Monte Rosa Therapeutics Stock (NASDAQ: GLUE)

Monte Rosa Therapeutics (NASDAQ:GLUE) Stock, Quote.Headers.trade-ideas

Monte Rosa Therapeutics

Monte Rosa Therapeutics Inc is a biotechnology company that specializes in developing molecular glue degraders (MGDs), a class of small molecule drugs that leverage the body's natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. Utilizing the QuEEN platform, the company employ artificial intelligence and proprietary experimental tools to identify target proteins for degradation by MGDs. With a diverse library of over 50,000 MGD molecules, their most advanced product candidate, MRT-2359, targets the translation termination factor protein GSPT1 for potential use in MYC-driven tumors. The company's focus lies in advancing its pipeline of MGDs, aiming to provide novel therapeutic modalities for various diseases.

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Shares of  Westport Fuel Systems Inc. (NASDAQ: WPRT) fell sharply during Tuesday’s session after posting a wider-than-expected fourth-quarter loss.

Westport Fuel Systems posted a quarter loss of 81 cents per share, compared to market expectations for a loss of 51 cents per share.

Why Westport Fuel Systems Shares Are Trading Lower By Around 10%? Here Are Other Stocks Moving In Tuesday&#39;s Mid-Day Session

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Wedbush initiates coverage on Monte Rosa Therapeutics. With differentiated lead programs and AI-driven QuEEN platform, the company shows strong potential for value creation.

Monte Rosa Therapeutics&#39; AI And Machine Learning Platform Is Adding Significant Value Creation in Cancer Research: Analyst

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U.S. stocks traded slightly higher, with the Dow Jones index gaining over 20 points on Wednesday.

Shares of Veradigm Inc.  (NASDAQ: MDRX) shares fell sharply during Wednesday’s session.

Veradigm, Aehr Test Systems, Saratoga Investment And Other Big Stocks Moving Lower On Wednesday

Monte Rosa Therapeutics, Inc. - Common Stock

Monte Rosa Therapeutics Inc

Mizuho analyst Nitin Kumar maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Outperform and lowers the price target from $175 to $171.

Mizuho Maintains Outperform on Valero Energy, Lowers Price Target to $171

<ul>
<li>A leading automotive retailer deployed the Verint Exact Transcription Bot and Verint Quality Bot, which quickly revealed the optimal time and type of call that leads to a successful upsell. Insights delivered by the Verint Quality Bot were used to improve agent selling behaviors during customer interactions. The retailer expects the bots to optimize agent selling behavior overall, increasing up to 90 percent customer propensity to buy compared to pre-deployment levels.</li>
<li>A large bank deployed the Verint Coaching Bot to guide agents in offering customers the right product at the right moment. Upsell offers to customers increased by 62 percent and sales grew by 48 percent across 500 agents in only two months.</li>
<li>Another financial firm used the combination of Verint Speech Analytics, Verint Quality Bots and Verint Coaching Bots to empower agents and guide calls to better outcomes. With an enhanced ability to identify customer objection points and guide agents in best-practice objection handling, the bank saw a 15 percent boost in insurance product sales within three months.</li>
</ul>

VRNT

Verint Systems Highlights AI-Powered Bots Capabilities

By <a href="https://roboforex.com/beginners/analytics/forex-forecast/?utm_source=benzinga.com&amp;utm_medium=pr&amp;utm_campaign=rf_en_external_article_16092024&amp;utm_content=analysis&amp;utm_term=forecast">RoboForex Analytical Department</a>
EUR/USD is showing signs of strengthening, currently trading around 1.1088 on Monday. The pair saw significant gains at the end of last week, driven by mounting speculation over the Federal Reserve&#39;s upcoming interest rate decision. The US dollar weakened in response to increasing expectations that the Fed might cut rates by 50 basis points in its forthcoming meeting.
The shift in market sentiment has been substantial, with the probability of a 50 basis point cut now at 45%, up from just 20% a week earlier. This anticipation has led to a decrease in US Treasury bond yields, further affecting the dollar&#39;s strength. Additionally, US import prices fell more than expected in August, decreasing by 0.3%, and export prices dropped by 0.7%. A sentiment index from the University of Michigan also showed an improvement in annual inflation expectations in September.
Conversely, the European Central Bank (ECB), which reduced its rate last week, continues to assert its independence. ECB President Christine Lagarde reiterated that the ECB operates free of political influence, responding to Italian demands for further rate reductions.
The upcoming Federal Reserve meeting, scheduled to start on Tuesday and conclude on Wednesday with a rate decision and commentary, is the focal point for markets this week. Investors are closely monitoring these developments, which could significantly impact the EUR/USD dynamics.
<h3>Technical Analysis Of EUR/USD</h3>
<a href="https://www.benzinga.com/files/u117641/eurusdh4_65.png"><img alt="" src="https://www.benzinga.com/files/u117641/eurusdh4_65.png" style="height:275px; width:624px" /></a>
The EUR/USD market has established a consolidation range around 1.1088, extending down to 1.1073 and up to 1.1104. The market may potentially move downward to 1.1055 before possibly climbing to 1.1106, with a further stretch to 1.1128. The formation of a &lsquo;Triangle&rsquo; technical pattern is considered likely. This scenario is supported by the MACD indicator, which is below zero but trending upward.
<a href="https://www.benzinga.com/files/u117641/eurusdh1_66.png"><img alt="" src="https://www.benzinga.com/files/u117641/eurusdh1_66.png" style="height:275px; width:624px" /></a>
A growth wave to 1.1100 has been completed on the H1 chart. The market is currently forming a consolidation range around 1.1088, with a corrective structure down to 1.1073 followed by an emerging growth structure towards 1.1106. After reaching this level, a decline to 1.1055 may be considered. The Stochastic oscillator, currently below 80 and heading towards 20, supports this potential downward movement.
Disclaimer
Any forecasts contained herein are based on the author&#39;s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Technicals

EUR/USD Gains As Fed Meeting Approaches

U.S. stocks traded mixed this morning, with the Dow Jones jumping over 200 points on Monday.
Following the market opening Monday, the Dow traded up 0.54% to 41,618.01 while the NASDAQ fell 0.69% to 17,562.23. The S&amp;P 500 also fell, dropping, 0.06% to 5,622.81.
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Leading and Lagging Sectors Energy shares jumped by 1.7% on Monday.
In trading on Monday, information technology shares fell by 1.4%.
Top Headline
The NY Empire State Manufacturing Index rose to 11.5 in September, recording the highest level since April 2022, versus -4.7 in August and market estimates of -3.9.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<li>NuCana plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNA#NASDAQ">NCNA</a>) shares shot up 170% to $6.85 after the company announced final data from the Phase 2 NuTide:701 study at the ESMO Congress on NUC-7738 in combination with pembrolizumab for patients with metastatic melanoma who were refractory to or had relapsed on prior PD-1 inhibitor therapy.</li>
<li>Shares of Bone Biologics Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBLG#NASDAQ">BBLG</a>) got a boost, surging 47% to $1.18.</li>
<li>Dermata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRMA#NASDAQ">DRMA</a>) shares were also up, gaining 42% to $2.2500.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Dunxin Financial Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXF#NYSE">DXF</a>) shares dropped 21% to $0.1053.</li>
<li>Shares of Immutep Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMP#NASDAQ">IMMP</a>) were down 25% to $1.98. Immutep&#8217;s Efti in combination with MSD&#8217;s KEYTRUDA leads to efficacy with favourable safety in first line head and neck cancer.</li>
<li>NWTN Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWTN#NASDAQ">NWTN</a>) was down, falling 19% to $0.7098.</li>
</ul>
Commodities In commodity news, oil traded up 1.4% to $69.59 while gold traded down 0.1% at $2,608.10.
Silver traded up 0.7% to $31.28 on Monday, while copper rose 0.6% to $4.2630.
Euro zone
European shares were mostly lower today. The eurozone's STOXX 600 fell 0.1%, Germany's DAX fell 0.3% and France's CAC 40 fell 0.2%. Spain's IBEX 35 Index rose 0.1%, while London's FTSE 100 fell 0.02%.
The Eurozone recorded a trade surplus of EUR 21.2 billion in July, higher than market estimates of EUR 14.9 billion. Wages in the Eurozone increased 4.5% year-over-year in the second quarter, while hourly labor costs climbed by 4.7% year-over-year in the quarter. Italy reported a trade surplus of EUR 6.743 billion in July versus a year-ago surplus of EUR 6.108 billion.
Asia Pacific Markets
Asian markets closed mostly higher on Monday, with Hong Kong's Hang Seng Index gaining 0.31% and India's BSE Sensex gaining 0.12%.
Total passenger vehicle sales in India declined 1.6% year-over-year to 308,779 in August versus a 1.9% decline in the prior month.
Economics
The NY Empire State Manufacturing Index rose to 11.5 in September, recording the highest level since April 2022, versus -4.7 in August and market estimates of -3.9.
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Dow Jumps Over 200 Points; NY Empire State Manufacturing Index Increases In September

Mizuho analyst Nitin Kumar maintains Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) with a Neutral and lowers the price target from $154 to $150.

Mizuho Maintains Neutral on Phillips 66, Lowers Price Target to $150

Michael and Susan Price spent decades as lawyers in Alaska, building careers in the rugged cold. But when retirement rolled around, so did their desire for warmer weather. "We loved Alaska," explained Susan, originally from <a href="https://www.benzinga.com/real-estate/24/09/40811567/cheaper-than-finding-an-apartment-this-california-couple-built-a-250-000-adu-for-their-adult-son-in">California</a>, "but snow is not your friend as you get older." So in 2012, the Prices traded snow for sunshine, moving to Michael's home state of Texas.
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They didn't settle for a small piece of land either – they went big. The couple bought several parcels of land, creating a 900-acre ranch in the Texas Hill Country.&nbsp;
After over a decade of enjoying the ranch life, they're putting their property, 3 Creeks Ranch, on the market for a cool $42.5 million. And yes, the exotic deer and antelope roaming the property are part of the package deal, but the prized Akaushi cattle from Japan come with an extra price tag.
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Gary Dolch of Compass Real Estate, who shares the listing with his wife Michelle, says the ranch will be among the priciest listings in the Texas Hill Country. Located outside the quaint town of Luckenbach, 3 Creeks Ranch has a bit of history mixed with modern luxury. The Prices spent time restoring and remodeling three 19th-century homes on the property, keeping their original limestone walls intact.
The main house is a spacious 5,300 square feet with three bedrooms, while the other two homes now serve as guesthouses. There's a one-bedroom guest cottage and a barn with two-bedroom living quarters. The ranch has a sports court, two miles of creeks, and six ponds for those who enjoy outdoor fun.
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But one of the biggest draws? The wildlife. "It's like a viewing safari," Susan said, describing how they drive through a 120-acre pen full of red stag deer, fallow deer, and blackbuck antelope, all bought from an exotic animal dealer. "You take a Mule [four-wheeler] in there and just enjoy."
And that's not all. Outside the exotic pen, the rest of the ranch is a natural home for whitetail deer, axis deer, wild turkeys, quail, and doves. Mornings often begin with coffee on the porch, watching as up to 90 deer graze in the distance. "You see even more in the evening," the couple shared, adding that the ranch is a haven for wildlife lovers.
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The Prices have spent countless family moments on the ranch, including watching the recent solar eclipse. While they declined to share their ages, the couple said they remain "young at heart" and only sold the property to move closer to family in Austin. They have one adult child and another still in high school, so staying connected to family is key.
Texas Hill Country, known for its rolling green hills, is west of Austin. Just seven miles from 3 Creeks Ranch lies the town of Fredericksburg, famous for its vineyards and charming shopping spots.&nbsp;
While 3 Creeks Ranch will be one of the highest-priced <a href="https://www.benzinga.com/real-estate/24/06/39293984/grant-cardone-says-owning-rental-properties-will-pay-big-dividends-as-u-s-rents-hit-highest-levels-s">properties </a>on the market, it's not the only one with a steep price tag. Currently, the most expensive home in Fredericksburg is listed at $14.995 million, and earlier this year, a 1,500-acre ranch near Austin sold for $90 million.
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Real Estate

This 900-Acre Ranch Just Hit The Market For $42.5 Million – Making It One Of The Most Expensive Real Estate Listings In Texas Hill Country History

Canaccord Genuity analyst Joseph Vafi maintains MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) with a Buy and lowers the price target from $185 to $173.

MSTR

Canaccord Genuity Maintains Buy on MicroStrategy, Lowers Price Target to $173

Mizuho analyst Nitin Kumar maintains PBF Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBF#NYSE">PBF</a>) with a Neutral and lowers the price target from $48 to $42.

Mizuho Maintains Neutral on PBF Energy, Lowers Price Target to $42

Wells Fargo analyst Chris Carey downgrades Colgate-Palmolive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) from Equal-Weight to Underweight and announces $100 price target.

Downgrades

Wells Fargo Downgrades Colgate-Palmolive to Underweight, Announces $100 Price Target

<h4>Key Takeaways:</h4>
<ul>
<li>Dida will provide $15 million in new funding to cash-challenged Uxin by purchasing $7.5 million in the latter&rsquo;s shares and providing a $7.5 million loan</li>
<li>Uxin had just $3.3 million in cash at the end of March, and has continually warned of financial challenges as it races to operate its used car superstore model profitably</li>
</ul>
By Doug Young
Ever wonder what it would feel like to live on life support for two full years?
That&rsquo;s a bit how it feels for&nbsp;Uxin Ltd.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uxin#NASDAQ">UXIN</a>), which has continually flagged the precariousness of its financial situation to investors over that time, as it races against the clock to prove the viability of its used car superstore business model. The company received a small but important vote of confidence last week from shared ride company&nbsp;Dida Inc.&nbsp;(2559.HK) in the form of a modest $15 million in new financing.
While that amount may not seem huge, it&rsquo;s more than four times the meager 23.3 million yuan ($3.3 million) in cash that Uxin had in its coffers at the end of March, down from 92.7 million yuan a year earlier. That shows just how quickly Uxin burns through cash as it tries to make its new business model profitable. The small size of this latest infusion also reflects how the company is having to scrape up funds any way it can to keep running.
But at least there&rsquo;s someone out there still willing to give the company money. One of its earlier backers was electric vehicle (EV) startup Nio (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>). But Nio has stopped providing funds as it faces its own cash challenges in China&rsquo;s overheated EV market. Uxin also has strong backing from regional governments where its superstores are located, though most of those funds are getting pumped back into its two current locations in the cities of Hefei and Xi&rsquo;an.
The latest funding from Dida comes in two parts. One will see Dida purchase $7.5 million worth of Uxin&rsquo;s shares for the equivalent of $1.4575 per American depositary share (ADS), according to concurrent announcements last Friday by&nbsp;<a href="https://ir.xin.com/2024-09-13-Uxin-Announces-Entry-into-a-Memorandum-of-Understanding-for-a-Proposed-Investment">Uxin</a>&nbsp;and&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0912/2024091201612.pdf">Dida</a>. The price represents a discount of about 17% to Uxin&rsquo;s stock price over the previous 60 trading days, which seems like a reasonable discount given the precariousness of Uxin&rsquo;s situation. The amount would give Dida between 1% and 2% of Uxin&rsquo;s shares, according to our calculations.
In addition, Dida would provide another $7.5 million to Uxin in the form of a loan. That loan has a relatively short term of just 18 months, showing that Dida is far from confident enough to lend its new partner money on a long-term basis. Dida said it hopes to find synergies with Uxin in China&rsquo;s fast-growing used car market, partly by selling Uxin&rsquo;s used cars to its own drivers over its ride-sharing platform.
&ldquo;Through the cooperation with Uxin Ltd., the company expects to provide additional aftermarket services to and promote used-car transactions for private car owners on its platform and attract additional private car owners to enhance its passenger capacity,&rdquo; Dida said in its announcement.
Uxin investors weren&rsquo;t too impressed by the deal, though they didn&rsquo;t frown on it either. The company&rsquo;s stock rose by a slight 0.7% in Friday trading in New York, though it&rsquo;s down 78% so far this year over the bigger concerns about its long-term viability. Dida shareholders were less impressed, bidding down its shares by 8% in Friday trade in Hong Kong.
Truth be told, the size of the investment isn&rsquo;t huge and Dida could probably afford to lose the money without too much pain if Uxin fails to repay the loan. Instead, the negative reaction by Dida&rsquo;s shareholders probably reflects broader investor concerns about the wisdom of this investment in such a financially shaky company.
<h3>Gaining Traction, But Slowly</h3>
We&rsquo;ll spend the second half of this review looking at Uxin&rsquo;s situation, which is dicey due to its low cash levels. The company is also getting caught in the vortex of vicious price wars that are hammering China&rsquo;s used car market through a toxic mix of stiff competition and growing consumer caution as the country&rsquo;s economy slows.
The economic slowdown could actually work to Uxin&rsquo;s advantage over the longer term as many consumers who would have previously insisted on new cars downgrade their plans to buy quality used cars instead. Uxin should have a natural advantage over China&rsquo;s thousands of smaller used car dealers in that regard, since its scale gives it far greater resources to recondition cars properly and provide higher-margin after-market services like insurance and maintenance.
That model is similar to the one used by U.S. giants&nbsp;Carmax&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) and&nbsp;AutoNation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>), which have found steady business and profits selling used cars through superstore formats. But, of course, Uxin will need to solve its problem of simply surviving to see that day when it can finally become profitable.
To that end, Uxin dangled the possibility of operating profitability to investors in its&nbsp;<a href="https://ir.xin.com/2024-07-31-Uxin-Reports-Unaudited-Fourth-Quarter-and-Fiscal-Year-2024-Financial-Results">latest quarterly results</a>&nbsp;for the three months to March, which it released at the end of July. The company reported adjusted EBITDA for the period of 40 million yuan, which was roughly the same as the 41 million loss a year earlier. But it noted that its adjusted EBITDA for the 12 months through March this year narrowed by 40% to 176 million yuan versus a year ago, as its gross margin improved sharply to 5.9% from 1.2% over that period.
As its operations grow and its profitability improve, it said it believes it can reach adjusted EBITDA profitability in the three months to this December.
The narrowing losses are coming as Uxin gains experience and scale that are allowing it to improve its profitability. The company&rsquo;s revenue fell 7.2% year-on-year to 319 million yuan in the three months to March, the fourth quarter of its fiscal year. Its retail car sales for the quarter actually rose by 38% to 3,124 units, showing how the price wars were undercutting its prices. At the same time, the company&rsquo;s cost of revenue for the quarter fell by 24%, far outpacing the rate of revenue decline as it was able to operate more efficiently.
The company expects to return to revenue growth in its current fiscal year as it opens two to three more stores this year to complement the two existing ones. As that happens, it said, it expects to report its revenue for the three months to June to reach between 390 million yuan and 410 million yuan, which would be up by a strong 38% at the midpoint year-on-year. Furthermore, it forecast over 150% retail sales growth in its current fiscal year that runs through next March versus the previous year.
Such growth, combined with its positive adjusted EBITDA milestone in the December quarter, would be quite significant for the company, taking big pressure off its constant need for new cash. Now, it just needs to stay in business long enough to reach those milestones.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

UXIN

Uxin Finds New Friend On Difficult Road To Profitability

William Blair analyst Stephen Sheldon initiates coverage on LegalZoom.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LZ#NASDAQ">LZ</a>) with a Market Perform rating.

William Blair Initiates Coverage On LegalZoom.com with Market Perform Rating

RBC Capital analyst Ashish Sabadra maintains Ecolab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) with a Outperform and raises the price target from $260 to $306.

RBC Capital Maintains Outperform on Ecolab, Raises Price Target to $306

<a href="https://www.globenewswire.com/en/news-release/2024/09/16/2946746/0/en/Psyence-Group-s-NASDAQ-Listed-Associate-Psyence-Biomedical-Announces-Initiation-of-First-Trial-Site-in-Australia-for-its-Phase-IIb-Study-of-Nature-Derived-Psilocybin-as-a-Potential.html" title="https://www.globenewswire.com/en/news-release/2024/09/16/2946746/0/en/Psyence-Group-s-NASDAQ-Listed-Associate-Psyence-Biomedical-Announces-Initiation-of-First-Trial-Site-in-Australia-for-its-Phase-IIb-Study-of-Nature-Derived-Psilocybin-as-a-Potential.html">https://www.globenewswire.com/en/news-release/2024/09/16/2946746/0/en/Psyence-Group-s-NASDAQ-Listed-Associate-Psyence-Biomedical-Announces-Initiation-of-First-Trial-Site-in-Australia-for-its-Phase-IIb-Study-of-Nature-Derived-Psilocybin-as-a-Potential.html</a>

Psyence Biomedical Announces Initiation Of First Trial Site In Australia For Phase IIb Study Of Nature Derived Psilocybin As Potential Treatment For Adjustment Disorder In Palliative Care

Mizuho analyst Nitin Kumar maintains Par Pacific Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARR#NYSE">PARR</a>) with a Outperform and lowers the price target from $30 to $28.

PARR

Mizuho Maintains Outperform on Par Pacific Hldgs, Lowers Price Target to $28

Citigroup analyst Andrew Kaplowitz initiates coverage on Eaton Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>) with a Buy rating and announces Price Target of $348.

Citigroup Initiates Coverage On Eaton Corp with Buy Rating, Announces Price Target of $348

Mizuho analyst Nitin Kumar maintains Marathon Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) with a Neutral and lowers the price target from $198 to $193.

Mizuho Maintains Neutral on Marathon Petroleum, Lowers Price Target to $193

Canaccord Genuity has revised its price target for MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) from $185 to $173 while maintaining a Buy rating on the stock.
The adjustment comes as the business intelligence company continues its aggressive Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) acquisition strategy, which has seen it amass <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">a significant cryptocurrency portfolio.</a>
What Happened: According to Canaccord analyst Joseph Vafi, MicroStrategy has purchased over $1.1 billion in additional Bitcoin in just six weeks, bringing its total holdings to approximately 244,800 Bitcoin, valued at around $14.6 billion. 
&#8220;MicroStrategy remains aggressive in building its BTC HODL,&#8221; Vafi noted in his report. &#8220;Given MicroStrategy&#8217;s aggressive acquisition of Bitcoin over the past few years, approximately $900 million left on its most recent shelf offering, and the accretive setup to acquire more Bitcoin using equity sales, we would expect to see the company remain active in its purchases.&#8221;
The analyst highlighted MicroStrategy&#8217;s newly introduced &#8220;Bitcoin Yield&#8221; metric, which measures growth in its Bitcoin holdings versus growth in share count.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="http://Ouch! Harris, Trump-Themed Political Meme Coins Down 90%: What Happened To '4 More Years Of Catalysts'?">Ouch! Harris, Trump-Themed Political Meme Coins Down 90%: What Happened To &#8216;4 More Years Of Catalysts&#8217;?</a>
This metric stands at 17% year-to-date and 4.4% quarter-to-date, indicating accretive Bitcoin acquisitions. Vafi explained, &#8220;While MSTR&#8217;s stock continues to trade at a material premium to its HODL, we attribute the Bitcoin Yield differential YTD v QTD to using proceeds from convertible notes earlier in the year to acquire more bitcoin even more accretively versus straight equity more recently.&#8221;
Despite lowering the price target, Canaccord remains optimistic about MicroStrategy&#8217;s strategy and the overall Bitcoin market. 
The firm&#8217;s valuation methodology takes into account a 20% one-year appreciation in Bitcoin price versus current spot rates, a 15% increase in value to MicroStrategy&#8217;s software business, and the assumption that the current sum-of-the-parts premium remains intact.
Vafi also pointed to potential catalysts for Bitcoin&#8217;s performance, stating, &#8220;We view the 2024 election cycle as a positive catalyst&#8221; for the cryptocurrency market.
What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 is expected to provide further insights into the strategies of companies heavily invested in cryptocurrencies.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857676/what-changed-federal-reserve-may-take-a-bigger-50-basis-points-rate-cut-bite-next-week-mar">&#8216;What Changed?&#8217; — Federal Reserve May Take A Bigger 50 Basis Points Rate Cut Bite Next Week, Market Odds Imply</a></li>
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