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ILMN

Carl Icahn is intensifying his boardroom battle at Illumina Inc (NASDAQ:ILMN) by seeking to remove more directors after the company's decision to divest Grail Inc. Icahn, who successfully pushed for the ousting of former CEO Francis deSouza and the divestiture of Grail, now aims to remove 'legacy conflicted directors' whom he blames for poor decision-making and a significant drop in Illumina's share price. The activist investor's plans may change before the January 26 nomination deadline, with voting on nominees expected at the next annual general meeting.

Portfolio Pulse from Vandana Singh

December 19, 2023 | 12:58 pm

PLUG

Plug Power, Inc. (NASDAQ:PLUG) shares dropped in premarket trading following a downgrade by Piper Sandler analyst Kashy Harrison from Neutral to Underweight, with a new price target of $2.30, indicating a potential 48% downside. This follows a previous downgrade by Morgan Stanley and a third-quarter earnings miss accompanied by a 'going concern' warning. The stock fell 4.25% to $4.06 in premarket trading.

Portfolio Pulse from Shanthi Rexaline

December 19, 2023 | 12:49 pm

ENPH

Enphase Energy Inc (NASDAQ:ENPH) is reducing its global workforce by 10%, ceasing operations in Romania and Wisconsin, and resizing other manufacturing sites. The company will focus on U.S. production, aiming for a capacity of 7.25 million microinverter units per quarter. The restructuring will cost $16-$18 million, with $7 million in cash expenditures. Enphase anticipates non-GAAP operating expenses of $75-$80 million per quarter by 2024. The decision follows reduced demand for solar inverters in the U.S. due to metering reform and higher lending rates. ENPH shares rose 1.27% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 19, 2023 | 12:43 pm

CTRA

Raymond James analyst John Freeman has maintained an Outperform rating on Coterra Energy (NYSE:CTRA) but has reduced the price target from $34 to $32.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 12:41 pm

BIIB

TEVA

The European Commission has withdrawn marketing authorizations for generic versions of Biogen's multiple sclerosis drug Tecfidera, which is protected until February 3, 2025. This affects generics by Accord, Mylan, Neuraxpharm, Polpharma, and Teva. Biogen has taken legal steps to enforce its market exclusivity and confirms it can supply the entire European market with Tecfidera.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 12:38 pm

LEN

Raymond James analyst Buck Horne has maintained an Outperform rating on Lennar Corporation (NYSE:LEN) and increased the price target from $150 to $165.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 12:37 pm

NKE

Raymond James analyst Rick Patel has maintained an Outperform rating on Nike (NYSE:NKE) and increased the price target from $121 to $130.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 12:35 pm

BLK

EBIX

Ebix Inc. (NASDAQ:EBIX) has filed for bankruptcy in the U.S. due to debts over $600 million, casting doubt on the future of its Indian subsidiary, EbixCash, and its planned IPO. The bankruptcy stems from unpaid loans, increased interest expenses, a change in auditing firm, and a negative report from Hindenburg Research. CEO Robin Raina, the largest shareholder, and other major shareholders like BlackRock Inc. (NYSE:BLK) are affected. EbixCash's RBI license could be at risk, and there's controversy over Raina's $1.8 million bonus amid the financial crisis.

Portfolio Pulse from Shomik Sen Bhattacharjee

December 19, 2023 | 12:34 pm

PSX

Raymond James analyst Justin Jenkins has maintained an Outperform rating on Phillips 66 (NYSE:PSX) and increased the price target from $128 to $140.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 12:34 pm

AMGN

CARA

DOOR

ITRI

KRON

MIRM

PEP

RUN

UBER

VTNR

Wall Street analysts have updated their price targets and ratings for several companies. Piper Sandler raised Itron's target and upgraded the stock, while HC Wainwright cut targets for Cara Therapeutics and Kronos Bio but maintained Buy ratings. JP Morgan downgraded PepsiCo and lowered its target. BMO Capital raised Amgen's target and upgraded the stock. Stifel downgraded Vertex Energy and cut its target. Keybanc raised Uber's target and maintained an Overweight rating. Raymond James lowered Mirum Pharmaceuticals' target but kept a Strong Buy rating. Piper Sandler also raised Sunrun's target and upgraded the stock. Baird downgraded Masonite International and cut its target.

Portfolio Pulse from Avi Kapoor

December 19, 2023 | 12:30 pm