Today's most important initiations

BofA Securities initiated coverage on Pool Corp (NASDAQ: POOL) with an Underperform rating and a price target of $291.00. While the analysts view the company as well positioned to gain share in the growing pool market, they see a downside to consensus EPS estimates driven by weaker end market demand and near-term margin headwinds. Shares fell more than 4% today.

HSBC initiated coverage on NVIDIA (NASDAQ: NVDA) with a Reduce rating and a price target of $136.00. The company’s key products are its distinctive graphic chips (GPUs), which can be used for general-purpose processing and applications beyond high-end gaming. However, these face an inventory correction that the analysts see extending into H1/23, longer than the market expects, on weak demand from a collapse in crypto mining and slowing server unit growth that the analysts believe isn’t fully priced in. Shares plunged more than 4% today.

BofA Securities initiated coverage on Denbury Inc. (NYSE: DEN) with an Underperform rating and a price target of $73, saying M&A does not appear imminent.

Redburn initiated coverage on Estee Lauder (NYSE: EL) with a Sell rating and a price target of $210.00.

By Davit Kirakosyan

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