ab 14 August 2024 Global Research and Evidence Lab US Internet Getting Over the Fears around Depreciation Expense Mismodeling Key Takeaways With our Capital Expenditure forecasts for 2025 rising by ~$30.7B for Amazon (AWS), Google, and Meta in the aggregate (from $125.5B to $156.2B), we have been fielding increased questions from investors on whether the Street is properly modeling the higher Operating Expenses (particularly depreciation) that go with the elevated level of spending. The concern here is that ...

ab 14 August 2024 Global Research and Evidence Lab North American Oil & Gas The Gas Digest - Post-2Q Gas Hedging Review Equities Americas Energy Gas Hedges Falling In 2025 With Rising Strip Following 2Q24 earnings season, we reviewed the latest gas hedge disclosures across our coverage group, focusing on the gas-focused E&Ps. On average, the gas-focused E&Ps have hedged 47%/31% of FY24/25 gas volumes, with the decline in 2025 reflecting operators leaving more exposure to an expected rising price environment ...

Investment Rating - The report maintains a "Buy" rating for Acumen Pharmaceuticals Inc with a 12-month price target (PT) lowered to $6 from $14 [4][8]. Core Insights - The investment thesis has been updated following the 2Q24 earnings report, with a focus on the execution of Phase 2 (P2) trials for sabirnetug (ACU193) as a key driver for stock performance [2][6]. - The overall sentiment in the Alzheimer's disease (AD) market remains low, influenced by regulatory setbacks and slow commercial uptake of competing products [3][9]. - Despite the challenges, the report highlights that Acumen Pharmaceuticals has sufficient cash to fund operations into the first half of 2027, with P2 trial enrollment exceeding expectations [6][7]. Summary by Sections Investment Rating - 12-month rating: Buy - 12-month price target: $6.00 (previously $14.00) [4]. Financial Performance - Current stock price as of August 14, 2024: $2.46 - Market capitalization: $0.14 billion - Expected revenues for 12/24E: $21 million [5]. Market and Competitive Landscape - The AD market is sizable but has seen a decline in clinical trials and investigational drugs in 2024 compared to 2023 [3]. - Regulatory risks have increased following the EMA refusal of Leqembi, impacting overall market sentiment [3][9]. Company-Specific Developments - Acumen Pharmaceuticals reported a cash position of $281.4 million, sufficient to support ongoing trials [6]. - Management noted that the P2 ALTITUDE-AD study is progressing faster than expected, with positive feedback on the trial design [6][7]. Valuation Adjustments - Peak sales estimates for sabirnetug have been lowered from $6.8 billion to $2.4 billion due to anticipated lower commercial uptake [9][10]. - The probability of success (PoS) for sabirnetug has been increased from 15% to 20% based on evolving clinical data [9][10].

ab 14 August 2024 Global Research and Evidence Lab First Read Payments, Processors, & FinTech NFC Secure Element within their own apps Apple announces broader developer access to Equities Americas Diversified Technology Services Timothy E. Chiodo, CFA Analyst timothy.chiodo@ubs.com +1-415-352 4500 Nik Cremo Analyst nik.cremo@ubs.com +1-415-352 6025 Chris Zhang, CFA Analyst chris.zhang@ubs.com +1-212-713 4911 Dylan Wright Analyst dylan.wright@ubs.com +1-212-713 3269 Jing Zhang Associate Analyst jing.zhang1@u ...

First Read US Weekly RevPAR Update Slightly Better RevPAR This Week Driven by Business Travel Weekly RevPAR up +2% YOY US Weekly RevPAR was up +2% YOY for August 4 - August 10 week, above last week's up +1%, with ADR up +140bps and occupancy up +40bps. ADR up +140bps was above last week's +60bps. Occupancy of up +40bps was slightly below last week's +50bps. RevPAR was up +11% vs. '19 per our calculations, broadly in line with last week's +11.5%. We estimate that ADR was up +20% vs. '19 (last week up +20%) a ...

ab 14 August 2024 Global Research and Evidence Lab Cruise Lines Rehash - August 14, 2024 Equities Americas Leisure Goods & Services Robin M. Farley Analyst robin.farley@ubs.com +1-212-713 2060 Arpine Kocharyan Analyst arpine.kocharyan@ubs.com +1-212-713 2086 Alex Kivali Associate Analyst alex.kivali@ubs.com +1-212-713 3945 Alexia Tsimikas Associate Analyst alexia.tsimikas@ubs.com +1-212-713 2183 See here and here for past rehashes. This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION A ...

ab 14 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab July Web Traffic Data Equities Americas Internet Services 12-month rating Neutral * 12m price target US$11.00 Price (14 Aug 2024) US$9.36 RIC: UPWK.O BBG: UPWK US Trading data and key metrics | --- | --- | |-----------------------------|---------------| | 52-wk range | US$15.66-9.01 | | Market cap. | US$1.25b | | Shares o/s | 133m (COM) | | Free float | 87% | | Avg. daily volume ('000) | 2,156 | | Avg. daily value (m) | US$23 ...

Global Research and Evidence Lab 14 August 2024 Dayforce Inc. 2024 Boost amid $500m New Buyback = Buy Non-deal road show offers a glimpse at a Special Software Story We recently hosted Dayforce CEO David Ossip, CFO Jeremy Johnson as well as multiple members from investor relations. We continue to have substantial confidence in our thesis as we believe DAY stock is poised to outperform on cloud revenue remix + improving free cash flow conversion—we believe recent underperformance is mostly due to risk-off se ...

Investment Rating - The investment rating for Fiverr International Ltd is Neutral with a 12-month price target of $27.00 [5][21]. Core Insights - Monthly unique visitors to Fiverr.com decreased by 17% year-over-year in July, worsening from a 15% decline in June, indicating a trend of declining web traffic [2][3]. - The guidance for Q3 revenue suggests a continued slowdown, with a projected GMV growth of -4% year-over-year, slightly worse than the -3% in Q2 [3][4]. - The price target of $27 is based on a 9X NTM EV/EBITDA multiple applied to an adjusted EBITDA estimate of $89 million for the twelve months ending June 2026 [4][11]. Summary by Sections Web Traffic Data - July saw a 17% year-over-year decline in unique visitors to Fiverr.com, compared to a 15% decline in June and a 10% decline in May [3]. - The management's Q3 revenue guidance reflects expectations of continued slower trends, with consensus modeling a GMV decline of -4% year-over-year [3]. Valuation - The price target of $27 is derived from a 9X NTM EV/EBITDA multiple, which is below Fiverr's one-year forward multiple of 11X due to anticipated GMV volatility [4][11]. - The forecasted revenue for Fiverr is expected to grow from $361 million in 2023 to $385 million in 2024, with net earnings projected to increase from $80 million to $98 million in the same period [6]. Company Overview - Fiverr is a leading freelancing platform that served 4.1 million active buyers in 2023, generating a GMV of $1.1 billion with an average spend of $278 per buyer [10].

Global Research and Evidence Lab 14 August 2024 LatAm Transport and Capital Goods Daily Take-Off: ERJ, TUPY, AZUL, COPA, RAIL ERJ: LATAM discussing up to 30 E2 Jets According to Aeroin, the Minister of Ports and Airports, Mr. Silvio Costa Filho, pointed out that LATAM is in negotiations to acquire jets from the Brazilian manufacturer. Moreover, the article states that LATAM expects to grow more than 10% in the next three years and is considering buying 30 planes. Nonetheless, the CEO of LATAM Brazil, Mr. Je ...