Early Look

Friday, May 29, 2026

The amazing record run on Wall Street continued on Thursday as U.S. equities reversed earlier weakness and closed at record highs after reports of a potential 60-day US/Iran ceasefire extension eased geopolitical fears. The S&P 500 index (SPX) and Nasdaq Composite both extended their winning streaks to 6 days on Thursday, touching record highs along with the Dow Industrials and Russell 2000, putting the S&P on track for a 9^th consecutive week of gains on this final day of May. It has been two straight months of non-stop gains for U.S. averages, with the Technology sector (XLK) up about 17% this month (30% YTD), the SOX semi index +22% MTD, and the Nasdaq Comp +8% MTD. An Axios report yesterday morning that U.S./Iran negotiators agreed to a 60-day MoU to extend the ceasefire and restart nuclear talks, though Iran’s Tasnim later pushed back and said no final agreement had been reached. Also helping was cooler-than-expected April PCE data (though above prior month) and a downward Q1 GDP revision supported risk appetite and boosted Treasuries. Oil pared sharp overnight gains after the ceasefire headlines, though still finished modestly higher following renewed military strikes earlier in the session. It was a big night in tech earnings as shares of DELL (rallies 37% overnight), MDB, NTAP, PD all soar after results in hardware, software and storage (ESTC, AMBA, S all decline post results), while retailers AEO, GAP declined on results/guidance. In Asian markets, The Nikkei Index surged 1,636 points, or 2.53% to settle at 66,329, the Shanghai Index fell -30 points to 4,068, and the Hang Seng Index gained 176 points to 25,182. In Europe, the German DAX is up 50 points to 25,143, while the FTSE 100 rises 19 points to 10,445. A truly remarkable run for global markets, as rising Treasury yields the last few weeks globally (though took a breather the last week), higher energy prices (again prices off worst levels), and rising expectations of Fed rate hikes vs. the expected three cuts forecasted when the year started, have done nothing to investor confidence with the CBOE Volatility index (VIX) closing at lowest levels since January as the “all-in” AI growth demand story has revitalized this market, as evidenced by spectacular moves like DELL overnight and SNOW the day prior.

• The Dow Jones Industrial Average rose 24.69 points, or 0.05%, to 50,668.97
• The Nasdaq Composite gained 242.74 points, or 0.91%, to 26,917.47
• The Russell 2000 Index advanced 16.65 points, or 0.57% to 2,936.59

• 9:45 AM ET                   Chicago PMI for May

• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Stifel Jaws & Paws Conference, 5/28-5/29 in New York

• Oil prices dropped to a six-week low as the US and Iran tentatively agreed to extend a ceasefire by 60 days, stoking optimism the Strait of Hormuz may soon reopen. Brent traded near $92 a barrel, set for a 19% monthly drop, the biggest since 2020. President Donald Trump has yet to sign off on the terms of the agreement, according to a person familiar with the matter.
• @MikeZaccardi noted on X, “BofA Private Client cash allocation plunges to a record low 10%”. An interesting read of low cash levels, especially heading into potentially three of the most highly anticipated IPOS of all time with SpaceX next month, OpenAI, and potentially Anthropic in coming months.

• Clorox (CLX) CEO Linda Rendle has asked the Board of Directors to initiate a CEO search process, as she has made the decision to step down for health reasons. Rendle will remain Chair and CEO while the search is conducted and until the new CEO is appointed.
• Costco Corp. (COST) Q3 EPS $4.93, vs. est. $4.91; Q3 net sales $69.15B (+11.6% YoY); total rev $70.53B vs est $69.813B; operating Income $2.82B vs est $2.842B; membership fees $1.37B; comps +9.8% (adj +6.6%); U.S. comps +9.4% (adj +6.8%); Canada comps +10.7% (adj +6.2%); International comps +11.2% (adj +5.9%).
• Gap Inc. (GAP) Q1 EPS $0.38 on revs $3.5B vs. est. $0.38/$3.52B; raises FY26 net interest income view to $25M from $10M-$15M and ups FY26 adjusted EPS view to $2.30-$2.40 from $2.20-$2.35 but cut its FY26 revenue outlook to up 1% to 2% y/y from up 2% to 3% y/y and vs. consensus $15.74B; cut Q2 sales to be flat to down -1% vs. est. +2.1% at $3.8B; Q1 Athleta had another tough quarter, with same-store sales falling 11%, down from an 8% decline the year before.
• International Flavors & Fragrances (IFF) is close to a deal to sell its food ingredients business to CVC Capital Partners for over $4B including debt in a deal that could be announced in the coming days. A sale of IFF’s largest division would be the company’s latest move to boost profitability – WSJ https://tinyurl.com/mupxcs5d

• Karman Holdings' (KRMN) shares fall after overnight $854 mln secondary offering priced; announced 14M shares offloaded by existing holders at $61 as the offering size boosted from 13.5M shares.
• Park Aerospace (PKE) Q4 net sales $24.187M vs est $22.3M (+43% YoY); EPS $0.19 (+58% YoY); adj EBITDA $5.171M (+51% YoY); FY2026 net sales $73.301M (+18% YoY); FY2026 EPS $0.56 (+93% YoY); FY2026 adj EBITDA $15.761M (+35% YoY).
• ViaSat inc. (VSAT) Q4 rev $1.171B vs est $1.196B (+2% YoY); adj EPS ($0.02) vs est ($0.36); adj EBITDA $370M (1% YoY) vs est $383.26Mm; backlog $4.073B (+3% YoY); Defense & Advanced Technologies rev +12% YoY; Communication Services rev (2%) YoY; Q4 awards $1.3B (+3% YoY).

• HealthEquity (HQY) Q1 EPS $1.24 vs. est. $1.11; Q1 revs rose 7% y/y to $354.64M vs. est. $352.17M; Q1 adj Ebitda rose 17% y/y to $164.5M vs. est. $152.32M; said increases in HSA accounts and total HSA assets supported revenue and profit growth; announces additional $1B of common stock repurchases; raises FY27 EPS view to $4.66-$4.73 from $4.56-$4.65 (est. $4.63) while backs FY27 revenue view $1.41B-$1.42B.

• Asana Inc (ASAN) Q1 adj EPS $0.10 vs. est. $0.08; Q1 revs $205.1M vs. est. $203.5M; Q1 GAAP operating margin, up 1,600 bps y/y; record non-GAAP operating margin of 11.5%, up 720 bps y/y; raises FY27 EPS view to $0.37 and revs view to $855.5M-$863.5M from $850M-$858M, vs. consensus $854.3M.
• Autodesk (ADSK) Q1 non-GAAP EPS $2.99 tops est. $2.84; Q1 revs $1.93B vs. est. $1.89B; sees Q2 EPS $3.10-$3.14 vs. est. $3.04 and revs $2.005B-$2.015B vs. consensus $1.99B; said it would acquire MaintainX, a maintenance and operations solutions company, for about $3.6 billion in cash.
• Elastic NV (ESTC) Q4 rev $451M vs est $446.6M (+16% YoY, +14% cc); adj EPS $0.61 vs est $0.56; adj operating income $67M vs est $64.8M (adj operating margin 14.8%); subscription rev $422M (+17% YoY); Elastic Cloud rev $217M; cRPO $1.203B (+20% YoY); RPO $1.982B (+28% YoY); Q1 rev $469M–$470M vs est $469Mm, adj operating margin ~14.0%, adj EPS $0.57–$0.59 vs est $0.64.
• MongoDB (MDB) Q1 adj EPS $1.32 vs. est. $1.18; Q1 revs $687.6M vs. est. $663.79M; Q1 Atlas revenue +29% y/y, RPO $1.46B +88% y/y and cRPO $766.3M +69% y/y; sees Q2 revs $729M-$734M vs. est. $699.7M and adj EPS $1.58-$1.61 vs. est. $1.28 and year revs $2.92B-$2.96B vs. est. $2.90B.
• Okta Inc. (OKTA) Q1 adj EPS $0.91 vs est $0.85; rev $765M vs est $751.9M +11% YoY; subscription rev $750M (+11% YoY); adj EBIT $191M vs est $179.97M; adj gross margin 82%; FCF $271M; op cash flow $277M; cRPO $2.499B (+12% YoY); guides Q2 rev $790M–$794M vs est $791.4M; guides Q2 adj EPS $0.95–$0.97 vs est $0.96; guides FY2027 rev $3.185B–$3.205B vs est $3.18B; guides FY2027 adj EPS $3.79–$3.87 vs est $3.79.
• PagerDuty (PD) Q1 rev $121.0M vs est $119.6M (+1% YoY); adj EPS $0.32 vs est $0.25; adj op income $29.7M (adj operating margin 24.6%); adj gr mgn 85.5% (GAAP 84.3%); ARR $496M (flat YoY); RPO $441M; customers >$100K ARR 860; new $100M share repurchase program announced; Q2 rev $122M–$124M vs est $122.8M, adj EPS $0.29-$0.31 vs est $0.32; FY rev $488.5M–$496.5M vs est $493.39Mm, adj EPS $1.27–$1.32 vs est $1.25
• SentinelOne (S) Q1 adj EPS $0.04 vs. est. $0.02 on in-line revs of $277M, up 21% y/y; Q1 Annualized recurring revenue (ARR) grew 23% y/y; guides Q2 EPS $0.06-$0.08 vs. est. $0.08 and revs $289M-$291M vs. est. $292M; backs FY27 adjusted EPS view $0.32-$0.38 9est. $0.34) and backs FY27 revenue view $1.195B-$1.205B, vs. consensus $1.2B
• UiPath Inc. (PATH) Q1 EPS $0.15 vs. est. $0.16; Q1 revs $418.4M vs. est. $397.5M; Q1 ARR of $1.9B as of April 30, 2026, increased 12% y/y and net new ARR of $49M; sees Q2 revenue $395M-$400M, vs. consensus $396.6M and raises FY27 revenue view to $1.776B-$1.781B, from $1.754B-$1.759B prior (est. $1.76B).

• NetApp Inc. (NTAP) Q4 adj EPS $2.43 vs est $2.27; rev $1.948B vs est $1.872B +12% YoY; adj EBIT $624M; adj gross margin 70.5%; all-flash array rev $1.216B (+18% YoY); public cloud rev $182M (+11% YoY); billings $2.163B; FCF $900M; guides Q1 FY2027 rev $1.75B–$1.90B vs est $1.674B; guides Q1 FY2027 adj EPS $2.05–$2.15 vs est $1.84; guides FY2027 rev $7.325B–$7.575B vs est $7.196B; guides FY2027 adj EPS $8.70–$9.00 vs est $8.55.

Mid-Morning Look

Friday, May 29, 2026

U.S. stock markets jump on the open, looking to make it 7 straight up days for the S&P 500 and Nasdaq, at new all-time highs (along with the Dow) and the S&P on track for its 9^th straight week of gains as technology stock upside momentum continues to astound. There appears to be a “big” story every day in tech, with DELL grabbing the headlines Friday on a massive quarterly beat and huge guidance, sending shares up over 30% today as the AI growth engine remains in full effect. The results brings attention to the hardware sector with shares of HPE, HPQ, SMCI, moving strong this morning. Just the latest tech sector to find upward momentum that has seen memory stocks (MU, SNDK, WDC), semis (ARM, AMD, INTC), equipment names (LRCX, KLAC), optical (LITE, AAOI, COHR), quantum (IBM, IONQ, QBTS), neoclouds (NBIS, CRWV), data centers (IREN, HUT, WULF, CIFR) among those gapping the last few months as investors look for any area they can flock too with AI leverage (though some seeing weakness today). This morning, eight of the eleven S&P sectors are down on the day early including notable declines for XLC, XLE, XLP...but Tech (XLK) rises over 1.5%, leading again and keeping broader markets higher as software joins the tech party (after better SNOW, MDB, OKTA results lately) along with mass gains in semis as the SOX tops 13,000, rising 2% (up 24% this month). Massive stock moves in DELL, OKTA, PD, NTAP, ASAN in tech sector post earnings overnight. Little weakness in Small caps as Chicago PMI manufacturing data stuns to the upside, raising cases for Fed rate hikes.

Oil prices dropped to a six-week low as the US and Iran tentatively agreed to extend a ceasefire by 60 days, strengthening optimism the Strait of Hormuz may soon reopen. Brent traded near $92 a Barrel, set for a 19% monthly drop, the biggest since 2020. President Donald Trump has yet to sign off on the terms of the agreement, according to a person familiar with the matter. The Brent benchmark has plunged by about 11% this week for its steepest weekly decline since the week ending April 6. WTI, meanwhile, has dropped by nearly 10% for its biggest weekly loss since the week ending April 13. Prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the Iran war and potential reopening of the Strait of Hormuz, which was previously a conduit for a fifth of the world's oil and liquefied natural gas supplies. Precious metals rebound

Risk appetite has firmed the last 2 days on a report that an extended ceasefire deal was awaiting Trump's approval. Axios broke it mid-morning in the US, with Barak Ravid citing US officials that negotiators had reached a 60-day MOU to extend the truce, with Trump asking for a couple of days to decide. Terms reported include unrestricted Hormuz transit, Iranian de-mining within 30 days, the US naval blockade lifted, and an Iranian commitment not to pursue a weapon, with HEU disposal and sanctions and asset-unfreezing left to the 60-day window.

• Space stocks saw weakness on Friday following a recent spectacular run for the likes of RKLB, ASTS, PL, FLY, LUNR, RDW, YSS, VOYG after the Jeff Bezos run company Blue Origin had its rocket blow up on Florida’s Cape Canaveral launchpad during test. The Rocket was to carry 48 satellites into space. KRMN shares fall after announced 14M shares offloaded by existing holders at $61 as the offering size boosted from 13.5M shares. For ASTS Roth Capital said Blue Origin's New Glenn rocket explosion will likely result in delays for the New Glenn vehicle, and AST's commercial constellation launch, that now likely slips from Q4 of 2026 into Q1 of 2027.
• Chinese Electric Vehicles: Post recent earnings, Macquarie upgraded shares of LI from Underperform to Neutral with $15 tgt saying its large cash position (Rmb94B) is approaching its market cap (~Rmb113B), supported by the recently launched $1B buyback program and Q2 outlook suggests lower i6 volumes, which could improve mix despite a slower-than-anticipated L9 order intake, but believes Q1 is set to be the trough quarter. The firm also upgraded XPEV from Neutral to Outperform saying its strong order intake for the GX signals a strong start for Xpeng's new model Wave, which is to be followed by the new MONA SUVs (L03/L05) and the larger G9L.

• NTAP +34%; record highs on 4Q beat, and guide 1Q/FY27 above consensus expectations amid multiple positives during the quarter including AFA strength ($1.2B; +18% YoY) and AI acceleration (500 wins), while mgmt highlighted AFX’s continued momentum and multiple wins this quarter, including a deal with a top five neo-cloud.
• NXT +13%; shares jumped after quarterly results and entered into an agreement to acquire BESS provider Prevalon Energy for up to $365M. The deal marks Nextpower's entry into battery storage and AI data center power, adds 6.4+ GWh and a recurring LTSA base, and lifts FY27 guidance.
• OKTA +20%; Q1 that beat on all key metrics, with revenue and CRPO upside that was similar to the past few quarters (12.2% cRPO growth beat est. by ~2 pts & NRR accelerated to 107%) supported by channel strength, new products, & rep productivity; Q2 cRPO guide for 10.8% y/y growth was better than expected.
• REPL +74%; after saying it would resubmit application for its experimental treatment for advanced melanoma. The treatment, RP1, also known as vusolimogene oderparepvec, is being tested with BMY’s Opdivo; the FDA had twice rejected the drug, citing issues in clinical trials and inadequate evidence of effectiveness.

• AEO -13%; shares tumble on results as Q1 EPS/revs/margins beat while Aerie comp sales grew 25%, but American Eagle comp sales decreased 2% but markets focus on n-t SG&A and inventory concerns.
• AGIO -2%; shares tumbled after announced that it will not advance tebapivat, a next-generation oral pyruvate kinase activator, in lower-risk myelodysplastic syndromes. This decision follows results from its Phase 2b trial that did not meet the company's predefined threshold to support further development in this indication
• ASTS -19%; along with weakness in other space stocks RKLB, PL, FLY, LUNR, RDW, YSS, VOYG following a recent spectacular run after the Jeff Bezos run company Blue Origin had its rocket blow up on Florida’s Cape Canaveral launchpad during test. The Rocket was to carry 48 satellites into space.
• GAP -15%; after mostly in-line Q1 top/bottom line results as Q1 Athleta had another tough quarter, with same-store sales falling 11%, down from an 8% decline the year before, while issued mixed guidance; ups FY26 adjusted EPS view to $2.30-$2.40 from $2.20-$2.35 but cut its FY26 rev outlook to up 1% to 2% y/y from up 2% to 3% y/y
• IHRT -17%; after NY Times Dealbook reported that talks with SIRI have stalled https://tinyurl.com/yv2rhb5r
• IOVA -6%; after competitor in melanoma space REPL files a 3rd time to FDA its application for its experimental treatment for advanced melanoma.
• KRMN -9%; shares fall after announced 14M shares offloaded by existing holders at $61 as the offering size boosted from 13.5M shares.
• S -12%; in-line Q1 and offered only in-line guidance for FY27. Positively, mgmt highlighted robust demand across endpoints, AI security, and cloud workload protection, while negatively, SentinelOne announced a restructuring plan (~8% RIF), and a large deal pipeline is back-end loaded, potentially pushing deals from 2QFY27 into 3QFY27

Closing Recap

Thursday, May 28, 2026

U.S. stocks remain in cruise control higher, getting a boost around 10:00 am this morning after Axios reported that the US and Iran have reached a deal which is pending President Trump's approval. After those headlines, markets spiked  followed by a slow, steady climb all day for new record highs in the S&P 500, Nasdaq, Russell 2000 and more. Barring a market collapse tomorrow, a nine week winning streak appears in the cards for the S&P 500 following today’s rally, as the CBOE Volatility index (VIX) hits lowest levels since January, dropping below the 16 level amid no market fear. Meanwhile both the Nasdaq Composite and S&P 500 both extended their winning streaks to 6 days and the Russell 2000 Index went up 5 of last 6 days (only slipping yesterday by less than 1 point). It has been nothing short of extraordinary for stock markets since the end of March; a massive rally that has been led by technology and semis throughout. In fact, with one day left in the month of May, Technology (XLK) is up 17% MTD (second month up more than 10%), with the next best sector being Healthcare (XLV) +3.3% and Consumer Discretionary (XLY) +3% on the month. Energy (XLE) is down -4.4% on month, and Utilities (XLU) -4.75% and rest of sectors almost all flat or little changed. @MikeZaccardi noted on X, “Nasdaq Composite $COMPQ +25% April-May. Best 2-month rally since 2002.” Europe lower as the FTSE 100 snapped its seven-day win streak as renewed US-Iran conflict weighs initially. Britain's FTSE 100 down 0.69%, Germany's DAX down 0.3%, France's CAC 40 down 0.19%, Spain's Ibex down 0.44%, and the Euro Stoxx index down 0.21%.

Interesting stats: US consumers almost out of savings: in the last 2 months, personal savings rate collapsed by 1% to 2.6%, just shy of all time low. @FluentInFinance noted on X, “The personal savings rate dropped to 2.6% (down from 5.5% a year ago). In 60 years, it’s only been this low twice: 1. COVID pandemic spending in 2021, 2. Right before the 2008 Great Recession. After savings hit their 2007 low: Unemployment doubled, home prices collapsed, and the stock market lost roughly 50% over 18 months. Right now: Prices remain elevated. Wages are flat. Layoffs are quietly increasing. Credit card debt just hit a new all-time high.”

Sentiment data: 1) This week’s NAAIM Exposure Index jumped to 98.39 from 82.02 last week and up over 20 points from 77.34 on 5/13 and taking out the recent hi of 96.67 from 5/6 - the 10-29-25 Reading of 100.83 is the 52 week hi - 2025 trough from 4-16-25 of 35.16 - Last Quarter Average (Q1) was 82.00 (down from 92.26 in Q4); 2) the bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -6.3 % vs -11.9% last week. Bulls rose to 35.6% from 31.7%, Neutrals fall to 22.6% from 24.7% and Bears fall to 41.9% from 43.6%.

• Q1 U.S. GDP (second estimate) came in at a +1.6%, annual rate, below the +2.0% in the first estimate and +0.5% in the prior quarter, according to the Bureau of Economic Analysis. Personal consumption expenditures: +1.4%, annual rate, vs. +1.6% in initial estimate and +1.9% prior. Corporate profits fell at a rate of 0.4%, compared to the 5.7% growth seen in Q4 2025. Personal Saving Rate drops to 2.6%, the lowest since June 2022.
• Weekly Jobless Claims climbed to 215,000 from 210,000 and vs consensus 211,000 as the 4-week moving average climbed to 209,000 from 202,750 prior week (previous 202,500); continued claims climbed to 1.786M from 1.771M prior week and vs. consensus 1.780M.
• Durable Goods orders increased $25.5B or 7.9% to $346.0B, well above consensus of 2.8%, while March numbers were revised to 1.3% from 0.8%. Excluding transportation, new orders increased 1.1% vs +0.4% consensus and prior month's revised figure of 1.1%. New orders, excluding defense, increased 8.1% M/M following a -0.3% dip.
• April single-family home sales 622K, below consensus 665K; April single-family home sales -6.2%; April home sales Northeast -12.9%, Midwest -25.0%, south -9.8%, West +18.7%; April new home supply 9.4 months' worth at current pace vs March 8.7 months; median sale price $422,500, +2.2% from April 2025 ($413,600).

• WTI crude oil rose $0.22 or -0.25% to settle at $88.90 per barrel while Brent crude fell -$0.58 or 0.62% to settle at $93.71 pr barrel in mixed action. Iran/U.S. news made energy complex volatile early. U.S. distillate fuel oil inventories fell to a 23-year low last week, Energy Information Administration said on Thursday. Distillate fuel oil stocks fell to 100.8 million barrels in the week ended May 22, the lowest since May 2003.
• U.S. natural gas futures jumped about 6% to an 11-week high on a smaller-than-usual weekly storage build, which followed forecasts for more demand over the next two weeks than previously expected. Nat gas prices rose over 16 cents, or 8.14%, to $3.285 per million British thermal units (mmBtu). The U.S. EIA said energy firms added 92 billion cubic feet (bcf) of gas to storage during the week ended May 22, slightly smaller than the 95-bcf build analysts forecast in a Reuters poll. It compares with an increase of 104 bcf during the same week last year.

• Off-Price Retail: BURL shares declined despite beat and raise quarter after shares rallied into the print; reported Q1 sales +14% y/y to $2.85B topping ests $2.8B and raised its FY sales forecast to grow 9%-11%, up from a previous view of up 8%-10%, and comp sales are expected to grow 2%-4%, up from a prior 1%-3% view.
• Apparel & Accessory Retail: CTRN provided upbeat guide as sees Q1 revs $230.9M, vs. consensus $217.4M and prelim Q1 adjusted EBITDA $13.5M-$14M; raises FY26 outlook with comparable store sales growth now expected to be in the range of 8% to 10%, above previous outlook of 5% to 7%, and implying balance-of-year comparable store sales growth of high single-digits and boosts year Ebitda to $35M-$40M from prior $34M-$38M.
• Department Stores: KSS maintained its annual targets after posting quarterly sales in line with estimates, as cost cut efforts start to pay off; said it continues to expect annual net sales to remain flat or decline up to 2%. It also sees annual earnings per share in the range of $1.00 to $1.60.
• Electronic Retail: BBY Q1 adj EPS $1.28 tops consensus $1.23 along with comp sales beat of +2% vs. est. +1% and forecasts Q2 sales above Wall Street expectations; maintains annual forecast of comparable sales in the range of a 1% decline to a 1% rise, with adjusted profit per share between $6.30 and $6.60.

• Electric vehicle sector: Chinese EV maker XPEV said Q1 revs fell -17.6% y/y to RMB13.03B on lower vehicle deliveries while posted wider net loss as expenses rose; said Q1 gross margin improved to 20.6% from 15.6% y/y; sees Q2 deliveries between 100,000 and 106,000 vehicles and revs between RMB19.60 bln and RMB20.80 bln; LI shares active following its mixed quarterly results.

• Industrials: MMM sued by Australia for $1.4B over PFAS contamination. Australia has launched a record $1.43B+ lawsuit against 3M over PFAS-contaminated firefighting foam, citing extensive environmental, economic, and cultural damage tied to the forever chemicals – Reuters.
• E&C Sector: PWR was upgraded to Outperform at Oppenheimer with an $800 price target following a transfer of coverage saying the company is positioned in markets with superior growth prospects and notes Quanta's exposure to power generation, complex facilities development, underground delivery network modernization, and pipeline are necessary to support electrification demands, AI development and other secular drivers.
• In Chemicals: LYB was upgraded to Overweight from Equal Weight at Wells Fargo and raised tgt to $98 from $80 saying the Iran war has persisted long enough to position the commodities for near-peak margins in 2026 and structurally higher earnings longer term.
• In Materials: uranium producer CCJ said its Key Lake mill and McArthur River mine have returned to full production activities following a disruption.

• In Banks: NTB entered into a definitive agreement to acquire CIBC's 91.7% interest in CIBC Caribbean Bank. The total consideration to be paid for CIBC Caribbean will be comprised of $1.09B in cash and $703M in Butterfield shares. RY announces 45M share repurchase program; raises quarterly dividend 7% to C$1.76 per share; Q2 adjusted EPS C$3.90 vs. C$3.12 last year and Q2 revenue C$17.45B vs. C$15.67B last year. GS President today said he expects merger and acquisition volumes for the industry this year are on course to approach a 2021 record, with corporate activity driving dealmaking.
• In Crypto: BMNR, MSTR, IBIT, COIN and other crypto related names as Bitcoin falls over -3% to 6-week lows below $73,000, and Ethereum fell over -4% to below $2,000 before rebounding off lows.

• GSK released results from two phase 3 trials for the drug, bepirovirsen, which showed 19% of hepatitis B patients achieved a functional cure response rate in the overall study population after a six-month treatment. The drug delivered a functional cure rate of 26% in a smaller group of patients with lower viral activity, the company said.
• LLY shares surged near record highs after CVS announced they will add Eli Lilly’s Zepbound (tirzepatide) back to its commercial formularies as an additional preferred option Oct. 1st. CVS previously dropped LLY as a preferred drug on May 1st, 2025. CVS will also remove the new-to-market block on LLY’s Foundayo on June 1.

• Healthcare Technology: PHR reported a bottom-line beat driven by cost controls but also notable top-line contributions from Network Solutions and AccessOne; beat consensus revenue and adj-EBITDA estimates, but missed the firm's revenue and adj-EBITDA forecast.
• CRO Sector: shares of ICLR decline on mixed Q4 results as EPS $2.52 misses consensus $3.12 but Q4 revenue $2.11B beat est. $1.99B which were delayed due to an accounting probe earlier this year; mixed guide in lower EPS/higher revs with FY26 EPS $10.00-$11.00 (est. $11.28) and sees FY26 revs $7.85B-$8.15B vs. est. $7.85B).

• Aerospace: HEI reported 2Q EPS of $1.66 beat expectations by over 20% (Street $1.33) while EBITDA of $408M was similarly strong, coming in well above the Street's $339M. Driving the better results was volumes and margins as the company saw sales rise 25% (+18% org) which was 9-10% better while op margins of 25.5% were a record high by 150bps. BKSY received a seven-figure, multi-year contract renewal to develop automated non-Earth imagery services as the program expands work into space domain awareness.
• Defense: ATRO announced that the U.S. Army has issued a purchase order to Astronics Test Systems for the TS-4549/T Radio Test Sets Program. The order initiates the full rate production stage of the program and is for $44.7M; order is expected to cover deliveries over the next 20 months.

• AI/Data Center/AI Infrastructure: NBIS shares jumped after prominent AI investor Leopold Aschenbrenner has backed the company as the Aschenbrenner's Situational Awareness fund disclosed it owns 12.41 million Class A shares of Nebius on Wednesday, worth around $2.86 billion at Wednesday's closing price of $208.37. That represents a 5.6% stake in the company. Anthropic launched Claude Opus 4.8, upgrading its top model for coding, agentic workflows, reasoning and knowledge work. The update adds Fast Mode which runs up to 2.5x faster at one-third the cost while giving users more control over speed versus deeper thinking. Anthropic has raised $65B in Series H funding led by Altimeter Capital, Dragoneer, GreenOak’s, and Sequoia Capital, valuing the company at $965B post-money, the company announced
• Computer Hardware/Components: DELL received a $9.69 billion contract from the Pentagon. The award is a firm-fixed-price blanket purchase agreement to streamline and consolidate software acquisition across the Pentagon, intelligence community and Coast Guard. HPQ shares slipped as beats revenue, profit estimates as AI PC and Windows 11 refresh boost demand; Q2 revenue rose 9% to $14.41B y/y, and above est $14.07B but narrowed FY26 EPS guidance to $2.90 to $3.10, compared with its prior estimates of $2.90 to $3.20. IBM said it has committed $5 billion to an initiative that will deploy engineers and AI tools ‌to help companies better secure open source software. The initiative, called ‌Project Lightwell, seeks to create a "clearinghouse" for open source security, establishing a model for managing ​risks across software supply chain.
• EDA Sector: SNPS reported better F2Q results, despite the Ansys accounting benefit, raises annual forecast on demand for AI chip design software; raises FY26 adj EPS view to $14.72-$14.80 from $14.38-$14.46 and revs to $9.625B-$9.705B from $9.56B-$9.66B, consensus $9.63B; also reached an agreement with activist investor Elliott Investment Management that will ‌give one board seat to the activist investor's managing partner Jesse Cohn.
• Storage & Management: Everpure (P) grew revenue 35% in fiscal Q1, well above consensus at 29%, and management called out higher win rates and market share gains, while Q2 guidance for 28% growth was "well above the Street too and reiterated its initial hyperscale deploy, citing customer order commits, with expansion even further in FY28.
• More Software: BRZE shares fell as increased full-year guidance by more than the Q1 beat, which now implies ~22% growth in FY27 alongside expanding margins. Canaccord noted weakness in the stock appears more tied to elevated expectations and a strong run-up, rather than any deterioration in demand signals or commentary. Earnigns tonight in software plentiful with AMBA, ASAN, ADSK, ESTC, MDB, OKTA, PD, S and PATH to report.

• MRVL reported in-line FQ1 (Apr) results and guided FQ2 (Jul) higher with most of the upside is being driven by increased demand for Optical Interconnect with F27 rev growth being revised up to +70% vs +50% prior; MRVL raised its F27/F28 ests accordingly with DC revs expected to grow +50%/ 55% respectively vs +40%/+50% prior.
• PLAB shares tumble as posted a miss on the top and bottom line for Q2 as EPS $0.42 below the $0.54 est. and revs fell -0.5% y/y to $209.9M vs. the est. $216.6M saying certain design releases were delayed due to elevated fab utilization rates, extending new product launch timelines; guides Q3 revs $207M-$215M vs. est. $218.5M as design releases face delays from elevated fab utilization, memory supply constraints, OEM cost pressures, and geopolitical uncertainty.

Street Recommendations

Friday, May 29, 2026

• AEO Barclays analyst Adrienne Yih lowered the firm's price target on American Eagle to $17 from $19 and keeps an Equal Weight rating on the shares. The company's Q1 results slightly beat estimates on operating margin while missing on comps, the analyst tells investors in a research note. The firm says strength from the Aerie brand was fully offset by weakness from the namesake brand.
• MDB Barclays analyst Raimo Lenschow raised the firm's price target on MongoDB to $387 from $370 and keeps an Overweight rating on the shares. The company's Q1 was a good quarter with better growth, margins, and guidance, the analyst tells investors in a research note. The firm says MongoDB is "not showing a big AI-infused revenue acceleration yet," which might limit the share upside in the short-term.
• RY Barclays raised the firm's price target on Royal Bank of Canada to C$260 from C$245 and keeps an Overweight rating on the shares following the fiscal Q2 report. The company's adjusted earnings beat expectations on better than anticipated fee income, the analyst tells investors in a research note.
• S Barclays analyst Saket Kalia lowered the firm's price target on SentinelOne to $16 from $19 and keeps an Equal Weight rating on the shares post the Q1 report. The company's net new annual recurring revenue of $44M was inline with Barclays' upside scenario, but revenue was inline because of mechanical reasons, including lower linearity of bookings and a ramping deal, the analyst tells investors in a research note.

• WTTR BofA initiated coverage of Select Water Solutions with a Buy rating and $22 price target. Select is transitioning from a cyclical services business to a higher margin water infrastructure business with longer duration contracts and lower cyclicality, says the analyst, who thinks the company is poised to benefit from cyclical services upside in 2027 as well as increasing water handling demand in the Permian Basin. The firm's adjusted EBITDA forecasts in 2026, 2027 and 2028 are 1%, 7% and 8% above consensus, respectively.
• HQY BofA analyst Allen Lutz raised the firm's price target on HealthEquity to $125 from $115 and keeps a Buy rating on the shares after the company reported a strong quarter with revenue and EBITDA exceeding Street expectations. The firm's higher target multiple reflects a more positive view of potential upside to current margins, the analyst tells investors.
• F BofA raised the firm's price target on Ford to $20 from $17 and keeps a Buy rating on the shares. Ford shares are up about 39% over the past 12 trading days, notes the analyst, who believes the recent rally is a result of increased investor optimism surrounding its battery energy storage system offering. However, the firm thinks investor sentiment had started to shift prior to recent Ford Energy optimism, with increased interest from long only investors who recognize that Ford is "playing in the right North America profit pools," adds the analyst, who also believes that supplier Novelis' recovery could be an upside catalyst for Ford.
• KSS BofA analyst Lorraine Hutchinson lowered the firm's price target on Kohl's to $14 from $15 and keeps an Underperform rating on the shares. The firm is maintaining its FY26 EPS view and raising its FY27 estimates 10% to reflect better credit performance from improving Kohl's loyalty sales, while trimming its target as it standardizes its valuation methodology to align with other retailers.
• AMBA BofA analyst Vivek Arya raised the firm's price target on Ambarella to $96 from $72 and keeps a Neutral rating on the shares. After Ambarella reported largely in-line Q1 results and guided Q2 to mostly in-line, the firm's estimates remain mostly unchanged, but it raised its multiple as the firm argues that Ambarella's highly-integrated and flexible platforms are enabling growth optionality as edge AI becomes a more prominent theme.
• VVX BofA raised the firm's price target on V2X to $93 from $78 and keeps a Buy rating on the shares. The comapny's Q1 report was "a testament of V2X's unique position to support operational tempo worldwide," the analyst tells investors. The firm is raising its estimates and sees upside opportunities from raising defense spending worldwide.

• ESTC Canaccord lowered the firm's price target on Elastic to $80 from $90 and keeps a Buy rating on the shares. The firm said they reported a strong 4Q26, beating the high end of guidance across all key metrics, but the key debate heading into FY27 centers on the durability and trajectory of the sales-led sub growth rate. Canaccord said they continue to see the company as well-positioned at the intersection of AI infrastructure and data platform consolidation.
• OKTA Canaccord analyst Kingsley Crane raised the firm's price target on Okta to $115 from $95 and keeps a Buy rating on the shares. The firm updated its model following solid Q1 results. They view OKTA as a unique, independent identity security platform asset in public markets and see favorable risk/reward at these levels with valuation at 15x EV/CY27E FCF at reasonable levels with ongoing identity security prioritization within enterprises alongside a budding agentic AI story creating top-line growth green shoots.
• PD Canaccord raised the firm's price target on PagerDuty to $10 from $9 and keeps a Buy rating on the shares. The firm said its Q1 results demonstrated stabilization during a transitional period. The quarter also brought a CEO transition which will be a defining element of FY27.
• S Canaccord analyst Kingsley Crane raised the firm's price target on SentinelOne to $18 from $17 and keeps a Buy rating on the shares. The firm updated its model following Q1 results where the standout was the mix shift: non-endpoint solutions reached roughly half of total ARR for the first time, with AI security, data, and cloud all accelerating.

• VSEC Citi placed an "upside 30-day catalyst watch" on shares of VSE Corp. while keeping a Buy rating on the name. The stock is down 20% from the April highs despite consensus earnings estimates rising 17% following the recently closed "transformational" Precision Aviation acquisition, the analyst tells investors in a research note. Citi sees a "strong case" for a rally in VSE shares.
• DELL Citi analyst Asiya Merchant raised the firm's price target on Dell Technologies to $475 from $290 and keeps a Buy rating on the shares. The company reported an "exceptional beat and raise" quarter, the analyst tells investors in a research note. Citi says Dell's pipeline continues to expand while demand continues to exceed supply.
• SNOW Citi raised the firm's price target on Snowflake to $320 from $260 and keeps a Buy rating on the shares. The firm views the company's Q1 report as "thesis-changing." Snowflake's revenue acceleration indicate the company is successfully monetizing AI workloads with Cortex Code, the analyst tells investors in a research note.

• REG Deutsche Bank downgraded Regency Centers to Hold from Buy with an $85 price target.

• FFIV Goldman Sachs raised the firm's price target on F5 to $385 from $335 and keeps a Neutral rating on the shares. At its Analyst Day, F5 outlined mid-term targets calling for upper-single-digit revenue compound annual growth rate and double-digit EPS CAGR through FY2029, implying materially higher 2029 revenue and earnings than consensus, driven by expanding demand for application delivery and security from hybrid multicloud adoption, AI-driven inference workloads, and an expanding threat surface, with the company also projecting a significant increase in its total addressable market, the analyst tells investors in a research note.
• HEI Goldman Sachs analyst Noah Poponak raised the firm's price target on Heico to $471 from $418 and keeps a Buy rating on the shares. Heico delivered a strong Q2 beat driven by robust aerospace and defense demand and company-specific tailwinds, with 18% organic revenue growth and strong margins across segments, reinforcing its positioning as a high-quality aftermarket and defense player supported by PMA strength, active M&A, and a solid balance sheet despite broader market concerns around the sector, the analyst tells investors in a research note.
• ESTC Goldman Sachs raised the firm's price target on Elastic to $55 from $50 and keeps a Neutral rating on the shares. Elastic remains in a "wait-and-see" phase, as investors look for clearer evidence that product momentum can translate into sustained revenue growth acceleration amid intensifying competitive pressure, the analyst says in a research note.

• GDYN Jefferies downgraded Grid Dynamics to Hold from Buy with an unchanged price target of $8. The firm maintains a cautious stance on the IT services group, citing a challenging demand environment that it believes has more downside risk than upside in the near term. Clients slowed decision-making this quarter due to increased geopolitical uncertainty and further advances in AI capabilities, the analyst tells investors in a research note. Jefferies downgraded both Epam Systems and Grid Dynamics, saying the progress in AI-led coding "shows no signs of slowing down."
• ESTC Jefferies lowered the firm's price target on Elastic to $75 from $95 and keeps a Buy rating on the shares. The company's fiscal 2027 outlook "puts the AI acceleration thesis in question," the analyst tells investors in a research note. However, the firm says Elastic's valuation already reflects execution risk and timing uncertainty. Jefferies remains "constructive" on the company's product quality and AI data positioning.
• CRWD Jefferies analyst Joseph Gallo raised the firm's price target on CrowdStrike to $775 from $500 and keeps a Buy rating on the shares. The firm expects the company to report a Q1 beat but says expectations have risen recently given the recent share rally. CrowdStrike can meet investor expectations for $275M of net new annual recurring revenue in Q1, but the near-term share performance may be "muted" unless its Q2 and fiscal 2027 guidance lend credence to total ARR growth acceleration into the second half of the year, the analyst tells investors in a research note.
• OKTA Jefferies raised the firm's price target on Okta to $120 from $105 and keeps a Buy rating on the shares. The firm says the company's fiscal Q1 report as solid and says its Q2 remaining performance obligation guidance for 10.8% year-over-year growth is better than expected. The outlook embeds minimal agentic materialization, which should "buoy" Okta's growth into fiscal 2028, the analyst tells investors in a research note. Jefferies the stock's valuation as attractive.
• PANW Jefferies raised the firm's price target on Palo Alto Networks to $300 from $265 and keeps a Buy rating on the shares. The firm expects the company to report a good fiscal Q3 report. Palo Alto can hit sales estimates in Q3 but the shares have rallied 66% since April 10, which raises expectations, the analyst tells investors in a research note. However, Jefferies still sees positive AI driven catalysts in fiscal 2027 for Palo Alto.
• NXT Jefferies raised the firm's price target on Nextpower to $159 from $145 and keeps a Buy rating on the shares. The entry into Battery Energy Storage Systems with the acquisition of Prevalon Energy unlocks "material growth potential," says the analyst, who ascribes about $14 per share value to Prevalon in the firm's model.

• PAR JPMorgan analyst Ella Smith initiated coverage of Par Technology with an Underweight rating and $12 price target. Par is a pure-play restaurant technology provider offering solutions across both front-of house and back-of-house operations, the analyst tells investors in a research note. JPMorgan is "encouraged" the company's "sticky" enterprise offering and "high-quality" customer base, but says Par faces intense competition from "well-capitalized, legacy incumbents." It also has concerns about the company's debt profile and margin expansion opportunity.
• VVV JPMorgan upgraded Valvoline to Neutral from Underweight with an unchanged price target of $35. The firm cites valuation for the upgrade, noting the shares were just below $39 when it downgraded Valvoline to Sell in early February. However, Valvoline "could de-rate somewhat" in the coming year due to raw material inflation from rising oil prices, the analyst tells investors in a research note.
• OKTA JPMorgan raised the firm's price target on Okta to $120 from $114 and keeps an Overweight rating on the shares. The firm views the company's Q1 report as strong, saying AI is emerging as a "strategic narrative" with Okta's pipeline building ahead of revenue contribution. The results were better than expected across the board, with broad-based strength driven by improved go-to- market and continued mix shift toward large customers, the analyst tells investors in a research note.
• DELL JPMorgan raised the firm's price target on Dell Technologies to $500 from $280 and keeps an Overweight rating on the shares following the fiscal Q1 report. The stock in premarket trading is up 37%, or $116.15, to $433.20. The firm says Dell raised its fiscal 2027 outlook "materially once again," with the demand environment continuing to track well above expectations. The company's pipeline now extends further into the year, providing visibility, the analyst tells investors in a research note. JPMorgan adds that while pull-forwards are ongoing, Dell's underlying strength remains evident across multiple drivers.
• S JPMorgan lowered the firm's price target on SentinelOne to $18 from $20 and keeps a Neutral rating on the shares following the Q1 report. The company's annual recurring revenue growth accelerated but its Q2 revenue guidance was below consensus, the analyst tells investors in a research note. The firm says SentinelOne's platform momentum is offset but its "disappointing" outlook.

• NXT KeyBanc raised the firm's price target on Nextpower to $164 from $152 and keeps an Overweight rating on the shares after the company entered into an agreement to acquire BESS provider Prevalon Energy for up to $365M. The deal marks Nextpower's entry into battery storage and AI data center power, adds 6.4+ GWh and a recurring LTSA base, and lifts FY27 guidance, the firm notes. KeyBanc sees Prevalon as a logical accretive platform extension that ties Nextpower directly to data center power demand.
• RPID KeyBanc lowered the firm's price target on Rapid Micro Biosystems to $5 from $8 and keeps an Overweight rating on the shares. The firm is updating its model to reflect Rapid Micro's equity raise on May 18, which included a $9.8M underwritten offering of Class A common stock, pre-funded warrants, and accompanying Series A and B warrants. The initial effect is $9.8M of equity capital, which builds upon $10M of potential credit line draw and provides runway into 2027.

• ENTG Mizuho raised the firm's price target on Entegris to $180 from $175 and keeps an Outperform rating on the shares. The firm upped the company's estimates to reflect its higher wafer fab equipment outlook. Entegris is among the best positioned materials names in an extending WFE upcycle, the analyst tells investors in a research note.
• OKTA Mizuho raised the firm's price target on Okta to $110 from $100 and keeps an Outperform rating on the shares. The company reported solid Q1 results with an "encouraging" outlook, the analyst tells investors in a research note. The firm believes Okta remains a leader in the "critically important" identity management market, and that the company will increasingly benefit from its newer products.
• HOOD Mizuho raised the firm's price target on Robinhood to $115 from $110 and keeps an Outperform rating on the shares. The company launched Agentic Trading in beta, allowing users to connect third-party AI agents to a separately funded brokerage accounts to autonomously execute trades, the analyst tells investors in a research note. Mizuho surveyed Robinhood users on their appetite for the new offering and found high adoption intent. 89% of those surveyed are likely to consider a dedicated agentic trading account, the analyst tells investors in a research note. The firm upped Robinhood's fiscal 2027 following the survey results.

• DLTR Morgan Stanley analyst Simeon Gutman raised the firm's price target on Dollar Tree to $130 from $126 and keeps an Equal Weight rating on the shares. While margin pressure should increase in the second half, the firm says Dollar Tree is managing well in the current backdrop and thinks Q1 outperformance supports the achievability of FY26 guidance.
• BBY Morgan Stanley raised the firm's price target on Best Buy to $80 from $72 and keeps an Equal Weight rating on the shares. Despite a good start to FY26, a durable earnings upturn would require reacceleration of the higher-ticket discretionary categories, says the analyst, who cites structural competitive pressures for the firm's Equal Weight rating.
• OKTA Morgan Stanley raised the firm's price target on Okta to $115 from $101 and keeps an Overweight rating on the shares. Q1 results beat across key metrics and acceleration and new product traction are "an encouraging sign," the analyst tells investors in a post-earnings note.
• WST Morgan Stanley raised the firm's price target on West Pharmaceutical to $325 from $315 and keeps an Equal Weight rating on the shares after having hosted members of West's management team for investor meetings this week. The firm "sensed strong conviction in both near- and longer-term execution as top-down catalysts play into the company's strengths," the analyst tells investors.

• MDB Needham analyst Mike Cikos raised the firm's price target on MongoDB to $400 from $300 and keeps a Buy rating on the shares. The company reported a beat and raise quarter with Atlas growth of 29% y/y outpacing the management's assumption of 26%, the analyst tells investors in a research note. Needham adds that it still views MongoDB's upwardly-revised guidance as conservative, underpinning the stock as its Conviction List Buy.

• DELL Piper Sandler analyst James Fish raised the firm's price target on Dell Technologies to $497 from $167 and keeps an Overweight rating on the shares. The firm notes shares traded up more than 30% after-market as Dell "just bluntly had what many will call its best quarter ever," and one of the best it has ever seen in all of tech following an acceleration to 88% year-over-year growth at scale that was primarily caused by AI-related infrastructure builds and resulted in 23% upside. This wasn't just a one-quarter phenomena either, as the team is seeing backlog and pipelines outpace sales growth, though admitting that some of this is due to net-pull-in of demand given the ongoing supply chain issues across the space, Piper adds.
• FFIV Piper Sandler analyst James Fish raised the firm's price target on F5 to $423 from $356 and keeps an Overweight rating on the shares. The firm notes F5's management team hosted an investor day in NYC, with the team unsurprisingly leaning into the secular drivers over just the cyclical refresh opportunity, particularly around AI. Piper also points out that F5 guided FY29 to $4.2B revenue / $22 EPS power that is 16% above its prior estimates; the introduced FY27 guide does call for 7%-9% growth that is above Street, but the impact of higher components will weigh on EPS; 1,600-plus customers have adopted DCS; and F5 sees a $600M competitive displacement and $1.3B AI-infrastructure build set of opportunities through 2030.
• ADSK Piper Sandler lowered the firm's price target on Autodesk to $369 from $383 and keeps an Overweight rating on the shares. The firm notes Q1 results were healthy with a 2.1% / $41M beat vs. consensus with a modest $50M raise to the FY27 midpoint. However, Piper expects investor attention on the company's $3.6B acquisition of MaintainX will far exceed quarterly results.
• MDB Piper Sandler analyst Rob D. Owens raised the firm's price target on MongoDB to $400 from $330 and keeps an Overweight rating on the shares. Another quarter of 29%-plus Atlas growth, strong forward-looking indicators, a 200bps raise to full year growth expectations and continued progress on the AI opportunity were key highlights from Q1 results, in the firm's view. Management commentary highlighted enterprise agentic deployments beginning to shift towards production, with MongoDB remaining well positioned to meaningfully participate as these efforts come to fruition. Piper remains confident in the company's ability to execute moving forward, with the forward model set up for further beats and raises from here.

• VNOM RBC Capital analyst Scott Hanold initiated coverage of Viper Energy with an Outperform rating and $58 price target. The company is "advantaged" given its scale, core Permian focus, inventory duration, and aligned operating partner, the analyst tells investors in a research note. RBC says Viper's relationship with Diamondback Energy is important as it further enhances the company's line-of-site activity.
• BSM RBC Capital initiated coverage of Black Stone Minerals with a Sector Perform rating and $16 price target. The company's portfolio is 76% gas weighted, which drives a discounted valuation relative to peers, the analyst tells investors in a research note. RBC believes Black Stone's upside to growth will likely be limited by gas fundamentals.

• ARGX Stifel analyst Alex Thompson raised the firm's price target on Argenx to $1,255 from $1,222 and keeps a Buy rating on the shares. Phase 3 data for the ALKIVIA study of efgartigimod in Myositis due in Q3 is "the most important catalyst for ARGX in 2026," the analyst tells investors.
• DECK Stifel analyst Peter McGoldrick raised the firm's price target on Deckers Outdoor to $144 from $140 and keeps a Buy rating on the shares. Stifel's athletic footwear market analysis supports a favorable setup for the HOKA brand, the analyst tells investors.
• ESTC Stifel lowered the firm's price target on Elastic to $65 from $75 and keeps a Buy rating on the shares following what the firm calls "a fairly lackluster quarter." Management continues to point investors toward Sales-Led Subscription Growth that increased 16% year-over-year, but that was also modestly below the firm's expectations, the analyst tells investors.

• CZR Susquehanna downgraded Caesars to Neutral from Positive with a price target of $31, down from $34, after the company entered into an agreement to be acquired by Fertitta Entertainment in an all-cash transaction valued at $17.6B or $31.00 per share.
• AMBA Susquehanna analyst Christopher Rolland raised the firm's price target on Ambarella to $110 from $90 and keeps a Positive rating on the shares. The firm updated its model following generaly inline results and guidance as strength in Auto was offset by softness in Consumer IoT. Notably, the company provided an update to its ASIC business. Management highlighted the 2nm AI SoC announced earlier this year will serve both consumer and enterprise applications in the IoT endpoint market.
• HEI Susquehanna analyst Charles Minervino raised the firm's price target on Heico to $365 from $321 and keeps a Neutral rating on the shares. The firm updated its model following considerably better than expected FY2Q26 earnings results.The company appears to be executing quite well, with double-digit organic revenue growth in both of its operating segments, coupled with growth from acquisitions and significant margin expansion.
• NTAP Susquehanna raised the firm's price target on NetApp to $185 from $110 and keeps a Neutral rating on the shares. The firm said the company is executing well in scaling its AFA business, although some 1x items contributed to the better- than-expected margin profile. Guidance suggests product gross margins may be bottoming, which could prove somewhat premature as they expect NAND/SSD supply to tighten further into 2HCY26.
• MU Susquehanna analyst Mehdi Hosseini raised the firm's price target on Micron to $1,750 from $600 and keeps a Positive rating on the shares. The firm's checks suggest Q2 DRAM average selling prices are trending to be up 50%-60% quarter-over-quarter, ahead of expectations of up 50%, while NAND ASPs are trending unchanged at up 75-100% quarter-over-quarter, reports the analyst, who is increasing estimates for memory manufacturers under coverage, driven by continued strength in blended ASPs and growing confidence in the sustainability of the margin profile.

• D Truist analyst Richard Sunderland lowered the firm's price target on Dominion to $66 from $67 and keeps a Hold rating on the shares as part of a broader research note on Power and Utilities companies. The quarter's CVOW - Coastal Virginia Offshore Wind project - update marks a step in the right direction to clearing "wait and see" elements, the analyst tells investors in a research note. If current turbine installation pace holds/improves, the firm says it would expect overall comfort on the project to increase over the next two quarters, Truist added.

• AWK UBS upgraded American Water to Buy from Neutral with a price target of $140, up from $137. The firm sees a declining regulatory overhang for the company over the next few months and cites the stock's recent underperformance for the upgrade. American Water received a "reasonable" 9.7% return on equity decision in the Pennsylvania rate case and has made progress on merger approvals, the analyst tells investors in a research note. UBS sees an "affordable" stock with "limited risk" at current levels.
• BBY UBS downgraded Best Buy to Neutral from Buy with a price target of $86, up from $85. The firm sees a upside/downside skew following the stock's post-earnings rally. Best Buy should see "outsized" earnings growth of 7% as its sales growth accelerates, but this is now more reflected in the stock, the analyst tells investors in a research note. UBS says Best Buy shares "tend to move in stops-and-starts," which it believes will continue to be the case, especially as the company moves closer to its CEO succession in November.
• MDB UBS raised the firm's price target on MongoDB (MDB) to $350 from $275 and keeps a Neutral rating on the shares. MongoDB reported a largely in-line quarter with revenue growth, FY27 guidance, and margins meeting expectations, driven mainly by its core business rather than early-stage AI demand, making a significant additional stock move after Snowflake's (SNOW) strong print unlikely, the analyst tells investors in a research note.
• DELL UBS analyst David Vogt raised the firm's price target on Dell Technologies to $440 from $243 and keeps a Neutral rating on the shares. Dell reported a blowout quarter driven by AI and especially non-AI server demand, but concerns about unsustainable CSG strength, supply constraints, and weaker second-half earnings likely mean investors will value the stock off the company's supply-limited guidance despite its elevated valuation, the analyst says in a research note.
• S UBS analyst Roger Boyd raised the firm's price target on SentinelOne to $16 from $15 and keeps a Neutral rating on the shares. Despite relatively in-line Q1 results and strong demand trends in AI security, data, and cloud, the weaker Q2 outlook and 8% headcount reduction undermined confidence in near-term execution and delayed expectations for meaningful AI-driven growth, the analyst tells investors in a research note.
• AEO UBS lowered the firm's price target on American Eagle to $31 from $35 and keeps a Buy rating on the shares. American Eagle appears undervalued relative to its long-term earnings potential, as strong expected growth at Aerie and a likely recovery in the core brand should outweigh near-term SG&A and inventory concerns, setting up positive second-half surprises and multiple expansion, the analyst tells investors in a research note.

• SUI Wells Fargo lowered the firm's price target on Sun Communities to $142 from $150 and keeps an Overweight rating on the shares. The company's U.K. platform sale was a key step in the firm's multiple expansion thesis when it upgraded Sun Communities to OW. Despite the large impairment, pricing was still in line with its expectations and exiting the U.K. removes a key overhang on the stock, in Wells' view.
• DELL Wells Fargo raised the firm's price target on Dell Technologies to $505 from $270 and keeps an Overweight rating on the shares following quarterly results. While Dell delivered very solid AI server results and upwardly revised guide, the firm thinks the inflection in traditional server demand was a standout with non-AI server revenue up 93% year-over-year to $8.543B vs. its $5.50B estimate.
• NTAP Wells Fargo raised the firm's price target on NetApp to $180 from $115 and keeps an Equal Weight rating on the shares. Despite the recent strong move in the shares, the firm thinks investor sentiment had been fairly negative ahead of NetApp's results, with focus on gross margin pressures amid component price inflation. As such, Wells sees the company's better-than-expected Q4 2026 results and FY27 guide as driving a justifiable positive reaction.
• ADSK Wells Fargo lowered the firm's price target on Autodesk to $330 from $350 and keeps an Overweight rating on the shares. The firm notes the company's Q1 print was clean but expects high multiple M&A as model tailwinds start to fade to spark questions around core trajectory. Wells continues to favor the end markets and dominant competitive position of Autodesk and sees case for strategic fit.
• BURL Wells Fargo lowered the firm's price target on Burlington Stores to $375 from $400 and keeps an Overweight rating on the shares. The company reported a very solid quarter, but missed expectations, the firm notes. Following greater upside at both OP peers, Burlington's "bar" moved higher, and "ultimately was good...but not great." That said, Wells is buying the pullback.

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 ISM Manufacturing PMI for May
• 10:00 AM ET                 Construction Spending for April

• Earnings After the Close: CRDO HPE

• Deutsche Bank Data Center Summit, 6/1, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 JOLTs Job Openings for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: GTLB PANW SPWJ ULTA

• Bank America Global Technology Conference, 6/2-6/4, in San Francisco, CA
• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2
• RBC Capital Global Energy, Power and Infrastructure Conference, 6/2-6/3, in New York
• Stifel 2026 Boston Cross Sector 1x1 conference, 6/2-6/3, in Boston
• TD Cowen 10th Annual Future of the Consumer Conference, 6/2-6/3, in New York

• 8:15 AM ET ADP Private Payrolls for May
• 9:45 AM ET S&P Global Composite PMI, May-final
• 9:45 AM ET S&P Global Services PMI, May-final
• 10:00 AM ET ISM Non-Manufacturing PMI for May
• 10:00 AM ET                 Factory Orders M/M for April
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: AI AVGO CHPT CRWD DSGC FIVE NTSK PVH TLYS VEEV WOOF

• Bank America Global Technology Conference, 6/2-6/4, in San Francisco, CA
• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Deutsche Bank 17th Annual Basic Materials Conference, 6/3-6/4, in New York
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• RBC Capital Global Energy, Power and Infrastructure Conference, 6/2-6/3, in New York
• Stifel 2026 Boston Cross Sector 1x1 conference, 6/2-6/3, in Boston
• TD Cowen 10th Annual Future of the Consumer Conference, 6/2-6/3, in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q1
• 8:30 AM ET                   Unit Labor Costs for Q1                 
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AGX BBCP COO CURV DOCU GWRE IOT LULU NX PL RBRK TTAN WLTH ZUMZ

• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Deutsche Bank 17th Annual Basic Materials Conference, 6/3-6/4, in New York
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• RBC Capital 2026 Canadian Private Technology Conference, 6/4 in Toronto

• 8:30 AM ET                   Private Payrolls for May
• 8:30 AM ET                   Manufacturing Payrolls for May
• 8:30 AM ET                   Unemployment rate for May
• 8:30 AM ET                   Average Hourly Earnings M/M and Y/Y for May
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for April