Daiwa Capital Markets Stock Recommendations and Price Targets

This is a list of recent ratings by Daiwa Capital Markets.

Date	Company Name	Action	Current Price	Price Target	Rating
2/2/2026	MA Mastercard	Set Price Target	$556.00	$610.00	Outperform
2/2/2026	V Visa	Upgrade	$334.00	$370.00	Outperform
1/30/2026	ABT Abbott Laboratories	Lower Price Target	$110.00	$136.00 ➝ $113.00	Outperform ➝ Outperform
1/29/2026	GS The Goldman Sachs Group	Boost Price Target	$946.00	$927.00 ➝ $940.00	Neutral ➝ Neutral
1/29/2026	JNJ Johnson & Johnson	Boost Price Target	$231.00	$203.00 ➝ $237.00	Outperform ➝ Outperform
1/27/2026	DDOG Datadog	Initiated Coverage	$129.00	$190.00	Buy
1/27/2026	BAC Bank of America	Lower Price Target	$54.00	$66.00 ➝ $62.00	Buy ➝ Buy
1/14/2026	SKM SK Telecom	Downgrade	$28.00		Hold
1/13/2026	PYPL PayPal	Downgrade	$52.00	$77.00 ➝ $61.00	Outperform ➝ Neutral
1/13/2026	MCO Moody's	Upgrade	$518.00	$500.00 ➝ $590.00	Neutral ➝ Outperform
1/12/2026	MCO Moody's	Upgrade	$518.00		Hold ➝ Strong-Buy
1/12/2026	PYPL PayPal	Downgrade	$52.00		Strong-Buy ➝ Hold
1/6/2026	GS The Goldman Sachs Group	Boost Price Target	$946.00	$823.00 ➝ $927.00	Neutral ➝ Neutral
1/6/2026	JPM JPMorgan Chase & Co.	Boost Price Target	$308.00	$345.00 ➝ $353.00	Outperform ➝ Outperform
12/29/2025	KYSEY Kyushu Electric Power	Downgrade	$11.00		Neutral
12/23/2025	NKE NIKE	Lower Price Target	$62.00	$75.00 ➝ $61.00
12/16/2025	LLY Eli Lilly and Company	Set Price Target	$1,044.00	$1,230.00	Neutral ➝ Buy
12/16/2025	COST Costco Wholesale	Lower Price Target	$968.00	$947.00 ➝ $917.00	Neutral ➝ Neutral
12/16/2025	LULU lululemon athletica	Boost Price Target	$179.00	$174.00 ➝ $205.00	Neutral ➝ Neutral
12/16/2025	HD Home Depot	Boost Price Target	$378.00	$348.00 ➝ $360.00	Neutral ➝ Neutral
12/16/2025	LLY Eli Lilly and Company	Upgrade	$1,044.00		Hold ➝ Strong-Buy
12/9/2025	CRWD CrowdStrike	Boost Price Target	$439.00	$530.00 ➝ $560.00	Outperform ➝ Outperform
12/9/2025	FSLR First Solar	Boost Price Target	$231.00	$215.00 ➝ $284.00	Outperform ➝ Outperform
12/8/2025	DG Dollar General	Boost Price Target	$144.00	$113.00 ➝ $130.00	Neutral ➝ Neutral
12/3/2025	DELL Dell Technologies	Boost Price Target	$119.00	$140.00 ➝ $150.00	Outperform ➝ Outperform
12/2/2025	BE Bloom Energy	Set Price Target	$156.00	$98.00
12/2/2025	CSIQ Canadian Solar	Upgrade	$19.00	$30.00	Neutral ➝ Outperform
12/2/2025	BE Bloom Energy	Initiated Coverage	$156.00		Neutral
12/2/2025	DE Deere & Company	Lower Price Target	$534.00	$530.00 ➝ $520.00	Outperform ➝ Outperform
11/28/2025	BBY Best Buy	Boost Price Target	$66.00	$76.00 ➝ $80.00	Neutral ➝ Neutral
11/26/2025	INTU Intuit	Boost Price Target	$487.00	$770.00 ➝ $800.00	Buy ➝ Buy
11/25/2025	MDT Medtronic	Boost Price Target	$103.00	$104.00 ➝ $117.00	Buy ➝ Buy
11/24/2025	HD Home Depot	Lower Price Target	$378.00	$399.00 ➝ $348.00	Neutral ➝ Neutral
11/18/2025	AMGN Amgen	Boost Price Target	$345.00	$310.00 ➝ $370.00	Outperform ➝ Outperform
11/18/2025	CMCSA Comcast	Lower Price Target	$30.00	$38.00 ➝ $30.00	Outperform ➝ Outperform
11/18/2025	XPEV XPENG	Upgrade	$16.00	$29.00	Neutral ➝ Buy
11/13/2025	GILD Gilead Sciences	Boost Price Target	$143.00	$128.00 ➝ $129.00	Outperform ➝ Outperform
11/12/2025	FTNT Fortinet	Downgrade	$81.00	$86.00	Outperform ➝ Neutral
11/12/2025	EBAY eBay	Lower Price Target	$94.00	$99.00 ➝ $84.00	Neutral ➝ Neutral
11/11/2025	AMZN Amazon.com	Boost Price Target	$243.00	$254.00 ➝ $300.00	Buy ➝ Buy
11/10/2025	LLY Eli Lilly and Company	Boost Price Target	$1,044.00	$700.00 ➝ $940.00
11/7/2025	MSFT Microsoft	Lower Price Target	$423.00	$640.00 ➝ $630.00	Buy ➝ Buy
11/6/2025	PLTR Palantir Technologies	Boost Price Target	$148.00	$178.00 ➝ $200.00	Neutral ➝ Neutral
11/6/2025	GOOGL Alphabet	Boost Price Target	$344.00	$233.00 ➝ $333.00	Buy ➝ Buy
10/28/2025	TMUS T-Mobile US	Lower Price Target	$195.00	$240.00 ➝ $230.00	Neutral ➝ Neutral
10/24/2025	ISRG Intuitive Surgical	Boost Price Target	$497.00	$510.00 ➝ $550.00	Outperform ➝ Outperform
10/22/2025	EQIX Equinix	Set Price Target	$810.00	$917.00	Outperform
10/22/2025	DLR Digital Realty Trust	Initiated Coverage	$165.00	$210.00	Buy
10/21/2025	ABT Abbott Laboratories	Boost Price Target	$110.00	$134.00 ➝ $136.00	Outperform ➝ Outperform
10/20/2025	JNJ Johnson & Johnson	Upgrade	$231.00	$203.00	Neutral ➝ Outperform
10/14/2025	BIDU Baidu	Set Price Target	$149.00	$160.00	Neutral ➝ Buy
10/8/2025	BAC Bank of America	Boost Price Target	$54.00	$54.00 ➝ $58.00	Outperform ➝ Outperform
10/8/2025	GS The Goldman Sachs Group	Boost Price Target	$946.00	$756.00 ➝ $810.00	Neutral ➝ Neutral
10/8/2025	JPM JPMorgan Chase & Co.	Boost Price Target	$308.00	$330.00 ➝ $332.00	Outperform ➝ Outperform
10/1/2025	APTV Aptiv	Boost Price Target	$78.00	$79.00 ➝ $100.00	Outperform ➝ Outperform
9/30/2025	COST Costco Wholesale	Lower Price Target	$968.00	$1,005.00 ➝ $947.00	Neutral ➝ Neutral
9/25/2025	DE Deere & Company	Lower Price Target	$534.00	$565.00 ➝ $530.00	Outperform ➝ Outperform
9/24/2025	CRWD CrowdStrike	Boost Price Target	$439.00	$475.00 ➝ $530.00	Outperform ➝ Outperform
9/24/2025	EMR Emerson Electric	Boost Price Target	$149.00	$150.00 ➝ $153.00	Outperform ➝ Outperform
9/22/2025	MP MP Materials	Initiated Coverage	$59.00	$80.00	Outperform
9/22/2025	MP MP Materials	Upgrade	$59.00		Strong-Buy
9/22/2025	FDX FedEx	Boost Price Target	$335.00	$232.00 ➝ $240.00	Neutral ➝ Neutral
9/17/2025	VST Vistra	Upgrade	$154.00	$250.00	Neutral ➝ Buy
9/17/2025	NVDA NVIDIA	Boost Price Target	$186.00	$165.00 ➝ $205.00	Outperform ➝ Outperform
9/12/2025	MDT Medtronic	Boost Price Target	$103.00	$101.00 ➝ $104.00	Buy ➝ Buy
9/11/2025	ETN Eaton	Initiated Coverage	$360.00	$390.00	Outperform
9/11/2025	ETN Eaton	Upgrade	$360.00		Strong-Buy
9/11/2025	DELL Dell Technologies	Boost Price Target	$119.00	$125.00 ➝ $140.00	Outperform ➝ Outperform
8/20/2025	AMAT Applied Materials	Reiterated Rating	$328.00	$185.00 ➝ $170.00	Outperform ➝ Neutral
8/20/2025	AMAT Applied Materials	Downgrade	$328.00		Strong-Buy ➝ Hold
8/19/2025	GILD Gilead Sciences	Upgrade	$143.00	$128.00	Neutral ➝ Outperform
8/17/2025	LLY Eli Lilly and Company	Downgrade	$1,044.00	$700.00	Outperform ➝ Neutral
8/17/2025	LLY Eli Lilly and Company	Downgrade	$1,044.00		Strong-Buy ➝ Hold
8/12/2025	ILMN Illumina	Downgrade	$141.00	$94.00	Outperform ➝ Neutral
8/12/2025	TME Tencent Music Entertainment Group	Upgrade	$17.00		Neutral ➝ Outperform
8/12/2025	FUTU Futu	Upgrade	$162.00		Strong-Buy
8/11/2025	FUTU Futu	Initiated Coverage	$162.00	$190.00	Negative ➝ Buy
8/7/2025	ABBV AbbVie	Upgrade	$226.00	$214.00	Neutral ➝ Outperform
8/5/2025	BMY Bristol Myers Squibb	Downgrade	$56.00	$42.00	Outperform ➝ Neutral
8/1/2025	PWR Quanta Services	Downgrade	$477.00		Strong-Buy ➝ Hold
8/1/2025	MELI MercadoLibre	Initiated Coverage	$2,147.00	$3,000.00	Buy
7/29/2025	EW Edwards Lifesciences	Upgrade	$83.00		Hold ➝ Strong-Buy
7/27/2025	PONY Pony AI	Initiated Coverage	$13.00		Outperform
7/27/2025	OKLO Oklo	Upgrade	$74.00		Neutral ➝ Outperform
7/27/2025	TSLA Tesla	Reiterated Rating	$422.00		Neutral ➝ Neutral
7/27/2025	OKLO Oklo	Upgrade	$74.00		Hold ➝ Strong-Buy
7/27/2025	PONY Pony AI	Upgrade	$13.00		Strong-Buy
7/11/2025	OKLO Oklo	Initiated Coverage	$74.00	$58.00	Neutral
7/11/2025	OKLO Oklo	Upgrade	$74.00		Hold
7/8/2025	TJX TJX Companies	Initiated Coverage	$150.00	$133.00	Outperform
7/8/2025	TJX TJX Companies	Upgrade	$150.00		Strong-Buy
6/2/2025	BZ KANZHUN	Upgrade	$19.00		Hold ➝ Strong-Buy
5/28/2025	GDS GDS	Reiterated Rating	$45.00		Buy ➝ Buy
5/15/2025	KLTHF East Buy	Upgrade	$3.00		Outperform
5/12/2025	EBAY eBay	Upgrade	$94.00	$70.00	Hold ➝ Strong-Buy
4/30/2025	UPS United Parcel Service	Lower Price Target	$110.00	$120.00 ➝ $103.00
4/11/2025	PWR Quanta Services	Upgrade	$477.00		Hold ➝ Strong-Buy
4/4/2025	GS The Goldman Sachs Group	Downgrade	$946.00	$560.00	Strong-Buy ➝ Hold
4/2/2025	MZDAY Mazda Motor	Upgrade	$4.00		Hold
4/2/2025	EH EHang	Initiated Coverage	$12.00	$30.00	Buy