Early Morning Research Recap: Ratings and Target Price Changes

A comprehensive daily recap from Goldman Sachs highlighting global equity rating changes, macro-economic research, and key takeaways from corporate earnings across multiple sectors.

Key Takeaways

• 1.The report highlights major rating changes, including an upgrade for Usiminas to Buy and a downgrade for Lanxess AG and WHA Corp to Sell.
• 2.Macro focus remains on the Federal Reserve's balance sheet outlook and the persistent influence of interest rates on global credit markets.
• 3.Consumer staples and retail sectors show mixed results, with Walmart maintaining strong top-line growth and share gains while China beverages face enduring cost inflation.

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 (10% or greater)
• Webinars, Podcasts & Conferences
• Disclosure Appendix

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