Ultime notizie per VBI Vaccines Inc (OTC:VBIVQ) Azioni

VBI Vaccines Inc

Barclays analyst Ramsey El-Assal maintains Repay Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPAY#NASDAQ">RPAY</a>) with a Overweight and lowers the price target from $9 to $6.

News

Price Target

Analyst Ratings

RPAY

Barclays Maintains Overweight on Repay Holdings, Lowers Price Target to $6

Barclays analyst Benjamin Budish maintains Nasdaq (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) with a Overweight and lowers the price target from $87 to $86.

NDAQ

Barclays Maintains Overweight on Nasdaq, Lowers Price Target to $86

WIIM

MTSR

Metsera shares are trading higher after Pfizer discontinued the development of danuglipron.

Barclays analyst Theresa Chen maintains Marathon Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) with a Overweight and lowers the price target from $161 to $141.

Barclays Maintains Overweight on Marathon Petroleum, Lowers Price Target to $141

Barclays analyst Stephanie Davis maintains Waystar Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WAY#NASDAQ">WAY</a>) with a Overweight and lowers the price target from $50 to $45.

Barclays Maintains Overweight on Waystar Holding, Lowers Price Target to $45

Barclays analyst Saket Kalia maintains Varonis Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNS#NASDAQ">VRNS</a>) with a Overweight and lowers the price target from $60 to $52.

VRNS

Barclays Maintains Overweight on Varonis Systems, Lowers Price Target to $52

BofA Securities analyst Shaun C. Kelley shared his first-quarter preview of the gaming sector Monday.
Kelley already adjusted first-quarter estimates for full-year estimates to reflect a more uncertain Macau environment, incorporate regional gaming trends, discuss recent digital trends, tweak Macau share estimates, and lower his price targets to reflect the market re-rating.
It&#8217;s been volatile, but gaming stocks are down 12% year-to-date compared to the S&amp;P&#8217;s 9% decline.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44787792/sony-raises-ps5-prices-in-some-countries-by-up-to-25-in-anticipation-of-tariffs" rel="noreferrer noopener">Sony Raises PS5 Prices In Some Countries By Up To 25% In Anticipation Of Tariffs</a>
Kelley is 5% below the Street in Macau, and given U.S./China tensions, expect a more cautious tone from operators.
The analyst did not think management teams were seeing softness in Las Vegas yet. Still, investors will be hyper-focused on any changes in visitation, bookings, cancellations, or behavior as they exited in March and April following the trade/geopolitical issues.
For regionals, Kelley is slightly below the Street for the first quarter, but visitation has been relatively steady and actually improved in March due to better weather. His 2025 gaming EBITDA estimates are now 2% below the Street.
Kelley&#8217;s first-quarter EBITDA estimates for Macau are 5% below the Street, driven by lower market share expectations for US-based operators and margin pressure from a mix shift to premium and concession operating expenditures. The analyst is 10% below the Street for Las Vegas Sands Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>) at $560 million.
For the remainder of 2025, Kelley modeled market-wide Gross Gaming Revenue (GGR) up 0.5% (versus +3% prior) and lowered his market share expectations for Las Vegas Sands, given mass-market challenges.
Kelley&#8217;s first-quarter Marina Bay Sands estimate for Singapore is $522 million, slightly below consensus.
For Strip, Kelley&#8217;s first-quarter estimates are in line with the Street. He is slightly ahead of Wynn Resorts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), in line with Caesars Entertainment, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), and below the Street for MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>).
Kelley lowered his fiscal 2025 Vegas EBITDA estimates by 2.5% and modeled -1% RevPAR and flat GGR. The analyst&#8217;s 2025 estimates are 3% below the Street on a weighted average basis.
While he is now modeling a more cautious consumer outlook, his Vegas room rate survey has been resilient, with rates tracking up +4% for the second quarter.
However, the data on placer visitation to Strip casinos has softened in March and April.
Kelley&#8217;s first-quarter estimates for Locals are 2% below the Street for Boyd Gaming Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) versus the Street driven by local competition and regional weather in the South.
For Regionals: Kelley&#8217;s first-quarter regional estimates are 1% below the Street.
Based on limited state data, Kelley estimated that same-store GGR was +5% in January, -5% in February, and -1% in March. The analyst&#8217;s Placer visitation data followed a similar trend, suggesting trends are improving month-to-date in April, though Easter timing is creating noise.
Based on March Madness outcomes, the analyst noted DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) is likely tracking below current Street estimates of $155M.
Kelley will refine his estimates pending more March data but bridged to ~$110-120 million of first-quarter EBITDA.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44770461/intel-on-slump-as-china-hits-us-made-chips-with-tariffs-amd-and-taiwan-semiconductor-rise-on-exemption-boost" target="_blank" rel="noreferrer noopener">China Hits US-Made Chips With Tariffs, But Those Outsourcing To Taiwan Semiconductor Exempt</a></li>
</ul>
Photo via Shutterstock

Analyst Color

Trading Ideas

DKNG

WYNN

These Gaming Stocks Are Under Pressure As Analyst Cuts Forecast On Macau Risk And Soft Vegas Data

Barclays analyst Saket Kalia maintains Tyler Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>) with a Overweight and lowers the price target from $715 to $700.

Barclays Maintains Overweight on Tyler Technologies, Lowers Price Target to $700

Barclays analyst Saket Kalia maintains Tenable Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TENB#NASDAQ">TENB</a>) with a Equal-Weight and lowers the price target from $48 to $40.

TENB

Barclays Maintains Equal-Weight on Tenable Holdings, Lowers Price Target to $40

Barclays analyst Saket Kalia maintains Rapid7 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPD#NASDAQ">RPD</a>) with a Equal-Weight and lowers the price target from $35 to $26.

Barclays Maintains Equal-Weight on Rapid7, Lowers Price Target to $26

Barclays analyst Saket Kalia maintains PTC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTC#NASDAQ">PTC</a>) with a Overweight and lowers the price target from $215 to $175.

Barclays Maintains Overweight on PTC, Lowers Price Target to $175

Goldman Sachs analyst Lizzie Dove downgraded the outlook for U.S. Lodging C-Corps and Timeshares due to weaker consumer demand, geopolitical uncertainty, and negative impacts from U.S. airlines.
As a result, 2025 RevPAR forecasts are being lowered by approximately 125 basis points. Key challenges include a decline in Canadian tourism and reduced government travel, which are expected to impact U.S. RevPAR negatively.
Although a recession scenario isn't fully factored in, a 45% probability of a U.S. recession is assumed. The focus is on asset-light companies with global exposure and less reliance on U.S. resorts, as the decline in IMF and non-RevPAR fees has yet to be priced in, said the analyst.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44791936/whats-going-on-with-ionq-stock-today" rel="noreferrer noopener">What's Going On With IonQ Stock Today?</a>
In a choppier macro environment, the preference is for stocks with more global diversity, lower U.S. resort exposure, asset-light business models, and stronger prospects for non-RevPAR and ancillary revenues.
Historical context shows that lodging revenue growth has been cyclical, with significant downturns during previous recessions, where business demand impacts leisure travel first, and premium chains see larger RevPAR declines than economy chains, the analyst opined.
Hotel C-Corps have shifted to asset-light, fee-based business models in the past decade, which have shown resilience during downturns, as franchise revenues tend to fare better than owned/leased or timeshare revenues.
Incentive management fees (IMFs) are highly volatile, with U.S. IMF contracts more binary, impacting US properties more than international ones.
While consumer pressures in a downturn could impact credit card fees, supply growth for 2025 is unlikely to be threatened. However, the outlook for 2026 and beyond could face risks due to rising construction costs and economic uncertainty.
The analyst upgraded the shares of Choice Hotels International Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHH#NYSE">CHH</a>) from Sell to Buy and lowered the price forecast from $141 to $138.
The upgrade was done due to its defensive position, primarily driven by its franchise revenue structure and strong balance sheet, which makes it more resilient amid economic uncertainty.
CHH is less affected by the current macroeconomic challenges compared to other US lodging companies, with most of its customers originating from the US, and minimal exposure to international tourism, particularly from Canada.
Recent data shows improving trends for CHH, with steady consumer purchase intent and better performance, especially among lower-income customer segments, despite broader concerns about consumer confidence.
The analyst downgraded the shares of Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) from Neutral to Sell and lowered the price forecast from $150.00 to $110.00.
Hyatt displays higher macro sensitivity, driven by factors such as a larger share of management contracts, significant exposure to China, and a more limited pipeline for in-construction growth.
Despite Hyatt's shift to a more asset-light model, it remains more exposed to macro-sensitive segments compared to peers, including a higher percentage of managed footprint, IMF fees, and exposure to the Chinese market, said the analyst.
The analyst downgraded Hilton Worldwide Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) stock from Buy to Neutral and lowered the price forecast from $296 to $235.
The analyst also downgraded the shares of Marriott International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) from Buy to Neutral and lowered the price forecast from $313.00 to $245.00.
Hilton Worldwide and Marriott International are downgraded due to macro volatility and consumer pressures, which are expected to negatively impact macro-sensitive segments like IMF, credit card revenues, and owned &amp; leased properties.
Both companies have strong business models with resilient balance sheets, but their valuations remain high compared to historical cycles (2016-2019), and consensus estimates, especially for IMF and non-RevPAR fees, are considered too optimistic.
Since their inclusion in the Buy list in September 2024, both MAR and HLT stocks have underperformed, with recent negative signals about consumer health and travel impacting their performance relative to the S&amp;P 500.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44774262/nikes-sneaker-buzz-and-tariff-risks-could-shape-its-future-says-analyst" target="_blank" rel="noreferrer noopener">Nike's Sneaker Buzz And Tariff Risks Could Shape Its Future: Analyst</a></li>
</ul>
Photo via Shutterstock

Downgrades

General

Goldman Sachs Cuts Outlook For These Hotel And Lodging Stocks As Potential Recession Looms

Barclays analyst Saket Kalia maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Equal-Weight and lowers the price target from $90 to $70.

PCOR

Barclays Maintains Equal-Weight on Procore Technologies, Lowers Price Target to $70

Barclays analyst Saket Kalia maintains MeridianLink (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLNK#NYSE">MLNK</a>) with a Underweight and lowers the price target from $19 to $16.

MLNK

Barclays Maintains Underweight on MeridianLink, Lowers Price Target to $16

Leerink Partners analyst Faisal Khurshid maintains Ironwood Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRWD#NASDAQ">IRWD</a>) with a Market Perform and lowers the price target from $3 to $1.

IRWD

Leerink Partners Maintains Market Perform on Ironwood Pharmaceuticals, Lowers Price Target to $1

Cryptocurrency markets are trading sideways on Monday amid <a href="https://www.benzinga.com/government/regulations/25/04/44796529/wall-street-pulls-back-after-early-gains-as-tariff-uncertainties-persist-whats-driving-markets-monday">ongoing tariff uncertainty</a>.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>24-Hour Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$84,890</td>
<td>+0.4%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$1,645</td>
<td>+0.8%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$130.30</td>
<td>-0.8%</td>
</tr>
<tr>
<td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td>$2.15</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.1613</td>
<td>-3.2%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.0000122</td>
<td>-1.4%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows large transaction volume decreasing by 2% and daily active addresses down by 6%. </li>
<li>Coinglass data reports 162,000 traders were liquidated in the past 24 hours for $380.80 million.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/25/04/44789350/why-stablecoins-are-the-us-dollars-overlooked-advantage">Why Stablecoins Are The US Dollar&#8217;s Overlooked Advantage</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44795865/xrp-spikes-13-in-7-days-what-is-going-on">XRP Spikes 13% In 7 Days: What Is Going On?</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44794389/bitcoin-surges-back-to-85000-what-does-the-technical-analysis-show">Bitcoin Surges Back To $85,000: What Does The Technical Analysis Show?</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44789931/strategy-adds-3459-bitcoin-despite-q1-losses-holds-25-of-btc-supply">Strategy Adds 3,459 Bitcoin Despite Q1 Losses, Holds 2.5% Of BTC Supply</a></li>
</ul>
 Top Gainers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Monero (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xmr/usd">XMR</a>)</td>
<td>$216</td>
<td>+5.1%</td>
</tr>
<tr>
<td>Fartcoin (CRYPTO: FARTCOIN)</td>
<td>$0.9047</td>
<td>+5.0%</td>
</tr>
<tr>
<td>Kaspa (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">KAS</a>)</td>
<td>$0.077</td>
<td>+2.6%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Prominent trader Crypto Kaleo <a href="https://x.com/CryptoKaleo/status/1911828946343100662">expects</a> Bitcoin dominance to peak soon, which would spark a rally in altcoins compared to Bitcoin.
Analyst Altcoin Sherpa has bad news for Ethereum investors, <a href="https://x.com/AltcoinSherpa/status/1911821836909740443">stating</a> that &#8220;you shouldn&#8217;t long this coin&#8221; until it shows strength. He does not expect a reversal any time soon and expects Ethereum to hit 2019 levels on the Bitcoin trading pair.
Trader Cold Blooded shiller highlights $87,000 as a key level for a &#8220;significant change in market momentum,&#8221; which would provide the &#8220;simplest, cleanest long setup in two months.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Above $87,000 for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> would mark a significant change in the market momentum. You can also see this simplicity on the candle chart with the RSI consistently rejecting at the 50 level. When these break upwards it&#39;ll be the simplest, cleanest long set ups we&#39;ve seen in 2 months. <a href="https://t.co/Rp417jDODQ">https://t.co/Rp417jDODQ</a> <a href="https://t.co/5ls0Va8DDg">pic.twitter.com/5ls0Va8DDg</a>
&mdash; Cold Blooded Shiller (@ColdBloodShill) <a href="https://twitter.com/ColdBloodShill/status/1911717859245293963?ref_src=twsrc%5Etfw">April 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/04/44763111/rising-tariff-tensions-deepen-global-fragmentation-experts-say-bitcoin-and-stablecoins-gaining-strategic-importance">Bitcoin, Stablecoins Will Gain From Trade War, Experts Say: &#8216;The Map Is Being Redrawn&#8217;</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

$BTC

$DOGE

$ETH

$KAS

$SHIB

$SOL

$XMR

$XRP

Bitcoin, Ethereum, XRP, Dogecoin Go Sideways But This Trader Says You 'Shouldn't Long' One Of Them

When the market throws a delightful little soiree for the bears and headlines scream of doom, gloom and capital destruction, it often feels like it&#8217;s the end of it all.
But odds are the world is not going to end.
It was the same in previous bear markets.
During the 1998 Russian crisis and the collapse of Long Term Capital Management, closed-door meetings at the New York offices of the Federal Reserve were held, in which participants discussed who would pony up enough cash to save the financial system.
Warren Buffett passed. Instead, a bunch of Wall Street and a few French banks stepped up with the necessary cash.
During the Great Financial Crisis, it felt like the financial system&#8217;s implosion was always just seconds away.
In the initial stages of the COVID-19 pandemic, the end of the world was the lead story for weeks on end.
In every case, the world survived and stocks recovered.
In each case, this was the winning investment strategy during the bear market.
If the end does come, I suspect none of us will be concerned about our stock portfolio.
I do not recall Charlton Heston asking Cornelius or Zira about the price of IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) or General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) in Planet of the Apes.
Rick Grimes of The Walking Dead never takes a break from killing zombies to call his broker.
If the world survives the tariff war of 2025, we might want to make some of the moves that paid off in the aftermath of prior almost-end-of-the-world events.
One of the best strategies is buying dividends and dividend growth.
Investors who bought stocks like Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Altria (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>) and CapitalOne (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) in early 2009 not only locked in high levels of income, their gains over the next decade were spectacular.
Buying high-yield stocks like Unum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNM#NYSE">UNM</a>), Tanger Outlets (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKT#NYSE">SKT</a>) and Marathon Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) in the spring of 2020 has also worked out extraordinarily well for investors who allowed rational thinking to overcome fear.
Unless the world ends, this time should offer the same opportunities to lock in high yields from companies that also offer the potential for outsized long-term gains.
Shares of Pfizer have once again fallen to levels that make the stock a high-yielding opportunity for patient investors.
Pfizer has a diverse drug portfolio and is in a strong position in the vaccine markets. Going forward, they are shedding the off-patent drug business to focus on innovation and newer products.
Pfizer generates massive amounts of free cash flow, which is used to pay down debt, buy back stock and pay dividends.
The company plans to pay out 50% of cash flow as dividends so the payout should continue to grow over time.
Ford Motor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is one of the best-positioned auto companies in the current environment and should do very well as the trade war progresses towards a conclusion.
Ford continues to dominate the pickup truck market and I don&#8217;t see that changing anytime soon.
Ford intends to have a presence in the EV market but will not abandon the traditional market anytime soon. The Mustang Mach-E and Lightning F-150 electric vehicles are both selling well and attracting customers who have never considered Ford products before.
Ford has focused on reducing debt and strengthening its balance sheet over the past few years, and this strategy is working.
The company currently has over $25 billion in cash and securities on the books.
The stock is currently yielding over 7% and has excellent long-term appreciation potential from current levels.
UPS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) shares have also fallen to the level where the dividend is attractive. At the current price, the yield is over 7%.
UPS seems like a solid bet, even with some bumps in the road ahead. They&#8217;re the big dog in package delivery, handling way more daily packages than FedEx in the US.
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Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies which are neither expressly or impliedly approved or endorsed by Benzinga.
Photo: Shutterstock

Opinion

This Strategy Always Outperforms In Bear Markets

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1024" height="608" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/14191955/image-4-5.png" alt="" class="wp-image-10607" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/14191955/image-4-5.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/14191955/image-4-5-300x178.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/14191955/image-4-5-768x456.png 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The forward price-earnings (P/E) multiple&nbsp;<a href="https://substack.com/redirect/78cd1c8e-7a7f-463b-9706-be924c3eba10?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">has limited value</a>&nbsp;during normal times.
And the metric arguably has even less value during periods of elevated uncertainty.
That's because the E is based on analysts' estimates for the near future. And when the outlook for business is increasingly uncertain and rapidly changing, it&nbsp;<a href="https://substack.com/redirect/c87cda18-f109-461b-a81b-7a452e85bca1?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">can take time for many analysts to adjust that E</a>.
This is especially the case right now as many companies&nbsp;<a href="https://substack.com/redirect/d96ef969-ff73-4121-8748-7a21656e3776?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">have not yet factored the impact of tariffs into their guidance</a>, which&nbsp;<a href="https://substack.com/redirect/4294b042-8707-48de-ac31-b3aa112fea7e?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">analysts lean on</a>&nbsp;when they establish their earnings forecasts.
"We&#8217;ve been reading earnings call and conference transcripts closely since November across market capitalizations, sectors, and industries and feel fairly confident in saying that U.S. public companies have been very reluctant to discuss tariff impacts (outside of China) until specific details have been provided by the administration, and even then, many still have not given sell-side analysts a lot of specifics to start factoring into their models," RBC's Lori Calvasina&nbsp;<a href="https://substack.com/redirect/fea7c782-7f6f-4f6d-ba2d-ba8b050fb5b6?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">wrote</a>&nbsp;earlier this month.
Assuming tariffs are negative for earnings — which is&nbsp;<a href="https://substack.com/redirect/1fe3cd83-2f30-4138-9127-453f00b15379?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">what everyone assumes</a>&nbsp;— this means the E is being distorted higher by stale estimates.
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<td><img loading="lazy" decoding="async" width="549" height="316" src="blob:https://contributor.benzinga.com/58585138-daa7-4763-8c56-ef4a0bef50af" /><a href="https://substack.com/redirect/74810673-83e8-44f8-9a0e-5424bffef84d?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener"></a></td>
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Forward earnings estimate haven't really moved amid the market sell-off. (Source:&nbsp;<a href="https://substack.com/redirect/040a7c7e-33cb-4dd8-9fe3-c9ad1a6caf63?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">FactSet</a>)
With stock prices falling the way that they have been in recent weeks, the P/E ratio could be&nbsp;<a href="https://substack.com/redirect/c87cda18-f109-461b-a81b-7a452e85bca1?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">creating the illusion</a>&nbsp;that stocks have gotten cheaper than they are in reality.
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<td><img loading="lazy" decoding="async" width="550" height="317" src="blob:https://contributor.benzinga.com/a2d7f383-241e-4374-b1b1-801f7ecf791f" /><a href="https://substack.com/redirect/b1f3c191-cc18-452d-a48a-53bd0421f604?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener"></a></td>
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Forward P/E ratios have come down. But is the E accurate? (Source:&nbsp;<a href="https://substack.com/redirect/717a08b8-eb90-434b-b588-66dd2d56699e?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">FactSet</a>)
Generally speaking, it's&nbsp;<a href="https://substack.com/redirect/79a2ee52-041b-4132-9c76-75ecc805b236?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">not a great idea</a>&nbsp;to be trading in and out of the stock market,&nbsp;<a href="https://substack.com/redirect/f7566c7b-af97-4c3b-9bbc-7e610bde424f?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">especially during periods of stress</a>. It's especially treacherous to be trading based on P/E ratios, more so when the Es are unreliable.
Unfortunately, we&nbsp;<a href="https://substack.com/redirect/4294b042-8707-48de-ac31-b3aa112fea7e?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">might not get</a>&nbsp;a clean E any time soon.
"There is a reasonable probability that absent some resolution/clarity, transparency could be compromised," BofA's Savita Subramanian wrote on Thursday. "Companies tend to shut down guidance amid uncertainty."
This sentiment is in line with Goldman Sachs' David Kostin, who&nbsp;<a href="https://substack.com/redirect/4294b042-8707-48de-ac31-b3aa112fea7e?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">expects</a>&nbsp;"during upcoming quarterly earnings calls fewer companies than usual will provide forward guidance." This is because recently announced tariffs have made it&nbsp;<a href="https://substack.com/redirect/0579e271-c909-4957-91ca-67c6efc7a519?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">very difficult to project</a>&nbsp;where business is headed.
If you're going to trade, be careful about trading based on expectations for the near future. The <a href="https://substack.com/redirect/0579e271-c909-4957-91ca-67c6efc7a519?j=eyJ1Ijoid252OGYifQ.jVQb6opeiKhMTzCAB2x0eMpa3LqEuHgwpXD1DeTk7x0" target="_blank" rel="noreferrer noopener">savviest minds in the market caution</a> this is a guessing game.

Earnings

Equities

Long Ideas

Market Summary

Markets

Sam Ro: Put The P/E Ratio In Timeout For Now

On Friday, JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported its&nbsp;first-<a target="_blank" href="https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge" rel="noreferrer noopener">quarter&nbsp;FY24 results</a>.
Reported revenue&nbsp;rose&nbsp;8%&nbsp;year-on-year (Y/Y) to&nbsp;$45.3&nbsp;billion. Net revenue (<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/1st-quarter/d88c408a-bbc9-4b06-b263-373f5b10b145.pdf" rel="noreferrer noopener">managed</a>) was&nbsp;$46.0 billion (+8% Y/Y), beating the&nbsp;consensus of&nbsp;$44.1 billion.
Net income rose&nbsp;9%&nbsp;Y/Y to&nbsp;$14.6&nbsp;billion in the quarter. EPS of&nbsp;$5.07 exceeded&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.62</a>.&nbsp;
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44800162/wells-fargo-is-fairly-valued-its-conservative-approach-feels-safer-analysts" rel="noreferrer noopener">Wells Fargo Is ‘Fairly Valued,' Its Conservative Approach ‘Feels Safer:' Analysts</a>
Jamie Dimon, Chairman and CEO, said, "The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and "trade wars," ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility."
Oppenheimer analyst writes, "We had already haircut our investment banking expectations in our earnings preview to have 2025 roughly flat with 2024."
Oppenheimer says the biggest update to their future forecasts is raising their expected 2026 charge-off rate by 50%. This change is based on the idea that unemployment could rise from around 4% now to about 6% in 2026.
Analyst Chris Kotowski expects wealth and asset management revenues to drop, reflecting recent declines in the stock and bond markets. He's also taking out previous assumptions for loan growth in the second half of 2025 and in 2026.
However, he's keeping net interest income estimates mostly unchanged, believing the Federal Reserve probably won't make major rate cuts.
Analyst Kotowski adds, "Thus, it's not nearly the impact that one might have feared. Of course, there are many other moving parts and a wide range of potential outcomes given the now uncertain state of global trade. We continue to view JPM as a quality core holding in the group but presently still favor BAC, C and USB."
Price Action: JPM stock is down 0.23% at $235.67 at the last check Monday.
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Image via Shutterstock

Large Cap

JP Morgan Is A Quality Core Holding But Analyst Presently Favors Bank Of America, Citi, US Bancorp

The U.S. baking industry is bracing for a major financial hit — up to $454 million in extra costs this year — as a result of new tariffs on goods imported from Canada, Mexico and China, according to the American Bakers Association. This estimate came before the U.S and China revved up their <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">retaliatory tariffs</a>.&nbsp;
These tariffs, with a wide range from 10% to 145%, affect essential ingredients, packaging, and equipment that commercial bakers rely on daily.
"American baking manufacturers rely on global supply chains for essential ingredients and equipment," the ABA stated in its March analysis. "Tariffs threaten to drive up costs and strain operations, jeopardizing businesses, workers and consumers."
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<h2 class="wp-block-heading">Where the Money Goes</h2>
The ABA estimates that more than half of all imports used by U.S. bakers come from the three countries now facing new or reinstated tariffs. Bakers imported nearly $1 billion in Canadian goods alone last year, including $193 million in ingredients. A 25% tariff would tack on $244 million in additional costs.
Mexico, another key partner, shipped $679 million worth of baking-related goods to the U.S. in 2024. If the full 25% tariff is applied, the cost to bakers could jump by $170 million. Chinese imports for U.S. bakers totaled $395 million in 2024. With the current <a href="https://www.benzinga.com/25/04/44757476/asia-mixed-europe-slides-as-china-tariff-hike-escalates-tensions-gold-soars-dollar-hits-two-year-low-global-markets-today-while-us-slept">trade war</a>, this number could total nearly $1 billion in 2025.&nbsp;
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<h2 class="wp-block-heading">Small Businesses Feel the Heat</h2>
While large commercial bakeries might have the resources to absorb some of these additional costs, small family-run businesses are especially vulnerable. One such company is Uncle Jerry's Pretzels, a 30-employee operation in Lancaster County, Pennsylvania. Co-owner Misty Skolnick told <a href="https://www.usatoday.com/story/news/nation/2025/04/09/trump-tariff-small-businesses-pretzels/82792561007/">USA Today</a> that the recent tariffs have forced her to rethink pricing and production strategies.
Skolnick and her father, Jerry, have run the business since 1988. The company already had to discontinue some popular varieties after sesame seed prices spiked. Now, with tariffs driving up the cost of imported chocolate and packaging, Skolnick worries about how long they can maintain product quality without raising prices.
"We're asking ourselves, ‘Can we afford to provide a consistent, high-quality product at a reasonable price for our customers?'" Skolnick told USA Today.
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<h2 class="wp-block-heading">More Than Just Ingredients at Stake</h2>
The baking industry's exposure doesn't end with imports. Retaliatory tariffs from trading partners could also threaten <a href="https://www.benzinga.com/news/global/25/04/44705879/trump-tariffs-push-eu-to-hit-23-billion-in-us-exports-including-orange-juice-poulty-and-steel-from-red-states">U.S. exports</a>. Bakery goods are among the top categories relying on current trade protections under the United States-Mexico-Canada Agreement, according to an analysis by RaboResearch.
Canada alone accounts for three times the U.S. bakery export volume of Mexico, and new barriers could drastically reduce trade. "The impacts of Canadian tariffs would be challenging for US (food and agriculture) as a whole, but could be particularly harmful for produce growers, manufacturers of baked goods and oilseed farmers," the researchers wrote.
<h2 class="wp-block-heading">The Road Ahead Is Uncertain</h2>
For now, some of the tariffs are paused — notably, the 25% levies on Canadian and Mexican imports that fall under the USMCA. But the possibility of reinstatement looms large.
Skolnick is doing her best to stay calm and adapt. "We try not to panic or react to rumors or hearsay," she said. "Ultimately, we're trying to wait for the facts on the ground before we implement any big changes on our end."
Still, as costs climb and uncertainty lingers, both large and small players in the baking world may need to rethink their recipes for long-term success.
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