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VAXCYTE INC

Vaxcyte

Vaxcyte Inc is a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. It is developing broad-spectrum conjugate and novel protein vaccines to prevent or treat bacterial infectious diseases. Its product comprises of Pneumococcal conjugate vaccine. The firm's product candidate consists of VAX-31, VAX-24, VAX-A1, VAX-PG, VAX-GI, and Others.

Vaxcyte Inc

Barclays analyst Alex Scott maintains Travelers Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) with a Overweight and lowers the price target from $287 to $280.

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Barclays Maintains Overweight on Travelers Companies, Lowers Price Target to $280

Barclays analyst Alex Scott maintains Sun Life Financial (TSX:<a class="ticker" href="https://www.benzinga.com/stock/SLF#TSX">SLF</a>) with a Equal-Weight and raises the price target from C$85 to C$87.

TSX:SLF

Barclays Maintains Equal-Weight on Sun Life Financial, Raises Price Target to C$87

Barclays analyst Alex Scott maintains Skyward Specialty (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKWD#NASDAQ">SKWD</a>) with a Overweight and raises the price target from $63 to $64.

SKWD

Barclays Maintains Overweight on Skyward Specialty, Raises Price Target to $64

Barclays analyst Alex Scott maintains Ryan Specialty Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYAN#NYSE">RYAN</a>) with a Overweight and lowers the price target from $88 to $83.

RYAN

Barclays Maintains Overweight on Ryan Specialty Hldgs, Lowers Price Target to $83

Barclays analyst Alex Scott maintains RenaissanceRe Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNR#NYSE">RNR</a>) with a Underweight and lowers the price target from $234 to $231.

Barclays Maintains Underweight on RenaissanceRe Holdings, Lowers Price Target to $231

Barclays analyst Alex Scott maintains Prudential Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>) with a Equal-Weight and lowers the price target from $134 to $106.

Barclays Maintains Equal-Weight on Prudential Financial, Lowers Price Target to $106

Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) received an upgrade from UBS from Neutral to Buy, setting a 12-month price target of $60 per share. The bank cited a significantly more favorable <a href="https://www.benzinga.com/topic/gold">gold market outlook</a> and the company's improved capital return potential following strategic divestments.
UBS sees gold trading at $3,500 per ounce in 2026, up 23% from its prior estimates. The bank says the macro environment closely mirrors previous periods of financial turmoil, such as the global financial crisis and the COVID-19 pandemic, when gold outperformed following initial selling pressure. Thus, UBS sees gold as increasingly attractive in a world of heightened geopolitical and economic uncertainty.
Newmont, the world's largest gold producer, has underperformed the spot price and the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) by roughly 40% over the past five years, leading to a valuation discount.
UBS sees 2025 production guidance of 5.6 million ounces as conservative and believes improving execution could positively surprise the market. The bank's analysts highlighted the <a href="https://www.benzinga.com/news/asset-sales/25/01/43250305/newmont-completes-425-million-asset-sale-focuses-on-british-columbia-growth">post-Newcrest merger divestment plan</a>, which is expected to generate $3.2 billion in cash by Q2 2025.
UBS estimates that $3 billion will be returned to shareholders via buybacks in 2025, creating a compelling high single-digit distribution yield, particularly as the company moves below its $5 billion net debt target in the first half of 2025.
However, operational challenges remain. Newmont has missed production and cost guidance for five consecutive years and its sprawling portfolio across nine countries adds complexity.
Although welcoming Newmont's focus on top assets, UBS sees the "rightsized" gold miners producing 1-2 million ounces annually with 3-5 Tier 1 assets and 1-2 growth projects in the current environment. Newmont's 7.5 million ounces over 11 assets far exceed that, as its efficient management and sustained reserve growth become increasingly complex.
Still, UBS sees strong free cash flow (10% yield in 2026) and potential for additional projects such as Red Chris in British Columbia, although large-scale capex is more likely in 2027–2028. While Newmont has a mixed operational track record, the bank argues that modest improvements in costs or production—if achieved—would represent positive surprises, given conservative market assumptions.
Price Watch: As of 3 PM ET, Newmont was the best-performing S&amp;P 500 stock, rising 9% to $55.53.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44771388/why-is-gold-outperforming-bitcoin">Why Is Gold Outperforming Bitcoin?</a>
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Newmont Soars With A New $60 Price Target, Leads S&P 500 Higher

Barclays analyst Alex Scott maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Equal-Weight and raises the price target from $285 to $297.

Barclays Maintains Equal-Weight on Progressive, Raises Price Target to $297

It's a terrifying time to be a market maker these days. Recently, the University of Michigan's Consumer Sentiment Index for April plunged to 50.4, its <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">lowest reading since June 2022</a>. It also represents a steep drop from March's reading of 57 points. Worrying investors is that the figure missed economists' forecast of 54.5 by a significant margin. Naturally, this news item carries significant — and negative — implications for Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
Adding to the dour environment is the discouraging context behind the velocity decline. &#8220;Consumer sentiment fell for the fourth straight month, plunging 11% from March,&#8221; said Joanne Hsu, director of the Survey of Consumers at the University of Michigan. &#8220;This decline was, like last month&#8217;s, pervasive and unanimous across age, income, education, geographic region and political affiliation.&#8221;
Hsu told Bloomberg TV that the deteriorating economic outlook cut across the political spectrum for two months. At the same time, inflation expectations are rising, for both the short and long term. Subsequently, the projection of fading consumer sentiment does little to bolster confidence in Amazon.
Nevertheless, market makers cannot just hedge for a potential downturn. As investors saw during the midweek session's remarkable turnaround following President Donald Trump's <a href="https://www.benzinga.com/news/large-cap/25/04/44725578/technology-stocks-outperform-after-trumps-tariff-pause-microchip-technology-amd-lead-sector-higher">90-day pause on tariffs</a> for select countries, anything can happen under the current administration.
Plus, it's worth pointing out that, as of this writing, Amazon&#8217;s stock is down about 17% on a year-to-date basis. Those providing liquidity for derivative contracts must also hedge for the possibility of discount buying. Again, it's a terrifying time to be a market maker.
<h2 class="wp-block-heading">Mispriced Amazon Stock Options A Bright Spot For Speculators?</h2>
As the saying goes, one person's trash is another person's treasure. When it comes to Amazon options, the market makers' dreadful duties to provide liquidity in this equities cycle can open doors for opportunistic speculators waiting to pounce on a mistake. And there just might be one in favor of the risk-taker.
Under ordinary circumstances, pessimistic traders might buy a multi-leg options strategy known as the bear put spread. These vertical spreads — so called because the strike-price difference between the underlying long and short legs is stacked vertically (and thus for the same expiration date) — are net debit-based transactions. Simply stated, the trader pays a debit to speculate that a specific event will materialize (i.e. the target stock will fall).
On the other end of a buyer of a vertical spread is, of course, the spread's seller. Selling a credit spread represents a net credit-based transaction. Specifically, the position starts from a cash influx position. The seller receives the premium that the debit buyer pays, gambling that the clock will run out on the buyer before the debit trade becomes profitable.
For the seller, the premium received — that is, the amount of the cash influx — can be viewed as the safety margin or "credit margin." Essentially, it's the amount that the trade can move against the seller and still be profitable. Once the margin is exceeded, though, the debit buyer is now in the money. Under this scenario, the rising deficit to the margin reflects the liability of a blown-up credit spread.
What makes certain Amazon stock put spreads so compelling at this hour is that the aforementioned credit margin is on the debit side; that is, time decay (theta) favors the buyer. When risk modeling goes haywire in an attempt to accommodate all circumstances, unusual pricing dynamics may materialize. This may be what's happening right now with Amazon put options.
<h2 class="wp-block-heading">Getting Spotted Free Odds</h2>
Speculators looking to profit from the price modeling chaos may consider the bear put spreads expiring April 17 with a short leg strike price of $185. Specifically, the 190/185 bear spread looks enticing for speculators. This transaction involves buying the $190 put (at a time-of-writing ask of $935) and simultaneously selling the $185 put (at a bid of $625).
Subsequently, the proceeds from the short put partially offset the debit paid for the long put, resulting in a net debit paid of $310. Should Amazon fall to or below the short strike price of $185 at expiration, the trader collects the maximum reward of $190, representing a payout of over 61%.
Amazon shares in the open market were trading at a lower price than the short strike target. In other words, the trade is already in the money for the debit buyer on paper. Once time passes and if the situation stays as is, the risk taker wins.
What makes Amazon so compelling as a play on pricing mismatches is the relatively low <a href="https://finance.yahoo.com/quote/AMZN/">beta</a> of 1.39. This is not a security that will statistically react too strongly in either direction.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11145309/AMZN-stock-probability-gambit-04112025-1024x576.jpg" alt="" class="wp-image-868601" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11145309/AMZN-stock-probability-gambit-04112025-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11145309/AMZN-stock-probability-gambit-04112025-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11145309/AMZN-stock-probability-gambit-04112025-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11145309/AMZN-stock-probability-gambit-04112025.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>
Speaking of statistics, the chances that on any given week Amazon would rise is around 53% to 54%. That&#8217;s not much of an advantage for bulls. However, market makers could be hedging for the momentum-riding tendencies of Amazon, which could be attempting to bounce back from the $170 lows. Then again, the momentum argument is also risky considering how few one-week returns exceeding 10% there have been, resulting in data distortion.
The thing to remember is that as the above bear put spread stands, the wager isn't necessarily that the stock will fall (because it's already below the profitability threshold for bears on paper). 
Rather, it's that Amazon won't materially rise from here.
In that context, the above put spread appears mispriced in favor of the debit buyer.
Now Read:
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<li><a href="https://www.benzinga.com/25/04/44772840/analysts-warn-of-choppy-tech-outlook-despite-inflation-relief">Inflation Might Be Easing But Tech Outlook Still Choppy, Analysts Warn</a></li>
</ul>
Image: Shutterstock

AMZN

Options Corner: Wall Street's Risk Modeling Nightmare Creates Massive Opportunities In Amazon Put Spreads

Barclays analyst Alex Scott maintains Principal Financial Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>) with a Underweight and lowers the price target from $80 to $76.

Barclays Maintains Underweight on Principal Financial Group, Lowers Price Target to $76

Barclays analyst Alex Scott maintains MetLife (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>) with a Overweight and lowers the price target from $95 to $88.

Barclays Maintains Overweight on MetLife, Lowers Price Target to $88

WIIM

CART

Maplebear shares are trading higher after JMP Securities reiterated a Market Outperform rating and maintained a $55 price target.

Barclays analyst Alex Scott maintains Marsh &amp; McLennan Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) with a Equal-Weight and raises the price target from $246 to $249.

Barclays Maintains Equal-Weight on Marsh & McLennan Cos, Raises Price Target to $249

Barclays analyst Alex Scott maintains Manulife Financial (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MFC#TSX">MFC</a>) with a Equal-Weight and lowers the price target from C$49 to C$45.

TSX:MFC

Barclays Maintains Equal-Weight on Manulife Financial, Lowers Price Target to C$45

Barclays analyst Alex Scott maintains Jackson Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JXN#NYSE">JXN</a>) with a Overweight and lowers the price target from $118 to $106.

Barclays Maintains Overweight on Jackson Finl, Lowers Price Target to $106

Barclays analyst Alex Scott maintains Fidelis Insurance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIHL#NYSE">FIHL</a>) with a Equal-Weight and lowers the price target from $18 to $16.

FIHL

Barclays Maintains Equal-Weight on Fidelis Insurance Hldgs, Lowers Price Target to $16

Barclays analyst Mark Devries maintains F&amp;G Annuities &amp; Life (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FG#NYSE">FG</a>) with a Equal-Weight and lowers the price target from $47 to $41.

Barclays Maintains Equal-Weight on F&G Annuities & Life, Lowers Price Target to $41

Chamath Palihapitiya believes President Donald Trump's tariff push could reshape global economics — and he's not being subtle about it.
In a series of recent posts and comments, the venture capitalist and former Facebook executive said Trump should &#8220;hold the line&#8221; on tariffs, despite the market chaos. &#8220;Volatility aside — which matters to traders more than it should matter to long-term investors — the tariff gambit is working,&#8221; Palihapitiya <a href="https://x.com/chamath/status/1909260659180650853">posted</a> on X.
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<h2 class="wp-block-heading">Bretton Woods 2.0</h2>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is your daily reminder that we are only a few days into tariffs. There is an enormous opportunity here to write Bretton Woods 2.0 &#8211; The Mar-a-Lago Accords. Time favors Trump. The longer he takes, the more he will get.
&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1908901234049982498?ref_src=twsrc%5Etfw">April 6, 2025</a></blockquote>
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He sees this moment as a rare opening to reset the global trade system, comparing it to the landmark 1944 Bretton Woods Agreement. &#8220;There is an enormous opportunity here to write Bretton Woods 2.0 — The Mar-a-Lago Accords,&#8221; he wrote in another <a href="https://x.com/chamath/status/1908901234049982498">post</a>. &#8220;Time favors Trump. The longer he takes, the more he will get.&#8221;
<h2 class="wp-block-heading">Markets Are Shaking, But Trump Isn't</h2>
Global markets <a href="https://www.benzinga.com/25/04/44663034/asia-in-freefall-hang-seng-posts-worst-drop-since-1997-europe-market-tumbles-oil-slips-gold-eases-global-markets-today-while-us-slept">have been reeling</a> since Trump announced sweeping tariffs on April 2. U.S. stock indexes tumbled last week, with the Nasdaq falling into bear market territory. <a href="https://www.benzinga.com/markets/equities/25/04/44660335/chamath-palihapitiya-warns-fed-and-trump-may-no-longer-rescue-markets-as-bottom-50-of-americans-have-zero-interest-in-stocks">Futures extended the slide</a> Sunday night, and Asian markets took a beating as well. Bitcoin also dropped nearly 6%.
Still, Trump seems unfazed. Speaking to reporters aboard Air Force One, he <a href="https://www.youtube.com/watch?v=6hU836SeK_I">said</a>, &#8220;Sometimes you have to take medicine to fix something,&#8221; and reiterated he won't back down until other countries even out their trade with the U.S.
&#8220;They're dying to make a deal,&#8221; Trump said of other nations, adding, &#8220;We're not going to have deficits with your country&#8230; We're going to have surpluses or, at worst, going to be breaking even.&#8221;
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<h2 class="wp-block-heading">The Bottom Half Has No Skin in the Game</h2>
Palihapitiya also pointed out a major reason political support for market rescues may be fading. &#8220;The top 10% of American households own 88% of the total equities owned by American households,&#8221; he <a href="https://x.com/chamath/status/1908375732788908422">wrote</a>. &#8220;The next 40% of households own 12%. This means the bottom 50% of Americans have ZERO interest in the stock market, are likely in debt and, simply, just want to do better.&#8221;
That's why, <a href="https://www.benzinga.com/markets/equities/25/04/44660335/chamath-palihapitiya-warns-fed-and-trump-may-no-longer-rescue-markets-as-bottom-50-of-americans-have-zero-interest-in-stocks">he argues</a>, traditional stock market bailouts like a &#8220;Fed put&#8221; or &#8220;White House put&#8221; might no longer be politically viable. &#8220;This may be a moment to hold a radical new view which is that the put is off the table,&#8221; he wrote.
However, some pointed out in the comments that almost every American has &#8220;skin in the game.&#8221; As one X user <a href="https://x.com/Sarcastic_Canuk/status/1908432662269682003">said</a>, &#8220;You may not own stocks, but your company is probably listed. If the market crashes, so does your employer.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The market is forecasting a recession you dummy. The bottom 50% who don&#39;t own stocks will be the ones unemployed and lining up at soup kitchens.
&mdash; Art of the Deal Capital (@TheRealDavey2) <a href="https://twitter.com/TheRealDavey2/status/1908388946125742514?ref_src=twsrc%5Etfw">April 5, 2025</a></blockquote>
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Another added, &#8220;The bottom 50% who don&#8217;t own stocks will be the ones unemployed and lining up at soup kitchens.&#8221;
See Also: <a href="https://www.benzinga.com/money/vatom-adv">Invest in the Future of Digital Engagement. Own a Piece of the $100 Billion Metaverse Today for Just $500.</a>
<h2 class="wp-block-heading">World Responds as Tariffs Take Hold</h2>
White House officials claim that more than 50 countries have reached out to negotiate. Some U.S. allies, like Israel and Vietnam, are already pushing for better terms. Others, like Italy, have criticized the move but signaled openness to discussions.
Some Republicans in Congress are working on a bill to rein in presidential tariff powers. Rep. Don Bacon (R-NE) said the executive branch shouldn't have unchecked authority, saying it &#8220;was a mistake.&#8221;
Trump's own economic adviser, Elon Musk, said he preferred a zero-tariff world. That didn't go over well with the White House. Trade adviser Peter Navarro responded, &#8220;Elon sells cars&#8230; He's simply protecting his own interest.&#8221;
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Chamath Palihapitiya Says 'Time Favors Trump,' Sees A Big Opportunity To Rewrite Global Economics With 'The Mar-A-Lago Accords'

Barclays analyst Alex Scott maintains Everest Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>) with a Overweight and lowers the price target from $470 to $394.

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