Diverging Midstream Calls Steal The Show

Scotiabank made the boldest move of the day. The bank slashed its target on WMB from $86 to $85. It simultaneously raised its target on TRGP from $257 to $314 — a 22% jump in one shot.

Both stocks are US midstream energy operators. Scotiabank is clearly rotating conviction within the sector. Targa Resources carries a $62.5 billion market cap. Its short interest sits at just 2.5% of free float. Bears are not a major factor here.

Elsewhere, William Blair delivered the session's cleanest downgrade. Analyst Steven Lichtman cut COO — The Cooper Companies — from Buy to Hold. No new price target was issued. Cooper makes contact lenses and medical devices. The stock has a $12.4 billion market cap. Short interest is modest at 3.9% of free float, so this was a conviction call, not a crowded-short story.

ARES and APO — two alternative asset managers — both saw consensus target price lifts. That follows a broader trend of Wall Street warming to private credit names.

TTD also received a target increase. The Trade Desk sits in a heavily contested space. 22 analysts hold it at Hold against just 5 Sells. Bulls still outnumber bears.