15.00 (prev. USD 42.00)
INITIATIONS
- Abivax (ABVX) initiated at Buy at Jefferies; PT USD 160.00
- Alamo Group (ALG) initiated at Outperform at William Blair
- Amalgamated Financial (AMAL) initiated at Neutral at Piper Sandler; PT USD 41.00
- Bar Harbor Bankshares (BHB) initiated at Overweight at Piper Sandler; PT USD 38.00
- Chain Bridge Bancorp (CBNA) initiated at Neutral at Piper Sandler; PT USD 39.00
- Columbia Financial (CLBK) initiated at Neutral at Piper Sandler; PT USD 18.00
- ConnectOne Bancorp (CNOB) initiated at Overweight at Piper Sandler; PT USD 31.00
- Cohu (COHU) initiated at Outperform at Evercore ISI; PT USD 35.00
- Dime Community Bancshares (DCOM) initiated at Overweight at Piper Sandler; PT USD 37.00
- Design Therapeutics (DSGN) initiated at Buy at Jefferies; PT USD 15.00
- Eastern Bankshares (EBC) initiated at Overweight at Piper Sandler; PT USD 23.00
- Elevation Oncology (ELE) initiated at Buy at H.C. Wainwright
- Eaton (ETN) initiated at Buy at Jefferies; PT USD 430.00
- Fifth Third Bancorp (FITB) initiated at Overweight at JPMorgan; PT USD 50.50
- Flagstar Financial (FLG) initiated at Overweight at Piper Sandler; PT USD 16.00
- JFrog (FROG) initiated at Buy at Guggenheim; PT USD 60.00
- Independent Bank Corp (INDB) initiated at Neutral at Piper Sandler; PT USD 84.00
- Opus Genetics (IRD) initiated at Outperform at Oppenheimer; PT USD 10.00
- Lindblad Expeditions (LIND) initiated at Outperform at Oppenheimer; PT USD 25.00
- MediciNova (MNOV) initiated at Buy at H.C. Wainwright; PT USD 10.00
- Northeast Bank (NBN) initiated at Overweight at Piper Sandler; PT USD 133.00
- NBT Bancorp (NBTB) initiated at Overweight at Piper Sandler; PT USD 50.00
- PayPoint (PAYP) initiated at Outperform at Macquarie; PT USD 22.90
- Provident Financial Services (PFS) initiated at Overweight at Piper Sandler; PT USD 25.00
- Peapack-Gladstone Financial (PGC) initiated at Overweight at Piper Sandler; PT USD 39.00
- QXO (QXO) initiated at Outperform at BNP Paribas Exane; PT USD 30.00
- Solid Power (SLDP) initiated at Buy at H.C. Wainwright; PT USD 7.00
- Sun Bancorp (SUNB) initiated at Buy at Citi; PT USD 85.00
- Sun Bancorp (SUNB) initiated at Underperform at BofA Securities; PT USD 62.00
- Atlassian (TEAM) initiated at Outperform at BNP Paribas Exane; PT USD 95.00
- Washington Trust Bancorp (WASH) initiated at Neutral at Piper Sandler; PT USD 32.00
- Western New England Bancorp (WNEB) initiated at Neutral at Piper Sandler; PT USD 14.00
- Zevra Therapeutics (ZVRA) initiated at Buy at BTIG; PT USD 23.00
Context
Meanwhile, INCY's downgrade from Buy to Hold at Jefferies suggests a concern over its growth trajectory, potentially impacting its stock performance and sentiment in the biotech sector. Traders should consider the implications of these rating changes on their positions and be mindful of sector momentum and peer performances.
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