Early Look

Thursday, February 26, 2026

U.S. futures (Spuz) are little changed -3.25 points at 6,956, in the middle of its trading range overnight (high 6,969.25 and low 6,941.25), as stronger earnings and guidance from Nvidia overnight wasn’t enough to boost technology stocks, with shares up just a little less than 1%. Nvidia delivered estimate-beating guidance, while CEO Jensen Huang talked about “exponentially” growing computing demand and “skyrocketing” adoption of AI agents. Meanwhile, Dow component and software giant Salesforce (CRM) shares slipped following its better results and mixed guidance.  Looking ahead on the economic calendar, investors will parse weekly jobless claims data due Thursday, followed by January’s producer price index report on Friday. Stocks advanced solidly on Wednesday and equity volatility fell for a second day (VIX dropped below 20). The S&P 500 Index gained 0.8% and the VIX Index, an estimate of the expected volatility in the benchmark, fell to a two-week low. Gold briefly topped $5,200 while the dollar came under broad pressure and WTI crude oil slipped. In Asian markets, The Nikkei Index gained 170 points to 58,753, the Shanghai Index was little changed at 4,146, and the Hang Seng Index fell -384 points to 26,381. In Europe, the German DAX is up 87 points to 25,263, while the FTSE 100 is up 11 points to 10,818. US WTI crude futures fell to their lowest level this week -1.6% at $64.38 as the US and Iran start a third round of nuclear talks in Geneva. Out of the 453 S&P 500 companies that have reported so far in the earnings season, 74% have managed to beat analyst forecasts, while 21% have missed.

• The Dow Jones Industrial Average rose 307.65 points, or 0.63%, to 49,482.15
• The Nasdaq Composite gained 288.40 points, or 1.26%, to 23,152.08
• The Russell 2000 Index advanced 11.00 points, or 0.41% to 2,663.33

• 8:30 AM ET                   Continuing Claims…est. 1.858M
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for February
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: AAOI ACA ADSK AES AEVA AGO ALHC AMBA ARLO AVPT BCO BVN BWIN CABO CAI CLOV CODI COMP CON CPK CPNG CRWV CSTL CTRA CUBE DELL DRH DUOL DV EBS ESTC EVTC EXFY FIGR FIGS FOXF GLOB GSBD ICFI INTU KIDS LASR MAIN MASI MFIC MP MTZ NATL NRDY NTAP NTRA OPK OPRT OS OSPN PAR PBYI PCRX PCT PGNY PUBM QXO RC REAL RKLB RKT RLJ RUN SBAC SG SRM SOLV SOUN SPT STRZ TLN TPC TTEV VSEC WULF XPOF XRAY XYZ ZS

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA

• Puma (PUMSY) cancelled its annual dividend and said it would post an annual loss in 2026; said it expects an operating loss between 50 million euros and 150 million euros ($59 million–$177 million) in 2026; reported a loss of 357.2 million euros in 2025, smaller than the 374.3 million analysts were expecting.
• Stellantis (STLA) posted a net loss of 20.1 billion euros ($23.8 billion) in 2H25, after announcing earlier this month 22.2 billion euros of charges in the period as it scaled back its EV ambitions; net revenues rose 10% y/y, said it had booked 25.4 billion euros in write-down last year; reiterated its 2026 forecasts.
• Urban Outfitters (URBN) Q4 adj EPS $1.43 vs $1.04 last year while revs rose 9.8% y/y to $1.8B vs. est. $1.79B; Q4 Total Retail segment net sales increased 7.7%, with comp Retail segment sales increasing 5.5%; Q4 Comparable Retail segment net sales increased 9.6% at Urban Outfitters, 5.2% at Free People and 3.7% at Anthropologie.
• VICI Properties (VICI) Q4 AFFO/shr $0.60 vs est $0.61 on revs $1.0B vs est $1.009B; guides FY AFFO/shr $2.42-2.45 vs est $2.52.

• Array Technologies (ARRY) shares tumble on guidance; Q4 adj EPS ($0.01) vs est ($0.01), adj EBITDA $11.2Mm vs est $14.1Mm on revs $226Mm vs est $212.02Mm; guides FY revs $1.4-1.5B vs est $1.457B, adj EBITDA $200-230Mm vs est $248.91Mm and adj EPS $0.65-0.75 vs est $0.86.
• Enovix (ENVX) Q4 EPS loss (-$0.14) vs. est. loss (-$0.17) and revs $11.3M above consensus $10.25M; sees Q1 EPS loss (-$0.14-$0.18) vs. est. loss (-$0.15) and revs $6.5M-$7.5M, below consensus $9.72M; said top priority remains completing smartphone qualification and moving into commercial production.
• Xylem Inc. (XYL) announces $1.5B share repurchase authorization.

• Fair Isaac (FICO) announced its board has authorized a new stock repurchase program of up to $1.5B in shares.
• Metropolitan Bank (MCB) announces $175M common stock offering.
• Nu Holdings (NU) Q4 net revs $4.86B vs est $3.763B, ROE 33% and Consolidated loan book $32.7B; 90-day delinquency rate 6.6%.
• Sezzle Inc. (SEZL) shares jump on guidance; Q4 adj EPS $1.21 tops consensus $0.96 and revs $129.87M vs. est. $127.58M; raises FY26 EPS view to $4.70 from $4.35, and vs. consensus $4.33 while guides FY26 revenue up 25%-30%; sees FY26 adjusted net income $170M; said Q4 GMV reached new quarter high $1.2B.

• Chemed (CHE) Q4 adj EPS $6.42 below consensus $7.07 and revs $639.3M misses consensus $659.09M; guided FY26 EPS in range $23.25-$24.25 below consensus $25.41; said VITAS 2026 revenue, prior to Medicare Cap, is estimated to increase 5.5% to 6.5% when compared to 2025. ADC is estimated to increase 3.5% to 4.0%.
• PROCEPT BioRobotics (PRCT) shares sink after forecast revenue for 2026 that fell short of Wall Street’s expectations; sees FY26 revenue $390M-$410M, below consensus $421.74M and sees FY26 adjusted EBITDA $30M-$37M (prompts downgrade to underperform at Bank America).
• United Health Services (UHS) Q4 adj EPS $5.88 vs est $5.90 on revs $4.486B vs est $4.502B; guides FY revs $18.417-18.789B vs est $18.245B, adj EBITDA $2.641-2.789B vs est $2.687B and adj EPS $22.64-24.52 vs est $23.52.
• Vir Biotechnology (VIR) 17.65M share Secondary priced at $8.50.

• HEICO (HEI) Q1 EPS $1.35 vs est $1.31, EBITDA $312Mm vs est $318.4Mm on revs $1.179B vs est $1.169B.
• Joby Aviation (JOBY) Q4 EPS loss (-$0.14) vs. est. loss (-$0.21); Q4 revs $30.84M; said continue to see significant demand for our product across the globe and during the quarter we signed a range of deals that will support early operations in key markets.
• Sterling Infrastructure (STRL) Q4 adj EPS $3.08 vs est $2.23, adj EBITDA $142.1Mm vs est $125.67Mm on revs ?$755.6Mm vs est $640.27Mm; guides FY revs $3.05-3.20B vs est $2.83B, adj EBITDA $626-659Mm vs est $585.03Mm and adj EPS $13.45-14.05 vs est $10.99.

• Salesforce Inc. (CRM) Q4 adj EPS $3.81 vs. est. $3.04 and revs rose 12% but y/y were in-line at $11.2B; Q4 cRPO $35.1B, up 16% y/y; sees Q1 EPS $3.11-$3.13 above consensus $3.01 and revs $11.03B-$11.08B vs. est. $10.98B; Sees FY27 revenue $45.8B-$46.2B, vs. consensus $46.01B; Annual recurring revenue from Salesforce's AI product Agentforce reached $800M in Q4, up from $540M q/q; authorizes $50 billion share buyback program.
• Snowflake (SNOW) Q4 EPS $0.34 tops consensus $0.27 on revs $1.28B vs. est. $1.25B; Q4 Product revenue of $1.23B representing 30% y/y growth; Q4 Net revenue retention rate of 125%; Q4 Remaining performance obligations (RPO) of $9.77B , representing 42% y/y growth; sees Q1 product revenue $1.26B-$1.26B, up 27% y/y
• Baidu (BIDU) reported 4% revenue drop for its December quarter to 32.74B yuan vs. est. 32.62B yuan; Q4 net income was 1.8B yuan and EPS 10.62 yuan vs. est. 9.25 yuan; Revenue from Baidu's core AI-powered business, which includes its cloud infrastructure unit, AI applications and robotaxi division, jumped to 11 billion yuan ($1.61 billion) in the fourth quarter and accounted for 43% of the company's general business revenue
• C3.ai Inc. (AI) shares fall; Q3 EPS loss (-$0.40) vs. est. loss (-$0.29) and revs fell -46% y/y to $53.26M; guides Q4 revs $48M-$52M vs. est. $77.7M and year revs $246.7M-$250.7M vs. est. $298.7M.
• Everpure (PSTG) Q4 EPS $0.69 vs. est. $0.64; Q4 revs rose 20% y/y to $1.1B above consensus $1.03B; sees Q1 revenue $990M-$1.01B, above consensus $920.81M and sees Q1 non-GAAP operating income up 51%-63% YoY to $125M-$135M; Remaining performance obligations (RPO) $3.7B, up 40% y/y.
• IONQ Inc. (IONQ) Q4 revs $61.9Mm vs est $40.39Mm, adj EBITDA ( $67.4)Mm vs est ($90.53)Mm and adj EPS ($0.20) vs est ($0.33); guides Q1 revs $48-51Mm vs est $37.08Mm; sees FY revs $225-245Mm vs est $194.24Mm ($330)Mm to ($310)Mm vs est ($337.54)Mm.
• Nutanix (NTNX) shares rise as AMD to buy $150M of Nutanix stock in new partnership per Bloomberg; Q2 adj EPS $0.56 vs est $0.45, adj Outperform Inc $189Mm vs est $148.5Mm on revs $722.8Mm vs est $709.94Mm; guides FY revs $2.8-2.84B vs est $2.843B.
• Paramount Skydance (PSKY) Q4 adj EPS loss (-$0.12) vs. est. loss (-$0.01); Q4 revenue $8.1B vs. $8.0B last year and vs. est. $8.137B; Revenue at its TV media unit declined 5% to $4.71B in Q4; guides Q1 revenue $7.15B-$7.35B below consensus of $7.36B.
• Synopsys Inc. (SNPS) Q1 adj EPS $3.77 vs est $3.56 on revs $2.409B vs est $2.39B; guides Q2 revs $2.225-2.275B vs est $2.436B and adj EPS $3.11-3.17; sees FY adj EPS $14.38-14.46 vs est $14.37.
• Trade Desk (TTD) shares fall on guidance; Q4 adj EPS $0.59 vs est $0.58, adj EBITDA mgn 47% on revs $847Mm vs est $840.2Mm; guides Q1 revs at least $678Mm vs est $699.16Mm and adj EBITDA $195Mm vs est $223.75Mm.
• Zoom Communications (ZM) Q4 EPS $1.44 vs. est. $1.49 and revs $1.25B, vs. consensus $1.23B; Q4 online average monthly churn of 2.9% for Q4; sees Q1 EPS $1.40-$1.42 and revs $1.21B-$1.22B, vs. consensus $1.22B; sees FY27 revenue $5.07B-$5.08B, consensus $5.03B

Mid-Morning Look

Thursday, February 26, 2026

U.S. stocks sliding on the open after strong market results on Wednesday as a better-than-expected quarterly beat and higher guidance by chip leader NVDA last night failed to generate positive momentum as the Phills semi index (SOX) pulls back off all-time highs (NVDA shares fall -4.5% after rising initially last night). With two trading days left in the month as the Dow Jones Industrial Average is on track for its 10^th positive month in a row, while the Nasdaq is on track for its worst monthly loss since last March. The Software rebound continues (IGV) as shares of CRM, SNOW rise after sliding initially last night post earnings results and boosting other software names (HUBS, DDOG, TEAM, ZS) in an apparent rotation out of leading semis (SOX) into beaten software. In other sectors, Financials (XLF) and defensive REITs (XLRE) and Consumer Staples (XLP) seeing early bounces, while Technology (XLK), Materials (XLB) and Energy (XLE) are lower. In geopolitics talks get underway between the US and Iran today. Here in the US vice chair Bowman will testify to the Senate banking committee. The U.S. Treasury is selling $44B of 7-year notes following a soft 5-year auction on Wednesday. Light day of economic data with slightly better weekly jobless claims ahead of tomorrow’s PPI inflation reading. Bitcoin prices giving back a good amount of yesterday’s bounce, back down under $67,000.

• In Restaurants: PZZA sees 2026 North America comp sales -2% to -4%, below consensus est. +0.49% after Q4 profit and revenue fell, hurt by a weak consumer backdrop and higher promotions across its North American business; revenue fell 6.1% to $498.2M and missed the $517.3M estimate. SHAK mixed Q4 results as EPS beat, but sales of $400.5M missed the $402M estimate. DNUT Q4 revenue beat analyst expectations despite a 2.9% decline y/y ($392.4M vs. est. $386.7M) on better earnings as adjusted EBITDA rose 21% y/y, driven by productivity initiatives; said expects systemwide sales to grow 2% to 4% in constant currency in 2026.
• In Solar sector: ARRY shares tumble on guidance; Q4 adj EBITDA $11.2Mm missed the est $14.1Mm but better revs $226Mm vs est $212.02Mm; but guides FY revs $1.4-1.5B vs est $1.457B, adj EBITDA $200-230Mm vs est $248.91Mm and adj EPS $0.65-0.75 vs est $0.86 (follows weaker guidance from FSLR earlier this week). Posted mixed Q4 results, as strong bookings and a record $2.2B orderbook were insufficient to ease investor concerns around margin pressure, a back-half-loaded 2026 guide, and softer near-term earnings power. Deutsche bank downgraded ARRY and FSLR after results this week in the sector).
• Apparel Retail: PUMSY cancelled its annual dividend and said it would post an annual loss in 2026; said it expects an operating loss between 50M-150M euros ($59M-$177M) in 2026; reported a loss of -357.2M euros in 2025, smaller than the -374.3M analysts were expecting. URBN Q4 adj EPS $1.43 vs $1.04 last year while revs rose 9.8% y/y to $1.8B vs. est. $1.79B driven by better sales and GM; Q4 Comparable Retail segment net sales increased 9.6% at Urban Outfitters, 5.2% at Free People and 3.7% at Anthropologie.

• CHYM +15%; shares rallied on Q4 beat and better guide; Q4 EPS ($0.12) vs est ($0.15), adj EBITDA $57Mm vs est $45.66Mm on revs $596.358Mm vs est $577.68Mm; guides FY revs $2.63-2.67B vs est $2.61B.
• IONQ +13%; shares jumped on results as Q4 revs of $61.89M handily topped the consensus of $40.4M while posts net income of $753.2M vs. est. loss of (-$122.6), prompting several Wall Street analysts to raise their tgt.
• JHG +5%; VCTR sent another letter to the Special Committee of JHG Board in proposal to acquire Janus Henderson. Under the terms of this proposal, JHG shareholders would receive total consideration of $57.04 per share, consisting of $30.00 in cash and a fixed exchange ratio of 0.350 shares of VCTR common stock.
• JOBY +8%; mixed results as Q4 operating loss was $207M, worse than the -148M loss expected but posted Q4 revs of $30.8M, well above the $13.7M estimate; said still expects to fly its first passengers in 2026 and double its plane production capacity in 2027.
• NTNX +3%; after better earnings and guidance and on news that AMD is buying $150M of Nutanix shares as part of new strategic partnership.
• SEZL +31%; shares jump on beat/raise as Q4 adj EPS $1.21 tops consensus $0.96 and revs $129.87M vs. est. $127.58M; raises FY26 EPS view to $4.70 from $4.35, and vs. consensus $4.33 while guides FY26 revenue up 25%-30%; said Q4 GMV reached new quarter high $1.2B.
• SJM +6%; posted a beat on top and bottom line for Q3 while backed its year adj profit outlook and slightly revised its FY26 revenue growth view to 3.5%-4% from 3.5%-4.5%.
• VAC +15%; reported Q425 adjusted EPS of $1.86, $0.28 above the Street and Q4 adjusted EBITDA of $186M, above consensus at $178.2M, while raised 2026 guidance.

• ARRY -37%; shares tumble on guidance; Q4 adj EBITDA $11.2Mm missed the est $14.1Mm but better revs $226Mm vs est $212.02Mm; but guides FY revs $1.4-1.5B vs est $1.457B, adj EBITDA $200-230Mm vs est $248.91Mm and adj EPS $0.65-0.75 vs est $0.86 (follows weaker guidance from FSLR earlier this week).
• EOSE -35%; shares tumbled as FY revs were $114.2M but well below the consensus estimate $150.1M and issued sharply lower guidance as sees 2026 revenue $300M-$400M, below consensus $471.26M
• FOUR -15%; on mixed Q4 results and weaker guidance as sees FY26 EPS $5.50-$5.70, below consensus $6.45.
• PRCT -23%; shares tumbled as Q4 missed Street estimates by 18.5% as PRCT is changing its historical practice of customer discounts for Bulk purchases along with reorganizing the sales force; sees FY26 revenue $390M-$410M, below consensus $421.74M and sees FY26 adjusted EBITDA $30M-$37M.
• QURE -30%; down this morning on comments made by FDA Commissioner Marty Makary to CNBC's Becky Quick in a discussion about rare-disease drug approvals.
• TTD -5%; results disappointed as 4Q revs beat smaller than typical, and 1Q rev guided to 10% y/y, below Street's 12%, with mgmt citing headwinds in the CPG and Auto verticals. While FY EBITDA margins guided to be flat y/y, Q1 margin guided to ~500 bps y/y decline.

Secondary Offerings:

• MCB 2.1M share Secondary, priced at $85.00
• PVLA 1.6M share Secondary, priced at $125.00
• VIR 17.65M share Secondary, priced at 8.50
• INVX 5.75M share Spot Secondary, priced at $25.75
• LRMR 20M share Spot Secondary, priced at $5.00
• BCHT 6.25M share Secondary, priced at $2.40

Closing Recap

Thursday, February 26, 2026

U.S. stocks finished mixed as the Dow, Transports and Smallcaps saw gains, while the S&P 500 and Nasdaq declined behind weakness in technology shares. The Nasdaq is on pace for a 6^th negative week in last 7 and on track for its weakest month since March of last year (-2.85% MTD) and is now back in negative territory for the year. A big area of weakness today was technology, especially semiconductors as a strong/better Q4/guidance from NVDA last night failed to muster a rally in the shares, weighing on the sector. Semiconductors (SMH) tumbled after hitting all-time highs on Wednesday, after profit taking post. The PHLX Semiconductor Index (SOX) fell around -3.5% after having surged nearly 20% year-to-date (YTD), while the S&P 500 Tech (XLK) is down -0.67%, the Mag 7 group of stocks (MAGS -4% YTD) and Software (IGV) down -21% YTRD. The SOX ended Wednesday at 8,467.43, and posted record highs, and is on track to rise for an 11th straight week. The SOX rose 11 weeks in a row in November 2017. While Semis fell, Software (IGV) rallied on this second to last day of the month, in a rotation in tech (for today at least). Dow Transports outperformed, with broad strength though truckers/freight names led the gains (LSTR, JBHT, CHRW, ODFL) with Dow Transports +2.5% or around 500 points to above 19,800. Smallcaps also outperformed as the Russell 2000 stayed strong this afternoon. Financials (XLF) saw solid gains, rising over 1% in a rebound from weakness earlier this week and Energy stocks (XLE) led despite oil prices sliding late day. Next up for tomorrow morning at 8:30 AM ET, the January Producer Price Index (PPI) data is due with estimates: Headline final M/M for January est. +0.3% (prior +0.5%) and Y/Y est. +2.6% (prior +3.0%). The core PPI (ex: Food & Energy final M/M for January est. +0.3% (prior +0.7%) and Y/Y for January est. +3.0% (prior +3.3%).

Weekly sentiment data showed: 1) This week’s NAAIM Exposure Index slipped to 74.93 (first Reading in the 70s since last July) from last week's 82.87 - 10-29-25 Reading of 100.83 was the highest since 7-3-24 - 2025 trough from 4-16 of 35.16 - Last Quarter Average (Q4) of 92.26; 2) The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -6.6% vs -2.4% last week. Bulls fall to 33.2% from 34.5%, Neutrals fall to 27% from 28.5%, Bears rise to 39.8% from 36.9%.

• The weekly average mortgage rate has dropped to 6.01%, its lowest level since September 2022. That has pushed the median U.S. monthly housing payment down to $2,599, Redfin says. That's 2.6% lower than a year ago. With wages nearly 4% higher than a year ago, that improves affordability further. Homebuyers have gained $34,000 in purchasing power since last year, when rates were sitting around 6.9%.

• April gold prices fell -$32.00 or 0.62% to settle at $5,194.20 an ounce.
• U.S. WTI crude oil futures settle at $65.21/bbl, down 21 cents, or 0.32% and Brent Crude futures settle at $70.75/bbl, down 10 cents, 0.14%. Oil prices were higher most of the day before reversing this afternoon after newswire headlines that Oman notes US-Iran Nuclear talks in Geneva made positive progress and both sides showed openness to new and Creative solutions during discussions mediated by Oman’s foreign minister — statement in Geneva. Says discussions on a "technical level" will take place next week in Vienna.
• U.S. natural gas futures eased to a five-month low on a small weekly storage withdrawal and forecasts for milder weather and lower heating demand over the next two weeks than previously expected. On their first day as the front-month, gas futures for April delivery on the NYMEX fell 4.1 cents, or 1.4%, to settle at $2.827 per million British thermal units, their lowest close since September 22.

• In Food & Beverages: CELH posted a top and bottom line beat (revs $721.6M vs. est. $640.8M) and said it expects to complete Alani Nu integration as of end of Q1, expect Rockstar Energy to be integrated by end of Q2. SJM posted a beat on top and bottom line for Q3 while backed its year adj profit outlook and slightly revised its FY26 revenue growth view to 3.5%-4% from 3.5%-4.5% - also reached an agreement with activist hedge fund Elliott Investment Management to add two executives to its Board; @Barchart tweets: "- Beer Shipments on track for worst year since the 1980s (TAP, BUD, SAM, STZ).
• In Restaurants: PZZA sees 2026 North America comp sales -2% to -4%, below consensus est. +0.49% after Q4 profit and revenue fell, hurt by a weak consumer backdrop and higher promotions across its North American business; revenue fell 6.1% to $498.2M and missed the $517.3M estimate. SHAK mixed Q4 results as EPS beat, but sales of $400.5M missed the $402M estimate. DNUT Q4 revenue beat analyst expectations despite a 2.9% decline y/y ($392.4M vs. est. $386.7M) on better earnings as adjusted EBITDA rose 21% y/y, driven by productivity initiatives; said expects systemwide sales to grow 2% to 4% in constant currency in 2026.
• Specialty Retail: WRBY Q4 revs $211.96M missed the $213.1M estimate and guides sees FY26 revenue $959M-$976M, vs. consensus $986.13M; sees FY26 adjusted EBITDA $117M-$119M.

• In Casinos & Gaming: CZR shares jumped late day after a report in the Financial Times said the casino is weighing takeover interest (which also boosted shares of MGM, BYD and others) https://tinyurl.com/3vkkcck8 ; PENN shares bounced after reports Q4 adjusted profit of $0.07 compared with a (-$0.44) adjusted loss a year earlier and revs of $1.8B topped consensus of $1.76B as attributes earnings to strong performance across diversified retail portfolio. BYD announced that it has entered into a definitive agreement to sell Sam's Town Hotel & Casino in Shreveport, Louisiana, to BALY
• In Lodging & Travel: VAC reported Q425 adjusted EPS of $1.86, $0.28 above the Street and Q4 adjusted EBITDA of $186M, above consensus at $178.2M, while raised 2026 guidance.

• In Energy: APA reported a fall in Q4 profit with $279M net Income vs. $354M Y/y; said the average price of oil was $61.03 per Barrel during the fourth quarter, compared with $72.42 per Barrel a year earlier; said it produced 459,767 barrels of oil equivalent per day, which fell from 488,308 boepd a year earlier; EOSE shares tumbled as FY revs were $114.2M but well below the consensus estimate $150.1M and issued sharply lower guidance as sees 2026 revenue $300M-$400M, below consensus $471.26M
• In Utilities: VST Q4 results topped expectations as an AI-driven surge in electricity demand from data centers fueled earnings and said expects 2026 adjusted core profit between $6.8B-$7.6B, up from its 2025 forecast range of $5.7B-45.9B; PEG said it now expects to spend $24B-$28B through 2030, including $22.5B-$25.5B of regulated investments (prior five-year plan included capital spending of $22.5 billion to $26 billion through 2029). @dailychartbook tweeted on X, “The national average of residential electricity prices rose 5.0% in 2025, reaching 17.3 cents/kWh. This was the fourth straight year of power prices escalating at a faster pace than the overall CPI"
• In Refiners: The Trump administration has settled on a plan that would require big oil refineries to make up for at least half of the biofuel blending volumes obligations waived in recent years under the Small Refinery Exemption program, according to three sources familiar with the discussions. The decision could be unwelcome news for larger oil refiners that have argued that additional blending obligations would raise their costs. But it could help the biofuel industry by boosting demand for blending credits. Under the Renewable Fuel Standard, oil refineries have to blend billions of gallons of ethanol and other biofuels into their fuel or buy credits, called RINs, from those that do. But small refineries can have those obligations waived if they demonstrate economic hardship.

• In Asset Managers: VCTR sent another letter to the Special Committee of JHG Board in proposal to acquire Janus Henderson. Under the terms of this proposal, JHG shareholders would receive total consideration of $57.04 per share, consisting of $30.00 in cash and a fixed exchange ratio of 0.350 shares of VCTR common stock.
• In FinTech: SEZL shares jump on beat/raise as Q4 adj EPS $1.21 tops consensus $0.96 and revs $129.87M vs. est. $127.58M; raises FY26 EPS view to $4.70 from $4.35, and vs. consensus $4.33 while guides FY26 revenue up 25%-30%; said Q4 GMV reached new quarter high $1.2B. FOUR shares the opposite, falling on mixed Q4 results and weaker guidance as sees FY26 EPS $5.50-$5.70, below consensus $6.45.
• In Insurance: RNR was downgraded to EW from OW at Morgan Stanley saying given the strong share price performance over the last 12 months (up ~32%), believes the valuation reflects much of the upside from here.
• In Payments: CHYM shares rallied on Q4 beat and better guide; Q4 EPS ($0.12) vs est ($0.15), adj EBITDA $57Mm vs est $45.66Mm on revs $596.358Mm vs est $577.68Mm; guides FY revs $2.63-2.67B vs est $2.61B; PYPL shares fell after Semafor reported they aren’t currently in talks to sell itself to Stripe or anyone else https://tinyurl.com/3hrw9knd

• GNL reported 4Q25 AFFO that beat cons. (+$0.02) and introduced its FY26 AFFO guidance of $0.80-$0.84, below cons. of $0.83. During 4Q25, GNL sold its McLaren Campus for $336M at a cap rate of 7.4%, which made up a bulk of its dispositions in 4Q25,
• INN initial ’26 Adj. EBITDA and Adj. FFO guidance were ~1% below consensus. Initial RevPAR growth guidance of +1.5% y/y was essentially in line with our assumption and appears to include some benefit from World Cup demand, easier y/y comps, and tailwinds from last year’s renovation disruption, and outperformance in 4Q25 may have led to improving visibility
• NSA reported a high-quality 4Q beat, and initial FY26 guidance came in ~0.5% above consensus at the midpoint. Fundamentals continued to improve as previously disclosed, with occupancy gains driving a 200 bps sequential improvement in SSREV growth, while SSNOI growth accelerated 500 bps vs. 3Q
• SMA reported in-line 4Q FFO, though initial FY26 guidance came in 3.4% below consensus at the midpoint. Notably, expectations have reset lower since 3Q
• VICI reported 4Q25 AFFO of $0.60, in line with consensus, and management issued initial FY26 guidance of $2.42-$2.45, ~0.6% below consensus at the midpoint

• QURE shares fell this morning on comments made by FDA Commissioner Marty Makary to CNBC's Becky Quick in a discussion about rare-disease drug approvals.
• SRPT announced FY25 revenues for Elevidys of $898.7M and PMO of 965.6M, in-line with preannouncement; provided FY26 product revenue guidance of $1.2-1.4B and noted they expect modest decline in PMO revenue in 2026; noted they expect Q1 to be flat to down 15% q/q.
• VIR 17.65M share Secondary priced at $8.50.

• Medical technology: INSP shares surged after Keybanc noted in today's MLN Connects Newsletter, CMS acknowledged recent confusion around HGNS reimbursement and announced the addition of six new HCPCS codes for the April 2026 Integrated Outpatient Code Editor (IOCE), effective Jan. 1, 2026. While still early, the firm is viewing this development as directionally positive, given it could expedite the pathway for gaining clarity into permanent and product-specific payment approaches.
• Healthcare Services: GDRX Q4 revs of $194.8M topped consensus but first time 2026 revenue and EBITDA guidance fell substantially below the Street; initiated 2026 revenue guidance of $750-$780MM (midpoint: $765MM), with the midpoint of the range below consensus estimates of $814.4MM
• Life Sciences: Agilent's (A) Q1 results came in below consensus as it cited U.S. winter storm effects the last week of the January, but EPS guidance and the upper end of revenue were raised for FY26; highlights 6% Y/y growth in China biopharma strong, environment/food weak) and 7% organic growth for global Biopharma.
• Hospital operators: UHS 4Q results look somewhat mixed relative to Street expectations, highlighted by a slight EBITDA miss despite higher Medicaid SDPs. SS Acute volumes moderated sequentially, but we suspect this includes some drag from flu and cannibalization from new Hospitals; 2026 guidance is above Street

• In Building Products: BLD Q4 PS missed estimates with in-line res of $1.49B; Q4 sales growth of 13.2% was largely driven by acquisitions, including SPI and Progressive Roofing; expects 2026 sales between $5.925B-$6.2B vs. est. $6.16B; IBP Q4 revenue slightly beat analyst expectations and adjusted EPS for Q4 beat analyst expectations while authorized $500 mln stock repurchase program.
• In Shipping (SBLK, SHIP, GNK, DSX, GOGL): The Baltic Exchange's dry bulk freight index fell for a second straight session, down four points, or 0.2%, at 2,117 as the Capesize index dropped 77 points, or 2.5%, to 3,051, the Panamax index gained 26 points, or 1.4%, to 1,916 and among smaller vessels, the Supramax index was up 44 points, or 3.5%, at 1,299.
• In Aerospace/Drones: JOBY mixed results as Q4 operating loss was $207M, worse than the -148M loss expected but posted Q4 revs of $30.8M, well above the $13.7M estimate; said still expects to fly its first passengers in 2026 and double its plane production capacity in 2027.
• Rare Earth stocks: group lower despite Reuters report that aerospace and semiconductor firms are facing shortages of yttrium and scandium. Those are two of the seven heavy rare earth minerals that China restricted the export of last April. Reuters reported that two aerospace suppliers temporarily paused production as suppliers ration yttrium. Meanwhile, semiconductor firms are running low on scandium. The report said that engine suppliers are struggling to meet demand due to China's export restrictions. GE Aerospace, RTX's Pratt & Whitney and Honeywell didn't comment for the article.

• The PHLX Semiconductor Index (SOX) has surged nearly 20% year-to-date (YTD), while the S&P 500 Tech (XLK) is down -0.67%, the Mag 7 group of stocks (MAGS -4% YTD) and Software (IGV) down -21% YTRD. The SOX ended Wednesday at 8,467.43, and posted record highs, and is on track to rise for an 11th straight week. The SOX rose 11 weeks in a row in November 2017.
• Qnity (Q) results topped estimates; forecast full-year revenue in the range of $4.97B to $5.17B, the mid-point of which is marginally above analysts' estimates of $5.06B; On an adjusted basis, the company sees full-year profit per share in the range of $3.55 to $3.95, compared with analysts' estimates of $3.14.
• In Ad Tech: TTD results disappointed as 4Q revs beat smaller than typical, and 1Q rev guided to 10% y/y, below Street's 12%, with mgmt citing headwinds in the CPG and Auto verticals. While FY EBITDA margins guided to be flat y/y, Q1 margin guided to ~500 bps y/y decline.
• In Media: Shares of PSKY jumped on results and predicted strong growth at its streaming unit this year, while WBD reported poor results, EBITDA down 27%, revenue down 12%"

• Software: CRM shares bounced on earnings (after sliding initially last night) after reported Q4 adj EPS $3.81 vs $3.04b consensus, revs $11.2B in-line and announced a $50B new share buybacks; sees Q1 EPS $3.11-313 vs $3.00 consensus on revs $11.03-11.08B vs $10.99B consensus. Initially, Positive Agentforce and Data 360 momentum and disclosures (both existing and new) were overshadowed by weaker core performance. SNOW posted solid FQ4 with a 2.4% product revenue beat vs. guidance was modest, though bookings were strong up 50% Y/y and the FY27 organic guide ~$70M above consensus also strong/bookings were driven by seven 9-figure deals, including a >$400M deal with an existing financial services customer. The bounce off overnight lows in both names mirrored the move in WDAY the day prior with many hoping a bottom may be in place after AI fears sunk the IGV 20% this year so far – DDOG, HUBS, MDG, TEAM, NOW, MNDY among names rebounding.
• In Storage: NTNX shares jumped initially after Q2 results were better than expected, revs was ~2pts above consensus with OI margins 500 bps above consensus; also announced AMD strategic investment new join Ai initiative, which helped shares; PSTG shares tumbled as above consensus FY27 revenue guide and strong deal momentum was overshadowed by component cost driven Product GM% pressure.
• Quantum sector: IONQ shares jumped on results as Q4 revs of $61.89M handily topped the consensus of $40.4M while posts net income of $753.2M vs. est. loss of (-$122.6), prompting several Wall Street analysts to raise their tgt; QBTS reported Q4 revs $2.75M missing the $3.49M estimate but cut back on its losses in the quarter to -$42.3M from the -$144M loss y/y; posted Q4 bookings $13.4M, a 471% sequential increase.
• EDA Sector: SNPS posted strong Q1 revenue of $2.41B (high end of guidance) and adj-EPS of $3.77, which exceeded guidance and consensus estimates of $3.55 (midpoint) and $3.56, respectively amid seasonal strength of the ANSS integration, which contributed ~$886M in revenue while raised its full-year adj-EPS guidance to $14.38-$14.46 (previous midpoint $14.36) while reiterating revenue targets of $9.56B-$9.66B.
• Other Software: AI shares tumbled after much lower guidance as sees Q4 revenue $48M-$52M vs. est. $77.7M and year revs $246.7M-$250.7M vs. est. $298.7M after reporting Q3 revs 46% Y/y to $53.26M; also cuts 26% of global workforce; to incur about $10M-$12M pre-tax charges in Q4. ZM shares fell as FY'27 FCF miss + '27 EPS below the Street, top liner better, pricing tailwinds, long lean + big YTD o/p in Apps Software

Street Recommendations

Thursday, February 26, 2026

• NTNX Barclays analyst Tim Long lowered the firm's price target on Nutanix to $47 from $53 and keeps an Equal Weight rating on the shares. The company reported a good quarter but issued another fiscal year sales guidance cut, the analyst tells investors in a research note. The firm says timing issues are affecting revenue recognition for the year.
• CRM Barclays lowered the firm's price target on Salesforce to $252 from $265 and keeps an Overweight rating on the shares following the Q4 report. While Agentforce had strong numbers in Q4, investors have to wait until the second half of fiscal 2027 before Salesforce's revenue growth inflects higher again, the analyst tells investors in a research note.
• SNOW Barclays lowered the firm's price target on Snowflake to $192 from $204 and keeps an Equal Weight rating on the shares. The firm views the Q4 report as a "very credible quarter" for the company. Snowflake's product growth reaccelerated to 30% year-over-year, and its fiscal 2027 growth was guided ahead of consensus, the analyst tells investors in a research note.
• ZIP Barclays lowered the firm's price target on ZipRecruiter to $3 from $5 and keeps an Equal Weight rating on the shares. The company's revenue growth turned slightly positive in Q4, but its guidance implies a step-down in Q1 and the fiscal year, which may disappoint the "bulls hoping the inflection was here to stay," the analyst tells investors in a research note.

• SNOW Bernstein lowered the firm's price target on Snowflake to $195 from $237 and keeps a Market Perform rating on the shares following quarterly results. Overall, the results were better than the firm expected. The stock is down, however, about 2% in after-hours trading. Bernstein believes investors were expecting to see growth acceleration. Still, it thinks Snowflake delivered better than expected guidance, and the firm likes the near-term prospect for the stock, barring any AI disruption narrative flare-up.
• NVDA Bernstein analyst Stacy Rasgon raised the firm's price target on Nvidia to $300 from $275 and keeps an Outperform rating on the shares. The firm notes the company's Q4 results solidly beat. Datacenter was well above expectations on continued Blackwell momentum with strength in both compute and networking.
• TGT Bernstein raised the firm's price target on Target to $91 from $80 and keeps an Underperform rating on the shares. The firm notes Target will announce Q4 results on March 3rd, with an Investor Meeting in Minneapolis that follows. As the first investor-facing event hosted by Michael Fiddelke as CEO in Target's homeland, Bernstein expects a more detailed strategy update than in prior years.
• CRM Bernstein lowered the firm's price target on Salesforce to $194 from $223 and keeps an Underperform rating on the shares. The firm notes Salesforce delivered another in-line quarter, but the stock was down in the aftermarket. Excluding the effects of Informatica, the company is guiding to organic revenue growth in FY27 to be 7%-8% in constant currency and organic subscription revenue growth of roughly 8% constant currency, which when compared to their initial FY26 guide last year Salesforce is guiding to a slight deceleration this year.

• VALE BofA analyst Caio Ribeiro downgraded Vale to Neutral from Buy with a price target of $18, up from $17. The firm sees a "mismatch" with the shares up 35% year-to-date while iron ore prices are down 7%. BofA sees limited upside in the shares from here given the decline in iron ore prices and declines in steel demand. The stock is already priced in Vale's near-term potential, the analyst tells investors in a research note.
• PRCT BofA downgraded Procept BioRobotics to Underperform from Neutral with a price target of $20, down from $38. The company's Q4 earnings call raised additional questions about its ability to meet consensus estimates, the analyst tells investors in a research note. The firm says Procept's Q4 missed Street estimates by 18.5% as the company is changing its historical practice of customer discounts for bulk purchases along with reorganizing the sales force. Procept is not generating profits and its operating loss is moving more negative after the update, which limits the stock's valuation support, contends BofA.
• NTNX BofA lowered the firm's price target on Nutanix (NTNX) to $60 from $75 and keeps a Buy rating on the shares. Nutanix delivered a "solid" quarter and raised full-year bookings expectations, but lowered revenue and free cash flow expectations due to server supply constraints, the analyst tells investors. While FY26 is weaker given the delayed starts, the firm is "encouraged" by the higher expected bookings growth and continues to see further share gain against VMWare and long-term upside from the partnerships with AMD (AMD), Dell (DELL), Cisco (CSCO) and Red Hat (IBM).
• NVDA BofA raised the firm's price target on Nvidia to $300 from $275 and keeps a Buy rating on the shares. The company "more than delivered" with topline growth seen accelerating to 77% year-over-year in fiscal Q1 from 73%, 63% and 56% growth rates seen in the last three quarters, the analyst tells investors. Supply commitments are over three times year-over-year to $95B, ensuring Nvidia "may well be the most dependable supplier that can serve the AI market that we believe could double towards $1.4Tn in the next few years," the analyst added.
• URBN BofA analyst Lorraine Hutchinson lowered the firm's price target on Urban Outfitters to $85 from $93 and keeps a Buy rating on the shares. The firm, which thinks Free People and Anthropologie are "two of the best performing apparel brands," Nuuly represents a strong growth opportunity and the flagship brand has inflected, lowers its price target to reflect the peer average multiple.

• TJX BTIG analyst Bob Drbul raised the firm's price target on TJX to $90 from $80 and keeps a Buy rating on the shares after its Q4 earnings beat. The company continues its aggressive but selective bidding strategy that it has deployed since the arrival of CGO Roger Mason, and as a result, the management is confident in its ability to achieve a 1.0x book-to-bill, but could very well see 1.4x-1.5x depending on award timing, the analyst tells investors in a research note.
• VVX BTIG raised the firm's price target on V2X to $90 from $80 and keeps a Buy rating on the shares. The company continues its aggressive but selective bidding strategy that it has deployed since the arrival of CGO Roger Mason, and as a result, the management is confident in its ability to achieve a 1.0x book-to-bill, but could very well see 1.4x-1.5x depending on award timing, the analyst tells investors in a research note.
• GTLB BTIG lowered the firm's price target on GitLab to $32 from $52 and keeps a Buy rating on the shares ahead of its Q4 results. The software sector remains challenged and earnings prints must be nearly blemish-free for stocks to react positively, the analyst tells investors in a research note. BTIG adds that it sees a challenging setup heading into Q4 for GitLab as a plethora of moving parts create ambiguity around FY27 growth.
• CRM BTIG analyst Allan Verkhovski lowered the firm's price target on Salesforce to $255 from $260 and keeps a Buy rating on the shares. The firm notes the company's in line print with an organic FY27 constant currency subscription revenue growth guide that was below expectations, though it also sees revenue acceleration in the second half, the analyst tells investors in a research note.
• ZM BTIG lowered the firm's price target on Zoom Communications to $100 from $105 and keeps a Buy rating on the shares. The company delivered a solid Q4 with Enterprise revenue growth accelerating and guidance supporting the firm's view that Zoom can accelerate growth to 5% in FY27, the analyst tells investors in a research note.

• KLAC Citi opened an "upside 30-day catalyst watch" on KLA Corp. while keeping a Buy rating on the shares with an $1,800 price target into the investor day on March 12. Citi believes KLA will issue 2030 targets that can reach $24B in revenue and $68 in earnings per share.
• SRPT Citi keeps a Sell rating on Sarepta with an $8 price target following the Q4 report. The sees 2026 as a "reset" year for Elevidys, the analyst tells investors in a research note. Citi continues to believe the downside risks outweigh Sarepta's upside drivers. Market authorization for Amondys and Vyondys could be at risk following the ESSENCE date while competition from Dyne could challenge Exondys' utilization, contends the firm.
• W Citi lowered the firm's price target on Wayfair to $110 from $135 and keeps a Buy rating on the shares. The firm updated the company's model post the Q4 report. Citi cites volatility in the home goods space for the target cut but says Wayfair's better than expected Q1 outlook show its ability to take share and expand margins.
• TTD Citi lowered the firm's price target on Trade Desk to $24 from $38 and keeps a Neutral rating on the shares post the Q4 report. The company's Q1 revenue guidance missed estimates by 2% as Trade Desk's growth headwinds continue across its core verticals, the analyst tells investors in a research note. Citi sees the company's challenges continuing through the first half of 2026.

• YOU Goldman Sachs raised the firm's price target on Clear Secure (YOU) to $61 from $41 and keeps a Buy rating on the shares. Clear Secure delivered Q4 results above guidance and Street expectations, highlighted by strong operational momentum, renewal of its multi-year American Express (AXP) partnership, continued investment in secure identity and low-friction experiences, and a 2026 outlook calling for at least $440M in free cash flow alongside expanded buybacks and a higher dividend, the analyst tells investors in a research note.
• ALKT Goldman Sachs lowered the firm's price target on Alkami to $18 from $25 and keeps a Neutral rating on the shares. Alkami's Q4 revenue was in line with consensus and profitability modestly ahead, but 2026 revenue guidance came in 4% below expectations due to lapping one-time fees and slower Digital Sales and Service Platform deployments that are extending time-to-revenue, the analyst tells investors in a research note. While underlying digital banking demand remains solid and long-term margin targets imply a path toward 30% EBITDA margins and a "Rule of 45" by 2030, near-term profitability guidance was slightly light and greater evidence is needed that DSSP/MANTL can sustain premium growth at scale, the firm says.
• BLMN Goldman Sachs lowered the firm's price target on Bloomin' Brands to $6 from $7 and keeps a Neutral rating on the shares. Bloomin' detailed Outback turnaround plan is showing early traction, including 90 basis points of traffic growth in Q4, supported by initiatives to improve steak quality, implement a 1 server to 4 table ratio in Q2, and refresh nearly the entire restaurant base by 2028, the analyst tells investors in a research note. However, given commodity and labor inflation, increased investment, and the multi-year execution timeline, the strategy remains in its early stages, Goldman says.
• EIX Goldman Sachs raised the firm's price target on Edison International to $77 from $64 and keeps a Neutral rating on the shares. This quarter, Edison International extended its 5%-7% EPS compound annual growth rate target through 2030, enhancing long-term visibility underpinned by its capital plan and no incremental equity needs, though the outlook trails peers and is weighed by wildfire reform uncertainty and ongoing Eaton Fire litigation, the analyst tells investors in a research note. The inability to quantify potential fire-related losses remains an overhang, making progress on the SB 254 legislative process the key catalyst to de-risk the story and improve the long-term risk profile, the firm says.
• ZIP Goldman Sachs lowered the firm's price target on ZipRecruiter to $3 from $5.50 and keeps a Neutral rating on the shares. ZipRecruiter posted its first year over year revenue growth since 3Q22 and adjusted EBITDA above guidance and Street estimates, with FY26 revenue expected to remain roughly flat despite a soft labor market, the analyst tells investors in a research note. Management highlighted AI as a labor market catalyst, growing performance-based revenue and enterprise adoption, rising traffic from generative AI answer engines, and ongoing share repurchases, positioning the company well for long-term secular growth in online recruiting and personalized technology, the firm says.

• SNOW Jefferies lowered the firm's price target on Snowflake to $250 from $300 and keeps a Buy rating on the shares following what the firm calls "a clean print" with product revenue ahead of expectations, accelerating AI adoption, and FY27 guidance that implies durable high-20s growth with operating margin expansion. With AI workloads still early and under-reflected in guidance, Snowflake remains "a leading AI beneficiary," the analyst tells investors.
• FSLR Jefferies lowered the firm's price target on First Solar to $205 from $260 and keeps a Hold rating on the shares. Guidance disappointed even versus lower reset expectations, with limited visibility on recovery, the analyst tells investors in a post-earnings note. The firm sees 2026 as "a housekeeping year with few catalysts and more needed to rebuild confidence," the analyst added.

• MOS JPMorgan downgraded Mosaic to Underweight from Neutral with an unchanged price target of $24. The company is likely to experience lower earnings in 2026 as a base case, the analyst tells investors in a research note. The firm says phosphate prices are moving lower due to affordability issues. The difficulties in the phosphate market have led to higher cost operations in South America being shuttered, JPMorgan contends. It sees negative earnings momentum in the first and second quarters of 2026 for Mosaic as a result.
• NVDA JPMorgan raised the firm's price target on Nvidia to $265 from $250 and keeps an Overweight rating on the shares. The company reported "solid" results and guidance, the analyst tells investors in a research note. JPMorgan increased Nvidia's forward estimates on its better than expected revenues. It thinks concerns over the company's 2027 growth outlook as likely overblown.
• IONQ JPMorgan lowered the firm's price target on IonQ to $42 from $47 and keeps a Neutral rating on the shares. The firm views the company's 2026 outlook as solid. It adjusted IonQ's model post the earnings report.
• CRM JPMorgan lowered the firm's price target on Salesforce to $320 from $365 and keeps an Overweight rating on the shares. The firm views the company's Q4 results as "static." While the results do not "immediately convey any material step-up" in growth, Salesforce is seeing its internals pick up, the analyst tells investors in a research note.
• SNOW JPMorgan lowered the firm's price target on Snowflake to $245 from $268 and keeps an Overweight rating on the shares. The firm views the company's Q4 report as "healthy" with above-consensus fiscal 2027 product growth.
• JOBY JPMorgan analyst Bill Peterson lowered the firm's price target on Joby Aviation to $7 from $8 and keeps an Underweight rating on the shares post the Q4 report. The company showed "steady execution" in Q4 but its cash burn is likely to trend higher, the analyst tells investors in a research note. JPMorgan believes Joby's longer-term success is priced into the shares.
• AI JPMorgan analyst Brian Essex lowered the firm's price target on C3 AI to $7 from $10 and keeps an Underweight rating on the shares. The firm company's Q4 results were "disappointing," the analyst tells investors in a research note. JPMorgan thinks C3 AI's "execution risk, lack of profitability, and cash burn create a challenging setup for the stock."
• CRDO JPMorgan analyst Joseph Cardoso views the recent selloff in shares of Credo Technology as overdone. The risk implied by the stock's current valuation suggests more of a worst-case scenario, while the company's underlying risk is likely less material or further out in timing than appreciated, the analyst tells investors in a research note. JPMorgan says that despite concerns regarding Marvell's entry into active electrical cables, it expects an outcome similar to Astera's where Credo's share moderated, but by less than feared. JPMorgan keeps an Overweight rating on Credo Technology.

• AIT KeyBanc analyst Ken Newman raised the firm's price target on Applied Industrial Technologies to $330 from $300 and keeps an Overweight rating on the shares after hosting virtual investor meetings with CEO Neil Schrimsher. The firm walked away with continued conviction in its bullish thesis. KeyBanc thinks Applied Industrial is well positioned to benefit from inflecting cycle dynamics, improving mix from its ES segment, and earnings power potential from margin-accretive acquisitions.
• CWH KeyBanc analyst Noah Zatzkin lowered the firm's price target on Camping World to $12 from $18 on lower estimates, while keeping an Overweight rating on the shares. The firm notes the company posted an adjusted EBITDA miss on better revenue. That said, the print and guide were softer than expected, with investors looking for inline adjusted EBITDA results in the quarter and reiteration of a low-$300M-range adjusted EBITDA floor for FY26 vs. $275M-$325M.
• LFST KeyBanc analyst Steve Dechert raised the firm's price target on LifeStance to $9 from $8 and keeps an Overweight rating on the shares. The firm notes the company reported a top and bottom-line beat with Q4 adjusted EBITDA 21% above consensus and clinician productivity up an impressive 7%. KeyBanc expects continued clinician productivity growth in FY26 from its new care-matching algorithm/tool as well as the rollout of its new AI clinical documentation tool.
• ZM KeyBanc raised the firm's price target on Zoom Communications to $74 from $69 and keeps an Underweight rating on the shares. Both the enterprise and online segments delivered upside to estimates in a quarter that was broadly positive to end the year, the firm notes. Looking forward, some of the margin expansion seen in prior periods is expected to take a bit of a pause while investments in broadening out the product portfolio and go-to-market motion enter the expense base. Overall, shares have held up much better than KeyBanc's coverage, but with other SaaS names expecting better growth and expanding margins, the firm remains bearish on the name.

• UTHR Morgan Stanley raised the firm's price target on United Therapeutics to $471 from $447 and keeps an Equal Weight rating on the shares following mixed Q4 results, stating that the post-earnings move up in shares was driven by the announcement of a soft mist formulation of TRE with a potential 2027 launch and continued confidence in Tyvaso TETON-1 IPF and Ralinepag for PAH.
• AI Morgan Stanley analyst Sanjit Singh lowered the firm's price target on C3 AI to $6 from $11 and keeps an Underweight rating on the shares after the company delivered below-consensus Q3 results and saw a third straight quarter of revenue decline. The firm maintains an Underweight rating as it looks for evidence of improved execution and path back to topline growth.
• NVDA Morgan Stanley analyst Joseph Moore raised the firm's price target on Nvidia to $260 from $250 and keeps an Overweight rating on the shares. Nvidia reported revenues $3B above guidance for the second consecutive quarter and guided $5B above consensus for next quarter, as well as guided for growth each quarter this year, the analyst tells investors in commenting on "another very strong" quarter.
• TTD Morgan Stanley analyst Matthew Cost lowered the firm's price target on Trade Desk to $30 from $42 and keeps an Equal Weight rating on the shares. Trade Desk delivered a "mixed" Q4, as headwinds from competition and the macro impact on ads, particularly in consumer packaged goods and autos, weighed on results and the Q1 guide were weaker than hoped, the analyst tells investors.
• SNOW Morgan Stanley analyst Sanjit Singh lowered the firm's price target on Snowflake to $245 from $270 and keeps an Overweight rating on the shares. With a full year of Snowflake Intelligence, clear momentum with Cortex Code and a stable core, the firm sees a path to 30% growth in FY27, which it thinks "ultimately will get rewarded."

• LOW UBS lowered the firm's price target on Lowe's to $315 from $316 and keeps a Buy rating on the shares. Lowe's delivered a Q4 marked by steady market share gains, disciplined P&L management, and continued investment in future growth, with value-focused execution resonating among homeowners and small-to-mid-sized pros despite ongoing deferral of large discretionary projects, the analyst tells investors in a research note. While near-term margin noise is expected as distribution assets are integrated, the company appears well positioned to benefit disproportionately when the home improvement cycle turns, with improving sales trends and a potentially more supportive backdrop providing upside to the stock, the firm says.
• NTNX UBS analyst Radi Sultan raised the firm's price target on Nutanix (NTNX) to $60 from $57 and keeps a Buy rating on the shares. Nutanix reported solid 2Q26 results, with a 1.1% Q2 revenue beat in line with expectations and a lower revenue/free cash flow outlook due to largely anticipated, timing-related CPU and memory constraints, more than offset by strong demand indicators including 16% year over year annual recurring revenue growth, 17% y/y cRPO growth, and the highest customer adds in eight years, the analyst tells investors in a research note. With only 20% penetration of the VMware (VMW) migration opportunity, the company appears positioned for durable mid-teens growth in FY27-FY28, and while some supply risk remains, guidance suggests only a modest constraint impact and limited risk of a further Q4 reset, the firm says.

• MMSI Wells Fargo downgraded Merit Medical to Equal Weight from Overweight with a price target of $78, down from $95. The firm cites uncertainty regarding the company's fiscal 2026 guidance for the downgrade. Wells sees limited upside to the guidance if Merit's Q1 headwinds persist. There is no clear catalyst to support a reacceleration of Merit's growth, the analyst tells investors in a research note. Wells cites guidance uncertainty and a lack of catalysts for the downgrade.
• TTD Wells Fargo analyst Alec Brondolo lowered the firm's price target on Trade Desk to $25 from $42 and keeps an Equal Weight rating on the shares. The firm notes that while Q4 was in-line with pre-announcement, Q1 revenue / EBITDA was guided 2% / 12% below. Management indicated Auto & CPG macro weakness is the issue, but given pre-existing competitive and take-rate concerns, explanation likely does little to settle concerns, Wells adds.
• URBN Wells Fargo lowered the firm's price target on Urban Outfitters to $75 from $80 and keeps an Equal Weight rating on the shares. The firm says the company's post-holiday recovery is notable, management's tone on the entire portfolio is quite upbeat and tariff upside exists in the model. Net, there's more good than bad in the story, Wells argues. That said, the firm would be patient, as "riskier" ideas remain tough today.
• PRCT Wells Fargo analyst Nathan Treybeck lowered the firm's price target on Procept BioRobotics to $34 from $51 and keeps an Overweight rating on the shares. The firm says the company's Q4 print and lowered 2026 guidance were disappointing as it works through its strategic shift on customer handpiece inventory levels and commercial org disruption. All eyes are on the investor day to make a case for the second half of the year-heavy guide, Wells adds.
• CRM Wells Fargo lowered the firm's price target on Salesforce to $210 from $235 and keeps an Equal Weight rating on the shares. The firm notes its estimates are left largely unchanged as Agentforce strength was offset by less Q4 upside than expected. Though management commentary continues to call for the second half of 2027 reacceleration, Wells awaits clearer signs given leading indicators still fading.
• TDOC Wells Fargo analyst Stephen Baxter lowered the firm's price target on Teladoc to $6 from $8 and keeps an Equal Weight rating on the shares. The firm says 2026 reflects flattish growth and margins, reflecting usage-based mix and stalled member growth in Integrated care and shrinking Behavioral DTC more than offsetting payer/international gains. Challenges likely to linger beyond 2026, keeping Wells on the sidelines.
• SNOW Wells Fargo analyst Ryan MacWilliams lowered the firm's price target on Snowflake to $210 from $290 and keeps an Overweight rating on the shares. The firm believes the company has one of the best opportunities to capture AI usage in software. Cortex Code is an unlock for both migrations and non-technical users, and this larger TAM can drive more query volume. Core business is strong and additional AI upside is worth waiting for, Wells adds.
• RVMD Wells Fargo analyst Eva Fortea Verdejo raised the firm's price target on Revolution Medicines to $144 from $100 and keeps an Overweight rating on the shares. The company is on track for their first pivotal readout in the first half of 2026 and the firm is confident on daraxon's potential in second-line pancreatic ductal adenocarcinoma. Beyond RASolute 302, Wells is watching out for updated first-line data for daraxon and PDAC zoldon data.
• PSTG Wells Fargo lowered the firm's price target on Pure Storage to $90 from $100 and keeps an Overweight rating on the shares. The firm says that above consensus FY27 revenue guide and strong deal momentum were overshadowed by component cost driven Product gross margin pressure.
• ROOT Wells Fargo lowered the firm's price target on Root to $70 from $75 and keeps an Equal Weight rating on the shares. The firm notes the company reported operating income per share of 31c, beating its loss of 65c and Street's loss of 25c with the beat vs Wells driven by better growth and margin. PIF grew by 3.3% sequentially, better than the firm's 2.5% and improved from 2.4% in Q3.
• LOW Wells Fargo analyst Zachary Fadem raised the firm's price target on Lowe's to $290 from $280 and keeps an Overweight rating on the shares. While the company reported a Q4 beat, shares are off on a higher buyside bar, sub-Street FY26 guide and concern that 2026 expectations may be drifting too high, the firm says.

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

• 10:00 AM ET                 Durable Goods, M/M for December
• 10:00 AM ET                 Factory orders M/M for December
• 10:30 AM ET                 Dallas Fed Manufacturing for February

• Earnings After the Close: ACVA ADUS AESI ALSN APLE BBBY BHF BLZE BMRN BOOM BSM BWXT CNNE CWEN ERIE EVERFANG FWRD GNW HIMS HLX IIPR KEYS KTOS KWR MAX MYGN OKE OPAD OSG OVV PAY PLOW PRIM RHP SGHC SIGB SKWD SMMT TARS TNC UCTT UFPI VIR VNOM VVX ZD

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price Index M/M for December
• 9:00 AM ET                   CaseShiller 20-city Index, for December
• 10:00 AM ET                 Consumer Confidence for February
• 10:00 AM ET                 Richmond Fed Index for February
• 10:00 AM ET                 Wholesale Inventory M/M for December
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ABCL AMC ATEC ATRO AXON BBIO BXC CAVA CCC CDNA CLNE CORT CSGP CWH CYTK DAWN EOH EVH EXLS EXPI FLYW FSLR GDDY GMED GPOR HPQ HURN IPAR JAZZ LAB LCID LTC MATX MELI MMSI MOS MQ MTDR NVTS O PARR PCVX PRCT PSTL RCKY REZI RRC RVLV SEI SKT SPXC SUI SUPN TALO TEM TMDX TREX UIS UVE VRRM WDAY ZETA

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Cantor 2026 Annual San Diego Biotech Bus Tour, 2/24-2/26
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A ACAD ADMA ADTN AHT AI ALKT APA ARKO ARQT ARRY BBSI BJRI CBZ CHDN CHE CHRD CPRX CRGY CRM CWT DORM ECPG EE EHTH ENVX EPR ERII FSK FTAI GDRX GMRE GRBK HCI HNST IBTA IMAX INN IONQ JOBY KGS LB LMAT LXU MDXG MEG MGNI MIRM MRVI NYRG NGVT NOG NRDS NSA NTNX NU NVDA ORA OSUR OUT PEB PR PSKY PSTG RDW ROOT RRGB RVMD SARO SBGI SBLK SDRL SEZL SKYT SLNO SM SMA SNOW SNPS SSP STRL SVC TASK TCOM TDOC TKO TTD TTI UHS UMH USPH VAC VCYT VECO VICI VTOL WHD WTRG XPER ZIP ZM

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 8:30 AM ET                   Continuing Claims
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for February
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: AAOI ACA ADSK AES AEVA AGO ALHC AMBA ARLO AVPT BCO BVN BWIN CABO CAI CLOV CODI COMP CON CPK CPNG CRWV CSTL CTRA CUBE DELL DRH DUOL DV EBS ESTC EVTC EXFY FIGR FIGS FOXF GLOB GSBD ICFI INTU KIDS LASR MAIN MASI MFIC MP MTZ NATL NRDY NTAP NTRA OPK OPRT OS OSPN PAR PBYI PCRX PCT PGNY PUBM QXO RC REAL RKLB RKT RLJ RUN SBAC SG SRM SOLV SOUN SPT STRZ TLN TPC TTEV VSEC WULF XPOF XRAY XYZ ZS

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA

• 8:30 AM ET                   Producer Price Index (PPI) Headline final Y/Y for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final M/M for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final Y/Y for January
• 9:45 AM ET                   Chicago PMI for February
• 10:00 AM ET                 Construction Spending M/M for November
• 1:00 PM ET                    Baker Hughes Weekly rig count data