HEPS Overview

Analyst Downgrades: JP Morgan's Hanzade Kilickiran downgraded D-MARKET Electronic from Overweight to Neutral, lowering the price target from $4.85 to $3.07, with shares closing at $2.31.

Federal Realty Investment Trust: Barclays analyst Richard Hightower downgraded Federal Realty Investment Trust from Overweight to Equal-Weight, reducing the price target from $113 to $106, while shares closed at $96.00.

Auna SA: JP Morgan's Joseph Giordano downgraded Auna SA from Overweight to Neutral, cutting the price target from $13.5 to $6, with shares closing at $5.00.

Honeywell International Inc: B of A Securities analyst Andrew Obin downgraded Honeywell from Buy to Underperform, slashing the price target from $265 to $205, as shares closed at $196.08.

Financial Results Announcement: Hepsiburada will release its unaudited financial results for Q3 2025 on November 5, 2025, before the U.S. market opens.

E-commerce Platform Overview: Hepsiburada operates a hybrid e-commerce model in Türkiye, combining first-party sales and a third-party marketplace with around 100,000 merchants.

Innovative Services: The platform offers a wide range of services including last-mile delivery, fulfilment, advertising, payment solutions, and an integrated fintech platform called Hepsipay for secure transactions.

Empowerment Initiatives: Since its inception in 2000, Hepsiburada has focused on empowering women in the Turkish economy, notably through its program that has supported approximately 67,000 female entrepreneurs.