Upgrades - RBC Capital upgraded Sealed Air (SEE) to Outperform from Sector Perform with a price target of $48, up from $35, citing stabilization in Protective and continued strength in Food segments, along with over $100 million of cost reductions and G&A optimization [2] - Citi upgraded Tractor Supply (TSCO) to Buy from Neutral with a price target of $62, up from $60, noting same-store sales momentum and earnings growth heading into 2026 [2] - Piper Sandler upgraded PNC Financial (PNC) to Overweight from Neutral with a price target of $220, up from $211, expressing confidence in PNC's near-term prospects due to its conservative guidance and attractive valuation [3] - HSBC upgraded Iqvia (IQV) to Buy from Hold with a price target of $235, up from $195, expecting easing regulatory clouds in pharma to support a re-rating of the shares [3] - MoffettNathanson upgraded Roblox (RBLX) to Neutral from Sell, acknowledging that user metrics have significantly improved driven by new viral experiences [4] Downgrades - Jefferies downgraded Freshpet (FRPT) to Hold from Buy with a price target of $53, down from $97, citing an abrupt and persistent growth slowdown and lack of near-term catalysts [5] - HSBC downgraded Bloom Energy (BE) to Hold from Buy with a price target of $100, up from $44, while expecting consensus estimates to revise higher but awaiting a better entry point [5] - RBC Capital downgraded Graphic Packaging (GPK) to Sector Perform from Outperform with a price target of $21, down from $25, due to oversupply in bleached paperboard limiting price increases [5] - JPMorgan downgraded RenaissanceRe (RNR) to Neutral from Overweight with an unchanged price target of $303, adopting an incrementally cautious view on reinsurance pricing [5] - Northland downgraded Nutanix (NTNX) to Market Perform from Outperform with a price target of $76, highlighting risks related to VMware customer migrations and competition from Red Hat [5]

Core Viewpoint - Morgan Stanley downgraded CATL's Hong Kong stock rating to equal weight, indicating limited upside potential, while maintaining an overweight rating for its Shenzhen-listed shares [1] Group 1: Stock Ratings and Price Targets - Morgan Stanley raised the target price for CATL's Shenzhen-listed stock by 15% to 490 RMB, while setting the Hong Kong target price at 585 HKD, maintaining a 10% premium between H/A shares [1] - The new target price suggests over 20% upside potential for the Shenzhen stock compared to current prices, whereas the Hong Kong stock has less than 1% upside potential [1] Group 2: Market Share Expectations - Morgan Stanley anticipates that CATL's market share in China's energy storage systems will increase from approximately 10% to over 50% in the next three years [1]

Core Viewpoint - Marvell Technology's shares experienced a decline of approximately 2% in premarket trading following a downgrade by TD Cowen from Buy to Hold, along with a reduction in the price target from $90 to $85 [2]. Group 1 - TD Cowen downgraded Marvell Technology's stock rating to Hold from Buy [2] - The price target for Marvell Technology was lowered from $90 to $85 [2]

Core Viewpoint - Intel shares experienced a downgrade from Citigroup despite the positive market reaction to its partnership with Nvidia, which included a significant $5 billion investment in Intel [1] Company Summary - Citigroup downgraded Intel shares, indicating a cautious outlook despite the recent partnership announcement with Nvidia [1] - The partnership with Nvidia is notable for its $5 billion investment in Intel, which has generated considerable market interest [1] Industry Summary - The market response to Intel's partnership with Nvidia highlights the ongoing interest in collaborations within the semiconductor industry [1] - The downgrade from Citigroup suggests potential underlying concerns in the semiconductor sector, despite high-profile partnerships [1]

Core Viewpoint - Pop Mart's stock has experienced significant growth, but analysts suggest that the current valuation may be overly optimistic, indicating a less favorable risk/reward profile [1][2] Stock Performance - Pop Mart shares have surged 184% year-to-date and 427% over the past year, significantly outperforming the Hang Seng Index, which gained 35% and 52% respectively [1] - However, the stock fell over 6% in a single day and has dropped 10% over the past five trading days [1] Analyst Rating and Price Target - JPMorgan downgraded Pop Mart's stock rating from Overweight to Neutral and reduced the price target from HK$400 to HK$300 [2] Sales Momentum and Market Sentiment - Despite a solid sales momentum, there are concerns that the stock is priced as if future successes are guaranteed, making it vulnerable to any negative news or performance misses [2][4] Key Catalysts and Future Uncertainty - Four out of seven key catalysts have been met, but the success of remaining initiatives, such as the "Labubu & Friends" animation series and new product launches, is uncertain [3] Near-term Risks - There are increasing concerns regarding product quality and design, with negative media reports affecting resale prices after rapid production expansion [4] - The company is trading at high multiples, with a 2025 P/E of 31 and a 2026 P/E of 22, indicating limited room for error [4] Long-term Strategy - Pop Mart's long-term strategy remains strong, with over 100 intellectual properties, 500 retail stores, and thousands of automated "roboshops" across more than 30 countries [5] - It is expected that overseas markets will contribute over 60% of earnings by 2027, with Labubu accounting for 35% of sales [5] Potential Upside Surprises - Possible positive developments include stronger Mini Labubu sales, successful cross-selling from the upcoming animation, and endorsements from global celebrities [6] - Accelerated licensing deals with international brands could also enhance the franchise's growth potential [6]

Group 1 - Apple shares were largely flat but showed a slight increase in premarket trading on Thursday [2] - D.A. Davidson downgraded Apple's rating from Buy to Neutral while maintaining a price target of $250 for the stock [2]

Group 1 - Deutsche Bank (DB.US) shares fell over 4% in pre-market trading after reaching a new high yesterday [1] - Goldman Sachs downgraded Deutsche Bank's rating from "Buy" to "Neutral" due to its stock performance being better than the market year-to-date [1] - Goldman Sachs also downgraded Commerzbank's rating from "Neutral" to "Sell" [1] Group 2 - As of August 26, Deutsche Bank's closing price was $36.820, with a pre-market price of $35.310, reflecting a 4.10% decrease [2] - The stock's highest price was $36.835, and the lowest was $36.095, with a trading volume of 2.4513 million shares [2] - Deutsche Bank's total market capitalization is approximately $70.923 billion, with a price-to-earnings ratio of 17.09 and a price-to-book ratio of 0.771 [2]

Group 1 - The core viewpoint of the report is that Citic Securities has raised the target price for Swire Properties (01972) by 21.3%, from HKD 18.3 to HKD 22.2, while maintaining a "Buy" rating [1] - The improvement in Swire Properties' fundamentals, strong real estate sales bookings, and the completion of investment properties are expected to accelerate profit growth and support the stock price [1] - Citic Securities has adjusted its earnings forecasts for Swire Properties, increasing the 2025 and 2027 earnings estimates by 6.9% and 1.1% respectively, while slightly decreasing the 2026 earnings forecast by 0.3% to reflect changes in asset sales and delivery plans [1]

Group 1 - Bank of America (BAC.N) experienced a pre-market decline of 1.9% [1] - HSBC has downgraded the rating of Bank of America stock [1]

Group 1 - McDonald's (MCD.N) shares fell by 2% following a downgrade by Morgan Stanley to a hold rating [1]