Early Morning Research Recap: Ratings and Target Price Changes

A comprehensive daily recap of Goldman Sachs' global equity, credit, and macro research, highlighting key rating changes for companies like Usiminas and Lanxess alongside Fed balance sheet analysis.

Key Takeaways

• 1.Rating upgrades for Usiminas (to Buy) and Ageas (to Neutral) highlight specific opportunities in LatAm materials and Dutch insurance.
• 2.Downgrades for Lanxess (to Sell), Tingyi (to Neutral), and WHA Corp (to Sell) reflect concerns over pricing windfalls, cost inflation, and historical valuation peaks.
• 3.Global credit markets remain sensitive to interest rate movements, with rates described as still being 'in the driver's seat'.

Table of Contents

• The Calls Around the World to Focus on Today
• The Macro Round-Up
• Rating and Conviction List Changes
• Links to Rating and Conviction List Changes
• Notable Stock Research to Consider
• Target Price Changes
• Webinars, Podcasts & Conferences

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