November 18, 2024 01:00 AM GMT M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

J P M O R G A N Table 1: US economic forecasts North America Economic Research 19 November 2024 2025 US Economic Outlook: Yes, there are two paths • The election has sparked dueling boom-bust narratives on the path ahead • There are now upside risks to growth from deregulation and tax cutting and downside risks from tariffs and general policy uncertainty • But one shouldn't lose sight of the business cycle, which has been performing well • We look for only a mild downshift in growth in 2025 to 2%, with a sm ...

18 November 2024 | 4:59PM EST 2025 US Equity Outlook: The Art of the Deal We forecast the S&P 500 index will rise to 6500 by year-end 2025, reflecting an 11% price gain from the current level and 12% total return with dividends. Our view is predicated on continued US economic expansion, earnings growth of 11% in 2025 and 7% in 2026, and a forward P/E multiple of 21.5x at the end of next year, a 1% compression from the current P/E of 21.7x. Our projected return would rank in the 46th percentile of the histor ...

Jefferies UK | Investment Companies Equity Research November 19, 2024 | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Xiaomi (1810) Overweight 1810.HK, 1810 HK EV momentum stronger; Core earnings resilient, with some uptick in hardware GMs; raise PT to HK$34 Xiaomi's 3Q earnings momentum continues to remain strong, with core revenues growing 17% YoY, and EV losses also narrowing. Key highlights were: (1) EV targets for 2024 raised to 130k units, on stronger execution and continued demand, (2) IoT GMs continue to see upside, helping to drive segment GM above 20% for the first time, and (3) Continued strong growth in premium ...

19 November 2024 | 7:23PM CST XPeng Inc. (XPEV): 3Q24 First Take: in-line results with strong 4Q24 guidance; Buy XPeng reported 3Q24 results with revenue in-line with GSe/Visible Alpha Consensus, gross profit +3%/+9% vs. GSe/Consensus, and gross margin improving by 17.9pp yoy/1.3pp qoq to 15.3%. We believe the gross margin improvement is mainly driven by higher volume scale which brought down fixed cost on a per vehicle basis, and further technology services revenue recognition from VW. EBIT was -2% vs. GSe ...

Company and Industry Overview * **Company**: STMicroelectronics N.V. (NYSE:STM) * **Industry**: Semiconductor * **Focus**: Analog and sensors, power electronics, general-purpose microcontrollers Key Messages and Assumptions * **Revenue Target**: $18 billion with an EBIT margin of 22%-24% by 2027-2028. * **Growth Drivers**: * Analog and sensors in high-premium Personal Electronics * Power electronics, particularly power MOSFETs, diodes, and silicon carbide * General-purpose microcontrollers post-2024 and 2025 * **Success Factors**: * Reshaping manufacturing footprint and infrastructure * Cost base resizing to leverage growth and productivity improvement * Execution of the plan Transition Year and Visibility * **2025**: Transition year with low visibility in industrial markets * Bear scenario: Market flattish * Bull scenario: Acceleration in Q2 and H2 * **2026-2027**: Acceleration phase * Megatrends: Electrification of mobility, decarbonization of industry, AI * Additional revenue from connectivity, edge AI, and power: $1.5 billion - $1.7 billion Cost Restructuring * **Reorganization**: Splitting organization into two groups with similar technology and product development * **Manufacturing Transformation**: Transition to 300-millimeter and 200-millimeter fabs * **Headcount Reduction**: Attrition through early retirement and layoffs Industrial Market and Margins * **Visibility**: Short-term, with bear and bull scenarios * **Margin Impact**: Capacity reservation fees declining, unloading charges reducing, and efficiency improving China Strategy * **China-for-China**: Local production to compete with local players * **Partnerships**: Joint ventures with Sanan and [indiscernible] for critical technologies Automotive Market * **China**: Hybrid and extended-range vehicles growing, with ST leading in SiC market share * **Global**: Focus on SiC and power electronics for all vehicle types AI Opportunities * **Edge AI**: $600 million by 2030 * **Silicon Photonics**: $500 million by end of the decade * **AI Server**: 10% market share by end of the decade Sustainable Margin Structure * **2027-2028**: Gross margin of 44%-46% and operating margin of 22%-24% * **Long-term**: Potential for 50% gross margin and 30% operating margin Organic Growth and Acquisitions * **Organic Growth**: Strong belief in organic growth potential * **Acquisitions**: Open to larger-scale accretive acquisitions in automotive or industrial markets

Moderna, Inc. (NASDAQ:MRNA) Jefferies London Healthcare Conference November 21, 2024 9:00 AM ET Company Participants Lavina Talukdar - IR Conference Call Participants Michael Yee - Jefferies Michael Yee Good afternoon everyone. Thank you for joining us on the next session. This afternoon, we have the pleasure of having Moderna here with us and up on the front is the Head of Investor Relations, who everybody knows, Lavina Talukdar. Thank you for joining us. I would say quite a timely discussion because there ...

"All the News That's Fit to Print' the edges" in his projects. PAGE B1 worry it might not be safe. PAGE AI8 THE WEATHER Today, blustery, steady rain becom- t, windy, a shower, low 38. To- orrow, windy, chilly, showers, high VOL. CLXXIV .... No. 60,345 Wildfire Risk Only Growing For Northeast Climate Change Raises Chance of Dry Spells By HILARY HOWARD Rocky and Ren Hazelman run a chicken farm in West Milford, N.J .. about 10 miles south from the Jennings Creek wildfire along the state's border with New York. ...

Rise of the ananas? Grass? Buttons? iving with a rare phobia e Christmas 21 November 2024 rom £2.30 for subscribers Ukraine attacks targets in Russia with UK missiles for the first time Storm Shadow weapons fired on day Washington shut its embassy in Kyiv Dan Sabbagh Kyiv Andrew Roth Washington Ukraine has fired UK-made Storm Shadow missiles into Russia for the first time during the conflict, multi- ple sources have told the Guardian. The decision to approve the strikes was a response to the deployment of m ...