La vendita allo scoperto per Li-Cycle Holdings dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di Li-Cycle Holdings. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

Li-Cycle Holdings (OTC:LICYF) Azioni, Report sulle vendite allo scoperto

Li-Cycle Holdings Corp is a lithium-ion battery resource recovery and lithium-ion battery recycler. The company's proprietary process Spoke and Hub recycling process is designed at its Spokes, to process battery manufacturing scrap and end-of-life batteries to produce black mass and other intermediate products, and at its Hubs, to process black mass to recover raw materials, including but not limited to lithium carbonate, cobalt sulphate, and nickel sulphate.

LI-CYCLE HOLDINGS CORP by Li-Cycle Holdings Corp.

Li-Cycle Holdings Corp

Wells Fargo analyst Timur Braziler maintains UMB Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UMBF#NASDAQ">UMBF</a>) with a Equal-Weight and lowers the price target from $120 to $105.

News

Price Target

Analyst Ratings

UMBF

Wells Fargo Maintains Equal-Weight on UMB Financial, Lowers Price Target to $105

Markets

ETFs

General

ACWI

SPDR Dow Jones Industrial Average ETF Trust

US Households' Exposure To Equities Has Never Been Higher. Today, The Total Value Of Equities Held By Households Stands At Approximately 170% Of Disposable Income.

Wells Fargo analyst Timur Braziler maintains Synovus Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>) with a Equal-Weight and lowers the price target from $60 to $50.

Wells Fargo Maintains Equal-Weight on Synovus Financial, Lowers Price Target to $50

Whitney Economics has sharply downgraded its long-term forecast for the U.S. <a href="https://www.benzinga.com/topic/cannabis-market">cannabis market</a>, slashing its 2025–2030 retail sales projection by $21.1 billion compared to estimates made just a year ago. The downward revision, revealed this week by the cannabis data and consulting firm, reflects persistent structural challenges in the industry, including punitive tax policies, lagging <a href="https://www.benzinga.com/topic/marijuana-reform">federal reform efforts</a> and increasing pressure from substitute products.
According to founder Beau Whitney, the revised 2025 retail sales forecast now stands at $34.0 billion, up 13.1% from an estimated $30.1 billion in 2024—but still $1.2 billion lower than the firm's previous prediction. While this may seem like modest year-over-year growth, the larger trajectory through 2030 signals growing instability in the legal cannabis economy.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="907" height="487" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09141615/cid_clip_image001.png" alt="" class="wp-image-864427" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09141615/cid_clip_image001.png 907w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09141615/cid_clip_image001-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09141615/cid_clip_image001-768x412.png 768w" sizes="(max-width: 907px) 100vw, 907px" /></figure>
"Our updated forecast from this cycle has some pretty significant changes," Whitney said. "The forecast for 2025 was lowered from last year's by $1.2 billion, and the 2025–2030 legal retail cannabis forecast was reduced by $21.1 billion since our last update."
<h2 class="wp-block-heading">US Cannabis: A Fragmented Market With Mounting Pressures</h2>
The downward revision is not uniform across the map. In fact, outlier states such as New York and Maryland are bucking the national trend. Whitney Economics increased New York's 2025 forecast by $1.04 billion and Maryland's by $100 million, suggesting that emerging markets with robust regulatory traction can still offer growth.
Also read: <a href="https://www.benzinga.com/markets/cannabis/25/04/44633602/why-cannabis-accessory-brands-are-rushing-to-expand-globally" target="_blank" rel="noreferrer noopener">Why Cannabis Accessory Brands Are Rushing To Expand Globally</a>
But for most established cannabis states, the picture is far bleaker. California—once the crown jewel of legal cannabis—is now expected to bring in $606 million less in 2025 than previously projected. Illinois (—$497M), Arizona (—$425M), Colorado (—$183M), and Washington State (—$179M) also saw major forecast reductions.
The root causes are interconnected and systemic. "Lower prices, lower participation and more substitutes will result in lower revenues," Whitney said. "As such, we were forced to reduce our forecast. Both short-term and long-term growth are lower than we'd expected."
<h2 class="wp-block-heading">Oversupply And The Tax Burden</h2>
One of the most significant issues is price compression, driven largely by oversupply and unchecked cultivation capacity. Whitney Economics' analysis suggests that U.S. state regulators have authorized more cannabis production than the current demand—both legal and illicit—can absorb.
This glut of product is driving prices downward across the board, impacting not only operator profitability but also state tax revenues and, ultimately, the viability of legal businesses.
&#8220;Based on an analysis of the U.S., there is more supply authorized by state regulators than there is demand throughout the entire U.S., both legal and illicit," Whitney explained. "This is driving down prices to such an extent that it is impacting state tax revenues, operator profitability and is increasing business failures."
In addition, state and local tax policies actively disincentivize legal market participation. Consumers, particularly those who are price-sensitive, are willing to pay a slight premium for regulated products—but only to a point.
"A recent analysis of state and local cannabis prices indicated that states with high taxes are lagging behind other states in terms of the percentage of legal participation," Whitney noted.
<h2 class="wp-block-heading">The Rise Of Substitutes</h2>
Adding further complexity is the growing presence of hemp-derived THC products and a proliferation of unregulated alternatives. Consumers now have more options outside of licensed dispensaries—including gray-market hemp shops, interstate delivery and illegal operations.
"Given a choice of illicit suppliers, hemp suppliers and suppliers in other states, the consumer now has more options available to procure cannabis products outside of the traditional channels," Whitney said.
<h2 class="wp-block-heading">US Cannabis Sales Forecast Accuracy And The Road Ahead</h2>
Despite the significant downgrade, Whitney Economics emphasized that its previous 2024 forecast was 95.6% accurate, lending credibility to the methodology behind its new projections.
Still, the update paints a sobering picture of a legal cannabis industry that is struggling to fulfill its once-lofty promise. Unless federal reform accelerates, tax regimes are revised and supply becomes better aligned with demand, the economic reality of U.S. cannabis may remain far below expectations.
Photo: Shutterstock. Chart courtesy of Whitney Economics.

Cannabis

Is Legal Weed In Trouble? Taxes, Oversupply And Hemp Threat Drove A $21-Billion Cut In Sales Estimates

Wells Fargo analyst Timur Braziler maintains Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Equal-Weight and lowers the price target from $125 to $105.

PNFP

Wells Fargo Maintains Equal-Weight on Pinnacle Finl Partners, Lowers Price Target to $105

WIIM

SCCO

STLD

Shares of metals companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

BofA Securities analyst Wamsi Mohan maintained a Buy rating on Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings" target="_blank" rel="noreferrer noopener">price target of $250 Wednesday</a>.
Recently, client focus has shifted to the feasibility of manufacturing Apple products, such as iPhones, in the U.S.
Mohan noted while Apple can find labor to assemble iPhones in the U.S., a significant portion of the sub-assemblies would still be manufactured elsewhere, assembled in China, and imported to the U.S.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44673238/apple-faces-eps-hit-from-tariffs-while-doubleverify-and-viant-stay-shielded-with-virtual-revenue-models-analyst" rel="noreferrer noopener">Analyst Forecasts Tariffs Impact On Apple&#8217;s Profit And Highlights 2 Software Stocks That Are Safeguards</a>
This is because, while moving the final assembly to the U.S. may be possible, moving the entire iPhone supply chain would be a much more significant undertaking and would likely take many years, if even possible.
Mohan estimated how the bill of materials (BOM) cost of an iPhone 16 Pro Max would increase if just the final assembly were moved to the U.S., with and without reciprocal tariffs. The analyst noted iPhone costs can increase by 25% purely due to higher labor costs in the U.S. On top of that, if Apple had to pay reciprocal tariffs to import sub-assemblies into the U.S., he noted the total cost of an iPhone would increase by more than 90%.
If Apple does move the final assembly to the U.S., it will need tariff waivers on components/sub-assemblies manufactured globally to make the manufacturing shifts viable.
According to the analyst, Apple has many options to mitigate downside risk. These include sourcing more iPhones from India, raising prices of products/services, pressuring its supply chain for better economics, introducing new products at higher price points and changing the cadence of product releases. Apple could move to a two-year release schedule for iPhones, which may put less pressure on the supply chain to adapt to version changes, as per Mohan.
Apple generally plans for the long term, and unless it becomes clear how permanent the new tariffs are, Mohan does not expect Apple to move manufacturing into the U.S. The analyst, however, expects Apple will continue to diversify its supply chain and also increase production of iPhones in other countries such as India. In the long term, automation (use of robots in manufacturing) can help reduce labor costs.
Mohan projected fiscal 2025 sales of $411.24 billion.
Mohan&#8217;s price target of $250 is based on approximately 30 times the analyst&#8217;s calendar 2026E EPS of $8.47. The target multiple compares to the 10-year historical range of 16-34 times (median 27 times). Mohan noted that a multiple at the higher end of the historical range is justified given a multi-year upgrade cycle, large cash balance, and opportunity to diversify into new end markets, increasing the mix and diversity of services.
Apple stock tanked <a href="https://www.benzinga.com/analyst-ratings/price-target/25/04/44651515/apple-analyst-holds-the-line-after-300-billion-rout-what-could-turn-stock-around" target="_blank" rel="noreferrer noopener">nearly 10% Thursday</a>, losing about $300 billion of market cap due to new tariffs. The stock lost 21% in market value over the past seven days.
AAPL Price Action: Apple stock is trading higher by 9.56% to $188.40 at publication Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/25/04/44709732/foxconn-eyes-nissan-mitsubishi-in-japan-ev-push-to-counter-chinas-growing-auto-threat" target="_blank" rel="noreferrer noopener">Foxconn Eyes Nissan, Mitsubishi In Japan EV Push To Counter China&#8217;s Growing Auto Threat</a></li>
</ul>
Photo: Shutterstock

Reiteration

Global

Economics

Tech

Trading Ideas

AAPL

Apple Faces Up To 90% Cost Surge On iPhones If US Tariffs Stick: Analyst Looks At Possible Shift To India, Price Increase

Wells Fargo analyst Timur Braziler maintains First Interstate BancSys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIBK#NASDAQ">FIBK</a>) with a Underweight and lowers the price target from $30 to $25.

FIBK

Wells Fargo Maintains Underweight on First Interstate BancSys, Lowers Price Target to $25

Wells Fargo analyst Timur Braziler maintains First Horizon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>) with a Equal-Weight and lowers the price target from $22 to $20.

Wells Fargo Maintains Equal-Weight on First Horizon, Lowers Price Target to $20

Wells Fargo analyst Timur Braziler maintains First Hawaiian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FHB#NASDAQ">FHB</a>) with a Underweight and lowers the price target from $24 to $22.

Wells Fargo Maintains Underweight on First Hawaiian, Lowers Price Target to $22

With investors seeking performance plus at a time when more is expected, Praxis Investment Management joined the <a href="https://www.benzinga.com/etfs">ETF market </a>with a two-fund launch that aims to provide performance and purpose.
The company, which has a faith-based investing model, introduced its first-ever ETFs on Tuesday—Praxis Impact Large Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRXG#NYSE">PRXG</a>) and Praxis Impact Large Cap Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRXV#NYSE">PRXV</a>). The initial public offerings come as Praxis makes its long-standing values-based approach available in a tax-efficient, liquid format.
This <a href="https://www.businesswire.com/news/home/20250407095788/en/Praxis-Launches-Two-Active-Equity-ETFsPRXG-and-PRXVfor-the-Heart-of-Your-Portfolio">action </a>isn&#8217;t merely about growth—it&#8217;s a tactical shift to active ETFs, which are gaining traction as markets become more volatile and investors search for more focused, managed exposure. PRXG and PRXV are both actively managed, rely on investment strategies dating back decades employed in Praxis&#8217;s mutual funds, and have an expense ratio of 0.36%.
Chad Horning, president of Praxis Funds, said investors increasingly want to align their portfolios with their values and want financial advisors to help guide those conversations.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44709602/jpmorgans-mining-stock-picks-for-a-v-shaped-recovery-analyst-sees-50-returns-over-two-years">JPMorgan&#8217;s Mining Stock Picks For A &#8216;V-Shaped Recovery,&#8217; Analyst Sees 50% Returns Over Two Years</a>
Growth And Value, With A Conscience
PRXG targets big-cap stocks with high growth, while PRXV tilts toward value—something that&#8217;s gaining renewed attraction in the face of rate and inflation uncertainty. But what really differentiates these funds is not their asset class—it&#8217;s their ImpactX framework.
Praxis uses faith-based screens to exclude firms that are out of sync with its mission. That involves a close examination of issues such as sustainability, community investing, ethical business and corporate engagement. The funds also seek to replicate the CRSP US Large Cap Growth and Value Indexes, with optimization methods to maintain performance in balance while remaining committed to the mission.
The company&#8217;s Growth Index Fund (MMDEX) and Value Index Fund (MVIIX) have traditionally been for buy-and-hold investors who value stewardship as much as returns. However, PRXG and PRXV now make it possible to tap into the same thinking more efficiently and transparently.
The money is marketed as &#8220;core allocations&#8221; in investment portfolios—steady, long-term positions with a values-first orientation. Whether or not they&#8217;ll appeal to both religious investors and performance seekers remains to be seen, but Praxis is obviously on a mission to close the gap between conviction and capital.
Photo: Shutterstock

New ETFs

PRXG

Praxis Funds Praxis Impact Large Cap Value ETF

PRXV

Performance With A Mission: Praxis Enters ETF Arena With Values-Focused Funds

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Wednesday crossed the $82,000 mark, following <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44703305/bitcoin-is-a-more-liquid-and-higher-volatility-version-of-gold-bernstein">a significant short squeeze</a> that liquidated $75 million in bearish bets within a span of one hour.
The apex crypto Bitcoin made a high of $82,450 according to TradingView data after President Trump's <a href="https://truthsocial.com/@realDonaldTrump/114309144289505174">announcement</a> that the U.S. would raise tariffs on China to 125%, effective immediately, but pause reciprocal tariffs on 75 countries for 90 days.
Altcoins also rallied sharply.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) gained 9%, Ripple&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) rose 10%, Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) jumped 12%, and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) added 10% in the same period.
"Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff&#8230; to 125%," Trump wrote in the statement.
While many interpreted the tariff spike as a renewed escalation in trade tensions, analysts suggested it may be a strategic pressure tactic rather than a permanent fixture.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44717039/treasury-secretary-bessent-trump-admin-will-take-a-close-look-at-impediments-to-blockchain-stablecoins">Treasury Secretary Bessent: Trump Admin Will Take A Close Look At Impediments To Blockchain, Stablecoins&#8217;</a>
"The threat of tariffs is likely a negotiating tool," said analysts at Bitfinex. "We doubt this will become permanent policy."
However, they noted the equity markets have been stretched, especially in tech and AI sectors, and that this was "an opportunity for many value investors to sell." 
Bitfinex also cautioned that expectations for a volatility bottom may be premature. "We expect the VIX to rise in the short term," they added.
On the crypto side, sentiment remains cautiously optimistic.
"We should see some solid relief in the short term due to this," said Teddy Pornprinya, Co-Founder of Plume Network. "At the very least, it&#8217;ll ease up the pain quite a bit&#8230; but I don&#8217;t think it&#8217;ll just be a quick V-shaped recovery back to ATHs."
Pornprinya also highlighted that real-world asset portfolios, like those offered on Plume, have been more resilient than broader crypto markets.
"We expect bonds, credit, and alternatives to hold up best in this environment," he said.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44716576/trump-tariff-winners-bitcoin-and-gold-bitwises-matt-hougan-says">Trump Tariff Winners? Bitcoin And Gold, Bitwise&#8217;s Matt Hougan Says</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOGE

$ETH

$SOL

$XRP

Bitcoin Hits $82,000 As President Trump Announces 90-Day Pause On Reciprocal Tariffs For All Countries But China

Wells Fargo analyst Timur Braziler maintains East West Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) with a Overweight and lowers the price target from $120 to $100.

EWBC

Wells Fargo Maintains Overweight on East West Bancorp, Lowers Price Target to $100

Wells Fargo analyst Timur Braziler maintains Commerce Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBSH#NASDAQ">CBSH</a>) with a Equal-Weight and lowers the price target from $70 to $60.

CBSH

Wells Fargo Maintains Equal-Weight on Commerce Bancshares, Lowers Price Target to $60

US Postal Service Filed Notice With The Postal Regulatory Commission Of Mailing Services Price Changes To Take Effect Jul. 13; New Rates Include A 5-Cent Increase In The Price Of A First-Class Mail Forever Stamp From 73 Cents To 78 Cents

Wells Fargo analyst Jared Shaw maintains Columbia Banking System (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) with a Overweight and lowers the price target from $35 to $26.

COLB

Wells Fargo Maintains Overweight on Columbia Banking System, Lowers Price Target to $26

Shares of Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) ticked upward on Wednesday, even after Bernstein analyst Daniel Roeska downgraded the stock from <a href="https://www.benzinga.com/quote/F/analyst-ratings" target="_blank" rel="noreferrer noopener">Market Perform to Underperform.</a>
Roeska also slashed the price target from $9.40 to $7, citing concerns over future performance.
Ford navigates shifting trade policies under President Donald Trump's recently announced auto tariffs. The administration raised tariffs on imported vehicles from 2.5% to 25%, increasing<a href="https://www.benzinga.com/markets/equities/25/04/44642355/trumps-25-auto-tariffs-spark-stellantis-layoffs-gm-expansion-uaws-shawn-fain-calls-job-cuts-completely-unnecessary" target="_blank" rel="noreferrer noopener"> pressure on automakers relying on global supply chains.</a>
Despite the challenging environment, Ford executives are signaling steady resolve.
Andrew Frick, president of Ford's Blue and Model e divisions, <a target="_blank" href="https://www.foxbusiness.com/media/ford-exec-says-automaker-working-trump-tariffs-in-good-position-us-production" rel="noreferrer noopener">highlighted </a>the company's strong U.S. manufacturing presence during an appearance on Fox Business' Varney &amp; Co.
Also Read: <a target="_blank" href="https://www.benzinga.com/etfs/sector-etfs/25/04/44717398/tech-stocks-rebound-as-us-treasuries-tumble-whats-driving-markets-wednesday" rel="noreferrer noopener">Tech Stocks Rebound As US Treasuries Tumble: What&#8217;s Driving Markets Wednesday?</a>
Frick stated that Ford assembles more vehicles in the U.S. and employs more American hourly workers than any other automaker, adding that the company backs domestic part sourcing and believes the White House is aligned with that approach, Fox Business reports.
According to USA Today, Ford <a target="_blank" href="https://www.usatoday.com/story/money/business/2025/04/08/ford-ceo-fox-news-trump-tariffs/82988407007/" rel="noreferrer noopener">continues </a>to engage with federal officials to clarify how tariffs will affect parts imports.
Some components compliant with the United States-Mexico-Canada Agreement (USMCA) may still be exempt under existing trade rules, USA Today reports, citing people familiar with the discussions.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, F stock has lost over 35% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>).
Price Action: F shares are trading higher by 8.69% to $9.44 at last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44710975/wall-streets-american-exceptionalism-trade-falters-as-dollar-stocks-bonds-all-slide" target="_blank" rel="noreferrer noopener">Wall Street's ‘American Exceptionalism' Trade Falters As Dollar, Stocks, Bonds All Slide</a></li>
</ul>
Image: Shutterstock

Equities

Movers

FTXR

What's Going On With Ford Motor Stock Today?

BofA Securities analyzes the extent of tariffs and the macroeconomic situation&#8217;s effect on the earnings of gaming and lodging companies.
Since BofA&#8217;s previous report on April 1, stocks in the lodging and gaming sector have dropped 11% % -25 %, underperforming the S&amp;P 500's 16% decline.
Rising tariffs have significantly increased recession risks, with the sector now pricing in an 85% % -100 % chance of a downturn.
Investor concerns have escalated from market correction to a potential full-scale recession. A tariff-driven slowdown could cut sector revenues by 2%–4% and EBITDA by 3%–8%.
Recessions differ in nature, but the past three saw average peak-to-trough GDP drops of 5.1% and 10% in RevPAR.
According to the analyst, sub-sector sensitivity varies, with regional gaming and skiing less affected, while hotels and timeshares are more exposed. 
Also Read: <a href="https://www.benzinga.com/news/25/04/44698868/tariffs-recession-fears-could-derail-wayfair-rh-and-etsy-says-analyst">Tariffs, Recession Fears Could Derail Wayfair, RH And Etsy, Says Analyst</a>
Earnings risk is highest for gaming operators and lodging REITs due to their high operating leverage. COVID and GFC downturns lasted about 67 days; current declines are 55 days in, said the analyst.
A 1% GDP decline could reduce hotel RevPAR by 2%–4%, broader sector revenue by 2%–4%, and EBITDA by 3%–8%.
Tariffs are projected to impact GDP by 1%–1.5%, amplifying pressure on hospitality earnings.
Early data from Apple Hospitality REIT Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APLE#NYSE">APLE</a>) signals underperformance, with potential RevPAR guidance cuts of 2% to 3% and flat growth for the U.S. in 2025.
Domestic gaming stocks are currently trading at notably low valuations, with 2025 EBITDA multiples at 6.5x and free cash flow yields at 15%, while operating companies are at 6.3x and 20%, respectively, said the analyst.
These figures sit one standard deviation below long-term averages, hitting levels last seen in 2022 and even lower than in 2016 and 2018. 
Lodging C-Corps are also below historical norms, except for Hilton Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>), which still trades at a premium.
Lodging REITs have dropped to valuation lows only previously observed during the COVID-19 and Global Financial crises.
Meanwhile, timeshare valuations are also depressed, and Vail Resorts Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) is now trading at its lowest multiple since 2011.
Read Next: <a href="https://www.benzinga.com/25/04/44717332/why-is-ev-maker-mullen-automotive-stock-tanking-today">Why Is EV Maker Mullen Automotive Stock Tanking Today?</a>
Photo: Shutterstock

Analyst Color

APLE

CHDN

PENN

WYNN

BofA Flags Rising Risks For Gaming And Lodging Firms As Valuations Tumble

Wells Fargo analyst Timur Braziler maintains BOK Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOKF#NASDAQ">BOKF</a>) with a Equal-Weight and lowers the price target from $120 to $100.

BOKF

Wells Fargo Maintains Equal-Weight on BOK Financial, Lowers Price Target to $100

Wall Street roared higher on Wednesday in a dramatic reversal of sentiment, as investors cheered a surprise announcement from President Donald Trump: a 90-day pause on tariffs for countries that have not retaliated <a href="https://www.benzinga.com/topic/tariffs">against U.S. trade measures. </a>
The news ignited a broad risk-on rally, catapulting major indices to multi-month highs and sending volatility plunging.
Trump's latest Truth Social post slammed China for showing &#8220;a lack of respect&#8221; and declared an immediate 125% tariff hike on Chinese goods.
&#8220;At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,&#8221; he said.
He praised the over 75 countries that, in his words, "have not, at my strong suggestion, retaliated in any way, shape, or form." 
As a reward, those countries would benefit from a temporary 10% reciprocal tariff and a 90-day pause on additional duties. 
During a White House press conference, Treasury Secretary Scott Bessent sought to translate the president's fiery rhetoric into market policy terms. 
He described the tariff realignment as a necessary correction to &#8220;decades of imbalances in global trade.&#8221; 
&#8220;The market didn&#8217;t understand Trump&#8217;s maximum level tariffs,&#8221; he said.
Bessent delivered a series of sharp jabs at Beijing. "They sell us five times what we sell them," he said. "It's an own goal by China." He also accused Beijing of exposing itself to the world as "the bad actor," and argued that Trump's move creates the leverage to correct the deficit.
&#8220;They&#8217;ve showed themselves to the rest of the world that they are the bad actor,&#8221; Bessent stated
Regarding the new level of universal tariffs, Bessent said that &#8220;10% is a temporary floor,&#8221; which gives &#8220;more certainty now&#8221;
Equity markets skyrocketed. The Nasdaq 100 – as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) – exploded 10% higher, its strongest session since October 2020.
The S&amp;P 500 jumped 7.6% to above 5,350, while the Dow Jones Industrial Average soared 6.8%, topping 40,000. Small caps joined the party too, with the Russell 2000 climbing 9.1%.
Volatility collapsed, as the CBOE VIX Index plunged more than 27%, reflecting the market's sudden embrace of risk.
Every sector in the S&amp;P 500 traded deep in the green, led by technology and consumer discretionary. 
Within the tech sector, the Magnificent Seven saw explosive gains across the board as investors piled back into mega-cap growth theme:
<ul>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) surged 10.05% to $561.73</li>
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) climbed 8.21% to $383.69. </li>
<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) advanced 8.85% to $185.77. </li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rallied an impressive 11.72% to $192.63. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led the pack with a 16.75% jump to $259.02.</li>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) rose 7.37% to $157.38. </li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) skyrocketed 14% to $110.76.</li>
</ul>
All S&amp;P 500 stocks rallied, with the top performers being United Airline Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>), Microchip Technology Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) and SanDisk Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDK#NASDAQ">SNDK</a>), up 22%, 21% and 20%, respectively. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/25/04/44715261/from-bad-to-terrible-treasury-secretary-slams-beijings-retaliatory-tariffs-as-trump-trade-agenda-wipes-trillions">&#8216;From Bad To Terrible&#8217;: Treasury Secretary Slams Beijing&#8217;s Retaliatory Tariffs As Trump Trade Agenda Wipes Trillions</a></li>
</ul>
Photo: Shutterstock

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