Surgical Downgrade Leads Mixed Analyst Day

Intuitive Surgical was the sharpest call of the session. Analysts cut the $157 billion robotics giant from a Buy to a Hold, trimming the consensus target price to $478. The stock carries just 2.2% short interest as a percentage of free float, suggesting bears have not been positioned for the shift.

Lockheed Martin moved the other way. Analysts lifted the consensus target to $635, up from $634, a modest move but positive momentum for the defence group as geopolitical spending themes stay in focus.

Bloom Energy attracted the most complex action, with multiple simultaneous rating changes logged across the firm. The clean energy group's consensus target sits near $285. Short interest of 6.9% of free float indicates a meaningful short position remains in place, though availability is ample.

McCormick saw its target price cut, adding to pressure on the consumer staples name. ORTEX's Index Rebalance Radar gives McCormick a 77% probability of exiting the MSCI World index in the November review, with $735 million of forced selling forecast. The announcement is due 11 November.

Moderna also saw its consensus target trimmed slightly to $135, from $136, keeping the pressure on after a difficult stretch for the vaccine maker.