Early Look

Friday, February 6, 2026

Dip buyers emerge overnight following another sharp sell-off in technology stocks on Thursday as the Nasdaq hits 2-month lows, with investors selling off most of the biggest names in technology with software remaining the hardest hit with many of the large cap names with 15% drawdown the first 3 days of February alone! Amazon (AMZN) did not come to the rescue of markets after earnings last night weighed on shares, falling over -8% last night after posted mixed results for Q4 and was the latest mega cap to raise spending as guides cap-ex to hit roughly $200 billion in 2026, well above consensus and in line with recent hikes of capex from META/GOOGL. The mass exodus out of crypto/Bitcoin miners pushed Bitcoin to a low around $63,000, now down 50% from its October 2026 highs and wiping out $1T in market cap in just three weeks but has bounced overnight back above $66K. In Asian markets, The Nikkei Index rose 435 points to 54,253, the Shanghai Index fell -10 points to 4,065, and the Hang Seng Index dropped -325 points to 26,559. In Europe, the German DAX is up 145 points to 24,636, while the FTSE 100 rises 20 points to 10,330. Bitcoin +4.8% back above $66,000 after tumbling as low as $60,008 overnight, but still down roughly 14% this week, most in a week since November 2022 as cryptocurrencies have struggled for months since a record crash last October sent bitcoin tumbling from an all-time peak above $126K and investor sentiment towards digital assets has cooled. Treasury yields have cooled a bit as the 10-year slides under 4.2%. April gold +25 or 0.5% to $4,915 an ounce while March Silver prices -2.8% or $2.15 to $74.55 an ounce.

• The Dow Jones Industrial Average fell -592.58 points, or 1.20%, to 48,908.72
• The Nasdaq Composite dropped -363.99 points, or 1.59%, to 22,540.59
• The Russell 2000 Index declined -46.89 points, or 1.79% to 2,577.66

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, Prelim-Feb
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for December

• Coty (COTY) Q2 revs $1.68B vs. est. $1.66B; withdraws full-year forecast with new interim CEO Markus Strobel calling for improved discipline and execution to turn around sluggish financial performance; sees Q3 adj EBITDA to fall to $100-$110M, below ests of $201.6M and sees Q3 revenue declining by a mid-single-digit percentage vs. est. +2.9%.
• MGM Resorts (MGM) Q4 adjusted EPS $1.60 vs. est. $0.57; Q4 revs $4.6B vs. est. $4.44B; Q4 Global gaming firm's Q4 revenue rose 6%, beating analyst expectations; Q4 Las Vegas Strip resorts revenue $2.2B, down 3% y/y, BetMGM North America Venture distributed $135M to MGM Resorts, MGM China net revenues increased 21%.
• Stellantis (STLA) shares tumble as the automaker announced 22.2 billion euros ($26.5 billion) of charges as it scales back its electric-vehicle ambitions; expects industrial cash burn of between 1.4-1.6 billion euros in the 2H’26; will also issue up to 5 billion euros in non-convertible subordinated perpetual hybrid bonds.

• Flowserve (FLS) Q4 sales $1.22B vs. est. $1.26B; Adjusted EPS for Q4 grew 58.6% y/y; announced acquisition of Trillium Flow Technologies' Valves Division for $490M; said expects 2026 total sales growth of 5% to 7% and organic sales growth of 1%-3%; guides 2026 adjusted EPS between $4.00 and $4.20 vs. est. $4.00.
• Werner Enterprises (WERN) Q4 adj EPS $0.05 vs. est. $0.11 on revs down -2% y/y to $737.635M vs. est. $762M; Q4 adj Operating Income $11.319M; Operating income decreased $49.2 million, or 368%, to a loss of $35.8 million while operating margin of (4.9)% declined 670 basis points from 1.8%

• Carlyle (CG) Q4 EPS $1.01 vs. est. $0.99; Q4 revenue $1.9B; said raised $53.7 billion in fresh capital in fiscal 2025, bringing its total assets under management to $477 billion, 8% higher than a year ago; Q4 Fee-related earnings increased 1% to $290 million.
• CleanSpark Inc. (CLSK) Q1 adj EBITDA ($295.4)Mm vs est $75.1Mm on revs fell -19% y/y to $181.2Mm vs est $194.5Mmciting "rising network difficulty and softer Bitcoin prices" as the main causes.
• Dave (DAVE) prelim Q4 revs $164M vs. est. $153.04M and prelim Q4 adj EBITDA $63M; said expects its Q4 28 days past due metric to be within the range of 1.95%-2%, improving from the previously disclosed expectation of below 2.10%; sees FY25 revenue view $554M, vs. consensus $537.12M.
• Digital Realty (DLR) Q4 core FFO/SHR $1.86 vs est $1.80 on revs $1.63B vs est $1.577B; guides FY core FFO/SHR $7.90-8.00 vs est $7.81.
• Equity Residential (EQR) forecast 2026 funds from operations below estimates to between $4.02-$4.14 per share, the midpoint of which is below analysts' expectations of $4.12 apiece, amid weak demand for rental apartments as supply remains high; it posted a 4.7% fall in new leases in Q4.
• IREN Ltd. (IREN) Q2 pretax profit (-$337.9M) vs. est. (-$22.8M) as Q2 revenue fell to $184.7M, down from $240.3M in Q1 and said net loss for Q2 was $155.4M, impacted by non-cash items; said secured $3.6 bln GPU financing for Microsoft contract; targets $3.4B ARR by end of CY26 with GPU expansion.
• Strategy (MSTR) Q4 loss was $12.4B, or $42.93 per share, for the three months ended December 31, compared with a loss of $670.8M, or $3.03 per share, a year earlier; said it held 713,502 bitcoins as of February 1, at a total cost of $54.26 billion, or $76,052 per bitcoin.
• Ventas Inc. (VTR) Q4 FFO/SHR $0.89 vs est $0.88 on sales $1.566B vs est $1.507B; guides FY FFO/SHR $3.63-3.73 vs est $3.77

• Biogen (BIIB) Q4 adjusted EPS $1.99, vs. consensus $1.63; Q4 revs $2.3B vs. est. $2.2B; Full year 2026 Non-GAAP diluted EPS expected to be between $15.25 and $16.25 vs $14.95 consensus; expects full year 2026 total revenue to decline by a mid-single digit percentage versus full year 2025 vs. estimated growth of -5.11% Y/Y.
• Doximity (DOCS) Q3 revs $185.1M vs est. $181.6M and adj Ebitda $111.4M vs. est. $194.7M; board authorizes $500M buyback; shares tumble on guidance as sees Q4 revenue $143M-$144M vs. consensus $150.5M and sees FY26 revenue $642.5M-$643.5M, vs. consensus $645.4M.
• Encompass Health (EHC) Q4 adj EPS $1.46 vs est $1.30 on revs $1.54B vs est $1.541B; guides FY revs $6.365-6.465B vs est $6.453B and adj EPS $5.81-6.10 vs est $5.82.
• Envista Holdings (NVST) Q4 adj EPS $0.38 vs est $0.32, adj EBITDA $164Mm vs est $100.33Mm on revs $750.6Mm vs est $679.95Mm; guides FY core sales +2-4% vs est +3.76% and adj EPS $1.35-1.45 vs est $1.28.
• HIMS & Hers (HIMS) shares fall after The U.S. FDA commissioner Marty Makary recently said the FDA will be taking action against companies producing "illegal copycat drugs" claiming to be similar to FDA-approved products, per Reuters reports.
• Illumina Inc. (ILMN) Q4 adj EPS $1.35 vs est $1.23 on revs $1.16B vs est $1.106B, adj gr mgn 67%, adj EBIT mgn 23.7%; guides FY revs $4.5-4.6B vs est $4.407B and adj EPS $5.05-5.20 vs est $5.07.
• Molina Healthcare (MOH) shares crash as Q4 adj EPS ($2.75) vs est $0.33 on revs $10.715B vs est $10.856B; guides FY revs -2% vs est +4.17% and adj EPS at least $5.00 vs est $13.76; says will exit MAPD product for 2027.

• Atlassian (TEAM) Q2 EPS $1.22 vs. consensus $1.14 and revs $1.59B vs. est. $1.54B; ended Q2 with 55,369 customers with greater than $10,000 in Cloud ARR, up 12% y/y; sees Q3 revenue $1.689B-$1.697B vs. consensus $1.65B and total 2026 revenue growth year-over-year is expected to be approximately 22.0%.
• Fortinet (FTNT) Q4 adj EPS $0.81 vs est $0.74 on revs $1.91B vs est $1.86B; sees Q1 revs $1.7-1.76B vs est $1.72B and adj EPS $0.59-0.63 vs est $0.65, adj Outperform mgn 30-32%; sees FY revs $7.5-7.7B vs est $7.51B, adj EPS $2.94-3.00 vs est $2.94, adj gr mgn 79-81% and adj Outperform mgn 33-36%.
• Gen Digital (GEN) Q3 adj EPS $0.64 vs est $0.63 on revs $1.24B vs est $1.23B; guides Q4 revs $1.24-1.26B vs est $1.239B and adj EPS $0.64-0.66 vs est $0.65; sees FY revs $4.955-4.975B vs est $4.947B and adj EPS $2.54-2.56 vs est $2.54.
• Impinj Inc. (PI) Q4 adj EPS $0.50 vs est $0.580 on revs $92.8Mm vs est $92.12Mm; guides Q1 revs $71-74Mm vs est $90.41Mm and adj EPS $0.08-0.13 vs est $0.39.
• Microchip Technology (MCHP) Q3 EPS $0.44 vs. est. $0.43 on revs rose 15.6% y/y to $1.186B, vs. consensus $1.19B; said due to slow macroeconomic environment in 2025, co has paused most factory expansion actions, reduced planned capex through 2026; sees Q4 revs $1.24B-$1.28B vs. est. $1.24B.
• Monolithic Power Systems (MPWR) Q4 EPS $4.79 tops consensus $4.74 on revs $751.16M vs. est. $741.69M; announced that Bernie Blegen will retire from his position as CFO; sees Q1 revenue $770M-$790M vs. consensus $738.38M, sees Q1 gross margin 55.2%-55.8% and operating expenses $156M-$160M.
• Qualys Inc. (QLYS) Q4 adj EPS $1.87 vs est $1.78 on revs $175.3Mm vs est $173.2Mm; guides Q1 revs $172.5-174.5Mm vs est $173.17Mm and adj EPS $1.76-1.83 vs est $1.78; sees FY revs $717-725Mm vs est $718.39Mm and adj EPS $7.17-7.45 vs est $7.39.
• Power Integrations (POWI) Q4 adj EPS $0.23 vs est $0.19 on revs $103.2Mm vs est $103.01Mm; guides Q1 revs $104-109Mm vs est $106.28Mm; announces workforce reduction, expect incur charge of $3.5-4.0Mm in Q1.
• Reddit Inc. (RDDT) authorizes share buyback program of up to $1 billion; Q4 EPS $1.24 tops consensus $0.93; Q4 revs rose 70% y/y to $726M above consensus $667.06M and reports Q4 DAU up 19% to $121.4M; guides Q1 revs $595M-$605M vs. est. $577M and Ebitda $210M-$220M vs. est. $203M.
• Roblox (RBLX) Q4 EPS loss (-$0.45) vs. est. loss (-$0.46); Q4 revs $2.22B vs. est. $2.09B; Q4 average daily active users grew 69% y/y to 144 million; forecast FY26 bookings between $8.28B-$8.55B above estimates of $7.87B; said margins will be flat to slightly down this year due to investments in safety initiatives.
• SS&C Technologies (SSNC) Q4 adj EPS $1.69 vs est $1.61 on revs $1.654B vs est $1.636B; guides Q1 adj revs $1.608-1.648B vs est $1.623B and adj EPS $1.62-1.68 vs est $1.62; sees FY adj revs $6.654-6.814B vs est $6.608B and adj EPS $6.70-7.02 vs est $6.61.
• Synaptics (SYNA) Q2 adj EPS $1.21 vs. est. $1.15 and revs rose 13% y/y to $302.5M vs. est. $300.29M; Q2 Core IoT product sales increased by 53% y/y, significantly contributing to overall revenue growth; guides Q3 non-GAAP EPS $1.00, plus/minus $0.15 vs. est. $0.98 and revs $290M, plus/minus $10M vs. est. $285.71M.
• VeriSign (VRSN) Q4 EPS $2.23 vs. est. $2.28; Q4 revs $425.0M vs. est. $424.0M; ended Q4 with 173.5 million .com and .net domain name registrations in the domain name base, net increase of 1.58M registrations during Q4’25.
• Zscaler (ZS) acquired SquareX to enhance Zero Trust security capabilities directly within standard browsers.
• The semiconductor industry will reach $1 trillion in revenue this year for the first time ever, fueled by artificial intelligence and the spread of computer chips to virtually every part of the economy. Total industry sales were $791.7 billion in 2025 and are forecast to chalk up another 26% surge in 2026, according to the SIA – Bloomberg.

Mid-Morning Look

Friday, February 06, 2026

U.S. stocks in recovery mode early, rebounding off overnight declines following Amazon (AMZN) mixed results and raised capex, seeing recoveries early in three of the most beat up sectors to start the year with Software, Alts/PE, and crypto all seeing a notable bounce after tumbling further on Thursday. The Dow Jones Industrial Average leading +1.6% at new all-time highs and the Dow Transport index up about 1% trying to make a new record as well (50 points away from Wednesday highs) and the Small Cap Rusell 2000 up over 2%. After weaker jobs data on Thursday (jobless claims/JOLTs/Challenger Gray) Treasury yield shave slipped the last 2 days with rate sensitive two-year U.S. Treasury yields hitting a more than three month low. The 2-year note yield , which typically moves in step with Federal Reserve interest rate expectations, was last up 1.7bps to 3.49% but earlier reached 3.426%, the lowest since October 17. In tech, Amazon was disappointing as investors balk at the $200B capex budget for 2026, but aside from them, it was generally a decent evening of results, with healthy/better-than-feared numbers/guidance from several companies AFRM, BE, BILL, FTNT, MPWR, RBLX, RDDT, and TEAM. Meanwhile, the huge capex numbers ($200B from Amazon and $180B from Google) are helping sentiment around chip/equipment vendors levered to data center construction. More strength in Energy (XLE), Materials (XLB), along with Financials (XLF) and aforementioned Tech (XLK) strong to start. The question remains, will this rally hold into the close and bounce again Monday?

• University of Michigan surveys of consumers 1-year inflation outlook prelim Feb 3.5% vs final Jan 4.0% while University of Michigan surveys of consumers 5-year inflation outlook prelim Feb 3.4% vs final Jan 3.3%.

• Bitcoin remains volatile, bouncing off lowest levels since October 2024 after suffering its sharpest one day decline since 2022 on Thursday. Bitcoin hit a low of $60,008.52 overnight after tumbling about 13% this week, putting it down roughly 25% YTD. It remains at a 16-mth low and almost 50% below record high of around $126,223 hit in October. News of President Trump's selection of Kevin Warsh as his pick to become the next Fed Chair has fueled the recent rout in cryptocurrencies, while latest selling in precious metals and broad selloff in tech has soured risk sentiment.
• Crypto fallout: big losses this week for likes of crypto exchange COIN, Bitcoin investor MSTR (which posted larger loss last night), shares of retail trading platform HOOD which offers trading in crypto tokens, and several crypto miners hammered this week RIOT, CLSK, MARA, WULF, IREN, CIFR and others though many have shifted to Ai compute. Group seeing rebound early as dip buyers emerge.
• In Managed Care/Medicaid: MOH shares tanked after mixed Q4 results while guided Fy26 EPS of at least $5 per share for 2026, well below analysts' estimate of $13.76 and said expects annual medical cost ratio, percentage of premiums spent on medical services, to be 92.6% vs estimate of 89.78%. This morning, CNC guides FY26 revenue marginally below estimates ($185-$190B vs $194.1B est.) with EPS consistent (greater than $3 vs. $2.95 consensus). The damage in managed care has been extensive this earnings quarter with UNH, HUM also recently issuing disappointments.
• Security Software: FTNT Q4 results were ahead of expectations for both billings and revenue, with meaningful product strength offsetting another soft services result/SASE strength underpinned a better than expected billings result/ 4Q op. margin of 37.3% beat street expectations by ~230 bps; QLYS Q4 top-line momentum with $175M revenue growing 10% y/y, beating the midpoint of guidance by $2M, while FY26 guidance came in above, with revenue guidance implying nearly 8% growth at the midpoint – though Piper noted print was weighed down by NRR slipping to 103% and commentary on F'26 billings growth that came in lower than some hopes.

• EHC +11%; shares jumped after Q4 results were well ahead of expectations, highlighted by a sizable 7% EBITDA beat and 3.2% SS discharge growth. The EBITDA upside was driven by solid SS revenue growth (7.3% vs Keybanc 6.5%), favorable Medicare FFS mix, and very strong expense management.
• MSTR +15%; results last night weak but shares bounce with broader rebound in Bitcoin; posted a sharply wider Q4 loss, underscoring the risks of its heavy exposure to bitcoin, logging a net loss of $12.4B, or $42.93 per share, compared with a loss of $670.8 mln a year earlier.
• NVST +14%; was upgraded to Outperform at Leerink and raised tgt to $35 from $25 post earnings citing improved growth and execution from Envista and some early signs of better market growth following ALGN earnings.
• RBLX +9%; shares surged after delivered a very strong Q425, with Bookings 6.5% above Street forecasts and initial 2026E guidance was also impressive, with Bookings/Adj EBITDA 5%/13% above consensus at the midpoint. Notably, 45% of RBLX's 144M DAUs are age-verified, indicating that users skew younger than their reported ages.
• RDDT +8%; reported better-than-expected results, with revenue coming in $60M+ above the high-end of guidance as advertising revenue growth accelerated to +75% y/y; U.S. user growth accelerated two points, to +9% y/y and Q425 EBITDA came in $42M above the high-end of the range as EBITDA margins reached 45%.
• ROIV +14%; and its spinout Priovant said this morning that their immune-modifying drug significantly outperformed placebo in clearing lesions caused by a rare skin disease in a small trial.

• COTY -10%; shares fell after withdraws full-year forecast, sees Q3 adj EBITDA to fall to $100-$110M, below ests of $201.6M and sees Q3 revs declining by a mid-single-digit percentage vs. est. +2.9%.
• DOCS -27%; shares tumble after reported a beat, but FQ4 revenue growth guidance of ~4% came in well below consensus as they noted upfront selling season has started slow due to: 1) multiple customers deploying a lower % of annual budgets upfront and 2) this uncertainty resulted in many deals being delayed and pushed out.
• HIMS -9%; after U.S. FDA commissioner Marty Makary recently said the FDA will be taking action against companies producing illegal copycat drugs claiming to be similar to FDA-approved products, per Reuters reports.
• HUBG -25%; shares slide after saying it will restate its financial statements for Q1, Q2 and Q3 of 2025 citing inaccuracies that resulted in the understatement of purchased transportation costs and accounts payable.
• MOH -25%; shares tanked after mixed Q4 results while guided Fy26 EPS of at least $5 per share for 2026, well below analysts' estimate of $13.76 and said expects annual medical cost ratio, percentage of premiums spent on medical services, to be 92.6% vs estimate of 89.78%.
• PI -23%; after an outlook that is much weaker than expected, owing mainly to its large North American Logistics supply chain customer making significant changes with supplier allocations; Q1 revenues are expected to be down 5.6% Y/o/y at the midpoint of the range, vs consensus +18%, along with lower-than-expected adj. EBITDA.
• STLA -25%; shares tumbled after announced 22.2 billion euros ($26.5 billion) of charges as it scales back its electric-vehicle ambitions; expects industrial cash burn of between 1.4-1.6 billion euros in the 2H’26; will also issue up to 5 billion euros in non-convertible subordinated perpetual hybrid bonds.

Closing Recap

Friday, February 06, 2026

Now that’s a rebound! After stocks were punished the last few days on AI competition fears, mixed earnings and weaker jobs data…the dip buyers were back in charge on Friday with the Dow Jones Industrial Average surging over 1,200 points to new all-time highs (crossing above the 50K mark for the first time) and the Russell 2000 Smallcap Index jumped over 3.5% as nearly every S&P 500 index was positive today. Technology recovered in a big way after lagging recently (XLK +4%), with software stocks recovering after a dismal start to the year and month (IGV was down -22% MTD and -12% WTD coming into the day) on Ai competitive concerns. Alt managers and private credit companies (ARES, OWL, KKR, CG, APO, etc.) also saw solid rebounds today with the move in software. Another beaten up sector was crypto as Bitcoin hit 16 month lows yesterday and fell to as low as $60K overnight before jumping back to 70K this morning. Shares of AMZN tumbled overnight on its increased AI spending plans, following a similar move from GOOGL the night before and META last week as Hyperscalers ramp up spending for AI growth (which helped when in the power/AI space today). The Nasdaq hit highs of up about 2% after falling -4.5% the last 3 days and the S&P 500 index climbed back above 6,900 and breaching 6,800 the day prior. We are more than halfway through earnings season with 271 of the S&P 500 companies reported thus far with an 82% beat rate vs 79% LY and the avg beat 10% vs 35% LY, while avg miss -18% vs -14% LY per Reuters data. Focus next week (outside of another heavy dose of earnings), will be the delayed nonfarm payrolls report midweek, the consumer price index (CPI) inflation report Friday and several conferences. For the week, the S&P 500 fell -0.1%, the Nasdaq declined -1.84%, and the Dow climbed 2.5%.

• University of Michigan surveys of consumers 1-year inflation outlook prelim Feb 3.5% vs final Jan 4.0% while University of Michigan surveys of consumers 5-year inflation outlook prelim Feb 3.4% vs final Jan 3.3%.

• After weaker jobs data on Thursday (jobless claims/JOLTs/Challenger Gray) Treasury yield shave slipped the last 2 days with rate sensitive two-year U.S. Treasury yields hitting a more than three month low. The 2-year note yield , which typically moves in step with Federal Reserve interest rate expectations, was last up 1.7bps to 3.49% but earlier reached 3.426%, the lowest since October 17. The yield on benchmark U.S. 10-year is up slightly above 4.20% after having dropped as low as 4.156%, the lowest since January 15. Fed funds futures traders are now pricing in 58 bps of cuts by year end, up from around 50 bps earlier this week, indicating that they see a growing chance of a third 25 bps cut.
• A nice bounce back for metals as well with April gold rising +$90.30/oz, or +1.85% to settle at $4,979.80, while March silver prices edge higher +$0.18/oz, or +0.24% to settle at $76.90 an ounce 9off overnight lows $63.90). Spot platinum added 5.4% to $2,093.50 per ounce, while palladium rose 6.2% to $1,717.05.
• Oil prices edged higher, rising $0.26 or 0.41% to settle at $63.55 per barrel (and was down -2.55% for the week), while Brent crude gained $0.50 or 0.74% to settle at $68.05 per barrel. Natural gas prices fell -8.7c or 2.48% to settle at $3.422mln btus, but ended the week notably lower, falling -21.41%, snapping a 3-week winning streak.

• In Consumer Products: NWL guided FY26 EPS $0.54-$0.60 vs. estimates $0.60, hurt by tariff costs and inflation and guided Q1 EPS loss (-$0.08-$0.11) wider than the expected (-$0.03) loss. In tobacco, PM reported mixed 4Q results, with adjusted EPS slightly ahead of consensus, and organic sales below.
• In Food & Beverages: Once Upon a Farm (OFRM) priced its IPO at $18/share, offering 11.0M shares (7.63M primary, 3.37M secondary). Trading started today as proceeds to repay debt, buy equipment, and for general corporate use. STKL shares jumped after Beverage producer Refresco agreed to acquire food and beverage manufacturer SunOpta in a deal with an equity value of roughly $785 million, with STKL holders to receive $6.50 a share in cash.

• In Autos: STLA shares tumbled after announced 22.2 billion euros ($26.5 billion) of charges as it scales back its electric-vehicle ambitions; expects industrial cash burn of between 1.4-1.6 billion euros in the 2H’26; will also issue up to 5 billion euros in non-convertible subordinated perpetual hybrid bonds. Auto retailer AN shares rallied despite mixed results as Q4 EPS of $5.08 topped the $4.85 consensus while revenue fell 4% to $6.93B, below the est. $7.2B, while same-store new vehicle retail unit sales fell 10%, and same-store used vehicle unit sales dropped 5%.

• In Nuclear/IPP power: VST was upgraded from Neutral to Buy at Goldman Sachs following the pullback in shares (-12% YTD, -35% from all-time-high), as it increases its estimates and see upside risk to consensus after incorporating the Meta PPA into its numbers. Goldman said they see potential upside of 3-9% to its 2028 EBITDA if Vistra contracts the rest of its Nuclear Generation in a similar price range. BE 2026 guide well above the Street for all metrics as product backlog comes in at $6.0bn with services backlog of $14.0 bn, reflecting 100% attach rate on new bookings.

• Alts/Private Equity/Private Credit: ARES was upgraded to Buy at Deutsche Bank post Q425 earnings saying while the Q4 results presented a headline miss on realized Income, they believe the market's concerns regarding private credit fundamentals and potential Ai disruption are overblown relative to likelihood of durable FRE growth remaining intact across its forecast Horizon. CG shares got a bounce after earnings and a relief rally in software stocks.
• In FinTech/Payments: AFRM Q2 results came in well ahead due to a variety of factors, including broad and growing adoption of the Affirm Card, increased popularity of its 0% APR product, and a 55% increase in Pay-in-X volume and also provided additional insights on the new AdaptAI/BoostAI Tools. DAVE released prelim Q4 revenue growth of 63% y/y (3rd consecutive quarter of 60%+ YoY revenue growth) to $164M, 6% above the $155M consensus estimate and sees adjusted EBITDA of $73M, 16% above the $63M Street estimate.
• Human Resources: PCTY posted FQ2 recurring revenue growth coming in at 11.3% (vs. Street's 9.7%) on continued execution and modestly better workforce level while the magnitude of the revenue outperformance was slightly below prior quarterly beats; still raised FY26 recurring revenue by more than it beat to growth of 10-11%.

• Crypto fallout: big losses this week for likes of crypto exchange COIN, Bitcoin investor MSTR (which posted larger loss last night), shares of retail trading platform HOOD which offers trading in crypto tokens, and several crypto miners hammered this week RIOT, CLSK, MARA, WULF, IREN, CIFR and others though many have shifted to Ai compute. However, the group saw strong returns on Friday across the board alleviating some recent pain.
• IREN reported Q2 revenue of $184.7M and adjusted EBITDA of $75.3M, both down q/q due to a decline in Bitcoin prices and a decline in operating hash rate, which was not unexpected given the company's transition of capacity away from Bitcoin mining and towards Ai compute. Iren reiterated its $3.4B YE26 ARR guidance and noted that ARR from its Prince George site increased to $0.4B, bringing total committed ARR to $2.3B.
• GEMI was downgraded from Outperform to In Line at Evercore and cut tgt to $10 from $15 after the company announced plans to exit and wind down operations across the UK, the European Union, other European jurisdictions, and Australia, while maintaining operations in the U.S. and Singapore.
• GLXY announces $200M share repurchase program.
• MSTR posted a sharply wider Q4 loss, underscoring the risks of its heavy exposure to bitcoin, logging a net loss of $12.4B, or $42.93 per share, compared with a loss of $670.8 mln a year earlier. Said held 713,502 bitcoins as of Feb 1, acquired at an average price of $76,052 per coin

• CUZ reported 4Q25 FFO that was in line with consensus, and management introduced FY26 FFO guidance of $2.87-$2.97 (+2.8% y/y) that was $0.01 ahead of consensus . Additionally, the Company announced the acquisition of 300 South Tryon, a 638ksf office property in Uptown Charlotte for $317.5M at a cash yield of 7.3%.
• PECO reported in-line 4Q25 Core FFO and management affirmed its FY26 Core FFO guidance issued in December alongside the Company's "Business Update" call. All underlying assumptions were maintained.
• REG delivered in line 4Q NAREIT FFO (Core FFO beat by $0.01) and initial FY26 FFO guidance was 0.6% above consensus at the midpoint. The outlook for SSNOI growth is unchanged vs. management's commentary on last quarter's call, though contributions from developments appear to be driving earnings growth above expectations.
• VTRs initial ‘26 NFFO guidance beat cons. by ~1% on a headline basis but missed by ~1% after adjusting for $0.08 of non-cash comp being excluded from NFFO on a go-forward basis. NFFO guidance also includes $2.5B of investments, or an incremental ~ $1.7B after closing $800M+ of deals subsequent to YE25.

• BIIB 4Q revs were $2.279B (+3.5% consensus), with better Tysabri the largest swing factor while Q4 EPS was $1.99 (vs. $1.63 consensus and FY26 rev guidance is roughly in line with consensus and EPS slightly above.
• ROIV and its spinout Priovant said Friday that their immune-modifying drug brepocitinib significantly outperformed placebo in clearing lesions caused by a rare skin disease in a small trial. In the 31–person study, patients with cutaneous sarcoidosis who received a high dose of the drug improved by an average of 22.3 points on a 165-point scale of disease activity, compared to 0.7 points for patients who received placebo. The results outperformed the expectations.

• In Dental: NVST was upgraded to Outperform at Leerink and raised tgt to $35 from $25 post earnings citing improved growth and execution from Envista and some early signs of better market growth following ALGN earnings announcement. The broad-based performance in the quarter, combined with margin pull-through, paints a more stable picture for what has become a steady operator under new leadership, they said.
• Medical Tech Services: DOCS shares tumble after reported a beat, but FQ4 revenue growth guidance of ~4% came in well below consensus as they noted upfront selling season has started slow due to: 1) multiple customers deploying a lower % of annual budgets upfront and 2) this uncertainty resulted in many deals being delayed and pushed out.
• Healthcare Facilities & Services: EHC shares jumped after Q4 results were well ahead of expectations, highlighted by a sizable 7% EBITDA beat and 3.2% SS discharge growth. The EBITDA upside was driven by solid SS revenue growth (7.3% vs Keybanc 6.5%), favorable Medicare FFS mix, and very strong expense management.
• Medical Instruments: MTD posted a top and bottom-line beat, and FY26 EPS guidance raise to imply roughly the same YoY growth rate as their previous FY26 guide over previous FY25 guide and their 4Q25 local currency sales growth exit rate of ~5%, exceeds FY26 guide of ~4%. ILMN reported 4Q results, with rev consistent prelim and EPS slightly ahead of the upper end of the prelim and guides 2026 to organic revenue growth of 2%-4%, excluding China, noting overall demand would be similar to what they saw in 2H25.

• In Industrial/Distributors: MSM was downgraded to Neutral from Overweight at JP Morgan citing valuation with the shares reaching the price target. MSC's volumes remain "uninspiring" and its self-help initiatives are yet to show in a meaningful way.
• In Transports: Record highs for the Dow Transport Index coming close to the 20,000 level, getting a big boost from airline stocks as AAL, DAL, UAL, ALK, JBLU all with notable gains. FDX has been a big driver of Dow Transport strength recording its 19^th straight day of gains.
• In Chemicals: LIN was downgraded to Neutral from Overweight at JP Morgan with an unchanged price target of $455 citing valuation and said Linde's average consolidated sequential prices have been flat for two straight quarters for the first time since JPMorgan began tracking the metric n 2022, most likely due to lower helium prices.
• Homebuilders slipped early afternoon following a Bloomberg headline that Trump administration explores opening antitrust probe into homebuilders, which weighed on shares of KBH, TOL, LEN, DHI, BZH, etc. The Department of Justice could open the probe in the coming weeks, with a potential focus on how information is shared through the Leading Builders of America trade group, said the report.

• RBC Capital noted the top 4 Hyperscalers have reported CQ4 results with aggregate CAPEX now projected to grow ~60% in 2026 vs prior consensus for ~40%. Whether the companies can actually spend the projected amount remains to be seen given the severe component supply constraints and space/power limitations. While it's difficult to imagine CAPEX sentiment getting materially better, RBC's base case is for Ai spending to remain elevated into 2027.
• @GlobalMktObserv noted on hyperscaler capex spending: “Is this why Amazon and Google stocks are DROPPING? S&P 500 companies are expected to spend 44% of operating cash flows on CAPEX in 2026, up from 40% in 2025. At the same time, buyback spending is down to just 15%, the lowest in YEARS, and a massive drop from the 46% peak in 2022. Amazon and Google are leading the CAPEX surge, leaving far less cash to support stock prices through buybacks.”
• Social Media: RDDT reported better-than-expected results, with revenue coming in $60M+ above the high-end of guidance as advertising revenue growth accelerated to +75% y/y; U.S. user growth accelerated two points, to +9% y/y and Q425 EBITDA came in $42M above the high-end of the range as EBITDA margins reached 45%. SNAP was upgraded to Hold from Sell at Stifel saying given the dramatic move in shares (-37% YTD; -33% since 1/28), Stifel views the risk/reward profile as more balanced at current levels.
• In Media: ROKU was upgraded to Outperform with $105 tgt at Oppenheimer citing valuation for the upgrade following the stock's 25% pullback from the 52-week high and said they see numerous catalysts for Roku, including the Amazon (AMZN) partnership that just went live, elevated interest in the Winter Olympics, and the mid-term political ads.

• BILL shares jumped following better earnings and guidance, lifting shares over 20%, but the stock extended gains following a Bloomberg report that Hellman & Friedman is in talks to acquire the business payments company saying the PE group has been engaging with Bill and its financial adviser as part of a sale process https://tinyurl.com/3bzv7btk
• RBLX shares surged after delivered a very strong Q425, with Bookings 6.5% above Street forecasts and initial 2026E guidance was also impressive, with Bookings/Adj EBITDA 5%/13% above consensus at the midpoint. Notably, 45% of RBLX's 144M DAUs are age-verified, indicating that users skew younger than their reported ages.
• TEAM posted solid Q2 results, with Cloud beating nicely though Cloud migration benefit remained consistent in the MSD-HSD. Still, posted a record number of 7-figure deals and another quarter of RPO acceleration; delivered 26% cloud revenue growth in the quarter, a slight uptick from the prior three quarters and solidly ahead of 22.5% growth guide.

• MCHP reported in-line F3Q results with its positive pre and guided F4Q slightly higher. Key cycle metrics continue to trend higher including: 1) Backlog entering the Mar qtr was much higher than entering the Dec qtr as bookings were strong and B2B in F3Q was well above 1; 2) Lead times are starting to expand more broadly leading to increasing customer expedites; 3) Backlog continues to grow, as MCHP sees strong seasonal growth in June and Sept qtrs.
• MPWR reported strong Q4 results and Q1 guidance, which solidly exceeded as Q4 strength was seen in Data Center, which drove strong growth in Enterprise Data (+20% Y/y), Computing & Storage (+19% Y/y), and Communications 31% Y/y)/ also increased its 2026 ED growth outlook to >50% from 35%
• PI shares tumbled after an outlook that is much weaker than expected, owing mainly to its large North American Logistics supply chain customer making significant changes with supplier allocations; Q1 revenues are expected to be down 5.6% Y/o/y at the midpoint of the range, vs consensus +18%, along with lower-than-expected adj. EBITDA.
• SYNA posted strong F2Q results and F3Q guidance, which exceeded expectations. IoT continues to recovery nicely and grew +53% y/y,-10% q/q in the quarter, while F3Q guidance indicates IoT will be flat q/q and +37% q/q. Regarding memory, SYNA sees minimal impact given its enterprise exposure in PCs/docks and high-end in smartphones.

Street Recommendations

Friday, February 6, 2026

• TEAM Barclays lowered the firm's price target on Atlassian to $165 from $215 and keeps an Overweight rating on the shares post the fiscal Q2 report. The company reported a solid cloud "beat and raise" driven by enterprise momentum, the analyst tells investors in a research note.
• OWL Barclays lowered the firm's price target on Blue Owl Capital to $15 from $18 and keeps an Overweight rating on the shares post the Q4 report. The firm thinks the earnings selloff is overdone and it finds the shares undervalued.
• LSPD Barclays lowered the firm's price target on Lightspeed to $12 from $14 and keeps an Equal Weight rating on the shares. The firm says the company's Q3 report does not change its fundamental story. There is still work to be done before investors get more incremental on Lightspeed, the analyst tells investors in a research note.
• MGM Barclays analyst Brandt Montour lowered the firm's price target on MGM Resorts to $37 from $38 and keeps an Equal Weight rating on the shares. The firm updated the company's model post the Q4 report.
• PCTY Barclays lowered the firm's price target on Paylocity to $146 from $164 and keeps an Equal Weight rating on the shares post the fiscal Q2 report. The firm thinks the "stable" results and "constructive" commentary around demand and AI risks could help Paylocity shares "find its level."
• SNAP Barclays lowered the firm's price target on Snap to $15 from $16 and keeps an Overweight rating on the shares post the Q4 report. The firm says the Snap story "remains in flux with some call options." The company's core ads business is "lagging" and it faces regulatory overhangs in many regions, the analyst tells investors in a research note.
• XPO Barclays raised the firm's price target on XPO to $195 from $160 and keeps an Overweight rating on the shares. XPO reported better than expected Q4 results and 2026 guidance, supported by recent volume momentum and pricing gains, the analyst tells investors in a research note.

• MSTR BTIG lowered the firm's price target on Strategy to $250 from $630 and keeps a Buy rating on the shares. The company's Q4 earnings call was overshadowed by bitcoin prices that traded off 8% in the hours leading up to the call, the analyst tells investors in a research note. BTIG reminds investors that Strategy's convertible debt is "extremely over-collateralized" and is covered even if bitcoin prices drew down 80%. Further, the company has 30 months of USD reserves to cover preferred equity dividend payments, adds the firm. It cites the recent bitcoin volatility for the target cut.
• BE BTIG raised the firm's price target on Bloom Energy to $165 from $145 and keeps a Buy rating on the shares after its Q4 earnings beat. The company is leaning on a diverse customer base to scale revenues, with management noting secular demand growth in data centers as well as legacy C&I customers, the analyst tells investors in a research note.
• DOCS BTIG analyst David Larsen lowered the firm's price target on Doximity to $50 from $80 and keeps a Buy rating on the shares after its Q3 results and outlook. The company highlighted uncertainty around Most Favored Nation pricing, across the bio-pharma market leading up to the end of 2025 and the subsequent impact on the selling season as the reason for the lighter guide, the analyst tells investors in a research note.

• EZPW Canaccord raised the firm's price target on Ezcorp to $34 from $28 and keeps a Buy rating on the shares. The firm said they reported another record quarter, with sales +19%, roughly 6% above the firm and consensus, as pawn loans outstanding (PLO), the key driver of the business, increased +14%.
• FCFS Canaccord analyst Brian McNamara raised the firm's price target on FirstCash to $217 from $210 and keeps a Buy rating on the shares. The firm said FirstCash Holdings reported record Q4 results, with sales +20%, about 3% above the firm and roughly 4% above consensus.
• SPB Canaccord raised the firm's price target on Spectrum Brands to $94 from $84 and keeps a Buy rating on the shares. The firm said Spectrum Brands reported Q1 results with sales about 1% above consensus, adjusted EBITDA roughly 8% ahead, and adjusted EPS far exceeding expectations.
• TEAM Canaccord analyst David Hynes lowered the firm's price target on Atlassian to $185 from $230 and keeps a Buy rating on the shares. The firm said Atlassian delivered 26% cloud revenue growth in the quarter, a slight uptick from the prior three quarters and solidly ahead of 22.5% growth guidance. Management increased full year Cloud growth guidance by 180 bps while noting they've kept the same level of prudence to assumptions in the second half of the year.

• AMZN Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Amazon.com to $250 from $260 and keeps an Overweight rating on the shares. Amazon beat Q4 revenue and EBIT expectations, driven by accelerating AWS growth and continued retail margin expansion from logistics efficiencies, but softer-than-expected Q1 EBIT guidance and a sharply higher FY26 capex outlook of $200B may reignite concerns around long-term return on invested capital despite the intact AWS and retail margin expansion story, the analyst tells investors in a research note.
• IREN Cantor Fitzgerald lowered the firm's price target on Iren to $82 from $136 and keeps an Overweight rating on the shares. Revenue and adjusted EBITDA were both down quarter over quarter due to a decline in Bitcoin prices and a decline in operating hash rate, which was not unexpected given the company's transition of capacity away from Bitcoin mining and towards AI compute, the analyst tells investors in a research note. The firm believes the after-hours move lower is a buying opportunity.
• PI Cantor Fitzgerald analyst Troy Jensen lowered the firm's price target on Impinj to $170 from $246 and keeps an Overweight rating on the shares. Impinj's Q4 results met expectations, but Q1 guidance came in well below consensus due to inventory digestion and weak apparel retailer demand, likely pressuring shares near-term, the analyst tells investors in a research note. Longer-term secular growth opportunities in retail, supply chain, logistics, and general merchandise remain intact, making any near-term weakness a potential buying opportunity, Cantor says.
• CLSK Cantor Fitzgerald lowered the firm's price target on CleanSpark to $17 from $21 and keeps an Overweight rating on the shares. The investment case for CleanSpark has now shifted to AI, with what appears to be strong momentum for its Sandersville site, and the company is adding additional large site capacity behind that, the analyst tells investors in a research note. The recent selloff makes shares attractive, the firm adds.

• AMZN Citi lowered the firm's price target on Amazon.com to $265 from $320 and keeps a Buy rating on the shares post the Q4 report. The firm says that while Web Services revenue growth reaccelerated to 24% year-over-year, Amazon's $200B spending

• AMZN Evercore ISI lowered the firm's price target on Amazon.com to $285 from $335 and keeps an Outperform rating on the shares following what the firm calls a "Beat & Mixed" quarter. Q4 results were "golden," with AWS delivering material revenue growth acceleration, Cloud market share gains, very strong backlog, and consistently high profitability, while the Retail and Ad segments' revenue growth was very consistent, the analyst tells investors. While the firm still believes the Amazon long thesis is intact and that AWS results are proving out return on AI, it views the stock as likely range-bound until 2026 revenue acceleration becomes more apparent and/or the market sees the potential for a free cash flow snapback in 2027.

• ARES Goldman Sachs lowered the firm's price target on Ares Management to $165 from $189 and keeps a Buy rating on the shares. Alternative Managers faced continued share price pressure after Q4 results, with the group down about 15% year-to-date and 10% in the past week, despite software-related risks being manageable and earnings expectations largely unchanged, the analyst tells investors in a research note.
• OWL Goldman Sachs lowered the firm's price target on Blue Owl Capital to $14 from $16.25 and keeps a Neutral rating on the shares. Alternative Managers faced continued share price pressure after Q4 results, with the group down about 15% year-to-date and 10% in the past week, despite software-related risks being manageable and earnings expectations largely unchanged, the analyst tells investors in a research note.

• KNTK Jefferies downgraded Kinetik Holdings to Hold from Buy with an unchanged price target of $43. The firm cites valuation for the downgrade. The 21% rally off the December lows leaves the shares "less compelling," the analyst tells investors in a research note. Jefferies also expects a "muted" Q4 update from Kinetik and sees limited share catalysts in the near-term.
• FTNT Jefferies analyst Joseph Gallo raised the firm's price target on Fortinet to $90 from $80 and keeps a Hold rating on the shares. 18% year-over-year billings growth in Q4 beat consensus at 12% on "blockbuster" Product strength, notes the analyst. FY26 billings growth guidance of 12.5% year-over-year at the mid-point also was better than consensus at 10.6%, the analyst added.
• TEAM Jefferies lowered the firm's price target on Atlassian (TEAM) to $150 from $262 and keeps a Buy rating on the shares. Atlassian's Q2 results "beat across the board," but Amazon's (AMZN) high capex dragged software down further in after-hours, says the analyst in a note titled "Strong Results, But AI Fears Are Stronger." Despite AI fears, seats have expanded for seven quarters, ARPU is "solid" and a step-up in buybacks in the second half should support valuation, the analyst added.
• BILL Jefferies lowered the firm's price target on Bill to $50 from $55 and keeps a Buy rating on the shares. Fiscal Q2 results mostly beat expectations and "mark a much-needed step in the right direction," the analyst tells investors. The key to driving the stock materially higher will be sustaining this for multiple quarters, the analyst added.

• DOCS JPMorgan analyst Anne Samuel upgraded Doximity to Neutral from Underweight with a price target of $40, down from $62. The firm says the company's fiscal Q3 report was were overshadowed by policy uncertainty around client budgets and a more back-end weighted revenue outlook. The firm, however, views the post-earnings selloff as overblown. It cut the price target on budget uncertainty and slower digital spend but upgraded the shares on valuation.
• MSM JPMorgan downgraded MSC Industrial to Neutral from Overweight with a price target of $95, down from $96. The firm cites valuation for the downgrade with the shares reaching the price target. MSC's volumes remain "uninspiring" and its self-help initiatives are yet to show in a meaningful way, the analyst tells investors in a research note.
• LIN JPMorgan downgraded Linde to Neutral from Overweight with an unchanged price target of $455. The firm cites valuation for the downgrade with the shares above the price target. Linde's average consolidated sequential prices have been flat for two straight quarters for the first time since JPMorgan began tracking the metric n 2022, most likely due to lower helium prices, the analyst tells investors in a research note. JPMorgan thinks the stock's multiple may be constrained until the company resumes a more positive sequential pricing dynamic.
• AMZN JPMorgan lowered the firm's price target on Amazon.com to $265 from $305 and keeps an Overweight rating on the shares post the Q4 report. The company announced a big capex step up for 2026, the analyst tells investors in a research note. The firm believes Amazon is "willing to take some near-term profit pain to drive significant long-term growth opportunities."
• AFRM JPMorgan lowered the firm's price target on Affirm to $79 from $94 and keeps an Overweight rating on the shares. The company reported a strong revenue and volume beat and raised its full-year outlook, but signaled slowing volume growth in fiscal Q4, "which stoked fears," the analyst tells investors in a research note. JPMorgan continues to view Affirm as a core holding.
• SYNA JPMorgan analyst Peter Peng raised the firm's price target on Synaptics to $100 from $85 and keeps an Overweight rating on the shares. The company reported good fiscal Q2 results, driven by revenue upside in its enterprise business, the analyst tells investors in a research note. The firm upped estimates post the print.
• FTNT JPMorgan analyst Brian Essex raised the firm's price target on Fortinet to $73 from $72 and keeps an Underweight rating on the shares. The firm views the Q4 report as solid. Fortinet posted a positive surprise on the hardware side, but software improvement is still needed as this is still a cyclical business, the analyst tells investors in a research note.

• COUR KeyBanc lowered the firm's price target on Coursera to $10 from $12 to reflect the recent pullback in valuation, while keeping an Overweight rating on the shares. The firm notes Coursera reported good Q4, posting total revenue growth of 9.9% on Consumer and Enterprise strength. Initial 2026 revenue growth guide of 6%-8% was also better than expectations for 5.8%, with Consumer expected to grow 10%-plus.
• ITT KeyBanc analyst Jeffrey Hammond raised the firm's price target on ITT to $230 from $215 and keeps an Overweight rating on the shares following quarterly results. In short, the firm walked away from 2025 encouraged by consistent momentum across the portfolio, particularly in CCT. Moving into 2026, KeyBanc continues to view the SPX Flow deal as a strong strategic fit with meaningful value creating potential, supportive of sustained earnings and multiple expansion over time.
• PCOR KeyBanc lowered the firm's price target on Procore to $80 from $91 to reflect the recent pullback in software valuation, while keeping an Overweight rating on the shares. Heading into the company's Q4 print, the firm again sees upside to headline cRPO growth estimates, with normalized cRPO growth remaining in the mid-teens.
• PCTY KeyBanc lowered the firm's price target on Paylocity to $190 from $225 and keeps an Overweight rating on the shares. The firm notes Paylocity posted another solid quarter, with Q2 recurring revenue growth coming in at 11.3% on continued execution and modestly better workforce level. That said, the magnitude of the revenue outperformance was slightly below prior quarterly beats.
• WMS KeyBanc analyst Jeffrey Hammond raised the firm's price target on Advanced Drainage to $198 from $180 and keeps an Overweight rating on the shares. Following the company's Q3 earnings and conference call, the firm was impressed by the clear end-market outgrowth in Infiltrator and Allied amid a challenged end-market backdrop paired with continued strong margin execution. Looking out, KeyBanc walked away with greater conviction in its long-term thesis as numerous avenues of organic outgrowth continue to show through, which it expects to be further enhanced by the recent close of the NDS acquisition.
• ZG KeyBanc lowered the firm's price target on Zillow Group to $75 from $90 to reflect lower multiples across internet and technology stock, while keeping an Overweight rating on the shares. The firm believe Zillow's growth and margin profile remain intact and views the recent pullback as an attractive buying opportunity.

• RBLX Morgan Stanley analyst Matthew Cost lowered the firm's price target on Roblox to $140 from $155 and keeps an Overweight rating on the shares. Roblox delivered strong results "across the board" and guidance surprised to the upside, says the analyst, who marked the firm's valuation multiple to market, driving its lowered price target on shares.
• BE Morgan Stanley raised the firm's price target on Bloom Energy to $184 from $155 and keeps an Overweight rating on the shares after a "significant" Q4 earnings beat, product backlog up two-and-a-half times, and 2026 revenue guidance meeting the firm's Street-high forecast. An inflection in growth is "now beginning to show up in the financials," the analyst tells investors.

• G Needham analyst Mayank Tandon lowered the firm's price target on Genpact to $50 from $53 and keeps a Buy rating on the shares. The company posted solid Q4 results, beating estimates on the top and bottom line, driven primarily by its Advanced Technology Solutions segment, the analyst tells investors in a research note.
• DOCS Needham analyst Scott Berg lowered the firm's price target on Doximity to $55 from $75 but keeps a Buy rating on the shares after its "mixed" Q3 results. Competition and the regulatory environment remain topics to monitor for Doximity, but the firm believes the sell-off is overdone and creates an attractive entry point for investors, the analyst tells investors in a research note. The lower than expected Q4 guide is disappointing, but Needham remains confident that budgets will unlock as 2026 progresses and that Doximity is well-positioned to maintain strong market share.
• AFRM Needham analyst Kyle Peterson lowered the firm's price target on Affirm to $85 from $100 and keeps a Buy rating on the shares. The company's Q2 results beat the Street on the top and bottom line while the outlook provided for the back half of the year was solid, and Affirm also provided additional insights on the new AdaptAI/BoostAI tools which are showing promise and could improve both growth and margins over time, the analyst tells investors in a research note.
• RBLX Needham lowered the firm's price target on Roblox to $105 from $159 and keeps a Buy rating on the shares after its Q4 results and reflecting the broad tech sell-off. Age verification provides incremental monetization opportunities for the company and the engagement drag appears minimal, the analyst tells investors in a research note. Bookings guidance was also "better than feared" and does not contemplate another viral game, which creates upside risk to our estimates, the firm adds.
• PI Needham lowered the firm's price target on Impinj to $175 from $255 and keeps a Buy rating on the shares. The company provided a weaker-than-expected Q1 outlook, owing mainly to its large North American logistics supply chain customer making significant changes with supplier allocations, the analyst tells investors in a research note. Impinj still believes 2026 could be a growth year, as shipments of the new chip to the logistics customer accelerate, the firm adds.
• CLSK Needham analyst John Todaro lowered the firm's price target on CleanSpark to $19 from $25 and keeps a Buy rating on the shares. The company modestly missed on revenues and Adj. EBITDA, primarily driven by lower mining, though the firm is lowering its estimates further as bitcoin prices have materially pulled back, the analyst tells investors in a research note.

• DOCS Piper Sandler analyst Jessica Tassan lowered the firm's price target on Doximity to $40 from $70 and keeps an Overweight rating on the shares. The firm notes 2026 is off to a slow start on soft Q2/Q3 bookings. Doximity says market growth is decelerating to about 5% and sales cycles are elongating as pharma responds to macro volatility. Near-term outlook is bleak, but Piper continues to believe in the power of the Doximity platform.
• RBLX Piper Sandler analyst Thomas Champion lowered the firm's price target on Roblox to $100 from $125 and keeps an Overweight rating on the shares. The firm notes shares indicate outperformance after reporting bookings up 63% year-over-year with better than feared results above Piper's estimate, although they did decelerate from up 70% year-over-year last quarter. The firm remains a buyer here.
• TEAM Piper Sandler lowered the firm's price target on Atlassian to $200 from $280 and keeps an Overweight rating on the shares. The firm notes the company delivered solid Q2 results, showing no negative impact from AI adoption. A slightly lighter cloud beat vs. Q1 will drive debate coming out of the quarter, but Piper was encouraged by the organic annual cloud guide seeing a raise in excess of quarterly upside, albeit modest. With shares at 10 times its 2027 free cash flow estimate, the firm thinks the market is pricing in a very pessimistic long-term growth scenario, one it disagrees with. Atlassian is a top idea in Piper's coverage.
• COP Piper Sandler raised the firm's price target on ConocoPhillips to $111 from $108 and keeps an Overweight rating on the shares. To a large degree, there was very little to see in ConocoPhillips' Q4 result, the firm says. The report was largely in line across the board, with 2026 guidance also in line with expectations.
• SHEL Piper Sandler lowered the firm's price target on Shell to $89 from $93 and keeps an Overweight rating on the shares. The firm notes shares suffered through a challenging day, despite Q4 results that were largely in-line, outside of transient weakness in the Marketing segment. The miss, however, exacerbated prior concerns on balance sheet expansion to cover buybacks in the near-term, and long-term upstream resource depth, Piper adds.
• OWL Piper Sandler analyst Crispin Love lowered the firm's price target on Blue Owl Capital to $15 from $21 and keeps an Overweight rating on the shares. The firm notes Blue Owl shares traded down in what was another tough day for the alts, but it was a relative outperformer versus the group. While the revenue growth outlook should decelerate below investor day targets, Blue Owl showed its ability to grow margins on expense discipline, Piper adds.

• VVV Stephens raised the firm's price target on Valvoline to $44 from $38 and keeps an Overweight rating on the shares. Conservative guidance was viewed by some investors as a signal for slowing trends, but should the company's core margins remain strong, the firm would expect another beat in fiscal Q2, the analyst tells investors in a post-Q1 note.
• AFRM Stephens lowered the firm's price target on Affirm to $65 from $75 and keeps an Equal Weight rating on the shares. Q2 results were ahead of expectations and guidance was "sound," says the analyst, who lowers the firm's price target on peer multiple compression.
• BOOT Stephens upgraded Boot Barn to Overweight from Equal Weight with a price target of $237, up from $196. The company has a well-defined, proven earnings growth algorithm with a management team that is "confident, in control and pulling the right levers," says the analyst, who adds that the firm's upgrade is both a tactical call with an eye towards a spring consumer trade and tax refund beneficiaries as well as an investment call where short term disproportionate stock appreciation seems likely.

• HUBG Stifel double downgraded Hub Group to Sell from Buy with a price target of $27, down from $52. The company announced partial Q4 results, delaying the full report of audited earnings due to a material misstatement in historical earnings, the analyst tells investors in a research note. Stifel assumes the issue persisted into Q4 and creates a "materially lower margin jumping off point for future earnings." The firm's "best estimation of a conservative, yet reasonable" 2027 earnings per share benchmark is $1.75, which lowers its target price to $27 and yields 47% downside from the current share levels.
• NVST Stifel raised the firm's price target on Envista to $31 from $27 and keeps a Buy rating on the shares. The company seems to be growing market plus across most key categories and new product introductions should continue in 2026, the analyst tells investors in a post-earnings note.
• IQV Stifel lowered the firm's price target on Iqvia to $220 from $273 and keeps a Buy rating on the shares. The firm, which believes the nearly 11% decline in the stock price was a function of AI concerns and the lower-than-expected 2026 EPS guidance, believes the AI concerns are "misguided," the analyst tells investors.

• NBTX TD Cowen initiated coverage of Nanobiotix with a Buy rating and no price target. Nanobiotix's physics-based platform technologies have broad applicability free of biological constraints, the analyst tells investors in a research note. TD sees upside in the shares as the company expands into more tumor types.

• RBLX UBS lowered the firm's price target on Roblox to $74 from $103 and keeps a Neutral rating on the shares. Roblox's Q4 results were stronger and the outlook for 2026 was better than expected, the analyst tells investors in a research note. While the stock should react positively to the print, fears around competition and new emerging AI platforms could persist, the firm argues.
• AFRM UBS lowered the firm's price target on Affirm to $78 from $86 and keeps a Neutral rating on the shares. Affirm's Q2 results continued to show positive momentum with beats across revenue, GMV, and adjusted operating income, the analyst tells investors in a research note. Affirm is a leader in Buy Now Pay Later, in part driven by its range/flexible model, both in terms of loan size and in business model, and remains well-positioned with many of the most important eCommerce platforms/retailers in the U.S., UBS adds.
• FTNT UBS raised the firm's price target on Fortinet to $90 from $80 and keeps a Neutral rating on the shares. Fortinet's Q4 results were largely positive, driven by strong product growth, improved ELA renewals, and a CY26 outlook that eased margin concerns with limited impact from DRAM pricing, but guidance for service revenue growth and tougher upcoming comps temper confidence in sustaining 12%+ long-term growth, leaving the stock fairly valued, the analyst tells investors in a research note.
• COUR UBS analyst Taylor McGinnis lowered the firm's price target on Coursera (COUR) to $7 from $9 and keeps a Neutral rating on the shares. The outlook remains centered on the proposed Udemy (UDMY) acquisition, which is expected to close in 2H26 and offers a compelling strategic case for stronger growth durability and incremental profitability, though uncertainty around execution and potential disruption from the merger tempers near-term confidence, the analyst tells investors in a research note.
• HSY UBS raised the firm's price target on Hershey to $236 from $210 and keeps a Neutral rating on the shares. Hershey delivered a strong Q4 EPS beat and issued FY26 guidance materially above Street estimates, but with substantial FY27 growth largely priced in at a premium valuation versus peers, further upside likely requires either a better entry point or clearer evidence of additional forecast upside, the analyst tells investors in a research note.

• TPR Wells Fargo raised the firm's price target on Tapestry to $165 from $142 and keeps an Overweight rating on the shares. Despite one of the toughest setups this EPS season, Tapestry posted impressive Coach-led growth driving a 15% upward revision to full year guide. Having "comped the comp," the Coach momentum is now much more visible today and should keep valuation at a premium, Wells adds.
• XPO Wells Fargo analyst Christian Wetherbee raised the firm's price target on XPO to $205 from $147 and keeps an Overweight rating on the shares. Coming off its callback, the firm believes XPO's relative performance remains compelling. Both Q1 and 2026 targets were better and 2026 seems conservative in the context of potentially improving macro, Wells adds. Longer-term the OR story provides a long tail of EPS growth.
• OMF Wells Fargo lowered the firm's price target on OneMain to $70 from $75 and keeps an Equal Weight rating on the shares. The firm says the company's consumer is holding up, but the macro outlook and persistent inflation drives their conservative underwriting posture. While modest, OneMain still expects slight NCO improvement with a stronger second half of 2026, Wells adds.
• FMC Wells Fargo analyst Michael Sison lowered the firm's price target on FMC to $14 from $16 and keeps an Equal Weight rating on the shares. The firm stays on the sidelines given a down year in EBITDA, mounting pressures in its base business, and off patent diamides. While its strategic review could yield significant upside, Wells fine-tunes its price target on 2026 fundamentals.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: ACGL ACM AMKR BRX CHGG CINF CMCO CRBG DAC GTM ICHR KRC MEDP MTW NTB ON OPEN PAL PFG PFLT PNNT SSD SVM UDR UPWK UTL UVV VNO

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT
• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• UBS Financial Services Conference, 2/9-2/11, in Florida

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Retail Sales M/M for December
• 8:30 AM ET                   Retail Sales – Less Autos M/M for December
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for November
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AEIS AIG AIZ AKR ALAB ANGI ARI BL DEI DIOD EPM EW EXEL F FRSH GILD GNSS GXO HIW HNGE HOOD IVT JHX KVYO LSCC LYFT MAT MIR MNTN NET NSP NTST OI PEGA RPD RRR TDC UFCS UPST WELL WPC ZG

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT
• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• UBS Financial Services Conference, 2/9-2/11, in Florida
• China PPI/CPI for January

• 8:30 AM ET                 Nonfarm Payrolls for January
• 8:30 AM ET                 Private Payrolls for January
• 8:30 AM ET                 Manufacturing Payrolls for January
• 8:30 AM ET                 Unemployment Rate for January
• 8:30 AM ET                 Average Hourly Earnings M/M for January
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal budget for January

• Earnings After the Close: AEE ALB AM AMCX APP AR ATEX CFLT CGNX CPA CRK CSCO CW CXT CXW DAR DDI EPRT EQIX FAF FCPT FSLY GFL GTY HUBS IFF INSP LEG MFC MGM MSA MSI NBIX NBR NE NEU NEW OM PAYC PDM PDS PLMR PPC PRCH PRI QDEL QS QTWO ROL RWT RYN SAFE SCI STAG TYL WCN WFG WTS

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT

• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• Stifel Transportation & Logistics Conference, 2/11-2/12 in Miami, FL
• TD Cowen 47th Annual Aerospace & Defense Conference, 2/11-2/12, in Arlington VA
• UBS Financial Services Conference, 2/9-2/11, in Florida

• 8:30 AM ET                   Continuing Claims
• 10:00 AM ET                 Existing Home Sales M/M for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: ABNB AEM AIP AMAT ANET BAP BFAM BIO BLX BROS CAE CART COHU COIN CPS CRSR CTRE DKNG DXCM ES EXPE FBIN FLO FORR FROG FRT HASI HCC HR HTGC IR KNSL LGCY MHK MORN NUS PACB PCOR PDFS PINS PSA RIVN ROKU RYAN SBRA SPSC TOST TRUP TSLX TWLO TXG VRTX WYNN YELP

• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• Stifel Transportation & Logistics Conference, 2/11-2/12 in Miami, FL
• TD Cowen 47th Annual Aerospace & Defense Conference, 2/11-2/12, in Arlington VA

• 8:30 AM ET                   Consumer Price Index (CPI) Headline Y/Y for January
• 8:30 AM ET                   Core CPI – Ex: Food & Energy M/M for January
• 8:30 AM ET                   Core CPI – Ex: Food & Energy Y/Y for January
• 1:00 PM ET                    Baker Hughes Weekly rig count data