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September 23, 2025 - Third Party

US PREMARKET ACTIONS: September 23, 2025

Futures Indices

  • Dow Futures: +0.1%
  • S&P 500 Futures: +0.1%
  • Nasdaq 100 Futures: +0.2%
  • US 10-year yield: 4.14% (-1 bp)

Market Environment

Wall Street remains at record highs as investors eagerly await a speech by Fed Chair Jerome Powell, scheduled for today. The tone is expected to stay similar to the last meeting, but some internal disagreements are surfacing, like the analysis by Stephen Miran, who believes rates should be 2 points lower, according to UBS.

The market is also anticipating the release of the PCE index on Friday, one of the Fed's preferred inflation measures. Before that, September’s flash PMI and the Richmond Fed’s manufacturing index will set the pace for the day.

The current momentum is largely driven by tech stocks, as seen in the strategic deal between Nvidia and OpenAI, with investments that could reach $100 billion in AI infrastructure.

"US stock gains are increasingly resembling those of 2023 and 2024, led by a small group — the Magnificent 7," notes Jim Reid (Deutsche Bank).

Stocks to Watch

  • SAVA +16.38% : The CEO of Cassava Sciences bought $534K worth of shares, a positive signal for investors.

  • KVUE +4.77% : Kenvue rebounds after the Tylenol health alert under the Trump administration.

  • NTSK +2.75% : Netskope continues its post-IPO rally, supported by strong buying volume.

  • SNAP +1.29% : Snap shares jump as the Saudi prince increases his stake.

  • TAP +0.47% : Molson Coors appoints Rahul Goyal as CEO.

  • META +0.36% : New Facebook Dating features, directly competing with Tinder and Bumble.

  • MRVL -0.34% : End of a 7-day winning streak for Marvell Technology.

  • CEG -0.41% : Constellation Energy slips after a neutral rating from Scotiabank, despite being the top US independent producer.

  • FLY -10.14% : Firefly Aerospace plunges after disappointing quarterly results.

Recommendation Changes

Upgrades

  • Antero Resources ($AR) → Upgraded by Citi to Buy, price target raised to $39 (vs $37)
  • Coreweave ($CW) → Upgraded by Wells Fargo to Overweight, price target to $170 (vs $105)
  • Johnson & Johnson ($JNJ) → Upgraded by Guggenheim to Buy, price target to $206 (vs $167)
  • Omnicom Group ($OMC) → Upgraded by Wells Fargo to Overweight, price target to $91 (vs $78)
  • Onto Innovation ($ONTO) → Upgraded by Jefferies to Buy, price target to $170 (vs $100)
  • United Rentals ($URI) → Upgraded by Bernstein to Outperform, price target to $1,128 (vs $885)

Neutral

  • Ciena Corp. ($CIEN) → Buy rating maintained by Stifel, price target raised to $152 (vs $120)
  • Echostar ($SATS) → Neutral rating maintained by Citi, price target raised to $85 (vs $67)
  • Hubspot ($HUBS) → Buy rating maintained by Rothschild, price target cut to $610 (vs $910)
  • Kenvue ($KVUE) → In-line rating maintained by Evercore ISI, price target lowered to $18 (vs $23)
  • Oracle ($ORCL) → Equalweight rating maintained by Morgan Stanley, price target raised to $320 (vs $246)
  • Reddit ($RDDT) → Buy rating maintained by Cannonball Research, price target to $303 (vs $244)
  • Welltower ($WELL) → Overweight rating maintained by KeyBanc, price target to $200 (vs $150)

Downgrades

  • Americold Realty ($COLD) → Downgraded by JP Morgan to Underweight, price target lowered to $15 (vs $17)
  • CyberArk Software ($CYBR) → Downgraded by Citizens to Market Perform (vs Market Outperform)
  • Lam Research ($LRCX) → Downgraded by KeyBanc to Sector Weight (vs Overweight)
  • Lululemon ($LULU) → Downgraded by Baird to Neutral, price target lowered to $195 (vs $225)
  • Vistra Corp. ($VST) → Downgraded by Jefferies to Hold, price target lowered to $230 (vs $241)

Have a great session everyone
Sylvain Mouilhaud: Stock Coach

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