Opportunity Equity Weekly Update for 4/4/2025 – 4/11/2025

The Magnificent 7 Moves Higher while Biogen Falls on Leqembi Guidance Cut

Last week, the Opportunity Equity Strategy’s representative account gained 4.70%, underperforming the S&P 500’s 5.73% rise. (Exhibit 1). The strategy ended the week down -16.49% YTD, -802 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 4/11/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (4/4 - 4/11)	4.70%	5.73%
MTD	-7.88%	-4.38%
QTD	-7.88%	-4.38%
YTD	-16.49%	-8.47%
1 Year	-3.12%	4.57%
5 Year	13.46%	15.74%
10 Year	6.19%	11.81%
Inception (annualized since 6/26/00)	6.88%	7.40%

Citi cut their price target on Nvidia Corp (NVDA) from $163 to $150 (35% upside) and maintained their buy rating. Citi believes heightened global economic uncertainty will prompt companies to take a more cautious approach on AI-related capital expenditures.  

Truist lowered their price target on Amazon.com, Inc. (AMZN) from $265 to $230 (24% upside) on tariff concerns and maintained their buy rating. Truist still expects Amazon to gain market share and views the company as a long-term winner across its various business lines.

Evercore raised their price target on CVS Health Corp (CVS) from $80 to $85 (22% upside). CVS announced a few changes across their senior management team and reiterated their FY25 guidance.

Goldman Sachs decreased their price target on Alphabet Inc.(GOOGL) from $220 to $205 (30% upside) and maintained their buy rating. Goldman remains constructive on Alphabet’s long-term positioning in desktop and mobile, and believes the company has significant potential in both AI and machine learning.

Piper Sandler cut their price target on Meta Platforms, Inc. (META) from $775 to $610 (12% upside) and maintained their buy rating. Piper Sandler lowered their 2025 and 2026 revenue estimates for Meta due to the company’s exposure to China and the global ecommerce market. 

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 4/4/25 - 4/11/2025

Name	Type	Net Return
Nvidia Corp (NVDA)	Equity	17.6%
Amazon.com, Inc. (GOOGL)	Equity	8.1%
CVS Health Corp (CVS)	Equity	9.2%
Alphabet Inc.(GOOGL)	Equity	7.9%
Meta Platforms, Inc. (META)	Equity	7.7%

Citi lowered their price target on Alibaba Group Holding Ltd (BABA) from $170 to $169 (57% upside) and maintained their buy rating. The company hosted their Alicloud AI Dynamic Conference and announced plans to upgrade their existing cloud infrastructure. Citi is confident Alibaba will continue to accelerate their AI development.

Stifel decreased their price target on Crocs, Inc. (CROX) from $138 to $127 (37% upside) and maintained their buy rating on limited news.

Biogen Inc. (BIIB) reached a new 52-week low last Thursday. UBS lowered their price target from $157 to $134 (16% upside) and maintained their neutral rating. UBS expects tariffs could translate to a 2-3% EPS headwind. Additionally, Eisai, Biogen’s Japanese partner on their Alzheimer’s drug, lowered its guidance on Leqembi sales. UBS believes the market is looking for refreshed long-term guidance from Biogen. As a result, UBS shifted to a trough large-cap biopharma forward p/e multiple in their updated price target. 

Mattel, Inc. (MAT) and IAC Inc. (IAC) both reached 52-week lows on limited news.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 4/4/2025 - 4/11/2025

Name	Type	Net Return
Alibaba Group Holding Ltd	Equity	-7.6%
Crocs, Inc.	Equity	-8.0%
Biogen Inc.	Equity	-6.3%
Mattel, Inc.	Equity	-8.6%
IAC Inc.	Equity	-3.6%

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As of prior week's market close unless otherwise stated.

¹The performance figures for the representative Opportunity Equity account reflect the deduction investment management fees and certain other expenses. Returns greater than 1 year are annualized.

For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance Disclosure. Past performance is no guarantee of future results.

²Significant Contributors and Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. The net return shown above for each individual security represents the change in market price of the security during the week, according to a third-party pricing service, or for the partial period held in the portfolio during the week.  Net returns also include any purchases or sales that were made during the week. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.

Any views expressed are subject to change at any time, and Patient Capital Management disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. Content may not be reprinted, republished or used in any manner without written consent from Patient Capital Management. 

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