Daiwa Capital Markets Stock Recommendations and Price Targets

This is a list of recent ratings by Daiwa Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
11/13/2024	BMY Bristol-Myers Squibb	Upgrade	$56.00		Neutral ➝ Outperform	N/A
11/11/2024	MRK Merck & Co., Inc.	Downgrade	$96.00		Buy ➝ Neutral	N/A
11/8/2024	BILI Bilibili	Upgrade	$18.00		Neutral ➝ Buy	N/A
11/8/2024	APP AppLovin	Upgrade	$291.00	$80.00 ➝ $280.00	Neutral ➝ Outperform	N/A
10/30/2024	DQ Daqo New Energy	Upgrade	$19.00		Neutral ➝ Outperform	High
10/23/2024	GRAB Grab	Initiated Coverage	$5.00	$4.60	Outperform	Medium
10/17/2024	UBER Uber Technologies	Downgrade	$73.00	$84.00	Outperform ➝ Neutral	Low
10/10/2024	JPM JPMorgan Chase & Co.	Lower Price Target	$245.00	$240.00 ➝ $235.00	Overweight ➝ Overweight	Low
10/9/2024	DQ Daqo New Energy	Reiterated Rating	$19.00	$18.00 ➝ $25.00	Outperform ➝ Hold	High
10/3/2024	BILI Bilibili	Downgrade	$18.00		Outperform ➝ Neutral	Low
8/26/2024	TGT Target	Upgrade	$152.00	$170.00	Neutral ➝ Outperform	Low
8/22/2024	DADA Dada Nexus	Initiated Coverage	$1.00		Neutral	Low
8/22/2024	BILI Bilibili	Upgrade	$18.00		Neutral ➝ Outperform	Low
8/16/2024	ILMN Illumina	Upgrade	$135.00	$120.00 ➝ $154.00	Neutral ➝ Buy	Low
8/13/2024	ZI ZoomInfo Technologies	Downgrade	$10.00	$15.00 ➝ $9.00	Outperform ➝ Neutral	Low
8/13/2024	TME Tencent Music Entertainment Group	Downgrade	$11.00		Outperform ➝ Neutral	Low
8/9/2024	PYPL PayPal	Upgrade	$86.00	$68.00 ➝ $72.00	Neutral ➝ Outperform	N/A
8/8/2024	ARM ARM	Upgrade	$129.00	$130.00	Neutral ➝ Outperform	Low
8/7/2024	PFE Pfizer	Upgrade	$25.00	$28.00 ➝ $34.00	Neutral ➝ Outperform	Low
8/5/2024	MBLY Mobileye Global	Downgrade	$15.00		Buy ➝ Neutral	Low
7/31/2024	EW Edwards Lifesciences	Upgrade	$68.00		Neutral ➝ Outperform	Low
7/25/2024	BZ Kanzhun	Downgrade	$13.00		Buy ➝ Neutral	Low
7/23/2024	JNJ Johnson & Johnson	Downgrade	$154.00	$160.00 ➝ $150.00	Outperform ➝ Neutral	Low
6/21/2024	GEV GE Vernova	Initiated Coverage	$330.00	$201.50	Outperform	Low
5/29/2024	PANW Palo Alto Networks	Initiated Coverage	$387.00	$350.00	Outperform	Low
5/23/2024	XPEV XPeng	Upgrade	$13.00	$11.00	Neutral ➝ Buy	Low
5/16/2024	DADA Dada Nexus	Downgrade	$1.00		Buy ➝ Neutral	Low
5/15/2024	DE Deere & Company	Boost Price Target	$399.00	$400.00 ➝ $420.00	Overweight ➝ Overweight	Low
4/15/2024	APP AppLovin	Initiated Coverage	$291.00	$80.00	Neutral	Low
4/1/2024	NXT Nextracker	Initiated Coverage	$37.00	$63.00	Outperform	Low
4/1/2024	DIS Walt Disney	Reiterated Rating	$115.00	$133.00	Buy ➝ Buy	Low
3/15/2024	DQ Daqo New Energy	Reiterated Rating	$19.00	$25.00	Neutral ➝ Underperform	Low
3/14/2024	GS The Goldman Sachs Group	Upgrade	$594.00	$410.00 ➝ $430.00	Neutral ➝ Outperform	Low
3/11/2024	CSIQ Canadian Solar	Initiated Coverage	$11.00	$21.00	Neutral	Low
2/20/2024	DADA Dada Nexus	Upgrade	$1.00	$3.50	Neutral ➝ Buy	Low
2/16/2024	ARM ARM	Downgrade	$129.00	$63.00 ➝ $130.00	Buy ➝ Neutral	Low
2/13/2024	PYPL PayPal	Downgrade	$86.00	$64.00 ➝ $62.00	Outperform ➝ Neutral	Low
2/13/2024	FTNT Fortinet	Upgrade	$94.00	$75.00	Neutral ➝ Outperform	Low
2/6/2024	TSLA Tesla	Downgrade	$321.00	$245.00 ➝ $195.00	Outperform ➝ Neutral	Low
2/5/2024	JKS JinkoSolar	Downgrade	$21.00	$25.00	Outperform ➝ Neutral	Low
2/2/2024	SE SEA	Upgrade	$103.00		Neutral ➝ Buy	Low
1/26/2024	JKS JinkoSolar	Initiated Coverage	$21.00	$33.30	Outperform	Low
1/24/2024	VZ Verizon Communications	Upgrade	$42.00	$36.00 ➝ $47.00	Neutral ➝ Outperform	Low
1/19/2024	BILI Bilibili	Downgrade	$18.00		Buy ➝ Neutral	Low
1/17/2024	FTNT Fortinet	Downgrade	$94.00	$62.00	Buy ➝ Neutral	Low
12/26/2023	UPS United Parcel Service	Downgrade	$134.00	$155.00	Outperform ➝ Neutral	Low
12/21/2023	AMGN Amgen	Upgrade	$284.00	$264.00 ➝ $320.00	Neutral ➝ Buy	Low
12/18/2023	C Citigroup	Upgrade	$69.00	$63.00	Neutral ➝ Buy	Low
11/8/2023	DAO Youdao	Downgrade	$5.00	$7.00 ➝ $4.60	Buy ➝ Neutral	Low
11/2/2023	BMY Bristol-Myers Squibb	Downgrade	$56.00	$68.00 ➝ $54.00	Outperform ➝ Neutral	Low
10/24/2023	ENPH Enphase Energy	Downgrade	$60.00	$145.00 ➝ $100.00	Outperform ➝ Neutral	Low
10/10/2023	ARM ARM	Initiated Coverage	$129.00	$63.00	Buy	Low
9/19/2023	DQ Daqo New Energy	Downgrade	$19.00	$45.00 ➝ $32.00	Outperform ➝ Neutral	Low
9/18/2023	DELL Dell Technologies	Upgrade	$132.00	$50.00 ➝ $80.00	Neutral ➝ Outperform	Low
9/5/2023	TIGR UP Fintech	Upgrade	$6.00		Neutral ➝ Buy	Low
8/22/2023	TGT Target	Downgrade	$152.00	$134.00	Outperform ➝ Neutral	Low
8/1/2023	F Ford Motor	Boost Price Target	$11.00	$12.00 ➝ $13.00	Neutral ➝ Neutral	Low
7/31/2023	XNYIF Xinyi Solar	Downgrade	$0.00		Hold ➝ Sell	Low
7/31/2023	DDL Dingdong (Cayman)	Downgrade	$4.00	$7.50 ➝ $2.80	Buy ➝ Neutral	Low
7/25/2023	FINV FinVolution Group	Initiated Coverage	$6.00	$6.70	Buy	Low
7/25/2023	CHYFF Cathay Financial	Upgrade	$15.00		Hold ➝ Outperform	Low
7/24/2023	DADA Dada Nexus	Downgrade	$1.00	$10.73	Buy ➝ Hold	Low
7/20/2023	ATAT Atour Lifestyle	Initiated Coverage	$26.00	$24.00	Buy	Low
7/12/2023	BZ Kanzhun	Initiated Coverage	$13.00	$19.00	Buy	Low
6/29/2023	NVDA NVIDIA	Upgrade	$142.00	$40.80 ➝ $47.50	Neutral ➝ Outperform	Low
6/28/2023	BMY Bristol-Myers Squibb	Initiated Coverage	$56.00	$70.00	Outperform	Low
6/6/2023	DG Dollar General	Downgrade	$76.00	$172.00	Outperform ➝ Neutral	Low
5/29/2023	MUFG Mitsubishi UFJ Financial Group	Upgrade	$12.00		Neutral ➝ Outperform	Low
5/29/2023	KAOOY KAO	Downgrade	$8.00		Outperform ➝ Neutral	Low
5/29/2023	DWMNF Dowa	Downgrade	$31.00		Neutral ➝ Underperform	Low
5/26/2023	NCTKF Nabtesco	Downgrade	$14.00		Outperform ➝ Neutral	Low
5/25/2023	F Ford Motor	Upgrade	$11.00	$12.00	Underperform ➝ Neutral	Low
5/22/2023	LEGN Legend Biotech	Initiated Coverage	$38.00		Buy	Low
5/19/2023	TIGR UP Fintech	Downgrade	$6.00		Buy ➝ Hold	Low
5/15/2023	KURCF Kureha	Downgrade	$7.00		Outperform ➝ Neutral	Low
5/11/2023	PFE Pfizer	Downgrade	$25.00	$38.00	Outperform ➝ Neutral	Low
5/8/2023	COIN Coinbase Global	Upgrade	$306.00	$58.00 ➝ $65.00	Neutral ➝ Buy	Low
5/4/2023	DQ Daqo New Energy	Upgrade	$19.00		Neutral ➝ Outperform	Low
4/24/2023	TSLA Tesla	Lower Price Target	$321.00	$218.00 ➝ $185.00	Outperform	Low
4/19/2023	MBLY Mobileye Global	Initiated Coverage	$15.00	$50.00	Buy	Low
4/5/2023	SFGIF Shizuoka Financial Group,Inc.	Downgrade	$8.00		Outperform ➝ Neutral	Low
4/5/2023	CCRDF Concordia Financial Group	Downgrade	$6.00		Outperform ➝ Neutral	Low
4/5/2023	YFGSF Yamaguchi Financial Group	Downgrade	$6.00		Outperform ➝ Neutral	Low
4/5/2023	FKKFF Fukuoka Financial Group	Downgrade	$24.00		Outperform ➝ Neutral	N/A
4/5/2023	CHBAY Chiba Bank	Downgrade	$38.00		Outperform ➝ Neutral	Low
4/3/2023	BIDU Baidu	Boost Price Target	$85.00	$200.00 ➝ $215.00		Low
3/29/2023	VIPS Vipshop	Upgrade	$14.00	$17.30	Neutral ➝ Outperform	Low
3/29/2023	DE Deere & Company	Initiated Coverage	$399.00	$440.00	Outperform	Low
3/28/2023	NKE NIKE	Boost Price Target	$77.00	$116.00 ➝ $123.00	Neutral	Low
3/20/2023	DAO Youdao	Upgrade	$5.00	$4.00 ➝ $9.50	Neutral ➝ Outperform	Low
3/15/2023	INTU Intuit	Initiated Coverage	$688.00	$444.00	Outperform	Low
3/3/2023	TSLA Tesla	Boost Price Target	$321.00	$200.00 ➝ $218.00	Outperform	Low
3/1/2023	TMICY Trend Micro	Downgrade	$52.00		Outperform ➝ Neutral	Low
2/24/2023	BEKE KE	Initiated Coverage	$20.00		Buy	Low
2/24/2023	ASBRF Asahi Group	Upgrade	$10.00		Neutral ➝ Outperform	Low
2/14/2023	YFGSF Yamaguchi Financial Group	Upgrade	$6.00		Neutral ➝ Outperform	Low
2/13/2023	TKGSY Tokyo Gas Co.,Ltd.	Downgrade	$12.00		Outperform ➝ Neutral	Low
2/13/2023	OSGSY Osaka Gas	Upgrade	$33.00		Neutral ➝ Outperform	N/A
2/7/2023	PFE Pfizer	Upgrade	$25.00	$51.00	Neutral ➝ Outperform	Low
1/27/2023	MDPEF MedPeer,Inc.	Downgrade	$4.00		Outperform ➝ Neutral	Low