SoftBank Group initiated with a Hold at TD Cowen

TD Cowen analyst Krish Sankar initiated coverage of SoftBank Group (SFTBY) with a Hold rating and $13 price target The company’s net asset value is 60% exposed to AI with stakes in ARM and OpenAI, the analyst tells investors in a research note. TD sees a balanced risk/reward at current share levels, saying that while a possible OpenAI initial public offering can drive upside, but $55B in funding commits in the near-term will lead to elevated leverage.