Early Look

Wednesday, March 11, 2026

U.S. futures are rebounding off the lows after choppy trading overnight as markets digest new attacks in the Middle East, rising oil prices, better earnings/guidance out of Oracle (shares +10%), and positioning ahead of the February Consumer Price Index (CPI) inflation data at 8:30 am et this morning. Another story getting attention this morning comes from the Financial Times which reported JPMorgan Chase & Co. is restricting some lending to private credit funds after marking down the value of certain loans in their portfolios. Energy prices whipsawed as traders weighed a report that the International Energy Agency was looking at releasing oil reserves to stabilize supply. Tensions remain high in the Middle East as the UK Navy said three vessels were hit with suspected projectiles in the Strait of Hormuz and Persian Gulf on Wednesday, as the conflict in the region continues to menace shipping. The targets include a cargo ship in the Strait of Hormuz off Oman, a container vessel west of Ras Al-Khaimah and a bulk carrier northwest of Dubai, the UK Maritime Trade Operations Center said. WTI crude +2.5% at $85.50 (overnight high $88.99 and low $81.79) and gold prices are falling. In Asian markets, The Nikkei Index jumped 776 points to 55,025, the Shanghai Index gained 10 points to 4,133, and the Hang Seng Index fell -61 points to 25,898. In Europe, the German DAX is down around -300 points to 23,663, while the FTSE 100 is down -75 points to 10,336. Japan to release 15 days’ worth of private-sector oil reserves and one-month worth of State oil reserves notes PM Takaichi.

• The Dow Jones Industrial Average fell -34.29 points, or 0.07%, to 47,706.52
• The Nasdaq Composite edged higher 1.16 points, or 0.01%, to 22,697.10
• The Russell 2000 Index declined -5.59 points, or 0.22% to 2,548.08

• 8:30 AM ET                   Consumer Price Index (CPI) M/M for February…est. +0.3% (prior +0.2%)
• 8:30 AM ET                   Consumer Price Index (CPI) Y/Y for February…est. +2.4% (prior +2.4%)
• 8:30 AM ET                   Core CPI, Ex: Food & Energy M/M for February…est. +0.2% (prior +0.3%)
• 8:30 AM ET                   Core CPI, Ex: Food & Energy Y/Y for February…est. +2.5% (prior +2.5%)
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET U.S. Treasury to sell $42B in 10-year notes
• 2:00 PM ET                    Federal Budget for February

• Earnings After the Close: ARIS ASTL BMBL CDXS CINT CURI DMRC DSGC DSP FOSL FTK HPK NOA NTSK NVGS ODC PATH SFIX SID TBBB TLYS TTGT VEL WLTH WOOF

• Cantor Technology Conference, 3/10-3/11
• Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL
• RBC Capital 2026 Global Financials Conference, 3/10-3/11, in New York
• Stifel NYC technology 1-on-1 Conference, 3/11 in New York

• Nature’s Sunshine Products (NATR) Q4 EPS $0.23 vs est $0.19, adj EBITDA $11.9Mm vs est $10.47Mm on revs $123.8Mm vs est $121.62Mm, gr mgn 72.5%; sees FY sales $500-515Mm vs est $494.39Mm and adj EBITDA $50-54Mm vs est $51.21Mm.
• Nike (NKE) was upgraded to Overweight from Equal Weight at Barclays and raise tgt to $73 from $64 citing Nike's operational progress, financial inflections, and management's disciplined actions for the upgrade; says the stock's risk/reward profile has shifted favorably, creating an attractive investment opportunity.
• Porsche (POAHY) said it expects its operating margin to rise this year, guiding a group operating return on sales in the range of 5.5% to 7.5% in 2026, after collapsing to 1.1% in 2025.
• Starboard Value has taken a stake in CarMax (KMX) and nominated two directors to its board, urging the used car retailer to improve the experience of its digital users, cut costs and change its pricing structure. Starboard now owns roughly $350 million worth of shares in CarMax.
• Target (TGT) said ‌that it ‌was lowering prices on ​over 3,000 products across its apparel, home goods ‌and ⁠other daily items, most of which are 5% to ‌20% lower ​than ​the ​original price, ‌will start in ​March, ​the company said.
• Tesla’s (TSLA) China-made electric vehicle rose ‌for a fourth month in ‌a row in February, as sales of Model 3 and Model Y vehicles ‌made in its ⁠Shanghai plant totalled ⁠58,600 units last month, up 91% from a year earlier and ​following a ​9.3% rise ​in January.
• Westrock Coffee (WEST) Q4 EPS ($0.23) vs est ($0.16), adj EBITDA $23.0Mm vs est $15.43Mm on sales $339.472Mm vs est $317.4Mm; guides FY adj EBITDA $90.0-100.0Mm vs est $105.98Mm.
• Xponential Fitness (XPOF) announced that John Meloun, Chief Financial Officer, has separated from the Company effective March 9, 2026. Robert Julian has been appointed interim Chief Financial Officer, effective March 16, 2026; they also reaffirm guidance.

• Concrete Pumping Holdings (BBCP) Q1 EPS ($0.06) vs est ($0.08), adj EBITDA $18Mm vs est $16.33Mm on revs $90.561Mm vs est $84.82Mm; guides FY revs $390-410Mm vs est $398.6Mm, adj EBITDA $90-100Mm vs est $96.63Mm and FCF at least $40Mm.
• Diamondback Energy Inc (FANG) announces secondary offering of 11M shares by SGF Fang Holdings
• Kosmos (KOS) 97.5M share Spot Secondary priced at $1.90.
• Smurfit Westrock (SW) plans to invest $5B in U.S. operations as part of a broader $6.1B Irish investment pledge ahead of Ireland’s St. Patrick’s Day White House visit – WSJ reports.
• SolarEdge Technologies (SEDG) said finance chief Asaf Alperovitz will step down from his role and that they have begun a process to find a replacement for Alperovitz, who will continue to serve as finance chief until June 9.

• Invesco Ltd. (IVZ) preliminary month-end assets under management (AUM) of $2,257.7B, an increase of 1.2% versus previous month-end. The firm delivered net long-term inflows of $4.7B in the month. Money market net inflows were $13.5B. AUM was positively impacted by favorable market returns which increased AUM by $9B.
• JPMorgan Chase & Co. (JPM) is restricting some lending to private credit funds after marking down the value of certain loans in their portfolios, according to a person familiar with the matter, the Financial Times reported. The devalued loans are to software companies, the person added, a sector that’s been in the spotlight in recent weeks due to investor concern over the potential impact of artificial intelligence.
• Loan Depot (LDI) Q4 adj EPS ($0.10) vs est ($0.04), adj EBITDA $29.316Mm on revs $310.26Mm vs est $333.93Mm

• Blend Labs (BLND) preliminary Q4 adj operating Income $5.4Mm vs est $3.093Mm on revs $32.4Mm vs est $31.78Mm, adj gr mgn 80%; guides Q1 revs $28.5-30.0Mm vs est $31.48Mm and adj EBIT $2.0-3.0Mm vs est $3.98Mm.
• Domo Inc. (DOMO) Q4 adj EPS $0.03 vs. est ($0.03) on revs $79.625Mm vs es T$78.65Mm, adj Operating margin 10%.
• Evolv Technologies (EVLV) Q4 adj EPS ($0.03) vs est ($0.02), adj EBITDA $1.8Mm vs est $1.945Mm on revs $38.5Mm vs est $36.44Mm; guides FY revs $172-178Mm vs est $164.9Mm and adj EBITDA mgn high-single-digits.
• Groupon Inc. (GRPN) Q4 adj EPS $0.17 and sales rose 1.8% y/y to $132.7M vs. est. $137.3M; Ad adj Ebitda was $20.9M and Q4 billings $446.5M.
• Microsoft (MSFT) threw its support behind Anthropic on Tuesday and advocated for a temporary restraining order that would block the Pentagon’s supply chain risk designation. The move would “enable a more orderly transition and avoid disrupting the American military’s ongoing use of advanced Ai,” Microsoft said in a filing

Mid-Morning Look

Wednesday, March 11, 2026

U.S. stocks are trading moderately higher after futures bounced between gains and losses overnight. The February consumer price index (CPI) inflation report was welcomed by investors with in-line results vs. consensus views and the prior month, giving investors a pause for concern ahead of this Friday’s PCE index reading. Tech space getting a double dose of positive news as Oracle (ORCL) shares jump 12% following better earnings/guidance and in-line capex, while the data infrastructure/AI sector rises as NBIS shares jumps as NVDA announced a strategic partnership (investing $2B) to develop and deploy the next Generation of hyperscale Cloud for the Ai market, from Ai natives to enterprises. That has the HPC Data center stocks moving higher (IREN, CIFR, WULF, CRWV). Private Equity/credit lenders seeing weakness again (ARES, CG, APO, KKR, OWL) after the Financial Times reported JPM is restricting some lending to private credit funds after marking down the value of certain loans in their portfolios. Early weakness as well in consumer staples (XLP) after Campbells (CPB) misses earnings and lowers guidance hitting food stocks. Energy and tech early bright spots.

Energy prices whipsawed as traders weighed reports as the 32 Member countries of the International Energy Agency (IEA) unanimously agreed today to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions in oil markets stemming from the war in the Middle East. Earlier, reports showed Germany and Japan were looking at releasing oil reserves to stabilize supply ahead of a decision by the International Energy Agency, in the face of intensifying air strikes in the Middle East that are likely to ground shipping through the strategic Strait of Hormuz for a while. Oil prices were very choppy again this morning. Until the Strait of Hormuz is opened and the turmoil in the Middle East simmers down, oil prices remain elevated. President Trump also told Axios in a brief phone interview Wednesday that the war with Iran will end "soon" because there is "practically nothing left to target."

Higher oil prices from the Iran conflict have driven a hawkish repricing in rates, flattening yield curves and lifting real rates while weakening the hedging value of nominal duration. Front-end yields have climbed more in Europe and the UK than in the US, where markets still expect Fed cuts in 2026. While upside oil risks remain, moderating core inflation and softer labor markets limit hawkish pressure. The 10-year yield scales 4.18% this morning.

• In Autos: KMX shares rallied after Starboard Value has taken a stake in the company and nominated two directors to its board, urging the used car retailer to improve the experience of its digital users, cut costs and change its pricing structure. Starboard now owns roughly $350 million worth of shares. TSLA’s Shanghai factory reached 58,600 units in February, representing a 91% increase y/y, Shanghai Securities News reports, citing Tesla China. Porsche (POAHY) said it expects its operating margin to rise this year, guiding a group operating return on sales in the range of 5.5% to 7.5% in 2026, after collapsing to 1.1% in 2025. Aston martin (ARGGY) was downgraded at Bernstein after the company announced a significant reduction in mid-term volume plans. NIO upgraded from Neutral to Buy at Nomura as believes NIO is finally entering into a healthy business Cycle.
• Leisure Sector: Well Fargo initiated DOOO, PLNT, LTH, MAT all initiated at Overweight; HAS, MTN, PII initiated at Equal Weight and HOG initiated at Underweight ($15 PT) in Leisure sector with preference for secular tailwinds in Fitness and relative Defense/optionality in toys. They are selective in powersports on tepid demand; skew high-income in K-shaped backdrop + BBB stimulus. Says durable wellness tailwinds and healthy growth leave US constructive on the outlook for LTH and PLNT Risk/reward balanced in MTN on weak demand/execution challenges at a low multiple. Likes the HAS story but struggle to see how the stock works on tough comps.
• In MedTech: ISRG was upgraded Intuitive Surgical to Buy from Neutral with an unchanged price target of $590 as believes fundamentals in the U.S. medical technology sector remain healthy despite the recent volatility. Citi also opened an "upside 90-day catalyst watch" on SYK while keeping a Buy rating as believes fundamentals in the U.S. medical technology sector remain health despite the recent volatility. Citi's Top Picks include IRTC particularly given the pullback on DOJ concerns and MDT given new product cycles that should accelerate growth.

• KMX +2%; shares rallied after Starboard Value has taken a stake in the company and nominated two directors to its board, urging the used car retailer to improve the experience of its digital users, cut costs and change its pricing structure. Starboard now owns roughly $350 million worth of shares.
• NBIS +16%; and NVDA partner to scale full-stack AI cloud as NVIDIA to invest $2 billion in Nebius; Nebius to deploy more than 5 GWs of NVIDIA systems by end of 2030.
• NKE +1%; was upgraded to Overweight from Equal Weight at Barclays and raise tgt to $73 from $64 citing Nike's operational progress, financial inflections, and management's disciplined actions for the upgrade; says the stock's risk/reward profile has shifted favorably, creating an attractive investment opportunity.
• ORCL +13%; reported better-than-expected Q3 results, featuring Cloud revenue growth coming in at the high end of guidance for the first time in over 2 years, anchored by 84% OCI growth, 20%+ revenue and EPS growth, and operating margin upside
• SERV +16%; shares jumped after released Q4 results and launches Autonomous delivery with White Castle via Uber Eats; said expects 2026 capital expenditures of approximately $25M.
• UNF +9%; after CTAS to acquire UniFirst for $310.00 per share in cash and stock in $5.5B transaction; UniFirst shareholders to receive $155 cash and 0.7720 Cintas shares per share.
• UPST +1%; as the firm plans to apply for a US national bank charter, aiming to reduce costs and streamline its AI-based lending platform

• CPB -8%; reported Q2 top and bottom line results below consensus and cut its annual sales and profit forecasts; now sees FY26 organic net sales to fall between 1%-2%, compared with its previous forecast of between a -1% fall and 1% rise; also sees Fy26 EPS in range of $2.15-$2.25, below its prior view of $2.40-$2.55.
• KOS -18%; as 97.5M share Spot Secondary priced at $1.90.
• OWL -3%; along with ARES, APO, BX, KKR as the Financial Times reported JPM is restricting some lending to private credit funds after marking down the value of certain loans in their portfolios.
• SEDG -2%; said finance chief Asaf Alperovitz will step down from his role and that they have begun a process to find a replacement for Alperovitz, who will continue to serve as finance chief until June 9.
• SLB -1%; after saying escalating tensions in the Middle East would hit its Q1 EPS by about $0.06-$0.09 and push revenue below expectations, as energy companies move to safeguard personnel and facilities across the region.

Closing Recap

Tuesday, March 10, 2026

U.S. stocks were stronger most of the morning, then very choppy and volatile this afternoon with headlines coming out of the White House and media about Middle East actions, leading to massive swings in oil markets which consequently moved stock markets, which ended lower.  Oil prices plummeted on Tuesday (though finished off their worst levels) after soaring to a more than three-year high in the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies. Fear also plummeted as the VIX, after peaking above 32, down 25% from intraday high Monday, but ended around 25.50. Headlines like, “U.S. Intelligence assets have begun to see indications Iran is taking steps to deploy mines in strait of Hormuz Shipping Lane – CBS news reporter on X” were flowing all afternoon and impacting market sentiment. Next catalysts on deck are tonight’s Oracle (ORCL) earnings in software/AI, and February CPI inflation data tomorrow morning.

Oil prices were already pulling back this morning, but selling accelerated after U.S. Energy Secretary Chris Wright said on social media that the U.S. Navy successfully escorted an oil tanker through the strait of Hormuz to ensure oil remains flowing to global markets. That pushed WTI crude to lows 0f $76.73 per barrel. But shortly after, The Secretary of Energy Wright then deleted that same post, causing a bounce off lows for oil prices which remain very volatile (WTI closed around $91 last Friday, hit highs just below $120 a barrel on Sunday night, traded down below $90 on Monday and then hit lows of $76.73 this morning in chaotic trading over the Middle East tensions. The U.S. has not yet escorted any oil tankers or vessels through the Strait of Hormuz, White House Press Secretary Karoline Leavitt confirmed.

In stock news, selling pressure in software stocks ahead of ORCL earnings tonight as traders lock in some profit taking in the group after a 2-week bounce. Some strength in tech, specifically, optical/Infrastructure stocks (DY, MTZ, GLW, LITE, CIEN) given AT&T (T) announcing a large capex figure saying they plan to invest more than $250 billion over five years in the U.S. to build out its network infrastructure (investment compares with analysts' estimates of $111.61B in capex through 2030). In sector news, energy (XLE) was the biggest laggard in the S&P behind the oil price drop along with healthcare on managed care weakness (CNC CEO comments weighed). On the positive side, modest gains for Materials, Tech and Consumer Staples and Discretionary.

• April gold prices rose $138.40, around 2.7% to settle at $5,242.10 boosted by a pullback in the U.S. dollar and easing inflation concerns as oil prices pulled back amid indications the conflict in the Middle East could end soon. Inflation concerns remain in the forefront tomorrow with the January Consumer Price Index (CPI). Spot silver rose 2.7% to $89.39, spot platinum gained 2.2% at $2,229.15, while palladium fell 0.9% to $1,675.50.

• In Electric Vehicles: RIVN was upgraded to Buy at TD Cowen and raised tgt to $20 following a detailed R2 demand analysis as they see full scale R2 demand at 212,000-335,000 units, suggesting upside to consensus forecasts.
• In Autos: STLA is leaning on technologies from automotive suppliers for its newest hybrid SUVs, CNBC has learned. VWAGY reported a slump in operating profit and forecast only a modest recovery. Said it expects an operating margin of between 4%-5.5% in 2026, after 2.8% in 2025 and 5.9% a year earlier (vs. ests 4.2%) at the higher end of the company's forecast range; operating profit for 2025 more than halved to 8.9B euros ($10.4 billion), missing analysts' forecast of 9.4B euros, dragged by tariffs and a costly strategic shift at Porsche

• In Food & Beverages: chocolate players were weak initially (MDLZ, HSY) after Lindt & Spruengli lowered its sales outlook for 2026 because of weak consumer sentiment dampened by higher fuel prices, Chief Executive Adalbert Lechner said; sales in the Middle East directly affected by the Iran crisis were negligible, but lower numbers of people travelling via the region's airport hubs would reduce sales
• Food Processing: BG said it expects earnings to increase to at least $15 per share by 2030 and announces a new $3 billion share repurchase program while a also sets a mid-cycle earnings baseline of about $13 per share

• In Leisure Sector: Ski resort operator MTN reported Q2 net income fell y/y due to challenging weather conditions and adj EPS $5.87 missed ests $6.09 posting a 13% drop in visitation, while lift revenue declined only -2.9% due to a 3% increase in N.A. pass sales revenue; lowers FY26 net income guidance to $144M-$190M and guided FY resort EBITDA $745-775M (down from prior view $842M-$898M) citing challenging weather in Rockies.

• Asset Managers: CNS preliminary assets under management of $98.4B as of February 28, 2026, an increase of $5.4B from assets under management of $93.1B at January 31, 2026. The increase was due to market appreciation of $5.5B and net inflows of $7M, partially offset by distributions of $151M. LAZ preliminary assets under management as of February 28, 2026, totaled approximately $277.7B. The month's AUM included market appreciation of $8.9B, net inflows of $4.2B, FX depreciation of $0.8B and a decrease of $1.5B related to the sale of our stake in the Edgewater Funds management vehicles.

• BNTX shares fell after the company said its co-founders are leaving the company to found a new independent venture by the end of 2026; adds it will contribute to the new co with rights and mRNA technologies in exchange for a minority stakeBeat; also reported earnings as FY revs EU2.87B topped ests EU2.74B, while FY26 sales guidance EU2.33B-EU2.68B below EU3.12B estimate on pipeline doubts and oncology ramp delays.
• CRSP announced a proposed $350M convertible Senior notes offering.
• PRTA announced they earned a $50M milestone payment from NVO related to the achievement of a prespecified enrollment target in the ongoing Phase 3 CLEOPATTRA clinical trial evaluating coramitug, a potential first-in-class amyloid depleter antibody, for the treatment of ATTR.
• VRTX said that its experimental kidney disease drug met the main goal of a late-stage trial; the experimental drug successfully reduced by half a key marker of an autoimmune kidney disease known as IgA nephropathy
• XAIR announces termination of agreement to sell its Neuronos subsidiary to XTL Biopharmaceuticals Ltd.; says to evaluate strategic alternatives for Neuronos and focus on LungFit programs.

• LFMD reported a Q4 top- and bottom-line beat as FY26 revenue guidance was slightly above consensus, but FY26 adj. EBITDA guidance was below consensus; said expects an adj. EBITDA loss of $4M-$5M in 1Q26 but a return to profitability in 2Q26; guides FY revs $220-230Mm vs est $222.62Mm.
• MDT said it has agreed to acquire neurovascular technology company, Scientia Vascular, for $550M, with potential undisclosed earn-out and milestone payments post-acquisition.
• TDOC was upgraded to Buy from Hold at Deutsche Bank with an $11 price tgt given what they see as a compelling valuation, a deliverable strategy for the BetterHelp business and a comparable transaction illustrating the road map as a potential path forward.
• In Managed care (UNH, HUM): Citing a congressional investigation, The Wall Street Journal reported that due to alleged overpayments to Medicare Advantage health plans, Medicare Part B premiums increased by $13.4B last year, with most of that cost borne by seniors. The committee found that the average American senior’s Medicare premiums rose about 10%, or more than $200 annually, due to the alleged overpayments last year. CNC shares fell after the company reaffirms its recently lowered 2026 outlook and said plans to redeem $1B in notes. CNC CEO said at the Barclays Healthcare Conference that the company expects mid-30% of membership in ACA's bronze plan, high-teens percentage in its gold plan and just under 50% of members in its silver plan, which is lower than it has been in the past years

• JOBY announced it has been selected as a partner in multiple winning applications under the White House-backed Electric Vertical Takeoff and Landing Integration Pilot Program, allowing the company to begin early operations this year in 10 US states.
• VOYG Q4 revs missed as $46.65M vs. est. $48.2M; says demand across Defense, National Security and space continues to accelerate; Q4 Income from operations $-34.029M; raises 2026 revenue guidance to $225M-$255M; Q4 Record year-end Total Backlog of $265.6M, an increase of 33% y/y.

• In Online Services: YEXT shares slipped after FQ426, with revenue/adj. EBITDA of $112.0M/$29.0M vs consensus' $113.6M/$27.7M, while the company plans to suspend quarterly earnings calls and quarterly/annual guidance amid focus on driving LT value.

• Security Software: CRWD was upgraded to Overweight from Equal Weight at Morgan Stanley PT $510 saying sees multiyear 20%+ rev growth potential supported by strong positioning in EDR and platform across Cloud, Identity, SIEM and Ai.
• In Optical and Tech Hardware & Comm: shares of optical players AAOI, LITE, CIEN, COHR resumed their upside momentum after briefly pulling back late last week in the tech sell off, helped by AT capex spending news . HPE reported Q4 revenue $9.301B, +18.4% y/y (last q +14.4% y/y) vs Street about $9.33B-$9.35B, +~18.8%-19.0% y/y; EPS was $0.65 vs Street $0.58-$0.59; non-GAAP gross margin was 36.6% vs Street 35.8%; Networking revenue was $2.706B, +152% y/y reported / +~7% normalized vs Street about $2.70B, and HPE raised FY26 networking growth to 68%-73%.

• TSM January-February revenue rose 30% to NT$718.91B; February revenue fell 21% on the month; February revenue rose 22% on year to NT$317.66B from NT$260.01B.
• Memory names SNDK, MU shares jumped after Digitimes.com reported NAND flash prices have surged amid tightening supply, with some manufacturers raising quotations by as much as 50% overnight, according to Phison Electronics CEO Khein-Seng Pua.

Street Recommendations

Wednesday, March 11, 2026

• HIMS Barclays analyst Glen Santangelo raised the firm's price target on Hims & Hers to $29 from $25 and keeps an Overweight rating on the shares. The rally post the Novo Nordisk agreement highlights the incremental market opportunity and removal of the legal overhang for Hims & Hers shares, the analyst tells investors in a research note. Barclays believes the market is still underappreciating Hims' opportunity from new products.
• ORCL Barclays raised the firm's price target on Oracle to $240 from $230 and keeps an Overweight rating on the shares following the fiscal Q3 report. Barclays sees the shares "starting to work better from here," saying the Q3 print addressed several investors concerns around capital expenditures, the gross margin profile of contracts and Oracle's ability to deliver capacity on time. In addition, other parts of the business, like software-as-a-service and maintenance, are performing well, creating "plenty of upside" from current share levels, the analyst tells investors in a research note.
• NVMI Barclays analyst Tom O'Malley initiated coverage of Nova with an Overweight rating and $465 price target. As the industry transitions to more metrologically intensive technologies, Nova has "multiple avenues of growth" amid accelerating wafter fab equipment spending, the analyst tells investors in a research note. The firm says the company addresses both the front and back-end through dimensional, chemical, and materials metrology.
• AJG Barclays upgraded Arthur J. Gallagher to Overweight from Underweight with a price target of $262, up from $247. The insurance broker group has "derated sharply on fears of AI-driven disruption," the analyst tells investors in a research note. Barclays views the selloff as overdone and believes current share multiples now "more than discount" slower growth while overlooking durability of the broker business model and AI's potential to support productivity and margins. The analyst views AI as a "productivity enabler" for the brokers. Barclays says Arthur J. Gallagher is "one of the best ways to play defense in this environment."
• WTW Barclays upgraded WTW to Equal Weight from Underweight with a price target of $341, up from $318. The insurance broker group has "derated sharply on fears of AI-driven disruption," the analyst tells investors in a research note. Barclays views the selloff as overdone and believes current share multiples now "more than discount" slower growth while overlooking durability of the broker business model and AI's potential to support productivity and margins. The analyst views AI as a "productivity enabler" for the brokers. Barclays says WTW's specialty strategy is proving more durable than expected.
• BRO Barclays analyst Alex Scott lowered the firm's price target on Brown & Brown to $80 from $82 and keeps an Equal Weight rating on the shares. The insurance broker group has "derated sharply on fears of AI-driven disruption," the analyst tells investors in a research note. Barclays views the selloff as overdone and believes current share multiples now "more than discount" slower growth while overlooking durability of the broker business model and AI's potential to support productivity and margins. The analyst views AI as a "productivity enabler" for the brokers.

• MTDR BMO Capital raised the firm's price target on Matador to $65 from $60 and keeps an Outperform rating on the shares after meeting with its management. The firm remains positive on the company's differentiated story with Northern Delaware Core Acreage, strong operational performance, and above-average production growth, the analyst tells investors in a research note.
• UNFI BMO Capital raised the firm's price target on United Natural Foods to $52 from $48 and keeps an Outperform rating on the shares. The company reported a solid beat on raise with Q2 earnings despite softer sales, the analyst tells investors in a research note. BMO adds that United Natural Foods continues to demonstrate strong execution of its network optimization strategy, which is ahead of schedule, and its EBITDA targets remain very achievable.
• BNTX BMO Capital analyst Evan Seigerman lowered the firm's price target on BioNTech to $128 from $143 and keeps an Outperform rating on the shares. The company's underwhelming 2026 COVID guide and confusing CEO departure messaging inject uncertainty ahead of BioNTech's "major year for data", the analyst tells investors in a research note. BMO adds that the uncertainty associated with new leadership in light of a vast mid-to-late-stage pipeline and accelerating COVID revenue erosion gives the firm pause on the stock.

• SI BTIG raised the firm's price target on Shoulder Innovations to $24 from $23 and keeps a Buy rating on the shares. The firm continues to view 2026 as a year of accelerating new customer acquisitions, with clear greenfield geographic expansion opportunities in key markets, as well as deepening ASC - Ambulatory Surgery Center - penetration and expanding new products, the analyst tells investors in a research note.

• XGN Canaccord lowered the firm's price target on Exagen to $10 from $15 and keeps a Buy rating on the shares. The firm noted they reported inline Q4 results and said its target reduction is driven by more muted ASP and gross margin expansion in the near term, as well as reduced revenue growth assumptions in the out years of our 10-year DCF.

• SYK Citi opened an "upside 90-day catalyst watch" on shares of Stryker while keeping a Buy rating on the name with a $420 price target. The firm believes fundamentals in the U.S. medical technology sector remain "healthy" despite the recent volatility. Stryker has reported consistent double-digit revenue and earnings growth, the analyst tells investors in a research note.
• ABT Citi analyst Joanne Wuensch lowered the firm's price target on Abbott to $136 from $140 and keeps a Buy rating on the shares. The firm adjusted targets in the medical technology group post the Q4 reports. Sector fundamentals remain "healthy" despite the recent volatility, the analyst tells investors in a research note. Citi's top picks are iRhythm and Medtronic.
• A Citi opened an "upside 90-day catalyst watch" on shares of Agilent while keeping a Buy rating on the name with a $185 price target. The share overhang of a potential transformational acquisition should be removed with Agilent's deal for Biocare Medical, the analyst tells investors in a research note. Citi sees the stock's multiple rebounding.
• ICLR Citi analyst Patrick Donnelly lowered the firm's price target on Icon to $120 from $200 and keeps a Neutral rating on the shares. The firm updated models in the life science tools and diagnostics group post the Q4 reports. Citi sees room for upside to the Q1 outlooks if biopharma activity continues to improve. The firm named Agilent its top tools pick, Natera its top diagnostics pick, and Charles River its top contract research organization pick.

• CTOS JPMorgan lowered the firm's price target on Custom Truck One Source to $6 from $6.50 and keeps an Underweight rating on the shares. The company reported a Q4 EBITDA beat but with a sales miss, the analyst tells investors in a research note. The firm updated the company's model post the Q4 report.

• CIFR Keefe Bruyette lowered the firm's price target on Cipher Mining to $20 from $22 and keeps an Outperform rating on the shares. The firm reduced its 2026 abd 2027 revenue and EBITDA estimates for Cipher citing the reduced hash price, the company's anticipated exit from bitcoin mining in 2027, and higher spending. However, the analyst believes the market is overly discounting Cipher's existing leases or being too conservative on its 2026 leasing.
• WULF Keefe Bruyette lowered the firm's price target on TeraWulf to $23 from $24 and keeps an Outperform rating on the shares. The firm reduced the company's EBITDA estimates to reflect higher spending and equity-method accounting for the Abernathy joint venture. Keefe also sees TeraWulf exiting mining by year-end. The 23% share pullback from the 52-week high on February 25 presents an "appealing buying opportunity," the analyst tells investors in a research note. Keefe believes investors are over-discounting current lease value or adopting an overly conservative view of the company's 2026 lease signings.

• XGN KeyBanc lowered the firm's price target on Exagen to $10 from $15 and keeps an Overweight rating on the shares. The firm notes the company posted Q4 earnings in line with the Street from a top-line perspective as the ASP headwind impact continued into Q4. Since the lower price was a Q3 one-off, comparisons will ease in the first half of 2026. While FY26 guidance is conservative, management has a strong reimbursement background and potential ASP upside exists in FY26 and FY27, KeyBanc argues.

• CNC Mizuho lowered the firm's price target on Centene to $41 from $47 and keeps a Neutral rating on the shares. The firm updated the company's model post the Q4 report. Centene shares were down 14% following the company's comments at a competitor's conference yesterday, the analyst tells investors in a research note. Mizuho cites a more conservative valuation multiple pending greater clarity on the potential risk shifts if health insurance exchange dis-enrollment is worse than expectations for the target cut.
• ELV Mizuho analyst Ann Hynes lowered the firm's price target on Elevance Health to $350 from $413 and keeps an Outperform rating on the shares. Elevance reiterated its 2026 guidance at a competitor conference and noted the Centers for Medicare and Medicaid Services sanctions are related to historical data submission processes and does not impact the company's current risk-adjustment processes, the analyst tells investors in a research note. The firm notes Elevance expects that any impact is currently embedded within 2026E guidance.
• TNGX Mizuho raised the firm's price target on Tango Therapeutics to $20 from $19 and keeps an Outperform rating on the shares. The firm updated the company's model post the Q4 report.

• WSM UBS analyst Michael Lasser raised the firm's price target on Williams-Sonoma to $185 from $175 and keeps a Neutral rating on the shares. The firm, which thinks the company had "a solid holiday quarter," is expecting an in-line Q4 print and thinks focus will be on the puts and takes of FY26 margin expectations, the analyst tells investors in a preview.
• ABM UBS analyst Joshua Chan lowered the firm's price target on ABM to $45 from $51 and keeps a Neutral rating on the shares after the company reported a fiscal Q1 EBITDA shortfall attributed to weather/mix impacting the Technical Solutions business. While valuation does not look "overly demanding," and growth has been "solid," the firm stays on sidelines as the margin outlook remains "choppy," the analyst tells investors.

• APTV Wells Fargo lowered the firm's price target on Aptiv to $95 from $102 and keeps an Overweight rating on the shares. The firm notes Aptiv is 5% year-to-date, vs peers up 3% year-to-date. Like other auto growth names, performance reflects DRAM and macro concerns. Given the low valuation, Wells' base case upside is 30%. With a 2.4 times upside/downside ratio, the risk-reward is compelling, argues the firm.
• UNFI Wells Fargo raised the firm's price target on United Natural Foods to $40 from $35 and keeps an Equal Weight rating on the shares. The firm notes the company's focus on efficiency and execution continues to pay off. United Natural Foods reported a solid bottom line beat and raise in Q2. Top-line momentum remains a key hurdle for the stock, but operations progress is clear.

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: ARQ CASY CHRS FLNT HPE KRO LFMD MTN MYO NPWR RAIL RPAY STXS VOYG YEXT ZVRA

• Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales M/M for February
• 12:00 PM ET WASDE crop report
• 1:00 PM ET U.S. Treasury to sell $58B in 30 year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ASM AVAV BBCP BODI CDRE DOMO EVLV FNV FOA GRPN IDT JOYY LDI NATR ORCL SO SIGA WEST

• Cantor Technology Conference, 3/10-3/11
• Citizens Life Sciences Conference, 3/10, in Miami, FL
• Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL
• RBC Capital 2026 Global Financials Conference, 3/10-3/11, in New York

• 8:30 AM ET                   Consumer Price Index (CPI) M/M for February
• 8:30 AM ET                   Consumer Price Index (CPI) Y/Y for February
• 8:30 AM ET                   Core CPI, Ex: Food & Energy M/M for February
• 8:30 AM ET                   Core CPI, Ex: Food & Energy Y/Y for February
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET U.S. Treasury to sell $42B in 10-year notes
• 2:00 PM ET                    Federal Budget for February

• Earnings After the Close: ARIS ASTL BMBL CDXS CINT CURI DMRC DSGC DSP FOSL FTK HPK NOA NTSK NVGS ODC PATH SFIX SID TBBB TLYS TTGT VEL WLTH WOOF

• Cantor Technology Conference, 3/10-3/11
• Deutsche Bank 34th Annual Media, internet & Telecom Conference, 3/9-3/11, in Palm Beach, FL
• RBC Capital 2026 Global Financials Conference, 3/10-3/11, in New York
• Stifel NYC technology 1-on-1 Conference, 3/11 in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Housing Starts M/M for January
• 8:30 AM ET                   Building Permits M/M for January
• 8:30 AM ET                   International Trade for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET U.S. Treasury to sell $25B in 30-year notes

• Earnings After the Close: ABX ADBE ALLO ANGX AOUT APEI AVO BZFD CVGW EVCM FNKO GDOT HCAT JCAP JYNT KRMD KRT LEN LMNR LOCO LPRO MAPS MNR NKTR OFRM PD PXLW QRHC RBRK RWAY S SKIN RBCH TTAN ULTA VERI VUZI VXRT WPM ZUMZ

• Bank America Information & Business Services Conference 3/12, in New York

• 8:30 AM ET                   Personal Spending M/M for January
• 8:30 AM ET                   Personal Consumption Expenditures (PCE) Price Index M/M for January
• 8:30 AM ET                   Personal Consumption Expenditures (PCE) Price Index Y/Y for January
• 8:30 AM ET                   Core PCE Price Index M/M for January
• 8:30 AM ET                   Core PCE Price Index Y/Y for January
• 8:30 AM ET                   Gross Domestic Product (GDP) 2^nd estimate for Q3
• 8:30 AM ET GDP Consumer Spending 2^nd estimate for Q3
• 8:30 AM ET GDP Price Deflator for Q3 2^nd estimate
• 8:30 AM ET PCE Prices for Q3-preliminary
• 8:30 AM ET                   Core PCE Prices for Q3-preliminary
• 10:00 AM ET                 JOLTs Job Openings for January
• 10:00 AM ET                 University of Michigan Confidence for March-prelim
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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