Xin Lang Cai Jing·2025-12-09 15:10Core Viewpoint - The report summarizes significant rating changes from Wall Street that are expected to impact the market, highlighting both upgrades and downgrades across various companies and sectors [1][6]. Upgrades - Synopsys (SNPS): Rosenblatt Securities upgraded the rating from "Neutral" to "Buy," lowering the target price from $605 to $560, anticipating that Q4 results will meet market expectations after a disappointing Q3 [5]. - Eaton Corporation (ETN): Wolfe Research upgraded the rating from "In-Line" to "Outperform," setting a target price of $413, expecting benefits from electrical business orders and easing cyclical factors in 2026 [5]. - Colgate-Palmolive (CL): Royal Bank of Canada upgraded the rating from "Sector Perform" to "Outperform," maintaining a target price of $88, noting that earnings expectations are at a reasonable low despite challenges in 2026 [5]. - RPM International (RPM): Royal Bank of Canada upgraded the rating from "Sector Perform" to "Outperform," raising the target price from $121 to $132, indicating that the stock price has "bottomed out" [5]. - Viking Holdings (VIK): Goldman Sachs upgraded the rating from "Neutral" to "Buy," increasing the target price from $66 to $78, citing the company's unique geographic business layout and high-income customer focus [5]. Downgrades - Warner Bros. Discovery (WBD): Harbor Research downgraded the rating from "Buy" to "Neutral" without providing a target price, following a hostile takeover bid from Paramount [5]. - Norwegian Cruise Line (NCLH): Goldman Sachs downgraded the rating from "Buy" to "Neutral," lowering the target price from $23 to $21, citing an unfavorable risk-reward ratio due to market conditions in the Caribbean [5]. - Confluent (CFLT): Royal Bank of Canada downgraded the rating from "Outperform" to "Sector Perform," raising the target price from $30 to $31, following an acquisition agreement with IBM at $31 per share [5]. - SLM Corporation (SLM): Compass Point downgraded the rating from "Buy" to "Sell," reducing the target price from $35 to $23, after revealing updated mid-term outlooks at an investor forum [5]. - Viavi Solutions (VRT): Wolfe Research downgraded the rating from "Outperform" to "In-Line," citing valuation issues as the stock price has increased 14 times since the last upgrade [5]. Initiations - Micron Technology (MU): HSBC initiated coverage with a "Buy" rating and a target price of $330, identifying the company as a core beneficiary of the storage chip supercycle [9]. - United Airlines (UAL): Montreal Bank Capital Markets initiated coverage with an "Outperform" rating and a target price of $125, noting improvements in the industry environment and recovery in business travel [12]. - Thermo Fisher Scientific (TMO): Goldman Sachs initiated coverage with a "Buy" rating and a target price of $685, expecting the market for life science tools to return to historical growth rates [12]. - Affirm (AFRM): Wolfe Research initiated coverage with a "Sector Perform" rating, setting a fair value range of $72-$82 for the end of 2026 [10]. - Urban Outfitters (URBN): Goldman Sachs initiated coverage with a "Neutral" rating and a target price of $83, acknowledging market positioning but cautioning against high valuation risks [10].