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	Impact on Share Price
4/15/2024	APP AppLovin	Initiated Coverage	$71.00	$80.00	Neutral	Low
4/1/2024	NXT Nextracker	Initiated Coverage	$44.00	$63.00	Outperform	Low
4/1/2024	DIS Walt Disney	Reiterated Rating	$114.00	$133.00	Buy ➝ Buy	Low
3/15/2024	DQ Daqo New Energy	Reiterated Rating	$23.00	$25.00	Neutral ➝ Underperform	Low
3/14/2024	GS The Goldman Sachs Group	Upgrade	$424.00	$410.00 ➝ $430.00	Neutral ➝ Outperform	Low
3/11/2024	CSIQ Canadian Solar	Initiated Coverage	$15.00	$21.00	Neutral	Low
2/20/2024	DADA Dada Nexus	Upgrade	$2.00	$3.50	Neutral ➝ Buy	Low
2/16/2024	ARM ARM	Downgrade	$96.00	$63.00 ➝ $130.00	Buy ➝ Neutral	Low
2/13/2024	PYPL PayPal	Downgrade	$64.00	$64.00 ➝ $62.00	Outperform ➝ Neutral	Low
2/13/2024	FTNT Fortinet	Upgrade	$65.00	$75.00	Neutral ➝ Outperform	Low
2/6/2024	TSLA Tesla	Downgrade	$145.00	$245.00 ➝ $195.00	Outperform ➝ Neutral	Low
2/5/2024	JKS JinkoSolar	Downgrade	$23.00	$25.00	Outperform ➝ Neutral	Low
2/2/2024	SE SEA	Upgrade	$62.00		Neutral ➝ Buy	Low
1/26/2024	JKS JinkoSolar	Initiated Coverage	$23.00	$33.30	Outperform	Low
1/24/2024	VZ Verizon Communications	Upgrade	$40.00	$36.00 ➝ $47.00	Neutral ➝ Outperform	Low
1/19/2024	BILI Bilibili	Downgrade	$11.00		Buy ➝ Neutral	Low
1/17/2024	FTNT Fortinet	Downgrade	$65.00	$62.00	Buy ➝ Neutral	Low
12/26/2023	UPS United Parcel Service	Downgrade	$149.00	$155.00	Outperform ➝ Neutral	Low
12/21/2023	AMGN Amgen	Upgrade	$274.00	$264.00 ➝ $320.00	Neutral ➝ Buy	Low
12/18/2023	C Citigroup	Upgrade	$63.00	$63.00	Neutral ➝ Buy	Low
11/8/2023	DAO Youdao	Downgrade	$4.00	$7.00 ➝ $4.60	Buy ➝ Neutral	Low
11/2/2023	BMY Bristol-Myers Squibb	Downgrade	$49.00	$68.00 ➝ $54.00	Outperform ➝ Neutral	Low
10/24/2023	ENPH Enphase Energy	Downgrade	$113.00	$145.00 ➝ $100.00	Outperform ➝ Neutral	Low
10/10/2023	ARM ARM	Initiated Coverage	$96.00	$63.00	Buy	Low
10/10/2023	SPLK Splunk	Downgrade	$157.00		Outperform ➝ Neutral	Low
9/19/2023	DQ Daqo New Energy	Downgrade	$23.00	$45.00 ➝ $32.00	Outperform ➝ Neutral	Low
9/18/2023	DELL Dell Technologies	Upgrade	$121.00	$50.00 ➝ $80.00	Neutral ➝ Outperform	Low
9/5/2023	TIGR UP Fintech	Upgrade	$3.00		Neutral ➝ Buy	Low
8/22/2023	TGT Target	Downgrade	$167.00	$134.00	Outperform ➝ Neutral	Low
8/1/2023	F Ford Motor	Boost Price Target	$13.00	$12.00 ➝ $13.00	Neutral ➝ Neutral	Low
7/31/2023	XNYIF Xinyi Solar	Downgrade	$1.00		Hold ➝ Sell	Low
7/31/2023	DDL Dingdong (Cayman)	Downgrade	$1.00	$7.50 ➝ $2.80	Buy ➝ Neutral	Low
7/25/2023	FINV FinVolution Group	Initiated Coverage	$5.00	$6.70	Buy	Low
7/25/2023	CHYFF Cathay Financial	Upgrade	$15.00		Hold ➝ Outperform	Low
7/24/2023	DADA Dada Nexus	Downgrade	$2.00	$10.73	Buy ➝ Hold	Low
7/20/2023	ATAT Atour Lifestyle	Initiated Coverage	$18.00	$24.00	Buy	Low
7/12/2023	BZ Kanzhun	Initiated Coverage	$19.00	$19.00	Buy	Low
6/29/2023	NVDA NVIDIA	Upgrade	$824.00	$408.00 ➝ $475.00	Neutral ➝ Outperform	Low
6/28/2023	BMY Bristol-Myers Squibb	Initiated Coverage	$49.00	$70.00	Outperform	Low
6/6/2023	DG Dollar General	Downgrade	$143.00	$172.00	Outperform ➝ Neutral	Low
5/29/2023	MUFG Mitsubishi UFJ Financial Group	Upgrade	$10.00		Neutral ➝ Outperform	Low
5/29/2023	KAOOY KAO	Downgrade	$8.00		Outperform ➝ Neutral	Low
5/29/2023	DWMNF Dowa	Downgrade	$34.00		Neutral ➝ Underperform	Low
5/26/2023	NCTKF Nabtesco	Downgrade	$16.00		Outperform ➝ Neutral	Low
5/25/2023	F Ford Motor	Upgrade	$13.00	$12.00	Underperform ➝ Neutral	Low
5/22/2023	LEGN Legend Biotech	Initiated Coverage	$47.00		Buy	Low
5/19/2023	TIGR UP Fintech	Downgrade	$3.00		Buy ➝ Hold	Low
5/15/2023	KURCF Kureha	Downgrade	$7.00		Outperform ➝ Neutral	Low
5/11/2023	PFE Pfizer	Downgrade	$26.00	$38.00	Outperform ➝ Neutral	Low
5/8/2023	COIN Coinbase Global	Upgrade	$236.00	$58.00 ➝ $65.00	Neutral ➝ Buy	Low
5/4/2023	DQ Daqo New Energy	Upgrade	$23.00		Neutral ➝ Outperform	Low
4/24/2023	TSLA Tesla	Lower Price Target	$145.00	$218.00 ➝ $185.00	Outperform	Low
4/19/2023	MBLY Mobileye Global	Initiated Coverage	$30.00	$50.00	Buy	Low
4/5/2023	SFGIF Shizuoka Financial Group,Inc.	Downgrade	$9.00		Outperform ➝ Neutral	Low
4/5/2023	CCRDF Concordia Financial Group	Downgrade	$5.00		Outperform ➝ Neutral	Low
4/5/2023	YFGSF Yamaguchi Financial Group	Downgrade	$6.00		Outperform ➝ Neutral	Low
4/5/2023	FKKFF Fukuoka Financial Group	Downgrade	$17.00		Outperform ➝ Neutral	N/A
4/5/2023	CHBAY Chiba Bank	Downgrade	$37.00		Outperform ➝ Neutral	Low
4/3/2023	BIDU Baidu	Boost Price Target	$98.00	$200.00 ➝ $215.00		Low
3/29/2023	VIPS Vipshop	Upgrade	$16.00	$17.30	Neutral ➝ Outperform	Low
3/29/2023	DE Deere & Company	Initiated Coverage	$397.00	$440.00	Outperform	Low
3/28/2023	NKE NIKE	Boost Price Target	$94.00	$116.00 ➝ $123.00	Neutral	Low
3/20/2023	DAO Youdao	Upgrade	$4.00	$4.00 ➝ $9.50	Neutral ➝ Outperform	Low
3/15/2023	INTU Intuit	Initiated Coverage	$631.00	$444.00	Outperform	Low
3/3/2023	TSLA Tesla	Boost Price Target	$145.00	$200.00 ➝ $218.00	Outperform	Low
3/1/2023	ITTOY ITOCHU Techno-Solutions	Downgrade	$12.00		Outperform ➝ Neutral	Low
3/1/2023	TMICY Trend Micro	Downgrade	$52.00		Outperform ➝ Neutral	Low
2/24/2023	BEKE KE	Initiated Coverage	$14.00		Buy	Low
2/24/2023	ASBRF Asahi Group	Upgrade	$36.00		Neutral ➝ Outperform	Low
2/14/2023	YFGSF Yamaguchi Financial Group	Upgrade	$6.00		Neutral ➝ Outperform	Low
2/13/2023	TKGSY Tokyo Gas Co.,Ltd.	Downgrade	$13.00		Outperform ➝ Neutral	Low
2/13/2023	OSGSY Osaka Gas	Upgrade	$33.00		Neutral ➝ Outperform	N/A
2/7/2023	PFE Pfizer	Upgrade	$26.00	$51.00	Neutral ➝ Outperform	Low
1/27/2023	MDPEF MedPeer,Inc.	Downgrade	$4.00		Outperform ➝ Neutral	Low
1/20/2023	BZUN Baozun	Upgrade	$3.00		Neutral ➝ Outperform	Low
1/13/2023	TME Tencent Music Entertainment Group	Initiated Coverage	$12.00		Buy	Low
1/12/2023	JDHIF JD Health International	Downgrade	$3.00		Buy ➝ Hold	Low
1/11/2023	BGNE BeiGene	Initiated Coverage	$139.00	$308.00	Buy	Low
12/29/2022	DTSOF DTS	Downgrade	$25.00		Outperform ➝ Neutral	Low
12/23/2022	FSLR First Solar	Initiated Coverage	$180.00	$175.00	Outperform	Low
12/23/2022	ENPH Enphase Energy	Initiated Coverage	$113.00	$335.00	Outperform	Low
12/23/2022	SEDG SolarEdge Technologies	Initiated Coverage	$57.00	$325.00	Neutral	Low
12/20/2022	TSLA Tesla	Lower Price Target	$145.00	$240.00 ➝ $177.00	Outperform	Low
12/19/2022	PUK Prudential	Initiated Coverage	$19.00		Outperform	Low
12/14/2022	CCRDF Concordia Financial Group	Upgrade	$5.00		Neutral ➝ Outperform	N/A
12/14/2022	XPEV XPeng	Downgrade	$7.00	$13.00 ➝ $8.00	Buy ➝ Sell	Low
12/6/2022	CLDHF CapitaLand China Trust	Downgrade	$1.00	$1.08 ➝ $1.08	Outperform ➝ Hold	Low
12/6/2022	WEICY Weichai Power	Upgrade	$12.00		Hold ➝ Outperform	Low
12/5/2022	NOAH Noah	Initiated Coverage	$12.00		Buy	Low
11/28/2022	CGHLY China Gas	Downgrade	$22.00		Hold ➝ Underperform	Low
11/25/2022	LU Lufax	Downgrade	$4.00		Buy ➝ Hold	Low
11/23/2022	CDHSF CDL Hospitality Trusts	Downgrade	$1.00		Outperform ➝ Hold	Low
11/15/2022	ZLIOF Zoomlion Heavy Industry Science and Technology	Upgrade	$1.00		Hold ➝ Outperform	N/A
11/15/2022	CRGGF China Resources Gas Group	Upgrade	$3.00		Hold ➝ Outperform	Low
11/15/2022	BCVVF BOC Aviation	Upgrade	$8.00		Hold ➝ Buy	Low
11/15/2022	LYFT Lyft	Lower Price Target	$17.00	$11.00		Low
11/9/2022	COIN Coinbase Global	Downgrade	$236.00	$82.00 ➝ $52.00	Buy ➝ Neutral	Low
11/1/2022	CMCSA Comcast	Lower Price Target	$40.00	$36.00		Low
11/1/2022	CAT Caterpillar	Boost Price Target	$363.00	$205.00		Low
10/31/2022	HON Honeywell International	Downgrade	$196.00	$206.00 ➝ $194.00	Outperform ➝ Neutral	Low