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2021-03-05 10:55:01 10:55 03/05/21 03/05 10:55 03/05/21 10:55	Treasury Action: the markets are calming and consolidating Treasury Action: the markets are calming and consolidating, assessing the data and current conditions, after the big moves already today and this week. The January jobs report has underscored Fed Chair Powell's view of an improving recovery, though with a ways to go on the labor market. Concurrently, the headlines saw rates pop higher, the text-book response to rising growth. And the latter will prove a challenge to Wall Street as investors weigh the bearish implications on shrinking valuations against the bullish developments of the widening distribution of vaccines now with three on offer, an increase in state reopenings, a likely surge in spending from pent-up demand and especially with a record $1.7 tln level of savings with which to effect that demand, along with the likelihood of another stimulus package. All of this is likely to result in a pop in inflation, as Powell and the Fed have warned, with an additionally boost from base effects. The question then is the sustainability of the move. And while that could cause a scare in the markets, the FOMC will view it as transitory until it sees many quarters of data. The 5-year breakeven has dipped to 247 bps, versus 250 bps Thursday, but the 10-yeaer is at 222 bps, giving the Fed some breathing room.

2021-03-05 10:55:01

10:55

03/05/21

03/05

10:55

03/05/21

10:55

Treasury Action: the markets are calming and consolidating

Treasury Action: the markets are calming and consolidating, assessing the data and current conditions, after the big moves already today and this week. The January jobs report has underscored Fed Chair Powell's view of an improving recovery, though with a ways to go on the labor market. Concurrently, the headlines saw rates pop higher, the text-book response to rising growth. And the latter will prove a challenge to Wall Street as investors weigh the bearish implications on shrinking valuations against the bullish developments of the widening distribution of vaccines now with three on offer, an increase in state reopenings, a likely surge in spending from pent-up demand and especially with a record $1.7 tln level of savings with which to effect that demand, along with the likelihood of another stimulus package. All of this is likely to result in a pop in inflation, as Powell and the Fed have warned, with an additionally boost from base effects. The question then is the sustainability of the move. And while that could cause a scare in the markets, the FOMC will view it as transitory until it sees many quarters of data. The 5-year breakeven has dipped to 247 bps, versus 250 bps Thursday, but the 10-yeaer is at 222 bps, giving the Fed some breathing room.

TODAY'S FREE FLY STORIES

Hot Stocks	ADC Therapeutics granted FDA approval for Zynlonta BLA » 13:50 04/23/21 04/23 13:50 04/23/21 13:50 ADCT ADC Therapeutics $25.35 / +0.91 (+3.72%) According to a post to… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Syndicate Events ADCT ADC Therapeutics $25.35 / +0.91 (+3.72%) 04/06/21 Overland ADCT BioPharma appoints Eric Koo as CEO 03/17/21 ADC Therapeutics rises 7.5% 02/04/21 ADC Therapeutics completes enrollment in camidanlumab tesirine trial 01/07/21 ADC Therapeutics announces EAP for loncastuximab tesirine for certain patients ADCT ADC Therapeutics $25.35 / +0.91 (+3.72%) 03/19/21 H.C. Wainwright ADC Therapeutics price target raised to $48 from $47 at H.C. Wainwright 12/02/20 Stifel ADC Therapeutics initiated with a Hold at Stifel 10/29/20 Fly Intel: Top five analyst initiations 10/29/20 H.C. Wainwright ADC Therapeutics initiated with a Buy at H.C. Wainwright ADCT ADC Therapeutics $25.35 / +0.91 (+3.72%) 03/18/21 ADC Therapeutics reports Q4 adjusted EPS (82c), consensus (38c) 03/18/21 ADC Therapeutics reports Q4 EPS (73c), consensus (38c) 11/12/20 ADC Therapeutics reports Q3 EPS (58c), consensus (81c ) 24 Sep 15 May 05/21/21 PDUFA Date for Loncastuximab Tesirine
Recommendations	Umicore price target raised to EUR 33 from EUR 30 at Credit Suisse » 13:50 04/23/21 04/23 13:50 04/23/21 13:50 UMICY Umicore $14.97 / +0.63 (+4.39%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research UMICY Umicore $14.97 / +0.63 (+4.39%) 12:45 Today Deutsche Bank Umicore price target raised to EUR 50 from EUR 46 at Deutsche Bank 12:41 Today JPMorgan Umicore price target raised to EUR 35 from EUR 30 at JPMorgan 03/09/21 JPMorgan Umicore added to Analyst Focus List as Short at JPMorgan 02/12/21 Berenberg Umicore price target raised to EUR 56 from EUR 50 at Berenberg
Recommendations	UPM-Kymmene price target raised to EUR 33.50 from EUR 32.25 at Credit Suisse » 13:49 04/23/21 04/23 13:49 04/23/21 13:49 UPMMY UPM-Kymmene $38.99 / -0.255 (-0.65%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Street Research UPMMY UPM-Kymmene $38.99 / -0.255 (-0.65%) 04/16/21 UBS UPM-Kymmene price target raised to EUR 32.10 from EUR 30.80 at UBS 01/26/21 DNB Markets UPM-Kymmene downgraded to Hold from Buy at DNB Markets 01/12/21 UBS UPM-Kymmene downgraded to Neutral from Buy at UBS 01/05/21 Jefferies UPM-Kymmene downgraded to Underperform from Hold at Jefferies
Recommendations	Relx price target raised to 2,114 GBp from 2,085 GBp at Credit Suisse » 13:49 04/23/21 04/23 13:49 04/23/21 13:49 RELX Relx $27.07 / +0.19 (+0.71%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research RELX Relx $27.07 / +0.19 (+0.71%) 03/01/21 Deutsche Bank Relx price target lowered to 1,790 GBp from 1,850 GBp at Deutsche Bank 02/19/21 Morgan Stanley Relx price target raised to 2,100 GBp from 2,000 GBp at Morgan Stanley 02/12/21 Barclays Relx price target raised to 2,090 GBp from 2,070 GBp at Barclays 01/29/21 Barclays Relx price target raised to 2,070 GBp from 1,985 GBp at Barclays
Recommendations	Nestle price target raised to CHF 110 from CHF 105 at Credit Suisse » 13:48 04/23/21 04/23 13:48 04/23/21 13:48 NSRGY Nestle $119.71 / +2.78 (+2.38%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals NSRGY Nestle $119.71 / +2.78 (+2.38%) 04/22/21 Nestle still sees increase in organic sales growth towards MSD rate in 2021 03/30/21 XPO Logistics, Nestle unveil UK digital distribution warehouse 02/18/21 Nestle sees sustained mid single-digit organic sales growth in mid-term 02/18/21 Nestle sees increase in organic sales growth towards MSD rate in 2021 NSRGY Nestle $119.71 / +2.78 (+2.38%) 03/17/21 Morgan Stanley Nestle price target raised to CHF 115 from CHF 112 at Morgan Stanley 03/02/21 AlphaValue Nestle upgraded to Buy from Add at AlphaValue 02/26/21 Morgan Stanley Nestle assumed with an Overweight at Morgan Stanley 02/22/21 Berenberg Nestle price target lowered to CHF 120 from CHF 122 at Berenberg NSRGY Nestle $119.71 / +2.78 (+2.38%) 04/22/21 Nestle reports three-month sales CHF 21.089B vs. CHF 20.812B last year 02/25/21 Aimmune presents new data in patients treated with Palforzia for peanut allergy 02/18/21 Nestle reports FY20 sales CHF84.343B vs. CHF92.568B last year NSRGY Nestle $119.71 / +2.78 (+2.38%) 12:21 Today Nestle in talks to buy vitamin maker Bountiful, WSJ reports 04/22/21 Nestle CEO tells CNBC company maintaining growth amid sustainability push 04/22/21 Danimer Scientific falls after Spruce Point predicts 65% share downside 02/02/21 Nestle nears deal to sell North American bottled water business, Reuters says

Recommendations	Bureau Veritas price target raised to EUR 26.50 from EUR 25.50 at Credit Suisse » 13:47 04/23/21 04/23 13:47 04/23/21 13:47 BVRDF Bureau Veritas $29.83 / + (+0.00%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research BVRDF Bureau Veritas $29.83 / + (+0.00%) 13:33 Today Societe Generale Bureau Veritas price target raised to EUR 29 from EUR 28 at Societe Generale 04/09/21 Berenberg Bureau Veritas price target raised to EUR 27 from EUR 25.50 at Berenberg 03/25/21 JPMorgan Bureau Veritas upgraded to Overweight from Neutral at JPMorgan 03/22/21 Societe Generale Bureau Veritas price target raised to EUR 28 from EUR 26 at Societe Generale
Recommendations	SKF AB price target raised to SEK 170 from SEK 155 at Credit Suisse » 13:46 04/23/21 04/23 13:46 04/23/21 13:46 SKFRY SKF AB $26.96 / -2.085 (-7.18%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Street Research SKFRY SKF AB $26.96 / -2.085 (-7.18%) 04/06/21 Barclays SKF AB price target raised to SEK 215 from SEK 205 at Barclays 03/26/21 JPMorgan SKF AB price target raised to SEK 205 from SEK 195 at JPMorgan 02/10/21 Barclays SKF AB downgraded to Underweight from Equal Weight at Barclays 02/08/21 Berenberg SKF AB price target raised to SEK 265 from SEK 225 at Berenberg
Recommendations	Wartsila price target raised to EUR 8.50 from EUR 7.80 at Credit Suisse » 13:46 04/23/21 04/23 13:46 04/23/21 13:46 WRTBY Wartsila $2.45 / +0.28 (+12.90%) Credit Suisse analyst Max… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research WRTBY Wartsila $2.45 / +0.28 (+12.90%) 05:07 Today Nordea Wartsila upgraded to Buy from Hold at Nordea 03/11/21 Credit Suisse Wartsila downgraded to Underperform from Neutral at Credit Suisse 01/29/21 JPMorgan Wartsila price target raised to EUR 7.30 from EUR 6.70 at JPMorgan 01/29/21 DNB Markets Wartsila upgraded to Hold from Sell at DNB Markets
Recommendations	Vivendi price target raised to EUR 32.40 from EUR 31.90 at Credit Suisse » 13:45 04/23/21 04/23 13:45 04/23/21 13:45 VIVHY Vivendi $35.01 / +0.915 (+2.68%) Credit Suisse analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals VIVHY Vivendi $35.01 / +0.915 (+2.68%) 12/30/20 LiveXLive Media appoints Maria Garrido to board of directors 12/18/20 Tencent Music consortium exercises option to acquire additional 10% of UMG VIVHY Vivendi $35.01 / +0.915 (+2.68%) 04/13/21 Oddo BHF Vivendi upgraded to Outperform from Neutral at Oddo BHF 03/08/21 Credit Suisse Vivendi price target raised to EUR 31.90 from EUR 30.30 at Credit Suisse 03/05/21 JPMorgan Vivendi price target raised to EUR 43 from EUR 42 at JPMorgan 03/04/21 Barclays Vivendi downgraded to Equal Weight from Overweight at Barclays VIVHY Vivendi $35.01 / +0.915 (+2.68%) 10/28/20 Fly Intel: What to watch in Spotify earnings report VIVHY Vivendi $35.01 / +0.915 (+2.68%) 01/22/21 Mediaset lodges appeal against Vivendi stake court ruling, Reuters says
General news	Action Economics Survey results » 13:45 04/23/21 04/23 13:45 04/23/21 13:45 $ECON Economic Data / + Action Economics Survey… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><<

Recommendations	SAP price target raised to EUR 121 from EUR 116 at UBS » 13:42 04/23/21 04/23 13:42 04/23/21 13:42 SAP SAP $143.73 / +0.15 (+0.10%) UBS analyst Michael… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals On The Fly Options SAP SAP $143.73 / +0.15 (+0.10%) 04/22/21 SAP sees non-IFRS cloud revenue EUR-9.2B-EUR9.5B for FY21 04/13/21 SAP saw 'sharp acceleration' in new cloud business in Q1 04/07/21 Accenture ,SAP co-develop Intelligent Asset Management Solutions 03/11/21 Akerna to acquire Viridian Sciences in an all-stock deal SAP SAP $143.73 / +0.15 (+0.10%) 12:44 Today Deutsche Bank SAP price target raised to EUR 145 from EUR 125 at Deutsche Bank 08:48 Today BMO Capital SAP price target raised to $150 from $140 at BMO Capital 04/22/21 Oppenheimer SAP price target raised to $155 from $145 at Oppenheimer 04/19/21 UBS SAP price target raised to EUR 116 from EUR 112 at UBS SAP SAP $143.73 / +0.15 (+0.10%) 04/22/21 SAP reports Q1 non-IFRS EPS EUR 1.40 vs. EUR0.85 last year 04/13/21 SAP reports preliminary Q1 revenue EUR 6.35B, up 2% at constant currency 04/13/21 SAP raises FY21 cloud revenue view to EUR 9.2B-9.5B from EUR 9.1B-9.5B 01/29/21 SAP reports Q4 non-IFRS EPS EUR 1.69 vs EUR 1.82 last year SAP SAP $143.73 / +0.15 (+0.10%) 04/11/21 Supply-chain software provider Blue Yonder weighing IPO, WSJ reports 04/05/21 Google to stop using Oracle finance software, adopt SAP instead, CNBC says 11/20/20 Tech giants threaten to exit Pakistan over censorship law, TechCrunch says SAP SAP $143.73 / +0.15 (+0.10%) 04/13/21 Fly Intel: After-Hours Movers 01/31/21 Opening Day: Qualtrics jumps 40% in trading debut 01/24/21 Opening Day: Mytheresa raises $407M in U.S. market debut 12/29/20 Fly Intel: Pre-market Movers SAP SAP $143.73 / +0.15 (+0.10%) 01/05/21 Largest borrow rate increases among liquid names
Recommendations	NatWest Group price target raised to 195 GBp from 190 GBp at UBS » 13:42 04/23/21 04/23 13:42 04/23/21 13:42 NWG NatWest Group $5.37 / +0.115 (+2.19%) UBS analyst Jason Napier… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings NWG NatWest Group $5.37 / +0.115 (+2.19%) 02/19/21 NatWest Group reaffirms commitment to regular capital returns 10/30/20 NatWest sees FY impairment charge at lower end of GBP 3.5B-GBP 4.5B range NWG NatWest Group $5.37 / +0.115 (+2.19%) 04/12/21 Deutsche Bank NatWest Group price target raised to 210 GBp from 170 GBp at Deutsche Bank 04/06/21 Morgan Stanley NatWest Group price target raised to 245 GBp from 225 GBp at Morgan Stanley 03/31/21 Barclays NatWest Group price target raised to 200 GBp from 180 GBp at Barclays 03/22/21 JPMorgan NatWest Group price target raised to 210 GBp from 190 GBp at JPMorgan NWG NatWest Group $5.37 / +0.115 (+2.19%) 02/19/21 NatWest Group reports Q4 operating profit before tax GBP 64M 10/30/20 NatWest reports Q3 operating profit before tax GBP 355M
Recommendations	Lloyds Banking price target raised to 47 GBp from 45 GBp at UBS » 13:41 04/23/21 04/23 13:41 04/23/21 13:41 LYG Lloyds Banking $2.34 / +0.06 (+2.64%) UBS analyst Jason Napier… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals Options LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/24/21 Lloyds Banking sees 2021 net interest margin in excess of 240 basis points 02/24/21 Lloyds Banking announces aims for Strategic Review 2021 12/15/20 ECB asks banks to refrain from or limit dividends until September 2021 12/15/20 ECB asks banks to refrain from or limit dividends until September 2021 LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 13:31 Today Societe Generale Lloyds Banking price target raised to 50 GBp from 47 GBp at Societe Generale 04/12/21 Deutsche Bank Lloyds Banking upgraded to Buy from Hold at Deutsche Bank 04/06/21 Morgan Stanley Lloyds Banking price target raised to 52 GBp from 46 GBp at Morgan Stanley 03/31/21 Barclays Lloyds Banking price target raised to 47 GBp from 46 GBp at Barclays LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/24/21 Lloyds Banking reports 2020 EPS 1.2p vs. 3.5p last year 10/29/20 Lloyds Banking reports 9 months EPS 0.5p vs. 2.2p last year LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 03/02/21 French bankers want new EU law to move euro clearing to Frankfurt, Reuters says LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/22/21 Largest borrow rate increases among liquid names
Recommendations	Hermes price target raised to EUR 1,146 from EUR 1,079 at UBS » 13:41 04/23/21 04/23 13:41 04/23/21 13:41 HESAY Hermes $126.75 / +2.19 (+1.76%) UBS analyst Mariana Horn… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research HESAY Hermes $126.75 / +2.19 (+1.76%) 12:47 Today Deutsche Bank Hermes price target raised to EUR 800 from EUR 760 at Deutsche Bank 12:39 Today JPMorgan Hermes price target raised to EUR 855 from EUR 755 at JPMorgan 06:32 Today Societe Generale Societe Generale upgrades Hermes to Buy citing accelerating momentum 05:13 Today Societe Generale Hermes upgraded to Buy from Hold at Societe Generale
Recommendations	Barclays price target raised to 195 GBp from 180 GBp at UBS » 13:40 04/23/21 04/23 13:40 04/23/21 13:40 BCS Barclays $10.12 / +0.105 (+1.05%) UBS analyst Jason Napier… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals On The Fly Events Options BCS Barclays $10.12 / +0.105 (+1.05%) 04/13/21 Gap credit card program in agreements with Barclays and Mastercard 02/18/21 Barclays committed to medium-term targets, including RoTE of over 10% over time 02/18/21 Barclays sees 'meaningful' y/y RoTe improvement in 2021 02/18/21 Barclays declares 1.0p 2020 full year dividend BCS Barclays $10.12 / +0.105 (+1.05%) 04/13/21 Morgan Stanley Synchrony loss of Gap card deal 'likely a positive,' says Morgan Stanley 04/12/21 Deutsche Bank Barclays price target raised to 230 GBp from 200 GBp at Deutsche Bank 04/06/21 Morgan Stanley Barclays price target raised to 190 GBp from 160 GBp at Morgan Stanley 03/22/21 JPMorgan Barclays price target raised to 210 GBp from 190 GBp at JPMorgan BCS Barclays $10.12 / +0.105 (+1.05%) 02/18/21 Barclays reports Q4 group profit before tax GBP0.6B vs. GBP1.1B last year BCS Barclays $10.12 / +0.105 (+1.05%) 04/13/21 Barclays to replace Synchrony as Gap's credit-card issuer, WSJ reports 03/18/21 Goldman in talks to take over JetBlue credit-card program, WSJ reports 03/02/21 French bankers want new EU law to move euro clearing to Frankfurt, Reuters says 02/18/21 Barclays CEO sees staff returning to office this year, Bloomberg reports BCS Barclays $10.12 / +0.105 (+1.05%) 03/12/21 Lennar downgrade, Barclays upgrade among today's top calls on Wall Street 10/23/20 Fly Intel: Wall Street's top stories for Friday 04/30/21 Barclays - BCS BCS Barclays $10.12 / +0.105 (+1.05%) 12/16/20 Barclays call volume above normal and directionally bullish 12/14/20 Unusual call flow in option market yesterday 12/11/20 Short-term premium buyer in Barclays 12/11/20 Unusually active option classes on open December 11th

Recommendations	Rexel price target raised to EUR 21 from EUR 20 at Societe Generale » 13:39 04/23/21 04/23 13:39 04/23/21 13:39 RXEEY Rexel $20.53 / + (+0.00%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research RXEEY Rexel $20.53 / + (+0.00%) 12:40 Today JPMorgan Rexel price target raised to EUR 20 from EUR 19 at JPMorgan 04/15/21 Morgan Stanley Rexel price target raised to EUR 18 from EUR 17 at Morgan Stanley 04/01/21 JPMorgan Rexel price target raised to EUR 19 from EUR 18 at JPMorgan 02/17/21 AlphaValue Rexel upgraded to Add from Sell at AlphaValue
Recommendations	Renault price target lowered to EUR 38 from EUR 40 at Societe Generale » 13:37 04/23/21 04/23 13:37 04/23/21 13:37 RNLSY Renault $8.07 / -0.2 (-2.42%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Periodicals RNLSY Renault $8.07 / -0.2 (-2.42%) 03/11/21 Renault to sell 1.54% stake in Daimler AG RNLSY Renault $8.07 / -0.2 (-2.42%) 04/20/21 Barclays Renault price target lowered to EUR 32 from EUR 35 at Barclays 04/12/21 Exane BNP Paribas Renault downgraded to Neutral from Outperform at Exane BNP Paribas 03/29/21 Jefferies Renault price target raised to EUR 41 from EUR 38 at Jefferies 03/08/21 Deutsche Bank Renault price target raised to EUR 40 from EUR 25 at Deutsche Bank RNLSY Renault $8.07 / -0.2 (-2.42%) 01/08/21 New Renault CEO to revive certain bestselling models as EVs, Reuters says
Recommendations	Ipsen price target lowered to EUR 93 from EUR 94 at Societe Generale » 13:36 04/23/21 04/23 13:36 04/23/21 13:36 IPSEY Ipsen $23.95 / +0.075 (+0.31%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Company News Street Research IPSEY Ipsen $23.95 / +0.075 (+0.31%) 03/31/21 Exelixis announces Ipsen approval from EC for Cabometyx, Opdivo combination 03/02/21 Fusion Pharmaceuticals to acquire Ipsen's IP, assets related to IPN-1087 02/26/21 Exelixis: Ipsen receives positive CHMP opinion for CABOMETYX/OPDIVO combo 02/22/21 Ipsen to announce new data from CLARINET FORTE study at ENETS Conference IPSEY Ipsen $23.95 / +0.075 (+0.31%) 04/20/21 Deutsche Bank Ipsen initiated with a Hold at Deutsche Bank 02/16/21 Barclays Ipsen price target lowered to EUR 89 from EUR 96 at Barclays 01/14/21 Societe Generale Ipsen upgraded to Buy from Hold at Societe Generale 12/08/20 Morgan Stanley Ipsen downgraded to Equal Weight from Overweight at Morgan Stanley
Recommendations	Edenred price target lowered to EUR 53 from EUR 53.80 at Societe Generale » 13:34 04/23/21 04/23 13:34 04/23/21 13:34 EDNMY Edenred $28.67 / +0.8087 (+2.90%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Street Research EDNMY Edenred $28.67 / +0.8087 (+2.90%) 03/29/21 Kepler Cheuvreux Edenred upgraded to Buy from Hold at Kepler Cheuvreux 03/05/21 Barclays Edenred price target raised to EUR 48 from EUR 41.50 at Barclays 01/13/21 HSBC Edenred downgraded to Hold from Buy at HSBC 01/12/21 JPMorgan Edenred price target raised to EUR 54 from EUR 47 at JPMorgan
Recommendations	Bureau Veritas price target raised to EUR 29 from EUR 28 at Societe Generale » 13:33 04/23/21 04/23 13:33 04/23/21 13:33 BVRDF Bureau Veritas $29.83 / + (+0.00%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research BVRDF Bureau Veritas $29.83 / + (+0.00%) 04/09/21 Berenberg Bureau Veritas price target raised to EUR 27 from EUR 25.50 at Berenberg 03/25/21 JPMorgan Bureau Veritas upgraded to Overweight from Neutral at JPMorgan 03/22/21 Societe Generale Bureau Veritas price target raised to EUR 28 from EUR 26 at Societe Generale 03/01/21 Barclays Bureau Veritas price target raised to EUR 26.50 from EUR 22.50 at Barclays

Recommendations	Piper says PlushCare deal 'dramatically expands' Accolade market opportunity » 13:33 04/23/21 04/23 13:33 04/23/21 13:33 ACCD Accolade $48.87 / +2.88 (+6.26%) After Accolade announced… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Syndicate Periodicals On The Fly Events Options ACCD Accolade $48.87 / +2.88 (+6.26%) 07:09 Today Accolade to acquire PlushCare for up to $450M 03/04/21 Accolade completes acquisition of 2nd.MD 01/14/21 Accolade jumps almost 13% after announcing acquiring 2nd.MD 01/14/21 Accolade confirms to acquire 2nd.MD for $460M ACCD Accolade $48.87 / +2.88 (+6.26%) 04/15/21 Needham Needham starts Accolade at Buy, sees engagement driving share gains 04/15/21 Needham Accolade initiated with a Buy at Needham 03/30/21 Piper Sandler Accolade recent volatility a buying opportunity, says Piper Sandler 03/18/21 Canaccord Accolade price target raised to $62 from $59 at Canaccord ACCD Accolade $48.87 / +2.88 (+6.26%) 03/23/21 Accolade sees Q4 adjusted EBITDA 60c-$2.10 01/07/21 Accolade sees FY21 revenue $162M-$165M, consensus $159.78M 01/07/21 Accolade sees Q4 revenue $51M-$54M, consensus $51.6M 01/07/21 Accolade reports Q3 EPS (32c), consensus (35c) 22 Oct 02 Jul ACCD Accolade $48.87 / +2.88 (+6.26%) 01/14/21 Accolade to acquire telemedicine start-up 2nd.MD for about $460M, CNBC says ACCD Accolade $48.87 / +2.88 (+6.26%) 03/23/21 Fly Intel: After-Hours Movers 01/15/21 Fly Intel: Wall Street's top stories for Friday 01/15/21 Fly Intel: Wall Street's top stories at midday 01/15/21 Accolade upgrade, Spotify downgrade among today's top calls on Wall Street 05/05/21 Accolade - ACCD ACCD Accolade $48.87 / +2.88 (+6.26%) 01/07/21 Accolade options imply 13.4% move in share price post-earnings
Recommendations	Bankinter price target raised to EUR 4.40 from EUR 4.30 at Societe Generale » 13:32 04/23/21 04/23 13:32 04/23/21 13:32 BKIMF Bankinter $6.74 / + (+0.00%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Street Research BKIMF Bankinter $6.74 / + (+0.00%) 03/08/21 Berenberg Bankinter price target raised to EUR 5.40 from EUR 4.10 at Berenberg 01/22/21 Deutsche Bank Bankinter price target raised to EUR 5.35 from EUR 5.25 at Deutsche Bank 01/20/21 UBS Bankinter price target raised to EUR 4.60 from EUR 3.45 at UBS 12/14/20 JPMorgan Bankinter price target raised to EUR 3.60 from EUR 3.30 at JPMorgan
Recommendations	Lloyds Banking price target raised to 50 GBp from 47 GBp at Societe Generale » 13:31 04/23/21 04/23 13:31 04/23/21 13:31 LYG Lloyds Banking $2.34 / +0.06 (+2.64%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals Options LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/24/21 Lloyds Banking sees 2021 net interest margin in excess of 240 basis points 02/24/21 Lloyds Banking announces aims for Strategic Review 2021 12/15/20 ECB asks banks to refrain from or limit dividends until September 2021 12/15/20 ECB asks banks to refrain from or limit dividends until September 2021 LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 04/12/21 Deutsche Bank Lloyds Banking upgraded to Buy from Hold at Deutsche Bank 04/06/21 Morgan Stanley Lloyds Banking price target raised to 52 GBp from 46 GBp at Morgan Stanley 03/31/21 Barclays Lloyds Banking price target raised to 47 GBp from 46 GBp at Barclays 03/29/21 Keefe Bruyette Lloyds Banking upgraded to Market Perform from Underperform at Keefe Bruyette LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/24/21 Lloyds Banking reports 2020 EPS 1.2p vs. 3.5p last year 10/29/20 Lloyds Banking reports 9 months EPS 0.5p vs. 2.2p last year LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 03/02/21 French bankers want new EU law to move euro clearing to Frankfurt, Reuters says LYG Lloyds Banking $2.34 / +0.06 (+2.64%) 02/22/21 Largest borrow rate increases among liquid names
Recommendations	ASML price target raised to EUR 660 from EUR 590 at Societe Generale » 13:31 04/23/21 04/23 13:31 04/23/21 13:31 ASML ASML $667.48 / +19.68 (+3.04%) Societe Generale analyst… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial ShowHide Related Items >><< Company News Street Research Earnings Periodicals On The Fly ASML ASML $667.48 / +19.68 (+3.04%) 03/03/21 ASML says SMIC purchase agreement disclosure not material event ASML ASML $667.48 / +19.68 (+3.04%) 04/22/21 Credit Suisse ASML price target raised to EUR 720 from EUR 630 at Credit Suisse 04/22/21 Deutsche Bank ASML price target raised to EUR 560 from EUR 500 at Deutsche Bank 04/19/21 Grupo Santander ASML downgraded to Underweight from Hold at Grupo Santander 04/16/21 Credit Suisse ASML price target raised to EUR 630 from EUR 540 at Credit Suisse ASML ASML $667.48 / +19.68 (+3.04%) 04/21/21 ASML sees Q2 revenue EUR 4B-EUR 4.1B 04/21/21 ASML reports Q1 EPS EUR 3.21 vs. EUR 3.23 last quarter 01/20/21 ASML sees Q1 net sales EUR 3.9B-EUR 4.1B, gross margin 50%-51% 01/20/21 ASML reports Q4 EPS EUR 3.23 vs. EUR 2.54 last quarter ASML ASML $667.48 / +19.68 (+3.04%) 11/13/20 TSMC places EUV equipment orders with ASML for 2021, DigiTimes reports ASML ASML $667.48 / +19.68 (+3.04%) 04/21/21 Fly Intel: Pre-market Movers
General news	Oil Action: The weekly Baker-Hughes oil rig count » 13:30 04/23/21 04/23 13:30 04/23/21 13:30 $ECON Economic Data / + Oil Action: The weekly… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in 9 minutes Get Free Trial ShowHide Related Items >><<

Events

Earnings calls, analyst events, roadshows and more

GGG
Today at 14:00

Graco Inc Firm Sponsored Meetings
PPD
Today at 16:00

PPD, Inc. Firm Sponsored Meetings
IBN
Tomorrow at 09:15

ICICI Bank - IBN Conference Calls
FAST
Tomorrow at 11:00

Fastenal Co. Firm Sponsored Meetings
PKX
2021-04-25 at 22:00

Posco - PKX Conference Calls
SLGL
2021-04-26 at 00:00

PDUFA Date for Epsolay (benzoyl peroxide, 5%, cream) Government Event
2021-04-26 at 00:00

Biden’s Infrastructure Plan and Alternatives Virtual Policy Forum Conferences

Virtual Forum
USB
2021-04-26 at 00:00

U.S. Bancorp Firm Sponsored Meetings

Virtual Meeting
FBIO
2021-04-26 at 00:00

FuboTV Firm Sponsored Meetings

Virtual Meeting
2021-04-26 at 00:00

Energy Industry Meetings

Virtual Meeting

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Syndicate

This week’s upcoming IPOs and secondary offerings

Priced
Not Priced

Mon	CHWY X CHWY Chewy Block Trade Managers: Morgan Stanley Priced at: $82.50 6.1M Shares IFBD X IFBD Infobird IPO Managers: WestPark Capital Priced at: $4.00 6.25M Shares
Tues	DV X DV DoubleVerify IPO Managers: Goldman Sachs & JPMorgan, Barclays, RBC Capital, Truist, William Blair, KeyBanc, Canaccord, JMP Securities, Needham, Loop Capital, Capital One Priced at: $27.00 13.3M Shares Special Comments Ratings Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial PATH X PATH UiPath IPO Managers: Morgan Stanley & JPMorgan, BofA, Credit Suisse, Barclays, Wells Fargo, SMBC Nikko, BMO Capital, MIZU, KeyBanc, TD Securities, Truist, Cowen, Evercore ISI, Macquarie, Nomura, RBC Capital, Canaccord, DA Davidson, Oppenheimer, Needham Priced at: $56.00 23.89M Shares Special Comments Ratings Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial SKYT X SKYT SkyWater Technology IPO Managers: Jefferies & Cowen, Piper Sandler Priced at: $14.00 6.96M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial TRKA X TRKA Troika Media IPO Managers: Kingswood Priced at: $4.15 5.78M Shares FUTU X FUTU Futu Holdings Secondary Managers: BofA & Haitong Priced at: $130.00 9.5M Shares ZLAB X ZLAB Zai Lab Secondary Managers: JPMorgan, Goldman Sachs, Jefferies, Citi, SVB Leerink & Guggenheim Priced at: $150.00 4.78M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial NOTV X NOTV Inotiv Spot Secondary Managers: Colliers Priced at: $17.00 2.647M Shares
Wed	KNBE X KNBE KnowBe4 IPO Managers: Morgan Stanley, Goldman Sachs, BofA & KKR Priced at: $16.00 9.5M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial NPCE X NPCE NeuroPace IPO Managers: JPMorgan & Morgan Stanley, Wells Fargo, SVB Leerink Priced at: $17.00 6M Shares Special Comments Ratings Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial ZY X ZY Zymergen IPO Managers: JPMorgan & Goldman Sachs, BofA, UBS, LAZA Priced at: $31.00 16.13M Shares Special Comments Ratings Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial EOLS X EOLS Evolus Spot Secondary Managers: SVB Leerink, Stifel & Cantor Fitzgerald Priced at: $9.50 9M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial NBSE X NBSE NeuBase Therapeutics Spot Secondary Managers: RBC Capital, Oppenheimer & Chardan, National Securities Priced at: $5.00 8M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial
Thurs	AGTI X AGTI Agiliti IPO Managers: BofA, Goldman Sachs, Morgan Stanley & BMO Capital, Citi, JEFF< UBSW, KeyBanc, Raymond James, MUFG, SMBC Nikko, MISC, SIEB Priced at: $14.00 26.316M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial IMPL X IMPL Impel NeuroPharma IPO Managers: Cowen & Guggenheim, Wedbush Priced at: $15.00 5.33M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial RAIN X RAIN Rain Therapeutics IPO Managers: Goldman Sachs, Citi, Piper Sandler & Guggenheim Priced at: $17.00 7.353M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial SWIM X SWIM Latham Group IPO Managers: Barclays, BofA, Morgan Stanley & Goldman Sachs, Nomura, William Blair, Baird, KeyBanc, Truist Priced at: $19.00 20M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial TMCI X TMCI Treace Medical IPO Managers: JPMorgan & Morgan Stanley, SVB Leerink, Stifel Priced at: $17.00 11.25M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial EDAP X EDAP EDAP TMS Spot Secondary Managers: Piper Sandler Priced at: $6.75 4.15M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial
Fri	No deals

Mon	No deals
Tues	No deals
Wed	No deals
Thurs	No deals
Fri	No deals

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Treasury Action: the markets are calming and consolidating

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