U.S. SMID First to Market

J.P. Morgan's U.S. SMID First to Market daily summarizes rating changes, estimate revisions and sector views. The report initiates Praxis Precision Medicines at Overweight with a December 2027 price target of $700, citing ulixacaltamide and relutrigine for essential tremor and developmental and epileptic encephalopathies as approvable, potentially transformative assets under FDA review. It also initiates CareTrust REIT at Neutral with a $41 target, raises Victory Capital's target to $120, and downgrades Eastman Chemical to Neutral with a $66 target. The macro section notes global manufacturing grew 3.6% annualized in 1H26, with 3Q moderation to about 2%, while maintaining a 3% annualized gain forecast for global industrial production this quarter.