格隆汇1月6日｜由于美银对阿迪达斯给出了罕见的"卖出"评级，并指出这家德国运动鞋制造商的处境将 变得愈发艰难，该公司股价于周二大幅下跌。这次突如其来的连续下调评级导致股价跌幅一度高达 7.6%。以Thierry Cota为首的分析师预测，该公司今年的销售额增长将回落至个位数。他们补充称，耐 克的复苏是一个潜在的竞争威胁，而On、亚瑟士（Asics）和彪马（Puma）等其他品牌可能会吸引更多 关注。该银行将其评级从"买入"直接下调至"跑输大盘"。 ...

Core Viewpoint - PayPal has faced a third downgrade in analyst ratings, with Morgan Stanley lowering its rating from "Neutral" to "Underweight" due to slow progress in brand payment integration and its inability to effectively drive user growth as expected [1] Group 1: Analyst Downgrades - Morgan Stanley downgraded PayPal's rating, citing concerns over the slow and complex improvements in brand payment integration [1] - Bank of America Securities also lowered its rating, agreeing with Morgan Stanley's assessment regarding the sluggish recovery in PayPal's brand payment growth [1] - JPMorgan also downgraded PayPal's rating earlier in the month [1] Group 2: Challenges Ahead - Analyst James Faucette highlighted that PayPal faces additional challenges before 2026, including slow profitability progress with its younger user base, Venmo, and potential narrative risks from "smart e-commerce" [1] - The report indicates that due to slowing growth, PayPal is expected to continue investing to address these challenges and mitigate market share loss, increasing the risk of downward adjustments to its earnings per share [1] Group 3: Financial Management - PayPal's CFO Jamie Miller stated that the company is managing operational expenses with a high level of discipline to support growth while maintaining strong free cash flow performance [1]

Group 1 - The core point of the article is that Seres Group Co., Ltd. reported a significant increase in its electric vehicle sales for October 2023, with a total of 51,456 units sold, representing a year-on-year growth of 42.89% [1] - For the period from January to October 2023, the cumulative sales reached 356,085 units, indicating strong performance in the electric vehicle market [1] Group 2 - Jefferies has downgraded the A-share rating of Seres Group Co., Ltd. to "Hold," with a target price set at 144.30 RMB, reflecting a decrease of 7% [2]

Core Viewpoint - J.P. Morgan downgraded FedEx Corporation to a Neutral rating based on recent channel checks in the less-than-truckload industry [5] Group 1 - The downgrade reflects insights gathered from a wide range of contacts within the industry [5]

Group 1 - Array Technologies (NASDAQ:ARRY) was downgraded to Underperform from Neutral by analysts at Bank of America [5] - The downgrade was attributed to heightened margin risks and limited near-term catalysts [5] - Despite a nearly 50% rally in Array's stock over the past month, there is a prevailing sense of caution among analysts [5]

Core Viewpoint - Fitch Ratings is likely to downgrade France's rating to A+ on Friday, which may heighten investor caution [1] Group 1: Rating Impact - The potential downgrade by Fitch Ratings reinforces the rationale for adopting a defensive stance among investors [1] - The downgrade could exacerbate the political instability in France, affecting the secured bond market [1] Group 2: Political and Economic Challenges - The new Prime Minister, Le Maire, faces challenges in addressing the sustainability of the country's debt [1] - Market sentiment has somewhat eased, but the looming downgrade adds to the uncertainty [1]

Group 1 - American Eagle Outfitters' rating has been downgraded from "Neutral" to "Underperform" by Bank of America Global Research [1] - The target price for American Eagle Outfitters has been reduced by $1 to $10 [1]

Core Viewpoint - Baird has downgraded Tesla's rating from "outperform" to "neutral," setting a target price of $320, citing increased uncertainty due to Musk's relationship with Trump and over-optimism regarding the Robotaxi launch [1] Group 1: Company Performance - Tesla's quarterly performance has been weak, yet the stock has risen by 24%, outperforming the S&P 500 index, which increased by 13% [1] - The excitement surrounding the upcoming launch of affordable cars and Robotaxi has contributed to the stock's rise [1] Group 2: Market Outlook - Baird believes that much of the hype around the Robotaxi has already been priced in, indicating a cautious outlook [1] - Despite the current downgrade, Tesla is still viewed as a strong long-term investment option, but the company is currently in a wait-and-see mode [1]

Group 1 - Bank of America downgraded ZTO Express's rating from "Buy" to "Neutral" due to disappointing first-quarter performance [1] - The target price for ZTO Express was reduced by 21% from $24 to $19 [1] - The report indicates limited future catalysts for the company due to intense price competition in the industry [1]

Group 1 - The core viewpoint is that the decision by Moody's to downgrade the rating is retrospective in nature [1]