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Mizuho Securities Downgrades Terns Pharmaceuticals to Neutral From Outperform, Trims Price Target to $53 From $54
Terns Pharmaceuticals (TERN) has an average rating of hold and mean price target of $53, according to analysts polled by FactSet.
$TERN
Research
Research Alert: CFRA Reiterates Buy Opinion On Shares Of Booking Holdings Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price by $8 to $196, 19x our 2026 EPS estimate (unchanged) and a discount to its 23x five-year average forward multiple, reflecting geopolitical risks. We lower our 2026 EPS to $10.33 from $10.74 and 2027's to $11.58 from $12.07, primarily reflecting lower gross bookings growth from the Middle East conflict. We maintain our Buy opinion as shares are undervalued given long-term competitive strengths and temporary geopolitical headwinds. The company's Connected Trip platform and Genius loyalty program are supporting higher-margin direct bookings, suggesting AI initiatives are strengthening consumer engagement rather than disintermediating the platform. Strong free cash flow supports future shareholder returns, including $3.6 billion in Q1 buybacks. While the Middle East conflict will impact Q2 bookings, BKNG has a history of seeing travel rebound following geopolitical or economic disruptions. U.S. room night growth accelerated in Q1 to a low-teens range, providing near-term momentum.
$BKNG
Research
Research Alert: Psx: Derivative Headwinds, But A Q1 Beat Nonetheless
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PSX surprised to the upside in Q1 with adjusted EPS of $0.49 vs. a loss of $0.90 in the prior year, beating consensus by $0.88. However, PSX incurred sizable $839M losses on derivative positions against just $200M in adjusted earnings. The WRB acquisition boosted net crude throughput capacity by 45k b/d to 1.993M b/d, while midstream expansion efforts increased Sweeny NGL fractionation capacity by 23% and Freeport LPG export dock capacity by 15%. Upcoming projects include the Iron Mesa gas plant (300 mmcf/d) and two polymers projects, both targeting 2027 startups. Refining utilization remained strong at 95% despite planned turnarounds, though realized margins declined to $10.11/b from $12.48/b sequentially. Midstream volumes pulled back from Winter Storm Fern, with NGL pipeline throughput dropping to 930 MBD vs. 1,006 MBD in Q4. We think the efficiency efforts can support increased LNG and LPG exports to Asia, which faces supply shortages following Strait of Hormuz blockades.
$PSX