Vizsla, Coty, Kalaris, Annexon, Brown & Brown Trending

Analysts are intrested in these 5 stocks: ( (VZLA) ), ( (COTY) ), ( (KLRS) ), ( (ANNX) ) and ( (BRO) ). Here is a breakdown of their recent ratings and the rationale behind them.

Vizsla Silver is drawing fresh attention from metals investors after analyst Matthew O’Keefe at Cantor Fitzgerald initiated coverage with a Buy rating and a US$7.00 price target. O’Keefe describes Vizsla as a fully funded mine developer with a clear ambition: to become Mexico’s leading primary silver producer. The core of the story is the high-grade Panuco Silver-Gold Project, which is expected to move into production in late 2027 and then ramp up to about 20 million ounces of silver equivalent a year. With a 171 million-ounce mineral reserve grading 416 grams per tonne silver equivalent, roughly split between silver and gold, the project stands out for both grade and scale. The analyst’s valuation is based on a sum-of-the-parts NAV, applying a full 1.0x multiple to Panuco to reflect best-in-class project economics, full financing in place, and strong leverage to silver and gold prices.

Underpinning the bullish stance on Vizsla, the feasibility study for Panuco points to robust economics: anticipated life-of-mine production of 9.5 million ounces of silver and 78,000 ounces of gold annually (about 16.5 million ounces silver equivalent), with an all-in sustaining cost of roughly US$10.45 per silver-equivalent ounce over an initial 9.4-year mine life. Using long-term price assumptions of US$33 per ounce silver and US$3,000 per ounce gold, O’Keefe estimates a post-tax NPV (5%) of US$1.6 billion and an internal rate of return of 109%, metrics that explain the confidence behind the Buy call. Notably, the current mine plan is built on less than half of the broader 361 million-ounce silver-equivalent resource, suggesting considerable runway for reserve conversion and life extension. With approximately C$620 million in cash and equivalents—more than double the upfront capital needed—Vizsla is positioned not just to build the mine but also to aggressively explore its roughly 47,000-hectare land package for further high-grade discoveries. For investors seeking leveraged exposure to precious metals in a single name, analysts argue Vizsla combines district-scale upside with the rare advantage of already being fully funded.

Cosmetics group Coty, by contrast, is facing a more cautious mood from Wall Street following the surprise leadership change at the top. Evercore ISI’s Robert Ottenstein downgraded Coty from Outperform to Hold (In Line) with a US$7.00 target, signaling that he no longer sees a clear path to near-term outperformance despite the shares screening as undervalued. The departure of high-profile CEO Sue Nabi, widely seen as central to the Coty investment case, comes as the company is conducting a strategic review of its Consumer beauty division. That unit accounts for only around 15% of profits but bears much of the operational headaches and negative sentiment, especially around mass-market makeup. New CEO Markus Strobel, a Procter & Gamble veteran who previously worked with many of Coty’s brands when they were part of P&G’s Specialty Beauty portfolio, arrives at what Ottenstein calls a “pivotal juncture.” The analyst underscores that while beauty remains a large and attractive global category, the business model it requires diverged from P&G’s traditional strengths, prompting the earlier spin-off that created today’s Coty—an important reminder that execution risk is real.

The downgrade rests on two structural issues Strobel must confront. First, the color cosmetics segment has become a tougher battlefield, with heavy fixed costs and low barriers to entry as social media and online marketplaces launch an endless stream of indie brands and short-lived trends. This dynamic has hurt legacy mass brands like CoverGirl, which remains overly dependent on drugstores, a channel disrupted by changing shopper behavior and intense competition from rivals like L’Oréal, which has been responding aggressively to the rise of fast-moving players such as e.l.f. Beauty. Second, L’Oréal’s global scale in beauty now surpasses even P&G’s in household products, and its recent acquisitions further cement leadership in fragrances, a category where major fashion labels help fend off indie competition. Ottenstein notes that under Nabi’s leadership, Coty successfully rebuilt its marketing capabilities and held its own against L’Oréal Luxe and even deep-pocketed houses like LVMH, especially in fragrances. But management transitions risk disrupting a business that depends on creativity and speed. To Coty’s credit, the company has a pipeline of fragrance launches and partnerships stretching into 2027, which could smooth the handover. Still, with limited visibility into timing and catalysts for unlocking value, the analyst expects Coty to remain undervalued and does not see outperformance as likely at this stage.

In biotech, Kalaris Therapeutics is emerging as a speculative favorite among healthcare-focused investors, with analyst Daniil Gataulin initiating coverage at Buy and setting a US$19 price target. His thesis centers on TH103, the company’s lead drug candidate for wet age-related macular degeneration (wet AMD), one of the most important markets in ophthalmology, and a key driver of today’s anti-VEGF blockbuster drugs. Kalaris, founded in 2019 by venture firm Samsara BioCapital alongside scientific heavyweights including Dr. Napoleone Ferrara, an inventor of anti-VEGF therapies, entered the public markets via a reverse merger with AlloVir. TH103 is a decoy receptor “trap” for VEGF, engineered to deliver stronger anti-VEGF activity and a longer duration of effect in the eye. The differentiator, according to Gataulin, lies in its design: TH103 uses extracellular binding domains from the native VEGFR1, which increases its affinity not only to VEGF but also to heparan sulfate proteoglycans (HSPG) compared with aflibercept (Eylea), which uses a VEGFR2 domain with weaker HSPG binding.

This high affinity to HSPG—naturally present throughout eye tissue—is expected to serve as a molecular “anchor,” keeping TH103 in place longer and potentially extending the time between injections, which is a major quality-of-life issue for patients. For investors, that could translate into a compelling value proposition against existing anti-VEGF treatments if durability and efficacy hold up in larger trials. TH103 is currently being evaluated in two early-stage clinical studies: a Phase 1a trial that has already reported initial data and a Phase 1b/2 trial with results anticipated in the second half of 2026. In December 2025, Kalaris released Phase 1a data in 13 patients with wet AMD, showing a mean 10-letter improvement in best-corrected visual acuity and a 129-micron reduction in central subfield thickness after a single injection—encouraging signals for such an early safety-focused study. Notably, about 31% of patients did not require any additional anti-VEGF treatment over a six-month follow-up, hinting at the longer durability Kalaris is aiming for. Beyond wet AMD, Gataulin highlights expansion potential into diabetic retinopathy, diabetic macular edema, and retinal vein occlusion, giving Kalaris multiple shots on goal and supporting his Buy rating for investors willing to embrace clinical and regulatory risk.

Annexon Biosciences is another biotech name stepping into the spotlight, as the same analyst, Daniil Gataulin, initiated coverage with a Buy rating and a US$16 price target. Annexon is developing a new class of complement inhibitors aimed at the very start of the classical complement pathway, a component of the immune system that normally helps clear pathogens and damaged cells but can go awry and attack healthy tissue. The complement system can be triggered via three routes—the classical, lectin, and alternative pathways—and all converge on a core amplifier (C3 convertase) that leads to cell-marking (opsonization) and cell destruction (lysis). While the first-generation complement drugs on the market mainly target central components like C3 or downstream effectors like C5, Annexon is focused upstream at C1q, the initiating protein of the classical pathway. Gataulin believes this more targeted approach could deliver strong clinical benefit in diseases where the classical pathway is the main driver, while potentially avoiding some of the broader immune suppression seen with central complement blockade.

Annexon’s leading assets are tanruprubart (ANX005), a full-length antibody, and vonaprument (ANX007), a Fab fragment, both designed to inhibit C1q. Tanruprubart is being developed for Guillain-Barré syndrome (GBS), a rapidly progressive autoimmune condition that attacks the peripheral nervous system, and for Huntington’s disease and amyotrophic lateral sclerosis (ALS), two devastating neurodegenerative disorders where complement activation is thought to contribute to nerve damage. Vonaprument is focused on geographic atrophy, a late-stage form of dry age-related macular degeneration that leads to irreversible vision loss and represents a multi-billion-dollar market opportunity if efficacy is confirmed. Multiple clinical studies, according to Gataulin, have already shown that tanruprubart and vonaprument can effectively block the classical complement pathway and bring clinical benefit in certain complement-driven diseases, giving him confidence in the platform. While Annexon’s shares have traded in a wide 52-week range from US$1.29 to US$5.66, highlighting the volatility common in small-cap biotech, the analyst argues that the risk/reward now tilts in favor of long-term investors who believe in complement science and are willing to wait for pivotal data in GBS and GA.

Insurance broker Brown & Brown is sending a more mixed signal to investors after BMO Capital Markets analyst Michael Zaremski downgraded the stock from Outperform to Hold (Market Perform) and trimmed his price target to US$88 from US$90. The catalyst is not a collapse in fundamentals but a subtle, yet important, reset in growth expectations as competition for top-producing talent intensifies across the brokerage industry. Zaremski cut his 2026 and 2027 organic revenue growth estimates by 60 and 120 basis points, respectively, to 2.7% and 3.2%, leaving him roughly 100 basis points below current consensus forecasts of 3.7% and 3.8%. Because Brown & Brown’s valuation historically tracks its organic growth profile, he argues this gap could become a sentiment overhang in 2026 as investors realize the Street may be too optimistic on growth.

The near-term concern stems from what he describes as a “large team lift” of producers to a rival firm, reportedly concentrated in Brown & Brown’s employee benefits business. While such talent raids are common in the insurance world and can lead to legal disputes and hefty settlements—potentially offsetting some of the revenue drag—the immediate effect is a risk to future organic growth. Interestingly, when a producer leaves, their compensation costs disappear right away, but the revenue they manage usually runs off more slowly over several years, which can temporarily support margins even as growth slows. Zaremski estimates that this talent loss could create up to a two-percentage-point headwind to organic growth spread over multiple years. Even so, he still expects Brown & Brown to benefit from “insurance inflation,” where premium increases in the small and mid-sized client segments outpace those in large accounts, supporting relatively faster organic growth versus some peers and providing room for further M&A-led expansion. Shares already trade at a discount to the company’s historical free cash flow multiples, and the new target price implies an enterprise value-to-EBITDA multiple of about 13.9 times 2026 earnings. For investors, the message is nuanced: Brown & Brown remains a solid operator in an attractive niche, but with the talent war heating up and organic growth expectations resetting lower, the stock may deliver more market-like returns than market-beating ones in the near term.