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California regulators just cleared Waymo to expand its autonomous ride-hailing service deeper into the Bay Area, including San Jose. $GOOGL now has the green light to operate its fully driverless Waymo One fleet across more of Silicon Valley. The company already delivers over 250K paid robotaxi rides a week.
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California regulators just cleared Waymo to expand its autonomous ride-hailing service deeper into the Bay Area, including San Jose. $GOOGL now has the green light to operate its fully driverless Waymo One fleet across more of Silicon Valley. The company already delivers over 250K paid robotaxi rides a week.
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$PFE STRIKES $6B+ CANCER DRUG DEAL WITH CHINA'S 3SBIO
Pfizer is licensing an experimental cancer therapy from China’s 3SBio for $1.25B upfront and up to $4.8B in milestone payments, plus a $100M equity stake. The drug, SSGJ-707, is being tested for lung, colorectal, and gynecological cancers. Pfizer gets global rights outside China and may expand inside later. Manufacturing will happen in North Carolina and Kansas.
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$PFE STRIKES $6B+ CANCER DRUG DEAL WITH CHINA'S 3SBIO
Pfizer is licensing an experimental cancer therapy from China’s 3SBio for $1.25B upfront and up to $4.8B in milestone payments, plus a $100M equity stake. The drug, SSGJ-707, is being tested for lung, colorectal, and gynecological cancers. Pfizer gets global rights outside China and may expand inside later. Manufacturing will happen in North Carolina and Kansas.
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CATL RAISES $4.6B IN YEAR’S BIGGEST LISTING
Chinese battery giant CATL surged in its Hong Kong debut, with shares climbing as much as 18% after pricing at a 7% discount to its Shenzhen listing. The $4.6B raise marks the biggest equity offering globally this year. CATL plans to use 90% of the proceeds to fund its Hungary factory as it continues global expansion. The stock pop comes as U.S.-China trade tensions ease, lifting sentiment for Chinese listings. (WSJ)
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CATL RAISES $4.6B IN YEAR’S BIGGEST LISTING
Chinese battery giant CATL surged in its Hong Kong debut, with shares climbing as much as 18% after pricing at a 7% discount to its Shenzhen listing. The $4.6B raise marks the biggest equity offering globally this year. CATL plans to use 90% of the proceeds to fund its Hungary factory as it continues global expansion. The stock pop comes as U.S.-China trade tensions ease, lifting sentiment for Chinese listings. (WSJ)
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Morgan Stanley Downgrades $ASAN to Underweight from Equalweight, Sets PT at $14.00
Analyst comments: "Asana shares are up over 40% since the day after Q4 earnings compared to the SMID Software group, which is up approximately 6%. Co-founder Dustin Moskovitz's insider buying—over $50 million in shares post-Q4 earnings—has likely driven this outperformance. However, our channel checks and the broader macro environment do not support a case for improving fundamentals.
1. Partner checks indicate intensifying competition, with Asana losing share to Monday .com and other private companies in Collaborative Work Management.
2. Although in-quarter net revenue retention (NRR) improved in Q4, overall NRR for total, >\$5K, and >\$100K cohorts remains at 96–97%, continuing a three-year decline and signaling ongoing customer downsizing risk.
3. Continued layoffs in the technology vertical through April and May challenge stability in this segment, which accounts for around 30% of Asana's revenue and has already been cited as a growth headwind.
4. Uncertainty around leadership amid the ongoing CEO search further adds execution and strategic risks."
Analyst: Josh Baer
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Morgan Stanley Downgrades $ASAN to Underweight from Equalweight, Sets PT at $14.00
Analyst comments: "Asana shares are up over 40% since the day after Q4 earnings compared to the SMID Software group, which is up approximately 6%. Co-founder Dustin Moskovitz's insider buying—over $50 million in shares post-Q4 earnings—has likely driven this outperformance. However, our channel checks and the broader macro environment do not support a case for improving fundamentals.
1. Partner checks indicate intensifying competition, with Asana losing share to Monday .com and other private companies in Collaborative Work Management.
2. Although in-quarter net revenue retention (NRR) improved in Q4, overall NRR for total, >\$5K, and >\$100K cohorts remains at 96–97%, continuing a three-year decline and signaling ongoing customer downsizing risk.
3. Continued layoffs in the technology vertical through April and May challenge stability in this segment, which accounts for around 30% of Asana's revenue and has already been cited as a growth headwind.
4. Uncertainty around leadership amid the ongoing CEO search further adds execution and strategic risks."
Analyst: Josh Baer
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RETAIL DIP BUYING HITS RECORD
Retail traders bought a net $4.1B in US stocks by 12:30pm Monday — the biggest half-day buying spree ever, per JPMorgan. https://t.co/sOQj7pq6JQ
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RETAIL DIP BUYING HITS RECORD
Retail traders bought a net $4.1B in US stocks by 12:30pm Monday — the biggest half-day buying spree ever, per JPMorgan. https://t.co/sOQj7pq6JQ
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JPMORGAN RAISES $UBER PT TO $105 FROM $92 - OW
Analyst comments: "We spent time last week in Boston at the JPM TMC Conference with Uber CEO Dara Khosrowshahi, CFO Prashanth Mahendra-Rajah, and the Uber investor relations team. Management’s tone was upbeat, with Uber emphasizing that it is on track or ahead of its three-year targets through 2026, which include mid-to-high teens gross bookings growth, mid-30% to 40% EBITDA growth, and 90% EBITDA-to-free cash flow conversion. Uber continues to drive strong, profitable growth in its core business while investing in long-term growth opportunities.
Key topics of discussion included autonomous vehicle (AV) progress and early economics, mobility pricing trends and insurance, and delivery margins. Importantly, we expect the AV narrative for Uber to continue improving as the launch with Waymo in Austin demonstrates higher utilization and broader scope, with similar early progress anticipated soon in Atlanta.
While significant progress is still needed, we believe Uber is becoming an increasingly valuable partner to AV technology providers—as both a demand and utilization platform and as a fleet operator—as highlighted by its recent AI alliances. We reiterate our Overweight rating and raise our December 2025 price target to $105 (from $92 previously), based on 21.0x 2026E free cash flow of approximately $9.8 billion."
Analyst: Doug Anmuth
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JPMORGAN RAISES $UBER PT TO $105 FROM $92 - OW
Analyst comments: "We spent time last week in Boston at the JPM TMC Conference with Uber CEO Dara Khosrowshahi, CFO Prashanth Mahendra-Rajah, and the Uber investor relations team. Management’s tone was upbeat, with Uber emphasizing that it is on track or ahead of its three-year targets through 2026, which include mid-to-high teens gross bookings growth, mid-30% to 40% EBITDA growth, and 90% EBITDA-to-free cash flow conversion. Uber continues to drive strong, profitable growth in its core business while investing in long-term growth opportunities.
Key topics of discussion included autonomous vehicle (AV) progress and early economics, mobility pricing trends and insurance, and delivery margins. Importantly, we expect the AV narrative for Uber to continue improving as the launch with Waymo in Austin demonstrates higher utilization and broader scope, with similar early progress anticipated soon in Atlanta.
While significant progress is still needed, we believe Uber is becoming an increasingly valuable partner to AV technology providers—as both a demand and utilization platform and as a fleet operator—as highlighted by its recent AI alliances. We reiterate our Overweight rating and raise our December 2025 price target to $105 (from $92 previously), based on 21.0x 2026E free cash flow of approximately $9.8 billion."
Analyst: Doug Anmuth
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JPMorgan Reiterates Overweight Rating on $GEV, PT $460
Analyst comments: "With this note, we dive deep into GE Vernova’s Electrification segment, which we believe is likely the most underappreciated area of the GEV story. We provide an overview of each business line, including the important high-voltage direct current (HVDC) and transformer businesses. We also analyze the backlog conversion within the Electrification business, where we see potential upside to FY25 guidance and near-term consensus expectations.
Grid Solutions Positioned as the Fastest Growing Business within the GEV Portfolio. The grid solutions portfolio—including transformers, HVDC solutions, switchgears, circuit breakers, and other grid equipment—represents approximately 90% of the segment’s equipment backlog and has driven the bulk of the company’s backlog growth over the past two years (>3x year-end 2022 levels). With more excess capacity than competitors and historical underinvestment in the U.S. end-market, GE Vernova is uniquely positioned to gain market share and benefit from margin expansion in a rising price environment. While the high-margin profile of this backlog has yet to fully appear in financials, the company’s long-term guidance and backlog disclosures support optimism.
Greatest Beneficiary of GEV Being a Standalone Company. The Electrification segment has benefited most from GEV’s separation, with management noting that many potential customers still do not fully understand the segment's offerings—highlighting significant wallet share opportunities. Additionally, rising demand for gas equipment has enabled cross-selling of grid hardware and software solutions.
Large HVDC Pipeline Provides Visibility into Growth. HVDC offerings represent an estimated $7–8 billion of GEV’s backlog and show strong demand, especially in Europe. We expect HVDC to be a key long-term growth driver, though successful execution will be critical given the complexity of these projects and GEV’s relatively limited experience compared to peers.
Software Story Remains Intact but Requires Execution. At roughly 3% of GEV revenues, the Electrification software business has been less of a focus post-spin. However, if the company can gain traction among utility customers and meet its “rule of 40” targets, this could become a meaningful contributor to growth and margin expansion.
Potential Upside to FY25 Electrification. Our analysis, assuming an Electrification equipment backlog conversion rate of ~30% in FY25, indicates upside to both management’s guidance and consensus expectations. We view Electrification as the most likely segment to outperform FY25 targets, though we remain near the high end of guidance as we await more details on potential tariff impacts."
Analyst: Mark Strouse
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JPMorgan Reiterates Overweight Rating on $GEV, PT $460
Analyst comments: "With this note, we dive deep into GE Vernova’s Electrification segment, which we believe is likely the most underappreciated area of the GEV story. We provide an overview of each business line, including the important high-voltage direct current (HVDC) and transformer businesses. We also analyze the backlog conversion within the Electrification business, where we see potential upside to FY25 guidance and near-term consensus expectations.
Grid Solutions Positioned as the Fastest Growing Business within the GEV Portfolio. The grid solutions portfolio—including transformers, HVDC solutions, switchgears, circuit breakers, and other grid equipment—represents approximately 90% of the segment’s equipment backlog and has driven the bulk of the company’s backlog growth over the past two years (>3x year-end 2022 levels). With more excess capacity than competitors and historical underinvestment in the U.S. end-market, GE Vernova is uniquely positioned to gain market share and benefit from margin expansion in a rising price environment. While the high-margin profile of this backlog has yet to fully appear in financials, the company’s long-term guidance and backlog disclosures support optimism.
Greatest Beneficiary of GEV Being a Standalone Company. The Electrification segment has benefited most from GEV’s separation, with management noting that many potential customers still do not fully understand the segment's offerings—highlighting significant wallet share opportunities. Additionally, rising demand for gas equipment has enabled cross-selling of grid hardware and software solutions.
Large HVDC Pipeline Provides Visibility into Growth. HVDC offerings represent an estimated $7–8 billion of GEV’s backlog and show strong demand, especially in Europe. We expect HVDC to be a key long-term growth driver, though successful execution will be critical given the complexity of these projects and GEV’s relatively limited experience compared to peers.
Software Story Remains Intact but Requires Execution. At roughly 3% of GEV revenues, the Electrification software business has been less of a focus post-spin. However, if the company can gain traction among utility customers and meet its “rule of 40” targets, this could become a meaningful contributor to growth and margin expansion.
Potential Upside to FY25 Electrification. Our analysis, assuming an Electrification equipment backlog conversion rate of ~30% in FY25, indicates upside to both management’s guidance and consensus expectations. We view Electrification as the most likely segment to outperform FY25 targets, though we remain near the high end of guidance as we await more details on potential tariff impacts."
Analyst: Mark Strouse
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China’s iPhones & mobile phone exports to the US dropped 72% in April to just $688M — the lowest since 2011. Meanwhile, shipments of phone parts to India have surged, with Apple ramping up iPhone production outside China. https://t.co/iRMsxMbK8N
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China’s iPhones & mobile phone exports to the US dropped 72% in April to just $688M — the lowest since 2011. Meanwhile, shipments of phone parts to India have surged, with Apple ramping up iPhone production outside China. https://t.co/iRMsxMbK8N
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Citi's Atif Malik reiterated a Buy on $NVDA with a $150 price target, saying Huang’s Computex keynote reinforced NVDA’s push to expand Gen AI infrastructure. Citi points to key updates like NVLink Fusion, Isaac GR00T N1.5 for humanoid AI, and RTX PRO 6000 Blackwell servers as signs NVIDIA is widening its TAM. GB300 shipments start in Q3, which is in line with Citi’s ~1M unit forecast for 2025.
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Citi's Atif Malik reiterated a Buy on $NVDA with a $150 price target, saying Huang’s Computex keynote reinforced NVDA’s push to expand Gen AI infrastructure. Citi points to key updates like NVLink Fusion, Isaac GR00T N1.5 for humanoid AI, and RTX PRO 6000 Blackwell servers as signs NVIDIA is widening its TAM. GB300 shipments start in Q3, which is in line with Citi’s ~1M unit forecast for 2025.
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Evercore ISI reiterates Outperform on $DELL with a $120 PT after Day 1 of Dell World. Analyst Amit Daryanani says Dell is set to benefit as 85% of enterprises plan to shift Gen AI workloads on-prem over the next 2 years. With new Blackwell-powered servers, AI PCs, and managed services, DELL is positioning as a full-stack AI partner for enterprise customers.
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Evercore ISI reiterates Outperform on $DELL with a $120 PT after Day 1 of Dell World. Analyst Amit Daryanani says Dell is set to benefit as 85% of enterprises plan to shift Gen AI workloads on-prem over the next 2 years. With new Blackwell-powered servers, AI PCs, and managed services, DELL is positioning as a full-stack AI partner for enterprise customers.
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Wolfe Research Lowers $UNH PT to $390 from $501; 'We See a Path to Recovery'
Analyst comments: "We are confident UnitedHealth Group can recover margins in its $190 billion Medicare Advantage segment, which would add $4.94 to EPS versus our 2025 estimate of $21.75. We view signs of stabilization or improvement at Optum Health as the key swing factor for stock performance going forward.
We See a Path to Recovery – Reiterate Outperform. The past five weeks have been unprecedented for UNH in both operational and stock performance terms. While it will take time for earnings and investor sentiment to recover, we are confident in a recovery path for the Medicare Advantage segment. Our 2026 estimate of $26.00 assumes no improvement at the OptumCare capitated physician group, as improved coding and bids are expected to be offset by the final year of the V28 phase-in.
For now, our year-end 2025 price target of $390 is based on a 15x multiple, representing a 30% discount to the S&P 500 based on our 2026 estimate—implying 23% upside."
Analyst: Justin Lake
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Wolfe Research Lowers $UNH PT to $390 from $501; 'We See a Path to Recovery'
Analyst comments: "We are confident UnitedHealth Group can recover margins in its $190 billion Medicare Advantage segment, which would add $4.94 to EPS versus our 2025 estimate of $21.75. We view signs of stabilization or improvement at Optum Health as the key swing factor for stock performance going forward.
We See a Path to Recovery – Reiterate Outperform. The past five weeks have been unprecedented for UNH in both operational and stock performance terms. While it will take time for earnings and investor sentiment to recover, we are confident in a recovery path for the Medicare Advantage segment. Our 2026 estimate of $26.00 assumes no improvement at the OptumCare capitated physician group, as improved coding and bids are expected to be offset by the final year of the V28 phase-in.
For now, our year-end 2025 price target of $390 is based on a 15x multiple, representing a 30% discount to the S&P 500 based on our 2026 estimate—implying 23% upside."
Analyst: Justin Lake
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