Early Look

Thursday, June 11, 2026

US stock futures climb after the U.S. struck Iran, setting up for a rebound from the market’s latest sell-off as investors weighed the latest moves in the conflict. The moves come President Trump told reporters that Iran would be hit "very hard" and would "pay the price" for stalled talks.  Stock markets tumbled on Wednesday after President Trump vowed more strikes on Iran and new inflation data showed the war is driving prices higher, with the S&P 500 and Nasdaq falling for the 3^rd time in 4 days. Meanwhile, after the close last night, Oracle (ORCL) reported earnings results that beat expectations, but the company's stock sank on disappointing cloud sales. In Asian markets, The Nikkei Index rose 38 points to 64,217, the Shanghai Index fell -6 points to 3,987, and the Hang Seng Index fell -158 points to 24,249. In Europe, the German DAX is up 72 points to 24,267, while the FTSE 100 is up 91 points to 10,346. While futures bounce back with the S&P 500 up +0.7% this morning and Nasdaq futures up over 1%, attention turns to more inflation data with the producer price index (PPI) at 8:30 am et, the ECB central bank rate decision (a rate hike is expected) and then tonight expected pricing of Elon Musk's SpaceX (SPCX), which is positioned to mark the biggest IPO in history. Precious metals slump further as gold falls further below its key technical moving averages on inflation and rate hike fears.

• The Dow Jones Industrial Average fell -953.33 points, or 1.87%, to 49,918.78
• The Nasdaq Composite tumbled -509.32 points, or 1.98%, to 25,169.50
• The Russell 2000 Index declined -31.56 points, or 1.10% to 2,835.46

• 8:30 AM ET                   Continuing Claims…est. 1.78M
• 8:30 AM ET                   Producer Price Index (CPI) Headline M/M for May…est. +0.7% (prior +1.4%)
• 8:30 AM ET                   Producer Price Index (CPI) Headline Y/Y for May…est. +6.4% (prior +6%)
• 8:30 AM ET                   Core PPI – Ex: Food & Energy M/M for May…est. +0.5% (prior +1.0%)
• 8:30 AM ET                   Core PPI – Ex: Food & Energy Y/Y for May…est. +5.4% (prior +5.2%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE crop report for June
• 1:00 PM ET US Treasury to sell $25B in 30-year notes

• Earnings After the Close: ADBE LEN

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

• StitchFix (SFIX) Q3 EPS loss (-$0.01) vs. est. loss (-$0.05); Q3 revs rose 4.7% y/y to $340.3M vs. est. $333.6M; Q3 active clients of 2.309M, up 0.9% q/q but down -1.9% y/y; Q1 net revenue per active client of $578, an increase of 6.6% y/y while gross margin of 43.7%, fell -50bps y/y; sees Q4 revenue $322M-$327M, above consensus $323.7M; raises FY26 adj EBITDA view to $49M-$52M from $42M-$50M.
• Target Corporation (TGT) increases quarterly dividend by 1.8% to $1.16 per share.
• Shoe Carnival (SCVL) announced that it received shareholder approval to change its name to Shoe Station Group (SHOE). The name change will be effective June 12

• Grief Inc. (GEF) announces price increase for uncoated recycled paperboard, tube and core and protective packaging products; announces $60 per short Ton price increase for uncoated recycled paperboard; URB price increase effective for orders and shipments on and after July 6, 2026; announces minimum 6.5% price increase on tube, core and protective packaging products
• Tronox (TROX) upgraded to Hold from Sell at Truist with an unchanged price target of $7 saying current share levels appropriately balance the company's potential near-term positives, namely improved TiO2 pricing dynamics and potential for share gains, with its significant downside risks from margin pressure and potential for demand stagnation or destruction.

• Annaly Capital (NLY) raises quarterly dividend to $0.75 from $0.70.
• Ant Groups' international business is looking to raise $1B to accelerate growth - Bloomberg

• Molina Healthcare (MOH) subsidiary Molina Healthcare of Illinois awarded 4.5 year contract by Illinois Department Of Healthcare and Family Services, to begin January 1, 2027; terms not disclosed.

• Intel (INTC) double upgraded to Buy from underperform at Bank America and raised tgt to $135 on increased foundry visibility and citing higher confidence in Intel's opportunity to help address industry constraints in leading edge wafers and packaging as well as supply into a much larger agentic CPU market.
• Navan Inc. (NAVN) Q1 adj EPS $0.09 vs. est. $0.01; Q1 revs $220M vs. est. $205.27M; sees Q2 revenue $219M-$221M, vs. est. $213.85M and raises FY27 revenue view to $907M-$913M from $866M-$874M (est. $871.71M); raises FY27 adj income from operations view to $76M-$80M from $58M-$62M.

Mid-Morning Look

Thursday, June 11, 2026

U.S. stocks open modestly higher, but paring overnight gains amid Iran/US escalation overnight, PPI inflation data came in mixed (headline higher but core PPI below views), the ECB raised interest rates by 25 bps as expected at policy meeting, ORCL tumbles as results were better but capex spending for AI infrastructure higher than Wall Street expected, and lastly SpaceX (SPCX) IPO set for pricing tonight after the close and trade tomorrow. A very busy morning of corporate and macro news headlines. Oil prices fell despite fresh U.S. military strikes on Iran; gold prices extend losses and Treasury yields slip while Bitcoin rebounds.

President Trump said earlier the US will be "hitting Iran very hard tonight" and announces that the US will be "taking Kharg Island" in the "not too distant future." President Trump also says the US will "assume total control" of Iran's oil and gas markets, "much like we have with Venezuela." The U.S. military said on Thursday it had disabled a third oil tanker in the Gulf of Oman overnight as it was trying to move Iranian oil through an American blockade, saying it was the third commercial ship disabled by U.S. forces this week. A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces," U.S. Central Command said

OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, a copy of its monthly report showed, marking the second straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International Energy Agency. Both expect demand to decline in 2026.

The European Central Bank (ECB) said its Governing Council is committed to setting monetary policy to ensure that inflation stabilizes at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. ECB raises interest rate on deposit facility to 2.25% vs 2.00%, raises benchmark refinancing rate to 2.40% vs 2.15% and raises interest rate on marginal Lending facility to 2.65% vs 2.40%. The rate hikes were widely expected by Wall Street.

• Weekly Jobless Claims climbed to 229,000 from 225,000 last week and above consensus 219,000; the 4-week moving average climbed to 219,000 from 214,750 prior week (previous 214,750) and continued claims climbed to 1.795M from 1.771M prior week (vs. consensus 1.780M).

• Papers & Packaging: GEF announced a $60/ton price increase for all grades of URB products effective July 6 and a minimum 6.5% increase on all tube and core and protective packaging products effective July 13. Overall Truist believes this is positive for GEF and SON The firm also noted on PKG, Vol Strong; 2nd price increase being implemented; Q2 could be soft on Cost/Inventory as depends on June; says add on Weakness. Separately, UBS noted PKG presented at a conference yesterday and noted that it could miss the 2Q EPS guide ($2.33, consensus at $2.36, UBSe at $2.38) saying the main culprits were $10-12M of higher freight and OCC costs (-$0.09), and another $0.03 $0.04 impact from lower outside sales/exports.
• In Chemicals: TROX was upgraded to Hold from Sell at Truist with an unchanged price target of $7 saying current share levels appropriately balance the company's potential near-term positives, namely improved TiO2 pricing dynamics and potential for share gains, with its significant downside risks from margin pressure and potential for demand stagnation or destruction. In Nitrogen space (CF, NTR), @JavierBlas noted on X, “the drop in nitrogen fertilizer prices has now extended into Asia. India has received offers for its latest urea tender at an average price of $530 per tonne, down ~44% from $947 per tonne in April.”
• In Power and E&C sector: ETN entered into a definitive agreement with DAN under which Eaton will separate and combine its Mobility Group with Dana in a Reverse Morris Trust transaction creating a combined company valued at over $10B. GNRC price tgt raised to $335 from $305 at UBS reflecting greater confidence in the durability and visibility of GNRC's earnings trajectory. While investors increasingly recognize GNRC's exposure to data center demand, UBS believes the pace at which accelerating C&I growth can reshape the company's earnings profile remains underappreciated.

• ELVN +11%; said its experimental chronic myeloid leukemia drug called ELVN-001 induced major molecular responses in nearly half of heavily pretreated patients in an ongoing Phase 1 study; Says 61% of patients in key group saw major disease reduction; ~50% achieved this within 24 weeks.
• INTC +8%; was double upgraded to Buy from underperform at Bank America and raised tgt to $135 on increased foundry visibility and citing higher confidence in Intel's opportunity to help address industry constraints in leading edge wafers and packaging as well as supply into a much larger agentic CPU market.
• KLAC +9%; as semi equipment stocks leading the sector LRCX, AMAT to new all-time highs
• NAVN +13%; shares jumped on results and guidance as posted strong Q1 results as GTV grew >50% Y/Y, and revenue growth accelerated again to 39.9% while gross margin was up 320bp Y/Y driven by the continued mix shift and higher Ava usage and raises FY27 revenue view to $907M-$913M from $866M-$874M.
• TROX +7%; was upgraded to Hold from Sell at Truist with an unchanged price target of $7 saying current share levels appropriately balance the company's potential near-term positives, namely improved TiO2 pricing dynamics and potential for share gains.
• VRA +7%; rises on results as Q1 revs rose 7.8% y/y to $55.7M, topping est. $49.1M while gross margin expanded and expenses fell, driven by cost optimization and sales mix; SG&A expense fell nearly 15% y/y and affirms year sales view.

• GOOGL -2%; as Mag 7 mega cap tech among few weak spots in tech AAPL, META, MSFT, AMZN weak
• ORCL -11%; reported both EPS and revenue that topped consensus expectations as Cloud infrastructure revenue surged 93% Y/Y, remaining performance obligations (RPO) exploded 363% Y/Y to $638B, but shares were hit as investors focused on management's plan to raise roughly $40B in financing for future AI.
• OXM -12%; reported Q1 EPS beat and in-line revs of $391.4M while trends for Tommy Bahama were solid in Q1 (+MSD% comps) but softened for the total enterprise (especially Lilly Pulitzer) sequentially through the quarter and into early June; low-end of the FY26 EPS guidance was raised, but guided Q2 revs adjusted EPS $1.20-$1.40 below consensus $1.46 and sees Q2 revenue $380M-$400M vs. est. $413.86M.
• PCT -16%; announces pricing concurrent offerings of $250 mln 4.75% convertible bonds (CBs) due 2032 and ~17.66M shares at $8.21 for $145M.

Closing Recap

Wednesday, June 10, 2026

U.S. stocks fell notably for a second day, now down three of the last four following increased tensions between Iran/US overnight lifting oil prices and higher inflation data that weighed on stock market sentiment. U.S. consumer inflation (CPI) increased at its fastest pace in three years in May, boosted by surging prices for energy products amid the Middle East conflict, and giving more ammunition for the Federal Reserve to keep interest rates unchanged into 2027. Consumer Price Index increases 0.5% in May, meets expectations while Consumer prices advance 4.2% y/y, largest gain in three years.  Also adding to concerns, stocks made a new intraday lows around noon after President Trump said regarding Iran, “we're going to be attacking them very hard” and “not going to note whether going to knock out bridges, power plants”. The comments added to an already tense overnight after U.S. forces launched strikes against Iran in response to the downing of a U.S. Army Apache helicopter near the Strait of Hormuz. Next up is Oracle (ORCL) earnings tonight which could impact software names along with AI/data center names followed by the ECB rate policy decision (a rate hike is expected) and producer price index (PPI) inflation data tomorrow morning, followed by the SpaceX IPO pricing tomorrow night. Stocks had no bounce this afternoon as the S&P posted its 13^th 1% drawdown in 2026.

The tech heavy Nasdaq fell the most down over -2% at lows on the day, down -1.3% on the week and over -5.7% for the month (which is still very early) with the SOX index -4.5% on the month (but up 73% YTD). An AI boom has driven stock markets to record highs in recent weeks, as big tech firms are piling hundreds of billions of dollars into new tech, offsetting risks created by the Iran war. Leaders have been memory (MU, SNDK, WDC), opticals (AAOI, CIEN, LITE, COHR) which builds the optical connectivity that lets AI chips move data across data centers and of course the chip makers (NVDA, AMD, AVGO, INTC, ARM). They may have pulled back off recent highs but still remain in the forefront of investor minds.

Stat of the day comes to us from @GlobalMktObserv on X, saying “Investors have NEVER been more concentrated in stocks: Total stock allocations across household, corporate, financial, and foreign sectors as a % of total financial assets held are up to ~51%, the highest on record going back to the late 1940s. By comparison, this figure peaked at ~45% during the 2000 Dot-Com Bubble before the S&P 500 subsequently lost nearly -50% of its value. At the same time, the S&P 500 CAPE ratio rose to ~41x, the highest since the Internet Bubble peak of ~44x.”

• The U.S. budget deficit for May fell $23 billion or 7% to $293 billion due largely to prior-year calendar shifts in benefit payments as both outlays and receipts fell. But taking into account calendar shifts of some June 2025 payments into May that year, the Treasury said the adjusted May budget deficit at $293B would be an increase of $71B or 32% from the prior year. Customs duty refunds totaled $21.97B in May against gross customs collections of $21.93B, making for net customs outflows of $42 million for the month

• Gold has fallen more than 22% since hitting a record peak of around $5500 an ounce in late January and are down more than 20% since the first U.S. attacks on Iran at the end of February. The dollar, however, has gained nearly 4% against a basket of its global currency market peers since late January. July Silver fell -$0.50/oz, or -0.77%, to settle at $64.74 an ounce. Silver prices are down more than 47% from the late January peak of ~$121–$121.64/oz. an ounce and turned negative for the year last week. Bitcoin is down 30% since the start of the year and remains some 50% south of its late October peak, having dipped below the $60,00 mark for the first time in three years last Friday.
• Oil prices rose after U.S. President Trump cranked up the heat on Iran as Brent Crude futures settle at $93.10/bbl, up $1.65, or 1.8%, while U.S. WTI crude oil futures settle at $90.03/bbl, up $1.83, or 2.07%. The President said earlier, "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!" Trump said on Truth Social. Trump said he is close to ordering new strikes against Iranian power plants and bridges as Iran is taking too long to make a deal, according to Fox News. Meanwhile, U.S. crude stocks and distillate inventories fell while gasoline stockpiles rose last week, the Energy Information Administration said on Wednesday.

• Apparel Retail: JILL reported Q1 sales $144.4M up 6% y/y, while adj Ebitda of $16.7M was down from $27.3M y/y citing tariff-related cost pressures and as consumers cut back on discretionary spending, while the co reaffirms annual net sales outlook of flat to down 2% and adjusted EBITDA forecast $70M-$75M
• In Specialty Retail: CHWY cut its sales outlook for the year to $13.4B-$13.55B from prior view $13.6B-$13.75B (est. $13.65B) after a lower Q2 outlook of $0.36/$3.15B vs. est. $0.40/$3.37B while Q1 results narrowly topped consensus of $0.43/$3.36B vs. est. $0.43/$3.35B and said active customers rose 3.6% to 21.5 million, while net sales per active customer increased 2.4% to $597.
• In Restaurants: CBRL was upgraded to Overweight at Wells Fargo and raised tgt to $50 from $35 after results last night as Q3 beat and raise show its turnaround is regaining ground; CBRL highlighted better than expected same-store sales supported by continued traffic recovery. CAVA was upgraded to Buy from Neutral at UBS and raised tgt to $90 from $85 given solid comp sales outperformance vs peers, catalysts exist to sustain comp sales momentum, and potential upside to the 1,000 unit growth target by '32; SBUX is considering options for its Japanese business, including a potential stake sale, Bloomberg reported.

• Autos: GM unveiled plans to expand beyond electric vehicles into the fast-growing energy storage market. GM announced a series of initiatives through its GM Energy division aimed at supplying energy storage systems to utilities, commercial customers, and data center operators as part of a race to secure power for AI data centers. CRMT shares tumbled more than 40% this morning after Bloomberg reported the company is working on an eleventh hour capital raise to stave off a potential bankruptcy filing after a cash crunch put the company on the verge of default.
• In Casino/Gaming/Prediction sector: CNBC noted Polymarket's international platform processed just under $7.1B in volume in May, down from just over $9B in April. Both of those months were below Polymarket's volume peak in March, when it processed $10.5B. The declines on the international platform come as volume on other platforms, including Polymarket's chief rival Kalshi, continue to see growth

• In Utilities: ETR was upgraded to Outperform from In Line at Evercore ISI saying they came away from Entergy's investor day with incremental confidence in the company's ability to attract and execute on its significant pipeline of large load demand through its standardized buildout approach. SRE said the Electric Reliability Council of Texas (ERCOT) has approved new transmission projects in Texas that, along with earlier approvals, are expected to cost more than $7 billion. PBR has entered into a deal with Equinor Brasil to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin.
• In Power sector: shares of BE declined over 9% though Morgan Stanley defended shares saying they believe Crusoe’s decision to pause development activity at its Wyoming datacenter site announced yesterday does not alter the investment case for BE. The firm noted the project included up to 900MW of Bloom fuel cells through AEP, but contractual protections appear to insulate Bloom from delays or potential site changes, with the customer ultimately responsible for fuel-cell commitments. While the Exact scope of the pause remains unclear, Morgan Stanley sees no evidence it reflects broader weakness in datacenter power demand or impacts other Bloom projects.
• In Energy stocks: the group got a boost as tensions between the U.S./Israel vs Iran ramped up overnight after President Trump vowed on Tuesday to respond to the downing of a U.S. Apache attack helicopter. In stock news, DVN was upgraded to Outperform from In Line at Evercore saying mid-month update provides a clearing event, layering an explicit approach to the portfolio review + synergy and cash-return detail on top of better than expected 2026 capital efficiency.
• MLPs/Pipelines: Morgan Stanley downgraded TRP to Equal weight (from Overweight) following strong recent performance, upgraded WES to Equal weight (from Underweight) as recent M&A has repositioned WES strategically, offering greater visibility into +4–5% multiyear EBITDA growth, a growth profile and resulting total return potential that are now more in-line with the broader group, and downgraded HESM to Underweight as limited visibility into long-term growth and sponsor strategy are likely to constrain upside, particularly given a poor history in the Midstream sector of other sponsored vehicles whose strategies have remained unaddressed for extended periods of time following a change in circumstances.
• Metals & Mining: gold and silver prices extend downward momentum on higher CPI readings, increased rate hike expectations by the Fed which weighs further on gold/silver miners with AEM, AG, B, CDE, FSM, HL, NEM, PAAS, WPM weak throughout the day. In aluminum space, AA shares fell after updated its Q2 business considerations, providing a more negative outlook for adjusted EBITDA. The Alumina segment is now expected to see an unfavorable impact of about $60M

• Brokers & Exchanges: HOOD shares rose after revealed that it plans to expand in the white-hot IPO market as an underwriter, disrupting a field dominated by three financial giants. Also, May 2026 operating data shows total platform assets $377B as of May 2026, up 9% from April; Net deposits $5.6B in month and crypto trading volumes $12.2B, up 3% M/M.
• In Payments: Visa (V) will be integrated into OpenAI's platform, allowing online retailers to accept AI agent-driven transactions, Bloomberg reports, citing a company statement. Customers could direct an AI agent to pay a bill or purchase items. "As AI agents become active participants in the economy, Visa's focus is to ensure transactions are trusted, secure and seamless."
• In REITs: The S&P 500 Real Estate Index (XLRE) closed yesterday at its highest since August 2022 and added to gains early. Shares of NSA, MAC, PSA, KRG, DOC, FRT, BRX, SPG among REITs hitting 52-week highs today

• SNY halted its Phase 3 MOBILIZE trial of riliprubart (a C1s complement inhibitor) in treatment-refractory chronic inflammatory demyelinating polyneuropathy (CIDP) after an interim analysis by the Independent data monitoring committee concluded the drug was unlikely to show sufficient efficacy. Shares of DNTH declined as its lead candidate, claseprubart (DNTH103/DNTH-103), is also a highly Selective C1s inhibitor in the same complement pathway. It is advancing in Phase 3 for CIDP (CAPTIVATE trial, with an early “go” decision earlier in 2026) and other autoimmune conditions like generalized myasthenia gravis.
• Healthcare Technology: HNGE raised its Q2 rev. guidance to $200M-$202M (vs. prior guidance of $194M-$196M) and its adj. EBIT to $50M-$52M (vs. prior guidance of $47M 49M). For FY26, HNGE raised its rev. guidance to $818M-$824M, which was ~2.5% above prior guidance of $798M-$804M.
• Managed care & Hospitals: Cantor said that hospitals and health insurers could broadly benefit from Democratic success in the 2026 midterm elections following the legislation passed under the 2025-2027 Congress, Cantor Fitzgerald analysts say. Given Congress's focus on Medicaid and Marketplace plans, MOH and CNC broadly have the most to benefit from in a flipped House; and in providers, UHS given its exposure to drug price programs, Brokerage says. If the House flips Democratic, it could slow the implementation of Medicaid work requirements, a potential repeal of provider tax legislation and could lead to a partial return of ACA subsidies. Manage care names ELV, UNH, HUM hit 52-week highs today.

• Yesterday, Anthropic released Fable 5, which the company tiers above its Opus models and positions it as offering "Mythos-class" capabilities to the public. To enable a broad release safely (preventing misuse), Fable 5 includes guardrails that route high-risk cybersecurity, biological, and distillation related queries to their Claude Opus 4.8. Anthropic says that this fallback is triggered in less than 5% of sessions and was deliberately tuned conservatively. Concurrently, Anthropic released Claude Mythos 5, the same underlying model but with cyber safeguards lifted for experienced users

• IT Services & Consulting: NET hosted its Investor Day on Tuesday where the company ARR grew 43% Y/Y in 2025, with Developer (Act-3) ARR up 137% Y/Y, showing strong growth in newer focus areas and raised its LT Operating Margin target (30%+ vs. 20%+, previously) and FCF Margin target (30%-35%+ vs. ~25%, previously) and expects GAAP profitability by 2028 the latest

• STM was upgraded to Buy from Neutral at Bank America and raise tgt to $100 from $83 as sees the company benefiting from multiple drivers, including growing share in optical interconnects, low earth orbit satellites, and a recovery in autos.
• TSM reported May revenue +30% Y/Y, though Apr–May growth tracking below Q2 consensus pace.
• In Semi-equipment sector: AMAT price tgt raised to $650 from $575 at Cantor Fitzgerald, KLAC raised to $2,500 from $2,000 and LRCX PT raised to $425 from $320, staying overweight rated on all three as Cantor believes the semi equipment industry is in the early innings of a multi-year supply-constrained and durable upcycle. The outlook has improved over the last three months with bookings visibility now beginning to extend into 2028 and says leading-edge foundry and logic is the primary wafer fab equipment growth driver, with the majority of new wafer start investments in 2026 and 2027 in AI-driven logic.

Street Recommendations

Thursday, June 11, 2026

• AMAT Barclays analyst Tom O'Malley raised the firm's price target on Applied Materials to $590 from $500 and keeps an Overweight rating on the shares. The firm increased its estimates for wafer fab equipment, saying the capex cycle is "much stronger across the board." Over $200B in sales looks likely in 2027, but the "world has moved to 2028 already," the analyst tells investors in a research note.
• CHWY Barclays lowered the firm's price target on Chewy to $36 from $40 and keeps an Overweight rating on the shares following the earnings report. The firm says Chewy is executing well in a volatile macro backdrop. Fuel surcharges and some consumer weakness resulted in a below-consensus forecast for 2026, but these are "broadly temporary" headwinds and Chewy continues to gain category share, the analyst tells investors in a research note.
• KLAC Barclays analyst Tom O'Malley raised the firm's price target on KLA Corp. to $2,250 from $1,700 and keeps an Overweight rating on the shares. The firm increased its estimates for wafer fab equipment, saying the capex cycle is "much stronger across the board." Over $200B in sales looks likely in 2027, but the "world has moved to 2028 already," the analyst tells investors in a research note. Barclays upped price targets in wafer fab equipment group.
• LRCX Barclays analyst Tom O'Malley raised the firm's price target on Lam Research to $335 from $275 and keeps an Overweight rating on the shares. The firm increased its estimates for wafer fab equipment, saying the capex cycle is "much stronger across the board." Over $200B in sales looks likely in 2027, but the "world has moved to 2028 already," the analyst tells investors in a research note. Barclays upped price targets in wafer fab equipment group.
• ORCL Barclays raised the firm's price target on Oracle to $250 from $240 and keeps an Overweight rating on the shares following the fiscal Q4 report. The company "deserves credit for another solid quarter," the analyst tells investors in a research note. Barclays is "puzzled" by the after-hours selloff in Oracle shares. While the company's cloud application and software sales were slightly below consensus, these are the parts that matter less for Oracle going forward, contends the firm. What is more important is that Oracle posted another large remaining performance obligation beat, suggesting ongoing AI demand that outweighs supply and ongoing momentum for the company, Barclays says. The stock in premarket trading is down 7%, or $14.57, to $186.39.

• MDGL BofA lowered the firm's price target on Madrigal Pharmaceuticals to $542 from $550 and keeps a Neutral rating on the shares. While Rezdiffra's launch in MASH has impressed, debate has shifted to whether it can sustain this pace, says the analyst, who lowered the firm's 2028 Rezdiffra revenue forecast to $2.6B from $2.7B following conversations with key opinion leaders and prior management feedback.

• SNSE BTIG initiated coverage of Sensei Biotherapeutics with a Buy rating and $55 price target. The clinical-stage biotech company is advancing PIKTOR, a dual oral drug regimen consisting of serabelisib and sapanisertib for the treatment of endometrial, breast, and other solid tumors, says the analyst, who views PIKTOR's value proposition as "highly compelling," with the ability to commercially differentiate on administration format and safety in the "massive" breast cancer market.
• CHEF BTIG analyst Peter Saleh raised the firm's price target on Chefs' Warehouse to $100 from $82 and keeps a Buy rating on the shares after hosting meetings with its management team. The company's sales trends remain very robust, and despite the war in the Middle East, the firm expects the company to achieve its 2028 targets early, the analyst tells investors in a research note. BTIG adds it expects significant EBTIDA margin expansion in the near and medium term as the company leverages the investments from the prior years and generates efficiencies through AI.

• GKOS Citi analyst Joanne Wuensch raised the firm's price target on Glaukos to $162 from $140 and keeps a Buy rating on the shares. The firm sees "substantial runway" for Epioxa and believes the opportunity is underappreciated at current share levels. It views Epioxa as Glaukos' next leg of growth.
• ORCL Citi views Oracle's fiscal Q4 earnings report as mixed, saying the quarter beat estimates but the fiscal 2027 earnings outlook is "underwhelming" on gross margin pressure. Citi sees "more positives than negatives," however, saying Oracle is showing is "financial discipline." The firm keeps a Buy rating on the shares with a $330 price target. Oracle in premarket trading is down 7% to $186.52.
• CNM Citi lowered the firm's price target on Core & Main to $53 from $54 and keeps a Neutral rating on the shares. The company reported solid fiscal Q1 results, but the shares sold off on macro uncertainty and adjusted expectations for flowthrough timing of commodity price increases, the analyst tells investors in a research note.

• BWA Goldman Sachs raised the firm's price target on BorgWarner to $84 from $74 and keeps a Buy rating on the shares.
• PL Goldman Sachs raised the firm's price target on Planet Labs to $22 from $20 and keeps a Neutral rating on the shares. Planet reported Q1 revenue and adjusted EBITDA above expectations, supported by strong defense and intelligence growth, and raised its FY27 revenue and gross margin outlook, but despite favorable long-term demand trends, questions remain around medium-term profitability, and the current valuation appears to already reflect significant growth expectations, the analyst tells investors in a research note.

• GD Jefferies analyst Sheila Kahyaoglu upgraded General Dynamics to Buy from Hold with a price target of $400, up from $380. The company's marine segment, which represents 33% of sales, has grown double-digits in 11 of the past 13 quarters, the analyst tells investors in a research note. The firm says the U.S. Navy shipbuilding plan provides $125B in submarine procurement in fiscal 2027 through 2031 plus $6.2B for the submarine industrial base and $7.2B for submarine productivity. Jefferies now sees continued strength in General Dynamics' near-term results with the marine unit driving margin expansion.
• WMS Jefferies analyst James Ko initiated coverage of Advanced Drainage with a Buy rating and $175 price target. The company trades at a 10% discount to some peers despite higher margins, stronger free cash flow yields, above-peer organic growth, and a leading position in the secular stormwater market, the analyst tells investors in a research note. The firm says that while resin inflation is a headwind near-term, Advanced Drainage's EBITDA margins are still 30%, with a recovery supported by pricing, mix, and synergies, and upside once resin prices normalize.

• KTB JPMorgan analyst Matthew Boss added recently initiated Kontoor Brands to the firm's Analyst Focus List while keeping an Overweight rating on the shares with a $90 price target. A meeting with management indicated the company's portfolio is positioned for accelerated sales growth in fiscal 2027 across both Wrangler and Helly Hansen, the analyst tells investors in a research note.
• KR JPMorgan analyst Thomas Palmer lowered the firm's price target on Kroger to $70 from $72 and keeps a Neutral rating on the shares ahead of the fiscal Q1 report on June 18. The analyst thinks an annual guidance reiteration is likely.

• XHR KeyBanc analyst Austin Wurschmidt raised the firm's price target on Xenia Hotels to $21 from $16 and keeps an Overweight rating on the shares. The firm cites recent stock performance and its estimate increase for the price target change.

• AA Morgan Stanley is reducing the firm's Q2 and 2026 estimates to incorporate updated management guidance after Alcoa detailed near-term earnings pressure in its alumina business, but thinks yesterday's 9% move lower seems "overdone" given the impact on its 2026 estimates of about 2% due to new guidance, the analyst tells investors. The firm has an Overweight rating and $79 price target on Alcoa shares.

• DHR Piper Sandler initiated coverage of Danaher with a Neutral rating and $200 price target. The firm launched coverage of the life science tools sector with a "feet in the shallow end of the pool" approach. Piper only recommends buying Twist Bioscience for its growing exposure to next generation drug discovery and development. Headwinds for the group faces from biotech and academic spending as well as China exposure will likely improve near term, the analyst tells investors in a research note. However, Piper wants to see some of the next big growth drivers materialize before recommending more of the stocks. Investors "can buy multi-year growth compounding stocks early, middle, and late into their growth cycles but would simply prefer to wait out a couple quarters for the sector to perform like it did pre-Covid," the firm contends.
• TECH Piper Sandler initiated coverage of Bio-Techne with a Neutral rating and $65 price target. The firm launched coverage of the life science tools sector with a "feet in the shallow end of the pool" approach. Piper only recommends buying Twist Bioscience for its growing exposure to next generation drug discovery and development. Headwinds for the group faces from biotech and academic spending as well as China exposure will likely improve near term, the analyst tells investors in a research note. However, Piper wants to see some of the next big growth drivers materialize before recommending more of the stocks. Investors "can buy multi-year growth compounding stocks early, middle, and late into their growth cycles but would simply prefer to wait out a couple quarters for the sector to perform like it did pre-Covid," the firm contends.
• TMO Piper Sandler initiated coverage of Thermo Fisher with a Neutral rating and $510 price target. The firm launched coverage of the life science tools sector with a "feet in the shallow end of the pool" approach. Piper only recommends buying Twist Bioscience for its growing exposure to next generation drug discovery and development. Headwinds for the group faces from biotech and academic spending as well as China exposure will likely improve near term, the analyst tells investors in a research note. However, Piper wants to see some of the next big growth drivers materialize before recommending more of the stocks. Investors "can buy multi-year growth compounding stocks early, middle, and late into their growth cycles but would simply prefer to wait out a couple quarters for the sector to perform like it did pre-Covid," the firm contends.
• TWST Piper Sandler analyst David Westenberg initiated coverage of Twist Bioscience with an Overweight rating and $85 price target. The firm launched coverage of the life science tools sector with a "feet in the shallow end of the pool" approach. Piper only recommends buying Twist Bioscience for its growing exposure to next generation drug discovery and development. Headwinds for the group faces from biotech and academic spending as well as China exposure will likely improve near term, the analyst tells investors in a research note. However, Piper wants to see some of the next big growth drivers materialize before recommending more of the stocks. Investors "can buy multi-year growth compounding stocks early, middle, and late into their growth cycles but would simply prefer to wait out a couple quarters for the sector to perform like it did pre-Covid," the firm contends.
• WAT Piper Sandler initiated coverage of Waters with a Neutral rating and $400 price target. The firm launched coverage of the life science tools sector with a "feet in the shallow end of the pool" approach. Piper only recommends buying Twist Bioscience for its growing exposure to next generation drug discovery and development. Headwinds for the group faces from biotech and academic spending as well as China exposure will likely improve near term, the analyst tells investors in a research note. However, Piper wants to see some of the next big growth drivers materialize before recommending more of the stocks. Investors "can buy multi-year growth compounding stocks early, middle, and late into their growth cycles but would simply prefer to wait out a couple quarters for the sector to perform like it did pre-Covid," the firm contends.
• CTBI Piper Sandler assumed coverage of Community Trust with a Neutral rating and $76 price target. The firm believes Community Trust is well-positioned to continue generating top-quartile profitability via at-least mid-single digit organic balance sheet growth, a resilient net interest margin holding above 3.7%, and well-managed operating expenses. Piper also favors Community Trust's robust capital position to potentially deploy via M&A to enhance EPS growth over time. While the firm views Community Trust as a very high-quality franchise, it thinks this is largely reflected in its one-time turn premium price to earnings relative to peers and sees limited catalysts over the near-term to drive greater expansion above peers.
• ORCL Piper Sandler raised the firm's price target on Oracle to $225 from $210 and keeps an Overweight rating on the shares. The firm notes the company capped off its fiscal year by reporting a slight revenue beat and an RPO balance of $638B, up a sizable $85.4B quarter-over-quarter. FY27 revenue guidance was left unchanged at $90B. Piper believes Oracle will remain debated, but the firm is constructive on the company's AI-driven consumption growth, believes the FY27 revenue guide is reasonable, and walked away from the callback with increased confidence in management's ability to protect OCI margins against rising component costs.
• HIG Piper Sandler lowered the firm's price target on Hartford to $148 from $154 and keeps an Overweight rating on the shares. The firm is updating its EPS model to incorporate the sale of Hartford's asset management business to Wellington. The asset management will be treated as a discontinued business in the second quarter which means it will be excluded from operating EPS and, therefore, reduce reported operating results. While the sale may mean a long-term benefit to cash flow, the sale will have a negative impact on reported earnings, Piper argues.

• DDOG TD Cowen analyst Andrew Sherman raised the firm's price target on Datadog to $260 from $235 and keeps a Buy rating on the shares. The firm updated its model following the DASH conference and came away with a greater appreciation for Bits, which clearly has a lot more to offer versus a year ago, now with 5 different GA products that are starting to be monetized.
• GPN TD Cowen analyst Bryan Bergin lowered the firm's price target on Global Payments to $74 from $86 and keeps a Hold rating on the shares. The firm updated its model reflecting a more conservative view on headwinds already messaged that seem more likely to play out while noting 2H26 acceleration messaging remains unchanged,
• JILL TD Cowen raised the firm's price target on J.Jill to $14 from $13 and keeps a Hold rating on the shares. The firm updated its model to reflect improved merchandising, alongside more effective marketing, should drive sequential improvement into 2H.

• STRO Truist assumed coverage of Sutro Biopharma with a Buy rating and $50 price target. The company's refreshed ADC platform is increasingly compelling with multiple opportunities to generate proof-of-concept over the next 12-24 months, the analyst tells investors in a research note. The mid-2026 update is the first key value-inflection point, though the firm also highlights STRO-006, STRO-227, and the Astellas collaboration as additional upside drivers, Truist added.

• SFIX UBS raised the firm's price target on Stitch Fix to $4.50 from $4 and keeps a Neutral rating on the shares. Stitch Fix reported Q3 revenue, gross margin, and EPS above expectations and raised FY26 guidance, but despite encouraging customer engagement trends and operational resilience, the results do not materially change the sales outlook or suggest a near-term catalyst for multiple expansion, the analyst tells investors in a research note.
• FUN UBS raised the firm's price target on Six Flags to $30 from $27 and keeps a Buy rating on the shares. The firm's Evidence Lab wait times monitor shows significant improvement in traffic for Six Flags, with early Memorial Day reads pointing to strong trends, the analyst tells investors in a research note.
• EQH UBS raised the firm's price target on Equitable Holdings to $63 from $58 and keeps a Buy rating on the shares.

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: AVO GLOO MAMA MTN ODC ZEPP

• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Oppenheimer 2026 Software Bus Tour, 6/8-6/9
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   International Trade for April
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales M/M for May
• 10:00 AM ET                 Wholesale Inventory M/M for April
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BARK CASY CBRL DOMO LAKE LMNR SKIL

• China PPI Y/Y, CPI Y/Y and M/M for May
• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Mizuho Technology Conference, 6/9-6/10, in New York
• Oppenheimer 2026 Software Bus Tour, 6/8-6/9
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• RBC Capital 2026 Financial Technology Conference, 6/9 in New York

• 8:30 AM ET                   Consumer Price Index (CPI) Headline M/M for May
• 8:30 AM ET                   Consumer Price Index (CPI) Headline Y/Y for May
• 8:30 AM ET                   Core CPI – Ex: Food & Energy M/M for May
• 8:30 AM ET                   Core CPI – Ex: Food & Energy Y/Y for May
• 10:30 AM ET                 Weekly DOE Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for May
• 1:00 PM ET US Treasury to sell $42B in 10-year notes
• 2:00 PM ET                    Federal Budget for May

• Earnings After the Close: AEMD ATEX MIND NAVN ORCL OXM SFIX

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Goldman Sachs Global Healthcare Conference, 6/8-6/10
• Mizuho Technology Conference, 6/9-6/10, in New York
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• Truist Las Vegas Gaming Bus Tour 6/10

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (CPI) Headline M/M for May
• 8:30 AM ET                   Producer Price Index (CPI) Headline Y/Y for May
• 8:30 AM ET                   Core PPI – Ex: Food & Energy M/M for May
• 8:30 AM ET                   Core PPI – Ex: Food & Energy Y/Y for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE crop report for June
• 1:00 PM ET US Treasury to sell $25B in 30-year notes

• Earnings After the Close: ADBE LEN

• DA Davidson 2nd Annual Technology & Consumer Conference, 6/10-6/12, in Nashville, TN
• Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference, 6/8-6/11
• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

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