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UBS has reiterated a Neutral rating on Royalty Pharma (NASDAQ: RPRX) with a target price of USD 33, despite the stock's 24.5% year-to-date gain. The company faces potential risks from changes in tax legislation, particularly concerning its zero tax rate structure, but is expected to remain profitable with projected earnings growth.In its recent fourth-quarter results, Royalty Pharma reported an EPS of USD 0.3531 and sales of USD 594 million, both below expectations. However, it achieved portfolio revenues of USD 2.8 billion for 2024 and plans a USD 2 billion share buyback, while Citi maintains a Buy rating with a target of USD 40, citing stability in its tax structure.
Goldman Sachs and Crédit Agricole have upgraded their forecasts for the Pound against the Dollar, citing a potential rally driven by USD weakness and improving UK growth. As the UK currency acts as a hedge against rising U.S. tariffs, it has recently recovered to 1.2905, exceeding some short-term targets. However, risks remain high as new tariffs could shift market dynamics, potentially benefiting the Dollar.
The BEAD program faces a critical juncture as the Biden administration's preference for fiber connections is challenged by new leadership advocating for a tech-neutral approach, potentially favoring Elon Musk's Starlink. This shift could redirect $20 billion in funding, raising concerns about delivering adequate internet service to rural areas. A conflict emerges among Democrats, Republicans, and state allies over the program's direction, with fears that prioritizing satellite service may compromise connectivity for underserved communities.
Morgan Stanley's Mike Wilson highlights a shift in Wall Street's perception of President Trump's attitude towards the stock market, noting that analysts are concerned he no longer prioritizes it. This change comes amid a market correction and declining GDP expectations, with Wilson attributing the downturn to earnings revisions and other growth-negative factors, rather than tariffs alone.Despite the bearish sentiment, some investors see the market dip as a buying opportunity, with figures like BlackRock's Larry Fink advocating for purchasing lower-priced shares. Wilson himself acknowledges potential advantages for U.S. stocks as the dollar weakens, which could benefit larger cap names ahead of second-quarter earnings.
Howard Lutnick, a former commerce secretary, recounted his first meeting with Elon Musk, describing it as a clash of "two alpha dogs." Meeting in Musk's modest 1,200 square foot home furnished with plastic chairs, they discussed strategies for cutting government spending, with Musk aiming for an ambitious 80% reduction. After an initial tense exchange, the conversation shifted to planning after Musk took a break to walk his son.
Republican Sen. John Curtis criticized the handling of Social Security, suggesting that younger workers may face changes while those near retirement would be protected. Elon Musk's controversial remarks about the program, including calling it a "Ponzi scheme," have drawn backlash from some Republicans who worry about the political implications of his stance. Meanwhile, the Trump administration is implementing stricter measures that could hinder access for many recipients, raising concerns about the future of the program.
Rep. Jasmine Crockett sparked controversy by calling for Elon Musk to be "taken down" during a virtual rally, coinciding with her birthday on March 29, which is set to feature widespread protests against the Tesla chief. Crockett emphasized that her calls for "fighting" were figurative, advocating for peaceful demonstrations, while MAGA Republicans condemned her rhetoric, with warnings of potential violence. Following the rally, three individuals were charged for Molotov cocktail attacks on Tesla vehicles and charging stations in multiple states.
[Bloomberg]
Howard Lutnick reported that Elon Musk mistakenly claimed onstage that DOGE would reduce spending by $2 trillion, instead of the intended $1 trillion. This statement highlights the ambitious expectations surrounding the cryptocurrency's potential impact on financial expenditures.
Dan Ives, a managing director at Wedbush Securities, warns that Tesla is facing a significant brand crisis due to Elon Musk's political involvement and the company's recent stock decline, which saw a $127 billion loss in market value. He urges Musk to refocus on Tesla and step back from his engagement with DOGE to mitigate potential brand damage. Despite ongoing challenges, Ives maintains an "outperform" rating for Tesla, predicting the stock could double in value over the next year if Musk can deliver on key promises.
Howard Lutnick
People
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ubs maintains neutral stance on royalty pharma with stable price target
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