MoneyTurkey

Research digest 🧵 · Wed 11 Nov 🛢 Citi: Brent $150 if Hormuz disruption persists 📈 MS: S&P 500 to test 7,100-7,300 by YE 🌍 HSBC: India OW, China N (earnings & valuations) ₿ GS: IREN PT $30 (from $50), Neutral on AI multiple 🔻 Culper: flagged Huang China ties 6 months pre-scandal 🏢 JPM: RIOT PT $28 (from $22), OW on Corsicana 🏢 BofA: DTE PT EUR 32 (from EUR 36), Buy on Q3 — 🛢 OIL — Citi: Citi raises Brent forecast for 2026 and sees $150 oil if Hormuz disruption persists. 📈 MARKET — MS: Morgan Stanley sees S&P 500 testing 7,100-7,300 before year-end rebound. Wall Street's Big Three banks unanimously say the US stock selloff is nearing its end. 🌍 COUNTRY — HSBC: HSBC upgrades Indian equities to Overweight from Neutral on resilient earnings, improving credit growth and reasonable valuations after correction. Downgrades China to Neutral on property stress and weak confidence. ₿ CRYPTO — GS: Goldman cuts IREN price target to $30 from $50, keeps Neutral. Raises near-term EBITDA estimates but cuts valuation multiple to 4.5x from 7.0x on AI multiple compression and execution risk. 🔻 SHORT — NVDA: Culper Research flagged Jensen Huang's relationship with alleged Chinese spy Alice Huang six months before the Nvidia CEO disclosed the affair. Also questioned whether advanced AI chips reached China via Southeast Asian intermediaries. 🏢 COMPANY — RIOT: JPMorgan raises RIOT price target to $28 from $22, keeps Overweight. Cites Corsicana lease signed at attractive risk-adjusted economics with favorable scale and structure. 🏢 COMPANY — DTE: Bank of America trims Deutsche Telekom price target to EUR 32 from EUR 36, keeps Buy after Q3 2026 results. Goldman Sachs and DZ Bank also cut targets but maintain Buy ratings. Bank & firm research, summarised. Not investment advice.

🌍 Local markets, translated · Mon 9 Nov • 🇨🇳 CGB 10y yield −2 bp, CSI 300 +0.5% on easier liquidity • 🇯🇵 Nikkei -1% open, JGB 10y +4 bp on BoJ ETF unwind talk • 🇰🇷 KRW & KTB yields down, KOSPI up on BoK pivot bets • 🇹🇷 TRY +0.8%, 2y yields +15 bp on hawkish Karahan