Category: 3. Business

  • Efficacy and safety of intrathecal human umbilical cord-derived mesenchymal stromal cell therapy for bone cancer pain: a preclinical study | Stem Cell Research & Therapy

    Efficacy and safety of intrathecal human umbilical cord-derived mesenchymal stromal cell therapy for bone cancer pain: a preclinical study | Stem Cell Research & Therapy

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  • China’s EV strategy: winning hearts (and markets) in the Global South – Medium

    1. China’s EV strategy: winning hearts (and markets) in the Global South  Medium
    2. Latin America EV Sales Report: 6% Market Share Reached in Q3 Thanks to 55% Growth YoY  CleanTechnica
    3. Uruguay Switched to EVs When Gas Hit $7, Would Americans Do the Same?  Autoblog
    4. Electric vehicle sales are booming in South America — without Tesla  Reuters
    5. Tesla Fails to Join the EV Carnival as Chinese Rivals Grab South American Share  TipRanks

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  • Why Analysts See SAP’s Narrative Shifting Amid New Risks and Growth Drivers

    Why Analysts See SAP’s Narrative Shifting Amid New Risks and Growth Drivers

    SAP’s price target has seen a minor downward adjustment, with the fair value decreasing slightly from €288.67 to €287.58 and the discount rate lowered from 6.36% to 6.32%. This subtle change reflects updates in analyst expectations, which have been shaped by evolving revenue forecasts and adjustments to underlying assumptions. Readers interested in how these shifting outlooks could impact SAP’s future performance should stay tuned for insights on tracking the ongoing narrative and its implications.

    Analyst Price Targets don’t always capture the full story. Head over to our Company Report to find new ways to value SAP.

    Analyst sentiment on SAP has been dynamic in recent months, reflecting both confidence in the company’s long-term potential and ongoing scrutiny of its near-term challenges. Below is a synthesis of the key takeaways from recent research notes.

    🐂 Bullish Takeaways

    • JPMorgan’s Toby Ogg raised his price target to EUR 310 from EUR 290, reaffirming an Overweight rating and highlighting continued confidence in SAP’s growth outlook.

    • Barclays increased its price target to $348 from $322, maintaining an Overweight rating. While acknowledging some softness in cloud guidance and software declines, Barclays noted more positive sentiment around the macro environment and a robust Q4 pipeline. This suggests improving prospects for revenue acceleration next year.

    • Oddo BHF upgraded SAP to Outperform from Neutral and slightly bumped its price target to EUR 284. Oddo BHF described the recent share pullback as a buying opportunity and credited SAP’s earnings resilience even in a weaker macroeconomic backdrop.

    • Jefferies reiterated its Buy rating and a EUR 290 price target, highlighting SAP’s “multiple levers of growth and sensible strategic choices to sustain durable growth.” Jefferies expects the stock to rebound following recent weakness, pointing to management’s transparent approach and growth execution.

    🐻 Bearish Takeaways

    • BMO Capital took a more cautious view, lowering its price target to $320 from $330 while keeping an Outperform rating. While recognizing solid Q3 results, BMO noted some disappointment around the Q4 guidance and flagged uncertainties about near-term growth momentum.

    • Some analysts expressed concerns around valuation, with suggestions that much of the upside may already be reflected in SAP’s current share price. Ongoing risks tied to macroeconomic conditions and the pace of cloud revenue conversion were also noted.

    Together, these perspectives highlight that while many on Wall Street remain positively disposed towards SAP’s strategic direction and execution capabilities, certain reservations persist, particularly regarding near-term revenue dynamics and valuation levels. Investors should continue to monitor how well SAP balances its growth ambitions with transparency and cost discipline to deliver on the expectations set by recent analyst commentary.

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  • How the Story Around Federated Hermes Is Evolving Amid Analyst Shifts and New Growth Drivers

    How the Story Around Federated Hermes Is Evolving Amid Analyst Shifts and New Growth Drivers

    Federated Hermes’ fair value estimate has experienced a modest uptick, with the price target rising slightly from $52.29 to $52.43 following the latest round of analyst updates. This change comes as market experts weigh the company’s robust quarterly earnings and ongoing industry momentum, while also considering cautious views about the stock’s current valuation. Stay tuned to see how investors can track and respond to future shifts in sentiment and price targets as this narrative continues to evolve.

    Stay updated as the Fair Value for Federated Hermes shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Federated Hermes.

    Recent analyst commentary on Federated Hermes reflects a mixture of optimism and ongoing caution. Several notable firms have updated their outlook following the company’s latest earnings and industry developments, weighing strong performance against considerations of current valuation.

    🐂 Bullish Takeaways:

    • Evercore ISI raised its price target for Federated Hermes to $55 from $48 and maintained an Outperform rating. The firm highlighted sustained industry organic growth for a fourth consecutive month, as well as a positive close to the summer for both stocks and bonds. This signals sector momentum and improved asset flows.

    • JPMorgan increased its price target to $56 from $55 while keeping a Neutral rating. The firm’s analysts cited the company’s Q3 earnings beat as a key driver for the upward revision and noted that execution on earnings continues to impress.

    • Analysts overall pointed to robust quarterly execution and industry-wide positive trends as drivers behind recent price target increases.

    🐻 Bearish Takeaways:

    • TD Cowen lifted its price target to $53 from $51 and maintained a Hold rating. The firm emphasized that, despite recent model updates, there is not enough residual value at current trading levels to prompt a more aggressive stance. TD Cowen points to valuation as a near-term risk, suggesting that much of the upside appears to be priced in.

    • Cautious sentiment persists among some analysts who, while recognizing operational momentum, remain hesitant due to concerns over the stock’s valuation and limited further upside.

    Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

    NYSE:FHI Community Fair Values as at Nov 2025

    • Federated Hermes has launched the Enhanced Income ETF (CBOE: PAYR), aiming to provide steady monthly income to investors by blending high-dividend stock investments with options strategies. This new ETF is designed specifically for those seeking regular cash flow from their portfolios.

    • The Enhanced Income ETF is managed collaboratively by the Multi-Asset Investment Team and the Strategic Value Dividend Team. Their combined expertise focuses on disciplined risk management and generating reliable income for investors.

    • As of September 30, 2025, Federated Hermes oversees more than $1.2 billion in ETF assets, reflecting a growing suite of actively managed ETFs tailored to diverse investment goals.

    • The company has also introduced the MDT Market Neutral ETF, which focuses on long-term capital appreciation with strategies designed to limit exposure to overall market risk. This fund is managed by the Federated Hermes MDT Advisers team, which has an established history in market neutral investing.

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  • Why The Narrative Around CIBC Is Shifting Following Fresh Analyst Updates and Market Signals

    Why The Narrative Around CIBC Is Shifting Following Fresh Analyst Updates and Market Signals

    Canadian Imperial Bank of Commerce has seen its Fair Value Estimate climb slightly, rising from CA$110.01 to CA$112.88 per share as analyst sentiment shifts more positively. This change reflects a mix of renewed optimism, with robust quarterly results and expanding net interest margins driving higher price targets. At the same time, some caution persists among analysts. Stay tuned to discover how you can follow these evolving perspectives and stay ahead of important updates shaping the bank’s future outlook.

    Stay updated as the Fair Value for Canadian Imperial Bank of Commerce shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Canadian Imperial Bank of Commerce.

    Recent analyst commentary on Canadian Imperial Bank of Commerce (CIBC) continues to reflect a dynamic mix of optimism and ongoing caution. Multiple firms have updated their outlooks, adjusting price targets in response to the bank’s latest quarterly performance and evolving sector conditions.

    🐂 Bullish Takeaways

    • Scotiabank and RBC Capital reiterated Outperform ratings, with Scotiabank’s Mike Rizvanovic raising CIBC’s price target to C$121 from C$116. RBC Capital increased its target to C$113 from C$112, highlighting confidence in CIBC’s fundamentals and growth trajectory.

    • BMO Capital and TD Cowen also issued price target hikes to C$112 and C$117 respectively, maintaining Outperform and Buy ratings. These actions indicate momentum in core performance and a favorable view of the latest quarter.

    • BofA raised its price target to C$114 from C$110, citing Q3 core EPS that exceeded both firm and consensus expectations, driven by robust pre-tax pre-provision income. The firm anticipates net interest margin expansion in both U.S. and Canadian segments to continue supporting earnings power.

    • Strong growth in Canadian Personal and Business banking, ongoing net interest margin expansion, and resilient capital markets activity were consistently recognized as key drivers for upgraded valuations.

    • Analysts highlighted CIBC’s ability to execute on cost control and deliver above-consensus earnings. Canaccord noted net interest margin improvement and momentum as especially positive for near-term performance.

    🐻 Bearish Takeaways

    • Canaccord maintained a Hold rating despite multiple price target increases, most recently raising its target to C$117 from C$111. This reflects a more cautious stance linked to valuation considerations and upside that may already be reflected in the share price.

    • Barclays lifted its price target to C$106 from C$96 but kept an Underweight rating. This signals ongoing reservations regarding the bank’s valuation and the potential for near-term risks, even as results exceeded consensus expectations.

    • Some analysts continue to flag concerns around the sustainability of earnings growth and pressures from broader economic uncertainty. This has led to a divergence in overall sentiment despite solid recent quarters.

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  • Kohl’s to name Michael Bender as permanent CEO, Bloomberg News reports

    Kohl’s to name Michael Bender as permanent CEO, Bloomberg News reports

    Nov 23 (Reuters) – Kohl’s Corp (KSS.N), opens new tab is expected to appoint Michael Bender as its permanent chief executive as early as Monday, Bloomberg News reported on Sunday, citing a person familiar with the matter.

    The board interviewed several candidates before opting to appoint Bender, according to the report.

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    Reuters could not immediately verify the report. Kohl’s did not immediately respond to a Reuters request for comment. Michael Bender could not be immediately reached for a comment on the role change.

    In May, the struggling department-store retailer fired former CEO Ashley Buchanan after an investigation uncovered his undisclosed personal relationship with a vendor whose deals he had aggressively pursued, barely 100 days into the role.

    Buchanan’s firing in May was the third CEO change in three years for Kohl’s, hit by falling sales from online and big-box rivals, plus its own missteps.

    Kohl’s named Bender as its interim CEO effective immediately following the ouster of Buchanan, and said that the search for a permanent chief executive would begin soon.

    Bender has served on Kohl’s board as a director since July 2019 and brings more than 30 years of senior leadership experience at major retailers, including Walmart (WMT.N), opens new tab, Victoria’s Secret (VSCO.N), opens new tab and Eyemart Express.

    Reporting by Bipasha Dey in Bengaluru

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • Which Is More Likely to Be a Millionaire Maker?

    Which Is More Likely to Be a Millionaire Maker?

    • Over the past decade, Bitcoin has been the top-performing asset in the world.

    • Bitcoin has been growing exponentially over time and could hit a price of $1 million by 2030.

    • While Ethereum has largely followed the path of Bitcoin over the past decade, it hasn’t been able to deliver quite the same level of performance.

    • 10 stocks we like better than Bitcoin ›

    Over the past decade, investing in hypergrowth cryptocurrencies has become a proven way to attain millionaire status. According to the latest Crypto Wealth Report from Henley & Partners, there are an estimated 241,700 crypto millionaires in the world right now.

    Of these, 145,100 are Bitcoin (CRYPTO: BTC) millionaires. But is Bitcoin still the most likely way to grow your wealth over time? Or could Ethereum (CRYPTO: ETH) potentially offer a faster path to millionaire status? Let’s take a closer look.

    The key to Bitcoin’s enormous success has been its ability to compound its performance, year after year, with just a few missteps along the way. Since 2010, Bitcoin has only had three losing years: 2014, 2018, and 2022. In every other year, it has ripped higher at a head-spinning rate.

    More than any other cryptocurrency, Bitcoin demonstrates the power of compounding returns. In the period from 2017 to 2025, Bitcoin grew at a compound annual growth rate (CAGR) of 50%. That’s all the more impressive given that it collapsed in value in both 2018 and 2022. But the other years were so phenomenal that they more than made up for the bad years.

    In fact, it’s getting to the point where investors think Bitcoin can double in value every year. At the start of this year, for example, the conventional wisdom was that Bitcoin would double in value, from $100,000 to $200,000. That hasn’t been the case, of course, but Bitcoin did hit a new all-time high of $126,000 in October.

    Ethereum has been no slouch, either. During that same time period, Ethereum grew at a CAGR of 33%. Ethereum, too, tends to follow a four-year cycle, in which three good years are followed by one absolutely miserable year. After growing by 472% in 2020 and 395% in 2021, for example, Ethereum promptly gave it all back. In 2022, Ethereum lost 68% of its value.

    Another way to evaluate the millionaire-maker potential of any cryptocurrency is by taking into account future growth projections. In most cases, these are built by evaluating the potential use cases of a cryptocurrency, and then estimating how much market share it might gain within a certain niche, vertical, or industry.

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  • Darolutamide/ADT Improves Efficacy in Older Metastatic HSPC Population

    Darolutamide/ADT Improves Efficacy in Older Metastatic HSPC Population

    Combining darolutamide (Nubeqa) with androgen deprivation therapy (ADT) showed improvements in efficacy vs placebo plus ADT among patients with metastatic hormone-sensitive prostate cancer (HSPC) who were 75 years or older, according to subgroup findings from the phase 3 ARASENS trial (NCT02799602) published in European Urology Oncology.1

    Among patients who were 75 years or older, the median overall survival (OS) was not reached (NR; 95% CI, 45.4-NR) in the darolutamide arm vs 42.0 months (95% CI, 33.8-48.9) in the placebo arm (HR, 0.61; 95% CI, 0.41-0.91). In each respective arm, the median time to metastatic castration-resistant prostate cancer (CRPC) was NR (95% CI, 36.0-NR) vs 19.4 months (95% CI, 14.0-24.8; HR, 0.42; 95% CI, 0.28-0.64), and the median time to initiation of subsequent antineoplastic treatment was NR (95% CI, NR-NR) vs 24.9 months (95% CI, 20.0-34.0; HR, 0.35; 95% CI, 0.22-0.54).

    In a population of patients who were younger than 75, data showed a median OS that was NR (95% CI, NR-NR) with the darolutamide regimen and NR (95% CI, 45.0-NR) with the placebo combination (HR, 0.70; 95% CI, 0.58-0.84). Additionally, the median time to CRPC was NR (95% CI, NR-NR) vs 17.3 months (95% CI, 16.4-19.5) in each arm (HR, 0.35; 95% CI, 0.30-0.43). Investigators also noted a median time to initiation of subsequent antineoplastic therapy of NR (95% CI, NR-NR) vs 25.3 months (95% CI, 22.4-29.5) with each regimen (HR, 0.40; 95% CI, 0.34-0.48).

    “In patients aged [75 or older] in the ARASENS trial, darolutamide demonstrated improved efficacy vs placebo and favorable safety, consistent with the findings in patients aged [younger than 75],” lead study author Joan Carles Galceran, MD, PhD, a medical oncologist in the Department of Oncology at Hospital Universitari Vall d’Hebron in Barcelona, Spain, wrote with coauthors in the publication.1 “Thus, darolutamide and ADT with docetaxel can be considered a standard of care for patients with [metastatic] HSPC regardless of age.”

    In the international phase 3 ARASENS trial, patients were randomly assigned to receive darolutamide at 600 mg orally twice daily or matched placebo plus ADT and docetaxel. As part of this subgroup analysis, investigators assessed outcomes in patients who were younger than 75 (n = 1086) or 75 years and older (n = 219).

    The trial’s primary end point was OS. Secondary end points included treatment-emergent adverse effects (TEAEs), time to CRPC, time to pain progression, time to initiation of subsequent antineoplastic therapy, and time to worsening of disease-related physical symptoms.2

    Patients 18 years and older with cytologically or histologically confirmed adenocarcinoma of the prostate and metastatic disease were eligible for enrollment on the trial. Additional eligibility criteria included having an ECOG performance status of 0 or 1 and adequate bone marrow, liver, and renal function.

    Investigators noted similar baseline disease and demographic features across the darolutamide and placebo arms in both age subgroups, although ongoing comorbidities were more frequent in patients who were 75 years or older. The most frequent prior and ongoing comorbidity types in patients who were younger than 75 or 75 and older, respectively, included vascular (55% vs 67%), musculoskeletal or connective tissue (42% vs 42%), and metabolism or nutrition (35% vs 43%).

    Among patients 75 years and older in the darolutamide and placebo arms, 99% and 99% from each group had any-grade TEAEs, the most common of which included neutropenia (43% vs 46%), fatigue (33% vs 36%), and peripheral edema (30% vs 35%). Grade 3/4 TEAEs occurred in 74% vs 70% of each arm, with the most common including neutropenia (40% vs 41%) and febrile neutropenia (14% vs 9.7%).

    Among those who were younger than 75, 99.6% in the darolutamide arm and 99.0% of the placebo arm had TEAEs of any grade; the most common types of toxicity in each arm included alopecia (43% vs 42%), neutropenia (38% vs 37%), and fatigue (33% vs 32%). Grade 3/4 TEAEs were reported in 65% and 62% of each arm, with the most common toxicities including neutropenia (33% vs 33%) and febrile neutropenia (6.6% vs 6.9%).

    References

    1. Carles J, Tombal B, Hussain M, et al. Age-related efficacy and safety of darolutamide plus androgen-deprivation therapy and docetaxel in patients with metastatic hormone-sensitive prostate cancer: a subgroup analysis of the phase 3 ARASENS trial. Eur Urol Oncol. 2025l4:S2588-9311(25)00255-X. doi:10.1016/j.euo.2025.10.001
    2. Darolutamide in addition to standard androgen deprivation therapy and docetaxel in metastatic hormone-sensitive prostate cancer (ARASENS). ClinicalTrials.gov. Updated April 16, 2024. Accessed November 20, 2025. https://tinyurl.com/3f5h3a7k

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  • Evaluating Valuation After Strong Share Price Growth

    Evaluating Valuation After Strong Share Price Growth

    Westgold Resources (ASX:WGX) has shown solid share price growth over the past quarter, with shares climbing nearly 69% in that time. Investors are likely watching closely as the company continues to ride this positive momentum.

    See our latest analysis for Westgold Resources.

    Looking beyond the past quarter, Westgold Resources’ momentum stands out, with an 88.6% share price return year-to-date and a 92.1% total shareholder return over the last year. That kind of sustained outperformance hints that investors are starting to recognize its progress and growth potential, particularly after management’s recent positive updates.

    If this kind of strong momentum has you wondering what other opportunities are out there, now’s a great chance to broaden your scope and discover fast growing stocks with high insider ownership

    With shares up strongly and investor optimism running high, the key question now is whether Westgold’s current price truly reflects the company’s fundamentals or if there remains untapped value for those considering a buy.

    Westgold Resources’ most widely followed valuation narrative suggests the shares have room to run, as its fair value estimate sits well above the latest close. Market optimism is high, yet the reasoning behind this impressive valuation hinges on specific developments that analysts believe could be major game changers.

    Extensive mine and infrastructure upgrades, specifically at Bluebird-South Junction, Beta Hunt, and the Higginsville plant, are expected to materially lift volumes, grades, and operational efficiency over FY ’26. These factors support net margin expansion as higher-quality ore feeds, cost savings, and productivity gains take hold.

    Read the complete narrative.

    Think this is just another bullish take? The calculation behind this upside view leans on projected gains in margins and some aggressive profit forecasts for the next few years. Wondering how analysts arrive at a price nearly a fifth above today’s? Find out the forecasted numbers and the financial logic driving this bold valuation.

    Result: Fair Value of $6.83 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent low ore grades or failure to deliver expected cost reductions could quickly undermine these bullish forecasts and slow Westgold’s upward momentum.

    Find out about the key risks to this Westgold Resources narrative.

    While the fair value estimate sees upside, a look at the price-to-earnings ratio tells a starkly different story. Westgold trades at 148.2 times earnings, which is far above the Australian metals and mining industry’s 19.6x and its peers’ average of 27.5x. Even compared to the fair ratio of 36.2x, the current multiple stands out as steep. This raises the risk the shares might be priced for perfection. Are the expectations built into this premium justified, or could sentiment turn sharply if ambitions are not met?

    See what the numbers say about this price — find out in our valuation breakdown.

    ASX:WGX PE Ratio as at Nov 2025

    If you want to take a different perspective or have your own insights to test, it takes less than three minutes to shape your version of the narrative. Do it your way

    A great starting point for your Westgold Resources research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

    Seize your chance to uncover untapped opportunities beyond Westgold. Don’t give other investors the first move. Fresh ideas could put you ahead of the market.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include WGX.AX.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Klarna Group’s Stock Slides 24% as New Payment Partnerships Spark Valuation Debate

    Klarna Group’s Stock Slides 24% as New Payment Partnerships Spark Valuation Debate

    • Wondering if Klarna Group might be undervalued, or if the recent market buzz is masking hidden risks? You are definitely not alone, and now is the perfect time to dig deeper.

    • In the last month, Klarna Group’s stock has dropped by 24.3%, and it is down a striking 36.6% year-to-date. This performance puts the company firmly on the radar of both contrarian investors and those watching for warning signs.

    • Recently, Klarna has been making headlines with announcements about expanding its payment solutions and forming new partnerships with major retailers. These developments are grabbing investor attention and adding to the stock’s volatility. They could indicate new growth opportunities, but they also raise questions about the sustainability of Klarna’s current strategy and how the market is reacting to these bold steps.

    • According to our valuation checklist, Klarna Group is undervalued in only 1 out of 6 checks right now. Next, we will break down what the numbers actually say and then show you a smarter way to really understand what “fair value” means for stocks like Klarna.

    Klarna Group scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    The Excess Returns valuation model examines how effectively Klarna Group generates returns above its cost of equity, essentially measuring how much real value is created for shareholders after accounting for the capital invested in the business. This model is especially relevant for financial firms, where return on invested capital and sustainable growth are key drivers of actual intrinsic value.

    Looking at Klarna Group’s latest data, the company has a Book Value of $6.32 per share and is projected to achieve a Stable Earnings Per Share (EPS) of $0.27, based on weighted future Return on Equity estimates from 8 different analysts. The estimated Cost of Equity stands at $0.64 per share. However, the calculated Excess Return is negative, at $-0.37 per share. Klarna’s average Return on Equity is a modest 3.37%, with a forecasted Stable Book Value of $8.09 per share, as estimated by 5 analysts.

    When applied, the Excess Returns model implies an intrinsic value that is significantly below Klarna’s current share price. The model indicates the stock is overvalued by 15,675.1%. This reflects that Klarna is struggling to generate returns high enough to justify its capital cost and market valuation.

    Result: OVERVALUED

    Our Excess Returns analysis suggests Klarna Group may be overvalued by 15675.1%. Discover 926 undervalued stocks or create your own screener to find better value opportunities.

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