TD Cowen Stock Recommendations and Price Targets

This is a list of recent ratings by TD Cowen.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
1/22/2025	CELH Celsius	Downgrade	$25.00	$40.00 ➝ $29.00	Buy ➝ Hold	High
1/21/2025	FBRX Forte Biosciences	Initiated Coverage	$16.00		Buy	High
1/21/2025	SLB Schlumberger	Boost Price Target	$42.00	$53.00 ➝ $55.00	Buy	Medium
1/20/2025	PYCR Paycor HCM	Downgrade	$22.00		Strong-Buy ➝ Hold	Low
1/17/2025	ICHR Ichor	Lower Price Target	$30.00	$40.00 ➝ $38.00	Buy	High
1/17/2025	COP ConocoPhillips	Initiated Coverage	$103.00	$125.00	Buy	Low
1/17/2025	EXE Chesapeake Energy	Initiated Coverage	$107.00	$108.00	Hold	Medium
1/17/2025	JBHT J.B. Hunt Transport Services	Lower Price Target	$175.00	$180.00 ➝ $171.00	Hold	Medium
1/17/2025	SAP SAP	Upgrade	$273.00	$240.00 ➝ $305.00	Hold ➝ Buy	Low
1/17/2025	CRM Salesforce	Upgrade	$333.00	$380.00 ➝ $400.00	Hold ➝ Buy	Low
1/17/2025	HUBS HubSpot	Downgrade	$731.00	$680.00 ➝ $725.00	Buy ➝ Hold	Medium
1/16/2025	OWL Blue Owl Capital	Upgrade	$26.00	$26.00 ➝ $28.00	Hold ➝ Buy	Medium
1/16/2025	FLS Flowserve	Boost Price Target	$64.00	$60.00 ➝ $75.00	Buy ➝ Buy	Low
1/15/2025	OGN Organon & Co.	Upgrade	$16.00		Hold	N/A
1/15/2025	CNX CNX Resources	Initiated Coverage	$29.00	$27.00	Hold	High
1/15/2025	VZ Verizon Communications	Upgrade	$39.00		Strong-Buy	Low
1/14/2025	ABX Barrick Gold	Reiterated Rating	C$23.00	C$36.00	Buy	N/A
1/13/2025	BLDP Ballard Power Systems	Upgrade	$1.00		Strong Sell	Medium
1/13/2025	STM STMicroelectronics	Downgrade	$25.00	$32.00 ➝ $25.00	Buy ➝ Hold	Low
1/13/2025	SKWD Skyward Specialty Insurance Group	Initiated Coverage	$44.00	$43.00	Hold	High
1/13/2025	DAL Delta Air Lines	Boost Price Target	$68.00	$78.00 ➝ $90.00	Buy	Medium
1/13/2025	AMD Advanced Micro Devices	Lower Price Target	$124.00	$185.00 ➝ $150.00	Buy	Medium
1/13/2025	LIN Linde	Upgrade	$443.00	$480.00 ➝ $515.00	Hold ➝ Buy	High
1/10/2025	AJG Arthur J. Gallagher & Co.	Upgrade	$294.00	$295.00 ➝ $377.00	Hold ➝ Buy	Medium
1/9/2025	GLPG Galapagos	Downgrade	$24.00		Strong-Buy ➝ Strong Sell	High
1/8/2025	SANA Sana Biotechnology	Upgrade	$4.00		Hold ➝ Buy	High
1/8/2025	RIG Transocean	Lower Price Target	$4.00	$6.50 ➝ $5.50	Hold ➝ Hold	Low
1/8/2025	UTZ Utz Brands	Lower Price Target	$14.00	$21.00 ➝ $17.00	Buy ➝ Buy	High
1/8/2025	KLG WK Kellogg	Downgrade	$17.00	$18.00 ➝ $16.00	Hold ➝ Sell	High
1/8/2025	LBRT Liberty Energy	Lower Price Target	$22.00	$18.00 ➝ $16.00	Hold ➝ Hold	Low
1/8/2025	OII Oceaneering International	Boost Price Target	$26.00	$26.00 ➝ $27.00	Hold ➝ Hold	Low
1/8/2025	KHC Kraft Heinz	Lower Price Target	$29.00	$34.00 ➝ $32.00	Hold ➝ Hold	Low
1/8/2025	AS Amer Sports	Boost Price Target	$31.00	$29.00 ➝ $33.00	Buy ➝ Buy	Low
1/8/2025	KDP Keurig Dr Pepper	Lower Price Target	$32.00	$39.00 ➝ $36.00	Hold ➝ Hold	Medium
1/8/2025	SLB Schlumberger	Lower Price Target	$42.00	$65.00 ➝ $53.00	Buy ➝ Buy	Low
1/8/2025	VITL Vital Farms	Boost Price Target	$44.00	$41.00 ➝ $45.00	Buy ➝ Buy	Low
1/8/2025	BKR Baker Hughes	Lower Price Target	$46.00	$53.00 ➝ $51.00	Buy ➝ Buy	Low
1/8/2025	BUD Anheuser-Busch InBev SA/NV	Lower Price Target	$48.00	$65.00 ➝ $55.00	Hold ➝ Hold	Low
1/8/2025	ONON ON	Boost Price Target	$59.00	$65.00 ➝ $66.00	Buy ➝ Buy	Low
1/8/2025	KBR KBR	Lower Price Target	$59.00	$72.00 ➝ $64.00	Hold ➝ Hold	Low
1/8/2025	ASO Academy Sports and Outdoors	Boost Price Target	$55.00	$54.00 ➝ $61.00	Hold ➝ Hold	Low
1/8/2025	KO Coca-Cola	Upgrade	$62.00	$75.00	Hold ➝ Buy	Medium
1/8/2025	SKX Skechers U.S.A.	Boost Price Target	$73.00	$88.00 ➝ $93.00	Buy ➝ Buy	Low
1/8/2025	BRBR BellRing Brands	Boost Price Target	$76.00	$83.00 ➝ $86.00	Buy ➝ Buy	Medium
1/8/2025	MKC McCormick & Company, Incorporated	Upgrade	$73.00	$86.00 ➝ $90.00	Hold ➝ Buy	Low
1/8/2025	CL Colgate-Palmolive	Lower Price Target	$88.00	$110.00 ➝ $100.00	Buy ➝ Buy	Low
1/8/2025	PSN Parsons	Lower Price Target	$95.00	$117.00 ➝ $105.00	Buy ➝ Buy	Medium
1/8/2025	SJM J. M. Smucker	Downgrade	$102.00	$130.00 ➝ $121.00	Buy ➝ Hold	High
1/8/2025	SAIC Science Applications International	Downgrade	$120.00	$155.00 ➝ $120.00	Buy ➝ Hold	Medium
1/8/2025	CAH Cardinal Health	Upgrade	$129.00	$130.00 ➝ $144.00	Hold ➝ Buy	Low
1/8/2025	DEO Diageo	Boost Price Target	$118.00	$124.00 ➝ $129.00	Hold ➝ Hold	Low
1/8/2025	KMB Kimberly-Clark	Downgrade	$126.00	$145.00	Buy ➝ Hold	Low
1/8/2025	BAH Booz Allen Hamilton	Lower Price Target	$143.00	$200.00 ➝ $155.00	Buy ➝ Buy	Medium
1/8/2025	PEP PepsiCo	Lower Price Target	$148.00	$183.00 ➝ $160.00	Hold ➝ Hold	Medium
1/8/2025	LDOS Leidos	Downgrade	$161.00	$200.00 ➝ $165.00	Buy ➝ Hold	High
1/8/2025	HSY Hershey	Lower Price Target	$151.00	$190.00 ➝ $172.00	Hold ➝ Hold	Medium
1/8/2025	STZ Constellation Brands	Lower Price Target	$179.00	$270.00 ➝ $260.00	Hold ➝ Hold	Low
1/8/2025	DKS DICK'S Sporting Goods	Boost Price Target	$237.00	$270.00 ➝ $294.00	Buy ➝ Buy	Low
1/8/2025	CACI CACI International	Lower Price Target	$465.00	$610.00 ➝ $480.00	Buy ➝ Buy	Low
1/8/2025	ULTA Ulta Beauty	Boost Price Target	$418.00	$450.00 ➝ $480.00	Hold ➝ Hold	Low
1/8/2025	AXON Axon Enterprise	Initiated Coverage	$608.00	$700.00	Buy	Medium
1/7/2025	AVR Anteris Technologies Global	Initiated Coverage	$6.00	$15.00	Buy	High
1/7/2025	KALV KalVista Pharmaceuticals	Initiated Coverage	$9.00	$30.00	Buy	Medium
1/7/2025	CNTA Centessa Pharmaceuticals	Initiated Coverage	$17.00		Buy	High
1/7/2025	CGON CG Oncology	Initiated Coverage	$30.00		Buy	Low
1/7/2025	ACHC Acadia Healthcare	Lower Price Target	$44.00	$70.00 ➝ $66.00	Buy ➝ Buy	Medium
1/7/2025	WGS GeneDx	Boost Price Target	$76.00	$75.00 ➝ $118.00	Buy ➝ Buy	High
1/6/2025	AAL American Airlines Group	Upgrade	$19.00	$17.00 ➝ $25.00	Hold ➝ Buy	N/A
1/6/2025	PCTY Paylocity	Lower Price Target	$198.00	$235.00 ➝ $228.00	Buy ➝ Buy	Medium
1/3/2025	PODD Insulet	Boost Price Target	$279.00	$264.00 ➝ $324.00	Buy ➝ Buy	N/A
12/24/2024	DESP Despegar.com	Upgrade	$19.00		Sell ➝ Hold	N/A
12/24/2024	RPRX Royalty Pharma	Upgrade	$30.00		Strong-Buy	N/A
12/20/2024	BB BlackBerry	Upgrade	$4.00	$3.25 ➝ $4.00	Hold ➝ Buy	N/A
12/20/2024	FCEL FuelCell Energy	Boost Price Target	$9.00	$2.00 ➝ $12.00	Hold	N/A
12/20/2024	DNTH Dianthus Therapeutics	Initiated Coverage	$23.00		Buy	N/A
12/20/2024	PBF PBF Energy	Downgrade	$29.00	$27.00 ➝ $20.00	Hold ➝ Sell	N/A
12/20/2024	FDX FedEx	Boost Price Target	$271.00	$328.00 ➝ $337.00	Hold ➝ Buy	N/A
12/19/2024	NOVA Sunnova Energy International	Initiated Coverage	$3.00	$5.00	Hold	N/A
12/19/2024	EVEX EVE	Upgrade	$5.00		Hold	N/A
12/19/2024	ASLE AerSale	Upgrade	$7.00		Hold	N/A
12/19/2024	RUN Sunrun	Initiated Coverage	$8.00	$21.00	Buy	N/A
12/19/2024	TGI Triumph Group	Upgrade	$19.00		Hold	N/A
12/19/2024	RKLB Rocket Lab USA	Upgrade	$30.00		Strong-Buy	N/A
12/19/2024	SPR Spirit AeroSystems	Upgrade	$34.00		Strong-Buy	N/A
12/19/2024	NXT Nextracker	Initiated Coverage	$41.00	$41.00	Hold	N/A
12/19/2024	ERJ Embraer	Upgrade	$41.00		Strong-Buy	N/A
12/19/2024	MTDR Matador Resources	Boost Price Target	$63.00	$74.00 ➝ $75.00	Buy ➝ Buy	N/A
12/19/2024	HXL Hexcel	Upgrade	$69.00		Hold	N/A
12/19/2024	GIS General Mills	Lower Price Target	$59.00	$75.00 ➝ $64.00	Hold ➝ Hold	N/A
12/19/2024	TXT Textron	Upgrade	$78.00		Hold	N/A
12/19/2024	AIN Albany International	Upgrade	$81.00		Strong-Buy	N/A
12/19/2024	PSN Parsons	Upgrade	$95.00		Strong-Buy	N/A
12/19/2024	MU Micron Technology	Lower Price Target	$109.00	$135.00 ➝ $125.00	Buy ➝ Buy	N/A
12/19/2024	SAIC Science Applications International	Upgrade	$120.00		Strong-Buy	N/A
12/19/2024	BAH Booz Allen Hamilton	Upgrade	$143.00		Strong-Buy	N/A
12/19/2024	LDOS Leidos	Upgrade	$161.00		Strong-Buy	N/A
12/19/2024	LPLA LPL Financial	Upgrade	$357.00	$277.00 ➝ $413.00	Hold ➝ Buy	N/A
12/19/2024	CACI CACI International	Upgrade	$465.00		Strong-Buy	N/A
12/18/2024	CMPO CompoSecure	Initiated Coverage	$15.00	$20.00	Buy	N/A
12/18/2024	DINO HF Sinclair	Lower Price Target	$35.00	$43.00 ➝ $35.00	Hold	N/A