Initiated Outperform X

ACET Adicet Bio

SMBC Nikko

$28

Initiated Outperform X

AFRM Affirm

SMBC Nikko

$220

Initiated Outperform X

AGEN Agenus

SMBC Nikko

$5

Downgrades Neutral Underperform X

ALLK Allakos

SMBC Nikko

$2

Initiated Neutral X

ALNY Alnylam Pharma

SMBC Nikko

$220

Downgrades Neutral Underperform X

APPN Appian

SMBC Nikko

$37 $23

Initiated Neutral X

APPN Appian

SMBC Nikko

$37

Initiated Outperform X

ARWR Arrowhead

SMBC Nikko

$80

Downgrades Outperform Neutral X

BILL Bill.com

SMBC Nikko

$140 $110

Initiated Outperform X

BILL Bill.com

SMBC Nikko

$350

Initiated Neutral X

BLDP Ballard Power

SMBC Nikko

$20

Downgrades Outperform Neutral X

BXP Boston Properties

SMBC Nikko

$93

Downgrades Neutral Underperform X

CHKP Check Point Software

SMBC Nikko

$125 $120

Initiated Neutral X

CHKP Check Point Software

SMBC Nikko

$115

Upgrades Neutral Outperform X

COUP Coupa Software

SMBC Nikko

Initiated Outperform X

CRWD CrowdStrike

SMBC Nikko

$240

Initiated Neutral X

CYBR CyberArk

SMBC Nikko

$145

Initiated Neutral X

DDOG Datadog

SMBC Nikko

$136

Downgrades Neutral Underperform X

DLO dLocal Limited

SMBC Nikko

$28 $22

Initiated Outperform X

EE Excelerate Energy

SMBC Nikko

$32

Downgrades Outperform Neutral X

ESTC Elastic

SMBC Nikko

Initiated Outperform X

ESTC Elastic

SMBC Nikko

$150

Upgrades Neutral Outperform X

FOUR Shift4 Payments

SMBC Nikko

$85

Initiated Neutral X

FOUR Shift4 Payments

SMBC Nikko

$60

Initiated Outperform X

FTNT Fortinet

SMBC Nikko

$70

Downgrades Outperform Neutral X

GOSS Gossamer Bio

SMBC Nikko

$3

Upgrades Neutral Outperform X

GOSS Gossamer Bio

SMBC Nikko

$24

Initiated Neutral X

GTLB GitLab

SMBC Nikko

$37

Upgrades Neutral Outperform X

HR Healthcare Realty

SMBC Nikko

$30

Initiated Outperform X

JNCE Jounce Therapeutics

SMBC Nikko

$17

Initiated Neutral X

LAZR Luminar Technologies

SMBC Nikko

$16

Upgrades Neutral Outperform X

LSPD Lightspeed

SMBC Nikko

$21

Initiated Neutral X

LSPD Lightspeed

SMBC Nikko

Downgrades Outperform Neutral X

MGNX MacroGenics

SMBC Nikko

$5

Initiated Outperform X

MGNX MacroGenics

SMBC Nikko

$40

Downgrades Outperform Neutral X

MIME Mimecast

SMBC Nikko

$82

Upgrades Underperform Neutral X

MQ Marqeta

SMBC Nikko

$8

Initiated Outperform X

MSFT Microsoft

SMBC Nikko

$410

Upgrades Neutral Outperform X

NVEI Nuvei Corporation

SMBC Nikko

$50 $55

Initiated Outperform X

OKTA Okta

SMBC Nikko

$90

Initiated Outperform X

PANW Palo Alto Networks

SMBC Nikko

$230

Downgrades Outperform Neutral X

PAY Paymentus

SMBC Nikko

Initiated Outperform X

PAY Paymentus

SMBC Nikko

$29

Initiated Outperform X

PEB Pebblebrook Hotel Trust

SMBC Nikko

$27

Downgrades Outperform Neutral X

PK Park Hotels & Resorts

SMBC Nikko

$16

Initiated Outperform X

PLUG Plug Power

SMBC Nikko

$50

Downgrades Neutral Underperform X

PYPL PayPal

SMBC Nikko

$95 $75

Upgrades Underperform Neutral X

PYPL PayPal

SMBC Nikko

$90 $100

Initiated Underperform X

PYPL PayPal

SMBC Nikko

$200

Downgrades Outperform Neutral X

QCOM Qualcomm

SMBC Nikko

$215 $155

Initiated Neutral X

QS QuantumScape Corporation

SMBC Nikko

$20

Initiated Neutral X

RHP Ryman Hospitality

SMBC Nikko

Initiated Neutral X

S SentinelOne

SMBC Nikko

$30

Downgrades Outperform Neutral X

SAFE Safehold

SMBC Nikko

$33

Initiated Outperform X

SHOP Shopify

SMBC Nikko

$1200

Initiated Neutral X

SNOW Snowflake

SMBC Nikko

$253

Downgrades Outperform Neutral X

SQ Block

SMBC Nikko

$120 $70

Initiated Outperform X

SQ Square

SMBC Nikko

$300

Initiated Outperform X

SRPT Sarepta Therapeutics

SMBC Nikko

$185

Downgrades Outperform Neutral X

TOST Toast

SMBC Nikko

$26 $23

Downgrades Outperform Neutral X

VTR Ventas

SMBC Nikko

$55

Downgrades Outperform Neutral X

WELL Welltower

SMBC Nikko

$84

Initiated Outperform X

XNCR Xencor

SMBC Nikko

$60

Initiated Outperform X

ZS Zscaler

SMBC Nikko

$220