Broadcom Upgraded by Macquarie; Ultragenyx Downgraded Following Failed Trial
Macquarie upgraded Broadcom to Outperform from Neutral with a $490 price target, citing strong fundamentals and positioning as the cleanest listed way to own AI infrastructure. The firm noted that despite recent declines due to Google insourcing risks, the stock appears undervalued ahead of Anthropic's potential IPO. In contrast, RBC Capital downgraded Ultragenyx from Outperform to Sector Perform with a reduced price target of $19 following failed Phase 3 trial results for GTX-102 in Angelman syndrome. The firm noted minimal positive signals and lackluster press release language despite significant unmet medical need. Other upgrades included JPMorgan raising Envista, Copart, and ZTO Express due to improved execution or guidance, while downgrades also affected Moderna, PG&E, Sonoco, and others based on trial outcomes, regulatory risks, and earnings revisions.
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