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The Latest Breaking News from BofA Securities

Why BofA Bullish Is On Aluminum, Reinstating Buy Rating For Alcoa

Alcoa Corp (NYSE: AA) aims to become first quartile in aluminum by 2024, while the sentiment is bullish for aluminum due to capped Chinese supply, potential risks on Russia’s supply and Europe facing supply headwinds due to high energy costs, according to BofA Securities.

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BofA Upgrades Ascendis Pharma After Promising TCP Phase 3 Data

Following Ascendis Pharma’s (NASDAQ: ASND) reporting of positive topline Phase III data for its PaTHway trial of TransCon PTH (TCP) in adults with hypoparathyroidism, the likelihood of success of its TCP has increased from 60% to 75%, according to BofA Securities.

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BofA Downgrades PayPal, DXC Technology, Upgrades 2 Other Payment Stocks: What Investors Need To Know

While there is heightened geopolitical risk and macro uncertainty, the U.S. labor market remains solid, according to BofA Securities, which made rating changes to four stocks in the payments sector Wednesday. The Payments Analyst: In separate reports, analyst Jason Kupferberg changed the ratings and price targets for four payment stocks.

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BofA Names Top 5 European Energy Stocks To Buy During Oil Shock

There seems to be more runway for big oils and the geopolitical disruption scenarios seem underpriced, according to BofA Securities. The European Oil & Gas Outlook: Analyst Christopher Kuplent named Shell and TotalEnergies as the Big Oil top picks and changed the target prices for:

Benzinga

Which 6 Defense Stocks Did A BofA Analyst Raise The Price Targets?

Against the backdrop of the Russia-Ukraine conflict, the U.S. defense budget could increase to 3.5% to 4% of GDP, according to BofA Securities. The Defense Analyst: Ronald Epstein reiterated the ratings for defense stocks while raising their price targets.

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BofA Downgrades Natural Gas and Electric Power Company UGI On Heightened Risks

UGI Corp (NYSE: UGI) faces heightened risks due to the increased volatility in commodity markets resulting from the Ukraine-Russia conflict, according to BofA Securities.

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Why BofA Cuts Citigroup Price Target After Investor Day

Citigroup Inc’s (NYSE: C) management presented a “realistic set of financial goals” during the investor day event, according to BofA Securities.

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Kinross Gold Suspends Russia Operations

Kinross Gold Corporation (NYSE: KGC) announced Wednesday plans to suspend operations at its Kupol mine in Russia. The company is also in the process of suspending all activities at its Udinsk development project in the country, according to BofA Securities.

Benzinga

Why BofA Downgrades SoFi Technologies, Despite Upbeat Q4

SoFi Technologies Inc (NASDAQ: SOFI) reported strong fourth-quarter results after the closing bell on Tuesday. The company has also issued its 2022 guidance ahead of Street expectations, driven by “benefits from its recently approved Bank Charter,” according to BofA Securities.

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BofA Initiates Arcellx With Buy On Its Novel Therapy Approach

Arcellx (NASDAQ: ACLX) is advancing into pivotal testing (by year-end 2022) of its B-cell maturation antigen (BCMA) directed combination antiretroviral therapy (CART), known as ddBCMA, for relapsed refractory multiple myeloma, according to BofA Securities.

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BofA On Lucid Earnings, Lowered Outlook Is 'Somewhat Surprising In Magnitude'

Lucid Group Inc (NASDAQ: LCID) reported its fourth-quarter results marginally ahead of expectations on lower operating expenditures, according to BofA Securities.

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BofA Upgrades Homebuilders Toll Bros, PulteGroup; Stocks Are Already Pricing In Mortgage Rate Spike

Home builders have underperformed, despite posting strong quarterly earnings and issuing robust guidance for 2022, according to BofA Securities.

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Why This Analyst Believes In Credo Technology

Credo Technology Group Holding Ltd (NASDAQ: CRDO) is an emerging cloud networking specialist that estimates its addressable market to grow at a compounded annual growth rate (CAGRA) of nearly 49%, according to BofA Securities.

Benzinga

Why BofA Loves This Digital Advertising Platform Company

Although AdTheorent Holding Company Inc (NASDAQ: ADTH) is a smaller player in the competitive digital advertising space, there is long-term opportunity as its target addressable market is expected to grow more than 20% for the next several years, according to BofA Securities.

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BofA Downgrades Core & Main On What Near-Term Headwinds?

Core & Main Inc (NYSE: CNM) is likely to be impacted by a minimal increase in spending in 2022 with delays in project starts, according to BofA Securities.

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Why BofA Upgrades Lending Platform Upstart Holdings After Q4 Report

Upstart Holdings Inc (NASDAQ: UPST) was able to beat fourth-quarter expectations despite industry headwinds, according to BofA Securities.

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BofA Downgrades ViacomCBS After Streaming Investments: What Investors Need To Know

Although ViacomCBS Inc (NASDAQ: VIAC) remains an attractive target amid industry consolidation, a sale of the company is unlikely in the near term given its streaming aspirations, according to BofA Securities.

Benzinga

BofA Maintains Underperform Rating As Virgin Galactic Begins Selling Space Flight Tickets

Virgin Galactic Holdings Inc (NYSE: SPCE) has announced the opening of space flight ticket sales to the public on Feb. 16. Reservations are being offered at $450,000, with an initial deposit of $150,000, according to BofA Securities.

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BofA Downgrades Gap On Old Navy Concerns

Old Navy, which contributes to around 55% of Gap Inc’s (NYSE: GPS) sales, is likely to be “disproportionately hurt” by its exposure to low-income consumers and worsening supply chain disruptions, according to BofA Securities.

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BofA Upgrades DTE Energy After Beat, Says Company Has Among Best Earnings Growth In Sector

DTE Energy Co (NYSE: DTE) reported its fiscal 2021 results ahead of expectations, raised its 2022 earnings guidance range and provided a “strong affirmation of the long-term growth trajectory,” according to BofA Securities.

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Why This Bullish SoFi Analyst Sees Growth Ahead

SoFi Technologies Inc (NASDAQ: SOFI) is poised to generate strong revenue and EBITDA growth driven by its Galileo platform and member growth initiatives, according to BofA Securities.

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TPG Has A High Growth Trajectory, BofA Says With Buy Rating: What Else Impressed The Analyst?

TPG Inc (NASDAQ: TPG) has a robust business model, which is high growth, capital light and drives fee-related earnings, according to BofA Securities. The TPG Analyst: Craig Siegenthaler initiated coverage of TPG with a Buy rating and a price target of $47.

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BofA Downgrades Southern Company, Sees Little Upside From Solar

There are concerns around how much of Georgia Power’s Integrated Resource Plan (IRP) that Southern Co (NYSE: SO) can win versus unrelated third parties, according to BofA Securities.

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BofA Downgrades First Solar On Potential Margin Pressure

The Section 201 Solar tariffs on bifacial panels will probably not be extended, which could potentially erode First Solar, Inc’s (NASDAQ: FSLR) pricing power, according to BofA Securities.

Benzinga

Why This Analyst Believes Ameresco Is Oversold

While Ameresco Inc.’s (NYSE: AMRC) shares are down due to the disappointing BBB legislative and rates, as well as leverage factors and concerns around its delayed Analyst Day, according to BofA Securities the company offers “superior EBITDA growth (high-teens)” and the potential of a po

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