Group 1 - Morgan Stanley has lowered Ferrari's stock price target from $460 to $457 [1]

Core Viewpoint - RBC Capital has lowered the target price for Block from $97 to $90 while maintaining an "Outperform" rating [1] Summary by Category Company Analysis - The adjustment in target price reflects a reassessment of Block's market position and future growth potential [1] Market Implications - Maintaining the "Outperform" rating suggests that RBC Capital still sees potential for Block to perform better than the market average despite the price reduction [1]

Group 1 - Mizuho has lowered the target price for Kraft Heinz from $29 to $27 while maintaining a "Neutral" rating [1]

Group 1 - The core viewpoint of the report indicates that due to the inclusion of G&A expenses, the fixed asset impairment for the first half of the year will exceed 100 million yuan, while there were no corresponding provisions in the same period last year [1] - The company's cement sales and prices may be lower than previously expected, leading to a downward revision of the earnings per share forecast for the next two years by 66% and 48%, resulting in estimates of 0.06 HKD and 0.11 HKD respectively [1] - The firm maintains a "outperform" rating for the company but has reduced the target price by 12% to 2.2 HKD [1]

Group 1 - Morgan Stanley has lowered the target price for Texas Instruments (TXN.US) from $192 to $175 [1]

Core Viewpoint - Rosenblatt has lowered the target price for Comcast from $38 to $33 while maintaining a "neutral" rating [1] Group 1 - The target price adjustment reflects a more cautious outlook on Comcast's performance [1] - The "neutral" rating indicates that the company is expected to perform in line with the market [1]

Group 1 - Morgan Stanley has lowered the target price for agricultural and construction equipment manufacturer Deere & Co from $495 to $480 while maintaining a "neutral" rating [1]

Core Viewpoint - Target Corporation (TGT.US) shares fell 0.92% to $86.54 in pre-market trading following a downgrade in target price by D.A. Davidson from $115 to $108, while maintaining a "Buy" rating. The uncertainty surrounding the CEO transition has introduced strategic and execution risks that outweigh recent operational improvements [1]. Group 1 - Target's pre-market share price decreased to $86.54, reflecting a drop of 0.92% [1]. - D.A. Davidson has lowered Target's target price from $115 to $108, but still holds a "Buy" rating for the stock [1]. - The leadership transition at Target has created uncertainty, leading to increased strategic and execution risks [1].

Group 1 - TD Cowen has lowered the target price for Texas Instruments from $230 to $210 while maintaining a "Buy" rating [1] - Morgan Stanley has also reduced the target price for Texas Instruments to $192 [1]

Core Viewpoint - Morgan Stanley predicts that Budweiser APAC's Q3 natural revenue and EBITDA will decline by 7% and 9% year-on-year, with a worsening trend compared to Q2's declines of 3.9% and 4.5% [1] Group 1: Market Performance - The Chinese market continues to drag down performance, with moderate demand affected by current anti-extravagance policies and intense promotions from delivery platforms [1] - The South Korean market also shows a slowdown in Q3 due to weakened consumer sentiment, although price increases in November 2024 and April 2025 are expected to provide support [1] Group 2: Future Projections - For 2025, Budweiser APAC's sales and EBITDA are forecasted to decline by 4.7% and 5.7% year-on-year, with a compound annual growth rate of 4.5% and 6.5% from 2025 to 2027, excluding exchange rate factors [1] - The company is expected to increase its dividend payout ratio to 125% to maintain a total dividend of $750 million in 2025, implying a dividend yield of 5.5%, which provides downside support for the stock price [1] Group 3: Rating and Target Price - Morgan Stanley maintains a "Neutral" rating on Budweiser APAC, lowering the target price from HKD 9 to HKD 8.5 [1]