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September 12, 2025 - Third Party

US PREMARKET ACTIONS: September 12, 2025

Futures Indices
Dow Futures: -0.19%
S&P 500 Futures: -0.01%
Nasdaq 100 Futures: -0.3%
US 10-year yield: 4.04%

Market Environment

Wall Street set new records on Thursday, with the Dow Jones crossing 46,000 points for the first time. This rise came despite slightly higher than expected monthly CPI inflation for August, while core CPI remained flat.

Jim Reid (Deutsche Bank) notes that markets remain buoyed by optimism, helped by jobless claims higher than expected. UBS points out that durable goods prices have been structurally rising since May, while the surge in food prices—especially beef, bananas, and coffee—is much more visible to consumers.

Today's macro agenda is light, with only the consumer confidence index expected. Consensus forecasts sustain weak levels (58.0 in September versus 58.2 in August).

Stocks to Watch

**Super Micro Computer (SMCI) +5%**
The stock jumps after the launch of massive deliveries of Nvidia Blackwell Ultra solutions, including HGX B300 systems and GB300 NVL72 racks. This ramp-up is in line with Supermicro’s AI solutions expansion strategy.

**Adobe (ADBE) +3%**
Strong quarterly results with double-digit growth in digital revenue and subscriptions. The company raised its annual and FY2025 guidance, confirming positive momentum around its AI tools.

**Micron (MU) +3.1%**
The stock extends its seventh consecutive session of gains, driven by continued optimism about AI and data center memory demand.

**Taiwan Semiconductor (TSM) -0.5%**
The stock corrects after six consecutive sessions of gains, as profits are taken amid high expectations for semiconductor demand.

**RH (RH) -7%**
Sharp drop after a disappointing quarter and lowered 2025 outlook. The high-end furniture group cited the impact of new taxes, catalog delays, and a weakness in the real estate market.

**XTI Aerospace (XTIA) -20%**
The stock plunges after announcing a $20 million fundraising via share issuance at $1.60, a highly dilutive price.

**Frequency Electronics (FEIM) -8.9%**
The group falls after quarterly results missed expectations, with management attributing it to customer order delays.

Recommendation Changes

Upgrades

  • Air Products and Chemicals (APD) → Argus Research upgrades to Buy with a target price of $317.

  • SL Green Realty (SLG) → Citigroup upgrades to Buy (from Neutral), price target raised to $70 (vs $65).

  • Acadia Realty Trust (AKR) → Citigroup upgrades to Buy (from Neutral), target adjusted to $23 (vs $20).

  • Alaska Air Group (ALK) → UBS upgrades to Buy (from Neutral), target set at $90.

  • Firefly Aerospace (FLY) → Roth Capital initiates coverage at Buy with a target price of $60.

  • Theravance Biopharma (TBPH) → B. Riley initiates coverage at Buy, price target $28.

  • Genius Sports (GENI) → Roth Capital Partners initiates coverage at Buy, target price $16.

  • Sportradar Group (SRAD) → Roth Capital Partners initiates coverage at Buy, target price $40.

Neutral

  • Kroger (KR) → HSBC raises target price to $80 (vs $75), recommendation maintained.

  • LyondellBasell Industries (LYB) → Rothschild & Co Redburn adjusts target to $75 (vs $80), Buy maintained.

  • Lululemon Athletica (LULU) → Rothschild & Co Redburn adjusts target to $160 (vs $230), Sell maintained.

  • Mondelez (MDLZ) → BNP Paribas Exane adjusts target to $75 (vs $77), recommendation maintained.

  • Deckers Outdoor (DECK) → Barclays raises target to $141 (vs $134), Overweight maintained.

  • Texas Instruments (TXN) → Morgan Stanley adjusts target to $192 (vs $197), Underweight maintained.

  • Eastman Chemical (EMN) → Vertical Research adjusts target to $73 (vs $75), recommendation maintained.

  • Insulet (PODD) → JPMorgan raises target to $415 (vs $340), Overweight maintained.

  • Arista Networks (ANET) → Several adjustments by brokers (Citigroup, Rosenblatt, Barclays, Morgan Stanley, JPMorgan, Wells Fargo, Goldman Sachs, Wolfe Research, Evercore ISI), majority positive consensus but some remain Neutral.

  • Extra Space Storage (EXR) → JPMorgan adjusts target to $157 (vs $162), Neutral maintained.

  • Dow (DOW) → Rothschild & Co Redburn adjusts target to $35 (vs $40), Buy maintained.

  • Public Storage (PSA) → JPMorgan adjusts to $321 (vs $324), Overweight maintained.

  • Eaton (ETN) → Bernstein raises to $414 (vs $410), Outperform maintained.

  • Johnson Controls (JCI) → Wolfe Research raises to $133 (vs $132), Outperform maintained.

  • Gilead Sciences (GILD) → Rothschild & Co Redburn adjusts to $143 (vs $136), Buy maintained.

  • Norwegian Cruise Line (NCLH) → JPMorgan adjusts to $43 (vs $39), Overweight maintained.

  • Vornado Realty Trust (VNO) → Citigroup upgrades to Neutral (from Sell), target raised to $42 (vs $34).

  • Robinhood (HOOD) → Deutsche Bank raises to $129 (vs $128), Buy maintained.

  • Medtronic (MDT) → Daiwa raises to $104 (vs $101), Buy maintained.

  • Newmont (NEM) → CIBC raises to $78 (vs $74), Neutral maintained.

  • Air Products (APD) → TD Cowen raises target to $335 (vs $315), Buy maintained.

  • Linde (LIN) → TD Cowen raises to $560 (vs $500), Buy maintained.

  • Ecovyst (ECVT) → Deutsche Bank raises to $11 (vs $10), Buy maintained.

  • Kroger (KR) → Wolfe Research adjusts to $78 (vs $83), Outperform maintained.

  • Lennox (LII) → Wolfe Research decreases to $606 (vs $665), Underperform maintained.

  • Darden Restaurants (DRI) → Raymond James decreases to $230 (vs $240), Outperform maintained.

  • Comcast (CMCSA) → MoffettNathanson raises to $58 (vs $56), Buy maintained.

  • Fidelity National Info Services (FIS) → Susquehanna adjusts to $77 (vs $81), Neutral maintained.

  • Biogen (BIIB) → Piper Sandler raises to $118 (vs $115), Neutral maintained.

  • Carnival (CCL) → Deutsche Bank raises to $33 (vs $28), Hold maintained.

  • AppLovin (APP) → Wedbush raises to $725 (vs $620), Outperform maintained.

  • FedEx (FDX) → Multiple adjustments (Susquehanna, Goldman Sachs) around $276–285, positive consensus.

  • First Solar (FSLR) → TD Cowen raises to $240 (vs $220), Buy maintained.

  • Generac (GNRC) → TD Cowen raises to $220 (vs $198), Buy maintained.

  • Adobe (ADBE) → Multiple adjustments with targets between $400 and $508, mixed consensus (Hold to Outperform).

  • Ralph Lauren (RL) → Needham raises to $350 (vs $335), Buy maintained.

  • IDEAYA Biosciences (IDYA) → Mizuho raises to $44 (vs $43), Outperform maintained.

  • Lam Research (LRCX) → Mizuho raises to $130 (vs $120), Outperform maintained.

  • Xylem (XYL) → Mizuho raises to $140 (vs $125), Neutral maintained.

  • Trane Technologies (TT) → Jefferies raises to $440 (vs $450), Hold maintained.

  • GE Vernova (GEV) → Jefferies raises to $668 (vs $658), Hold maintained.

  • IBEX (IBEX) → RBC raises to $39 (vs $31), Sector Perform maintained.

  • Dream Finders Homes (DFH) → Wedbush adjusts to $25 (vs $26), Neutral maintained.

  • Centene (CNC) → Truist raises to $39 (vs $35), Buy maintained.

  • Armstrong World (AWI) → Truist raises to $230 (vs $195), Buy maintained.

Downgrades

  • J.M. Smucker (SJM) → Argus Research downgrades to Hold (vs Buy).

  • Potbelly (PBPB) → Benchmark downgrades to Hold (vs Buy).

  • Proficient Auto Logistics (PAL) → William Blair lowers to Market Perform (vs Outperform).

  • Restaurant Brands (QSR) → Northcoast lowers to Neutral (vs Buy).

  • Vimeo (VMEO) → Truist downgrades to Hold (vs Buy), target at $7.85 (vs $8).

  • Kite Realty (KRG) → Citigroup downgrades to Neutral (vs Buy), target $24 (vs $28).

  • NextDecade (NEXT) → Morgan Stanley lowers to Equal Weight (vs Overweight), target $10 (vs $5).

  • Molson Coors (TAP) → Barclays downgrades to Underweight (vs Equal Weight).

  • Constellation Brands (STZ) → Barclays lowers to Equal Weight (vs Overweight).

  • Array Technologies (ARRY) → BofA downgrades to Underweight (vs Neutral), target $7.

  • RH (RH) → Telsey Advisory downgrades to Market Perform (vs Outperform), target $220 (vs $255).

  • Huntsman (HUN) → Mizuho downgrades to Underweight (vs Neutral), target $9 (vs $11).

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Have a good session everyone!
Sylvain Mouilhaud: Coach Actions

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