The Point for North America

A daily Citi Research summary highlighting key equity changes, including adding Equinix to the Focus List and raising IBM's price target. It also covers macro themes like bullish uranium prices and the impact of central bank liquidity on repo rates.

Key Takeaways

• 1.Equinix (EQIX) is added to Citi's Focus List due to accelerating top-line recurring revenue and its position as a beneficiary of expanding AI workload demand.
• 2.Lilly remains a top Biopharma pick with a sector-leading growth profile and expansion into new therapeutic areas beyond cardiometabolic dominance.
• 3.IBM's price target is raised to $375 as the market begins to recognize its momentum in Quantum computing and structural cash flow advantages over mega-cap tech peers.

Table of Contents

• Morning Call Highlights
• Company
• Industry
• Economics & Strategy
• Fixed Income & FX
• Key Rating and Target Price Changes