Early Look

Thursday, April 23, 2026

After a strong showing for U.S. stocks on Wednesday, futures are red across the board as progress toward US-Iran peace talks stalled and investors digest a busy night of earnings that saw shares of TSLA, IBM, HON, LMT, NOW tumble on results/guidance while shares of TXN, URI, DOW advance on results. Oil rallies for a fourth day after Iran and the US failed to meet for further peace talks, despite President Trump’s indefinite extension of the current truce. The key Strait of Hormuz remains blocked as the two sides vie for control, pushing Brent crude futures back above $100 to above $104 a barrel. Meanwhile West Texas Intermediate crude topped $95. In Asian markets, The Nikkei Index declined -445 points to 59,140, the Shanghai Index slid -13 points to 4,093, and the Hang Seng Index fell -248 points to 25,915. In Europe, the German DAX is down -133 points to 24,061, while the FTSE 100 is down -96 points to 10,379. A moderately busy morning for economic data with jobless claims and S&P Global PMIs while no Fed speak again as they remain in the blackout period ahead of the FOMC next Wednesday.

• The Dow Jones Industrial Average rose 340.65 points, or 0.69%, to 49,490.03
• The Nasdaq Composite jumped 397.60 points, or 1.64%, to 24,657.57
• The Russell 2000 Index advanced 20.38 points, or 0.74% to 2,785.35

• 8:30 AM ET                   Continuing Claims…est. 1.82M
• 9:45 AM ET S&P Global Manufacturing PMI, April-flash…est. 52.5
• 9:45 AM ET S&P Global Services PMI, April-flash…est. 50.3
• 9:45 AM ET S&P Global Composite PMI, April-flash…est. 50.5
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for April

• Earnings After the Close: ABCB AMP AMTB APPF ASB BKR BY BYD CHE COLB CSL CUBI CVLG DLR ENVA ERIE FBIZ FFBC FISI GBCI GLPI HIG INTC KN KNSL MXL NBTB NEM PECO PFG REXR SAP SKYW SLM SSB TBBK USCB VRSN WSFS

• Money markets fully price in two ECB rate hikes and 50% chance of a third tightening move by December.
• Japanese April Manufacturing PMI (flash) 54.9 vs 51.6 previous and Services PMI (flash) 51.2 vs 53.4 prior.
• White House on Iran ceasefire: Iran need to hand over enriched uranium to US; cards are in our hands, US maintains control; Pres Trump wants unified response from Iran; we’ll see if Europe joins blockade; Trump has not set a deadline, is satisfied with the blockade; 3–5-day ceasefire timeline not true.

• Beyond Meat (BYND) announced the nationwide rollout of a new Beyond Chicken Pieces variety at over 2,000 Kroger (KR) stores.
• Churchill Downs (CHDN) Q1 adj EPS $1.21 vs est $1.00 on revs $663Mm vs est $662M.
• Deckers Outdoor (DECK) downgraded to Outperform from Strong Buy at Raymond James citing valuation for the downgrade with the shares up 11% since the January 29 earnings report and the firm upgraded On Holding (ONON) to Strong Buy with $52 tgt following recent weakness.
• Las Vegas Sands (LVS) Q1 EPS $0.85 vs. est. $0.74; Q1 revs rose 25.3% y/y to $3.59B vs. est. $3.34B; Q1 Consolidated Adjusted Property EBITDA Increased 24.6% to $1.42B.
• Lululemon Athletica (LULU) is hiring longtime Nike (NKE) executive Heidi O'Neill to be its next Chief Executive, and the company plans to announce the selection Wednesday, according to The Wall Street Journal.
• PulteGroup (PHM) Announces $1.5B Increase to share repurchase authorization.
• QuantumScape (QS) Q1 EPS( $0.16) vs est ($0.18); guides FY CAPEX $40-60Mm and adj EBITDA ($275)Mm- ($250)Mm.
• Rollins Inc. (ROL) Q1 adj EPS $0.24, in-line with consensus on revs rising 10.2% y/y to $906M, vs. consensus $894.78M and organic revs rising 6.6%; Q1 adjusted EBITDA was $179M, an increase of 4.4% y/y and adj EBITDA margin was 19.8%, a decrease of 110 basis points y/y.
• Southwest Airlines (LUV) Q1 EPS $0.45 on revs $7.2B vs est $7.265B, load factor 74.1%, capacity 1.5%, traffic 1.7%; guides Q2 adj EPS $0.35-0.65, CASM-X yr/yr 3.5-4.0%, RASM yr/yr 16.5-18.5%; not adjusting FY adj EPS guidance of $4.00 at this time due to ongoing macroeconomic uncertainty.

• Kinder Morgan (KMI) Q1 adj EPS $0.48 vs est $0.40 on revs $4.828B vs est $4.598B, project backlog end of qtr $10.1B; guides FY adj EPS $1.36 vs est $1.40; agreed to acquire Texas Monument pipeline system for about $500M.
• Patterson UTI-Energy (PTEN) Q1 EPS loss (-$0.06) vs. est. loss (-$0.10); Q1 revs $1.18B vs. est. $1.1B; Drilling Services segment we are activating drilling rigs later in the second quarter, and we anticipate reactivating additional rigs in the second half of 2026.

• Fulton Financial (FULT) Q1 operating EPS $0.55 vs. est. $0.49; Q1 net interest margin (NIM) at 3.58%, representing a one basis point decline from the prior quarter; Q1 net interest income $262M and net income $92.2M.
• Highwoods Properties (HIW) announces $250M share repurchase program.
• Raymond James (RJF) Q2 adj EPS $2.83, vs. consensus $2.76; Q2 revs $3.86B vs. est. $3.85B; Q2 adj net income $564M vs. est. $567.8M; annualized return on common equity and annualized adjusted return on tangible common equity of 17.3% and 20.9%, respectively, Q2; client assets under admin of $1.76 trillion, up 15% over March 2025 and down 1% compared to Dec 2025.
• SEI investments (SEIC) Q1 adj EPS $1.44 vs est $1.33 on revs $622.2Mm vs est $614.1Mm.

• Medpace Holdings (MEDP) Q1 EPS $4.28 tops consensus $3.96 on revs rising 26.5% y/y to $706.6M vs. est. $697.6M; affirms FY26 EPS view of $16.68-$17.50, vs. consensus $17.35 and affirms FY26 revenue view of $2.755B-$2.855B; Net new business awards were $618.4M in Q1.
• Molina Healthcare (MOH) Q1 EPS $2.35 vs. est. $1.94; Q1 revs $10.8B vs. est. $10.89B; Q1 consolidated MCR for was 91.1%; affirms FY26 EPS view of at least $5.00, vs. consensus $5.03; Premium revenue guidance for the full year is unchanged and expected to be approximately $42B, a decline of approximately 2% from the full year 2025.
• Roche (RHHBY) Q1 revenue fell -5% y/y to 14.7B Swiss francs ($18.7B) was in line; At constant exchange rates, first-quarter sales rose 6%, driven by multiple sclerosis drug Ocrevus and once-monthly haemophilia shot Hemlibra. Their sales gained 6% and 13% respectively in currency-adjusted terms during the quarter.
• Sanofi (SNY) posted a quarterly earnings beat, driven by its blockbuster eczema and asthma drug, Dupixent; Q1 sales EUR 10.51 billion ($12.29 billion), 3% over consensus, with business EPS at EUR 1.88 beating consensus by 6%; Dupixent sales also outperform expectations by 6%.

• CSX Corp. (CSX) Q1 EPS $0.43 vs est $0.39 on revs rose 2% y/y to $3.48B vs est $3.488B; Revenue gains driven by higher merchandise pricing, intermodal volume, and domestic coal revenue; CSX did not provide specific financial guidance for the current qtr or full year.
• Dow Inc. (DOW) Q1 adj EPS loss (-$0.14) vs. est. loss (-$0.29); Q1 sales $9.79B vs. est. $9.67B; Q1 volumes impacted by lower prices and Middle East conflict; said lower local prices, particularly in polyethylene and industrial intermediates, weighed on Q1 results; sees positive momentum from pricing actions across all businesses and regions
• Graco (GGG) Q1 adj EPS $0.66 vs est $0.74 on sales $540.1Mm vs est $560.5Mm; maintains FY revs guidance of low single digit organic, mid-single digit with acquisitions.
• Hexcel Corp. (HXL) Q1 adj EPS $0.59 vs est $0.44 on sales $501.5Mm vs est $485.7Mm; guides FY sales $2.0-2.1B vs est $2.06B and adj EPS $2.10-2.30 vs est $2.23.
• Honeywell (HON) Q1 adj EPS $2.45 vs. est. $2.32: Q1 sales $9.1B miss ests $9.3B; now expects to complete Honeywell Aerospace spin-off on June 29; Q1 organic sales growth of 2% was primarily driven by pricing actions and new product introductions; maintains 2026 sales outlook at $38.8B-439.8B; lowers 2026 operating cash flow outlook to $4.4B-$4.7B.
• Kaiser Aluminum (KALU) Q1 EPS $3.74 vs. est. $1.96 on revs $1.11Bvs. est. $999.9M; Q1 Adjusted EBITDA $129M and adjusted EBITDA Margin 31.8%; said, “strong finish to 2025 carried into 2026, giving us the confidence to raise our full year outlook.”
• Knight-Swift Transport (KNX) Q1 adj EPS $0.09 vs. est. $0.17; Q1 revs $1.85B vs. consensus $1.86B; guides Q2 EPS $0.45-$0.49 vs. est. $0.47.
• Lockheed Martin (LMT) Q1 EPS $6.44 vs. est. $6.70; Q1 revs $18.02B vs. est. $18.24B as high costs on fixed-price contracts and production slowdowns impacted; Q1 profit in Lockheed's largest segment, aeronautics, was weighed down by production performance and development delays for its F-16 fighter jet; maintained its 2026 sales forecast of $77.5 billion to $80 billion.
• Packaging Corp. (PKG) Q1 adj EPS $2.40 vs. est. $2.13; Q1 sales $2.36B vs. est. $2.41B; Excluding special items, earnings were $.20 above first quarter guidance of $2.20 per share primarily due to favorable volume and mix in the legacy packaging segment, favorable labor and operating costs, and a lower tax rate.
• Reliance Inc. (RS) Q1 adj EPS $5.16 vs. est. $4.67; Q1 revs $4.03B vs. est. $3.91B driven by record tons sold and higher pricing across key product categories; expects Q2 tons sold to rise 1%-3% from Q1 and sees Q2 average selling price per ton up 1.5%-3.5% from Q1; guides Q2 non-GAAP EPS of $5.15-$5.35.
• United Rentals (URI) Q1 adj EPS $9.71 vs est $8.97 on revs $3.99B vs est $3.87B; guides FY revs $16.9-17.4B above prior $16.8B-$17.3B and est $17.06B; lifts 2026 adjusted EBITDA forecast to $7.62B-$7.87B from $7.57B-$7.825B citing momentum and growth opportunities in large projects and key verticals for raised outlook.
• Waste Connections (WCN) Q1 EPS $1.23 above consensus $1.18 and revs $2.37B vs. est. $2.35B; said sees upside to 2026 outlook from commodity impacts, organic growth and acquisitions; aid Q1 results benefited from solid waste organic growth, including a 4.7% yield and 6.0% core price increase.

• Lam Research (LRCX) Q3 adj EPS $1.47 vs est $1.36 on revs $5.84B vs est $5.779B, adj gr mgn 49.9%, adj EBIT mgn 35.0%; guides Q4 revs $6.2-7.0B vs est $6.092B, gr mgn 49.5-51.5%, EBIT mgn 35.5-37.5%, EPS $1.50-1.80 vs est $1.45.
• Mobileye (MBLY) authorized a $250 million share buyback, saying the plan will help offset dilution from stock comp and its Mentee Robotics deal while preserving flexibility to keep investing in its auto business and Physical AI platform.
• Netflix (NFLX) authorizes buyback of additional $25b shares.
• ServiceNow (NOW) shares fall; Q1 EPS $0.97, in-line on revs $3.77B vs. est. $3.75B; Q1 current remaining performance obligations (cRPO), contract revenue that will be recognized as revenue in the next 12 months, was $12.64B, representing 22.5% y/y growth and said sees Q2 subscription revenue $3.815B-$3.82B, up 22.5% y/y, with Q2 cRPO up 19.5% y/y; raises FY26 subscription revenue view to $15.735B-$15.775B; said Q1 subscription revenue growth faced about 75-bps headwind due to the delayed closure of several deals in the Middle East.
• Tesla (TSLA) CEO Elon Musk said the EV maker plans to use Intel's (INTC) next-generation 14A manufacturing process to make chips at its Terafab project, an advanced AI chip complex Musk has ‌envisioned in Austin.
• Texas Instruments (TXN) shares rise; Q1 EPS $1.68 vs est $1.37 on revs $4.825B vs est $4.525B; guides Q2 revs $5.0-5.4B vs est $4.859B and EPS $1.77-2.05 vs est $1.57.
• ASGN Inc. (ASGN) Q1 adj EPS $0.69 vs est $0.98) on revs $968.3Mm vs est $972.8Mm, adj EBITDA $83.6Mm; guides Q2 revs $970Mm - $1.0B vs est $1.029Band adj EPS $0.72-0.90 vs est $1.28.
• Crown Castle (CCI) Q1 AFFO /shr $1.02, EPS $0.34 vs est $0.39, adj EBITDA $675Mm; sees FY EPS $1.80 vs est $2.12.

Mid-Morning Look

Wednesday, April 22, 2026

U.S. stocks rally on the open, erasing yesterday’s declines as the Middle East rollercoaster continues. Late Tuesday (after the market close), President Trump indefinitely extended the ceasefire with Iran, while maintaining a blockade of the Strait of Hormuz, after plans for peace talks fell apart and VP JD Vance cancelled his trip to Pakistan to meet Iran. Fresh reports this morning indicated President Trump plans to give Iran a short window to present a unified proposal to restart stalled negotiations (3-5 days). The administration wants to avoid an open-ended ceasefire extension, aiming to force a quick diplomatic outcome while internal divisions in Tehran continue to delay progress. U.S. officials say pressure from the Strait of Hormuz blockade is intended to push Iran toward agreement, though they acknowledge prolonged disruption could weigh on the global economy. While this remains a key development for commodity markets, major US averages appear to turn their attention to earnings the last few days. No major economic data in the U.S. today and the Fed remains in blackout period ahead of next week FOMC meeting.

Brent crude futures briefly topped $100 barrel earlier, erasing earlier losses after reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of progress in peace talks between the U.S. and Iran. Prices have since dropped back to around $95 per barrel but remain higher on the day. Attempts to resolve the seven-week conflict between the US and Iran have struggled. Iran seized two ships that “intended to secretly exit the Strait of Hormuz,” state TV reported.  Earlier, the UK Navy said two ships were fired at near the Strait of Hormuz. Precious metal prices and Bitcoin prices both higher. Overall markets just holding/extending the massive 3 week gains as we head into crux of earnings season next week with results from big tech AAPL, AMZN, GOOGL, META and MSFT. All eleven S&P sectors higher to start trading today, led by Healthcare and Energy while REITs lag.

• Midstream & Renewable sector: Morgan Stanley upgraded shares of WBI to Overweight from Equal Weight and raised both AM and DTM to EW from Underweight and raise price tgts saying given strong performance in early 2026 across both midstream and renewable infrastructure, they favor an increasingly selective approach that prioritizes differentiated long-term growth and compounding potential. For midstream infrastructure, the firm sees a median of 19.9% one-year total return upside for the sector, including a 5.0% dividend yield. Morgan Stanley also moves TRGP and HASI to top picks.
• In MedTech: ISRG reported Q1 revenue and EPS beat of ~6% and ~18%, respectively, delivered robust Y/y growth of 23% and 38% on sales and EPS, respectively and procedure volumes grew 17% Y/y driven by strong dV5 utilization; BSX said Q1 net income roughly doubled as demand continued to grow worldwide for its stents, catheters and other cardiology devices, but the company cut its adjusted earnings growth projection for the year as now sees year EPS $3.34-$3.41 from prior $3.43-$3.49; Q1 MedSurg surgery equipment unit rose 7.8% to $1.7B, sales grew in all regions, with the Latin America and Canada region seeing a 19% increase. TFX shares rose after Bloomberg reported Private equity firms CVC Capital Partners and GTCR have submitted a joint bid to take the medical device maker private.
• In Consumer Finance: COF weaker results as Q1 adj EPS $4.42 misses consensus $4.57 on revs down -2% Y/y to $15.2B vs. est. $15.37B; Q1 Total non-interest expense decreased -9% to $8.5B; Provision for credit losses decreased $74M to $4.1B; Q1 Net interest margin of 7.87%, a decrease of 39 bps; SYF was downgraded from Buy to Neutral at BTIG saying valuation appropriately takes into account the following factors: Positives: Credit: The US Consumer has proven surprisingly resilient. Synchrony has also done a good job controlling losses through its tighter underwriting. At this point, BTIG doesn't think NCOs will improve further, as it thinks Synchrony would instead prefer to drive loan and spending growth.

• ASTS +7%; shares jumped as the FCC grants them commercial authority for direct-to-device Cellular Broadband from space in U.S. as approval enables coverage using 700/800 MHz spectrum with Verizon, AT&T, and FirstNet.
• BA +2%; reported smaller-than-expected Q1 EPS loss of (-$0.20) vs. est. loss (-$0.83) on better revs $22.22B (est. $21.87B) as backlog grew to $695B; said expect certification of 737-7 & 737-10 in 2026, first delivery in 2027; 737 program continues to produce at 42/month rate.
• GEV +13%; shares rose on results as Q1 revs $9.34B topped est. $9.22B and raises FY26 revs view to $44.5B-$45.5B above prior $44B-$45B view and vs est. $44.49B and FY free cash flow $6.5B-$7.5B.
• INBX +45%; after Reuters reported Drugmakers including MRK, Merck KGaA and Ono Pharma are eyeing its experimental cancer drug INBRX-106; INBRX-106 is being tested with Keytruda, a widely used immune-based cancer drug, aimed at helping the immune system better attack tumors. https://tinyurl.com/mpz2fh94
• ISRG +5%; reported Q1 revenue and EPS beat of ~6% and ~18%, respectively, delivered robust Y/y growth of 23% and 38% on sales and EPS, respectively and procedure volumes grew 17% Y/y driven by strong dV5 utilization
• MAS +10%; beat Q1 estimate, helped by improving demand for its small-ticket building materials as Q1 sales $1.92B topped the $1.84B estimate and EPS $1.04 above $0.88 consensus while reaffirmed its 2026 adjusted profit forecast of $4.10 to $4.30 per share.
• MSTR +9%; as Cryptocurrency-linked stocks rally alongside Bitcoin and risk assets more broadly.
• TFX +9%; shares rose after Bloomberg reported Private equity firms CVC Capital Partners and GTCR have submitted a joint bid to take the medical device maker private.
• TWLO +4%; was upgraded to Buy from Underperform at Bank America and raised tgt to $190 from $110 saying thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases.

• DRVN -2%; as provided preliminary unaudited results for Q4 2025 and Q1 2026, which missed expectations modestly and also received an expected notification of deficiency from Nasdaq related to the delayed filing of its annual report on Form 10-K for fiscal year 2025.
• PRU -2%; downgraded to Underweight from Equal Weight at Barclays and lower tgt to $91 from $110 driven by a combination of factors which include the risk of higher costs and the potential for more persistent financial impacts stemming from regulatory discipline at Prudential of Japan (also downgraded at Jefferies to Hold).
• SON -13%; shares fell as Q1 EPS $1.20 was in-line with consensus $1.20 and revs $1.67B miss the est. $1.71B and guides FY26 adjusted EPS at the low end of $5.80-$6.20, vs. consensus $5.94; reaffirms FY26 revenue $7.25B-$7.75B, vs. consensus $7.46B; still sees FY cash flows from operating activities $700M-$800M.
• TH -7%; shares slid as 7M share offering priced at $14.00 each for gross proceeds of $98M.
• UAL 3%; Q1 adj EPS $1.19 vs est $1.07 on revs $14.6B vs est $14.37B, capacity +3.4%; plans 5-point capacity reduction for rest of year; sees Q3/Q4 capacity flat to +2%; guides Q2 adj EPS $1.00-2.00.
• VRT -2%; shares slipped on guidance as Q2 sales seen $3.25B-$3.45, mid the midpoint below the $3.38B estimate and Q2 adj EPS $1.37-1.43 vs. est. $1.42 following better Q1 results; expects FY2026 net sales $13.50-$14B, and organic sales growth 29%-31%.

Closing Recap

Wednesday, April 22, 2026

U.S. stocks remain on cruise control higher for the month of April, with the Nasdaq Comp hitting a fresh all-time high today after a brief blip lower Monday, as the Nasdaq 100 (QQQ) is now up 19% in less than a month, with continued massive gains in semis (SOX +30% MTD and up 16 straight days, +39% YTD), a big rebound in software (IGV +10% MTD), and big rallies in Mag 7 heavily weight names this month AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA (earnings tonight) – ahead of earnings for many of them next week. Market strength was till broad based, but it was tech doing most of the heavy lifting (XLK +2.2%) while REITs (XLRE) and Industrials (XLI) lagged. Crypto saw a notable bounce, with Bitcoin rising to best levels since late February hitting highs of $79,480. Overall, stocks rebounded today as President Trump's cease-fire extension announced late Monday helped U.S. stocks rebound after two straight days of declines. Oil prices, however, finished higher after three ships were targeted in the Strait of Hormuz. Important tech earnings picking up tonight, with plenty of reads for software, semi caps and semis. Shares of NOW and IBM will provide key reads on software while in semis, TXN key data points on the health of analog semis, but less so for auto industrial and more for DC and power reads to ON, STM, Renesas. Lastly, LRCX reports in semi equipment after good results last week for ASML. Tomorrow morning, we get AXP, BX in financials, HON, UNP, LMT in industrials, FCX, DOW in materials.

• Oil prices managed to finish higher as WTI crude oil futures settle at $92.96/bbl, up $3.29, or 3.67% while Brent crude rose $3.43 or 3.48% to settle at $101.91 per barrel on no new structured peace deals with Iran. Also, weekly oil inventory data by the EIA was overly bullish as well for the energy complex as Crude inventories saw a -1.93M draw vs. consensus of 1.0M draw; gasoline inventories a larger -4.57M draw vs. consensus of 1.83M draw and Distillates -3.43M draw vs. consensus of -1.85M draw.

• Consumer Products: IPAR announced Q1 sales results of $345M (+2%) vs Street estimate of $354.3M as mgmt noted that they estimate the Middle East conflict to have a 1 point drag on sales this quarter and also noted that FX had a 4.6 point tailwind for sales..

• DRVN shares slipped after provided preliminary unaudited results for Q4 2025 and Q1 2026, which missed expectations modestly and also received an expected notification of deficiency from Nasdaq related to the delayed filing of its annual report on Form 10-K for fiscal year 2025.
• Electric Vehicles: in charging sector, CATL’s (CYATY) new LFP battery can charge from 10 to 98% in less than 7 minutes - The self-heating Shenxing battery still performs even in Arctic temperatures.
• Cruise lines: VIK was initiated at Positive and $100 tgt at Susquehanna as the firm says they prefer premium-oriented cruise lines and those with strong brand loyalty, product depth, solid balance sheets, and, importantly, management teams with a proven operational track record.
• OSB/Casino operators: shares of SRAD tumbled today following two separate short reports; Callisto Research said on X, “We are short Sportradar Group AG (SRAD), a Swiss provider of gambling data and services with top sports league partners like the NBA, NHL, and FIFA. We believe Sportradar’s curated image as leader in “sports integrity” and a force against illegal gambling is misleading” https://tinyurl.com/236hrejs ; Muddy Waters later said they were also short the shares of SRAD in a separate post.
• In Hotels & Travel: In airlines, UAL Q1 adj EPS $1.19 vs est $1.07 on revs $14.6B vs est $14.37B, capacity +3.4%; plans 5-point capacity reduction for rest of year; sees Q3/Q4 capacity flat to +2%; guides Q2 adj EPS $1.00-2.00 and FY adj EPS $7.00-11.00; TH shares slid as 7M share offering priced at $14.00 each for gross proceeds of $98M; ABNB was upgraded to Overweight from Equal Weight at Wells Fargo (tgt to $178 from $136) saying the company is accelerating its pace of innovation, which makes upside options a reality.

• In Insurance sector: PRU downgraded to Underweight from Equal Weight at Barclays and lower tgt to $91 from $110 driven by a combination of factors which include the risk of higher costs and the potential for more persistent financial impacts stemming from regulatory discipline at Prudential of Japan, pressure on cash flow that may require a reduction in share repurchases. Jefferies also downgrades shares to Hold ahead of earnings, saying they remain constructive on US Life with top picks remain LNC, UNM and AMP.
• Crypto sector: Bitcoin prices rose over 3% this morning above $78,200, its best levels since the end of February and giving a boost the crypto sector (MSTR, COIN, and miners CLSK, RIOT, MARA, etc.); HOOD venture fund invested $75 million in ChatGPT maker OpenAI.
• Financial Services: shares of FICO came under pressure after both FNMA and FMCC both said they will soon let borrowers use alternative credit scores to apply for loans -- a move that could open the housing market to more Americans but challenges the effective control that Fair Isaac Corp. has held on the mortgage market until now. Both GSEs announced upcoming updates to its Selling Guide to allow for the use of VantageScore 4.0, effective immediately, and the future use of FICO Score 10T credit scores for loans delivered to Fannie Mae. Note in early 2026 (especially March), the three major credit bureaus (EFX, EXPN, TRU — VantageScore’s owners) began aggressively cutting VantageScore 4.0 pricing (reports of ~$0.99 or even free bundles with FICO) and has heightened fears of pricing-power erosion and faster adoption in GSE/mortgage space
• In REITs: ADC reported 1Q26 earnings that beat consensus by $0.03, though management maintained FY26 AFFO guidance at $4.56 and FY26 investment guidance of ~$1.5B due to increased dilution from TSM. ADC remained active in 1Q26, with investments accelerating to $424M ($377M prior) at a stable cap rate of 7.1%.

• INBX shares rose after Reuters reported Drugmakers including MRK, Merck KGaA and Ono Pharma are eyeing its experimental cancer drug INBRX-106; INBRX-106 is being tested with Keytruda, a widely used immune-based cancer drug, aimed at helping the immune system better attack tumors. https://tinyurl.com/mpz2fh94
• KYTX said its experimental cell therapy miv-cel showed strong results in a mid-stage study for stiff person syndrome, a rare neurological disorder that causes severe muscle stiffness and painful spasms; says a single dose led to rapid and lasting improvements in walking and mobility for most patients in the trial.
• VALN was downgraded to Sell from Neutral at Goldman Sachs as they believe the company's outlook, following multiple disappointments (notably the Ixchiq withdrawal and more recent VALOR miss in Lyme disease) in the last 12 months, is challenging and comes with significant uncertainty.
• Marijuana/cannabis stocks got a boost (MSOS, CGC, CRON, CURLF, GTBIF, TCNNF, TLRY) after Axios reported President Trump set to reclassify marijuana soon.

• In Hospitals/Facilities: CYH reported Q1 EPS loss (-$0.43) vs. est. loss (-$0.09); Q1 rev $2.96B vs. est. $2.95B; Q1 adj EBITDA $309M vs. est. $347.1M; On a same-store basis, Q1 admissions decreased 1.3% and adjusted admissions decreased 0.5%; NHI announced the planned sale of a portfolio of mostly SNFs to NHC (i.e., the lessee; ~12% of NOI) for $560M. The sale follows ongoing lease negotiations between the two parties ahead of the expiration on December 31.
• In MedTech: ISRG reported Q1 revenue and EPS beat of ~6% and ~18%, respectively, delivered robust Y/y growth of 23% and 38% on sales and EPS, respectively and procedure volumes grew 17% Y/y driven by strong dV5 utilization; BSX said Q1 net income roughly doubled as demand continued to grow worldwide for its stents, catheters and other cardiology devices, but the company cut its adjusted earnings growth projection for the year as now sees year EPS $3.34-$3.41 from prior $3.43-$3.49; Q1 MedSurg surgery equipment unit rose 7.8% to $1.7B, sales grew in all regions, with the Latin America and Canada region seeing a 19% increase. TFX shares rose after Bloomberg reported Private equity firms CVC Capital Partners and GTCR have submitted a joint bid to take the medical device maker private.

• In Aerospace sector: BA reported smaller-than-expected Q1 EPS loss of (-$0.20) vs. est. loss (-$0.83) on better revs $22.22B (est. $21.87B) as backlog grew to $695B; said expect certification of 737-7 & 737-10 in 2026, first delivery in 2027; 737 program continues to produce at 42/month rate; Q1 neg adj free cash flow -$1.45B, better than estimate est. for negative -$2.61B. SpaceX obtains rights to buy coding startup Cursor for $60B later this year or pay $10B for work companies do together. ASTS shares jumped as the FCC grants them commercial authority for direct-to-device Cellular Broadband from space in U.S. as approval enables coverage using 700/800 MHz spectrum with Verizon, AT&T, and FirstNet. JOBY said one of its top executives intends to step down before the planned start of commercial passenger service expected as soon as this year

• In Lithium sector: Redburn downgraded ALB to Neutral and maintain SQM at Neutral as their refreshed lithium supply/demand modelling reveals that: (1) overproduction in the battery industry will reverse in 2027e; (2) EV sales growth is slowing in 2026, with weakness in China and US; and (3) battery sizes will barely grow in the medium term as affordable EVs with smaller packs outsell larger EVs. With demand decelerating and production ramping up, we see the market back in surplus in 2027. This means near-term downside for lithium prices.

• In Telecom & Towers: AT reported Q1 adj EPS $0.57 tops est. $0.55; Q1 revs rose 3% y/y to $31.5B vs est. $31.25B; Q1 postpaid phone net adds 294,000 vs est. 270,000; Q1 advanced connectivity operating revs $28.5B, up 4.7%. TMUS shares fell after Deutsche Telekom AG is weighing a merger with T-Mobile US (Deutsche Telekom is a partner with T-Mobile and its largest shareholder, with 53% of the shares) https://tinyurl.com/5n7ur25p ; In Towers, SBAC was upgraded to Buy from Hold at Truist and raise PT to $247 from $193 as see multiple paths to upside: 1) a potential sale of the company, as referenced by press reports (Bloomberg Barron's) and,  2. Truist believes SBAC is set to see positive inflections in AFFO/share growth next year, as churn abates and debt refi headwinds moderate.

• Infrastruture Software: TWLO was upgraded to Buy from Underperform at Bank America and raised tgt to $190 from $110 saying thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases; GTLB was downgraded to Neutral from Buy at Bank America as growth deceleration, GTM execution risks, and AI risks limit upside for now.
• In Security Software: ZS was downgraded to Equal Weight from Overweight at Morgan Stanley as believes the company's platform story is not playing out given Red Canary's lack of traction. The analyst does not see a material positive catalyst in the near term for Zscaler shares. UBS previewed the quarter saying into the first week of cyber earnings, are more positive on VRNS while leaning tactically more mixed on TENB and GEN and cautious on RPD and QLYS. Previewed the firewall names earlier this month, and lean cautious on both CHKP and FTNT.
• In Power/Data Center: VRT shares slipped on guidance as Q2 sales seen $3.25B-$3.45, mid the midpoint below the $3.38B estimate and Q2 adj EPS $1.37-1.43 vs. est. $1.42 following better Q1 results; expects FY2026 net sales $13.50-$14B, and organic sales growth 29%-31%; GEV shares rose on results as Q1 revs $9.34B topped est. $9.22B and raises FY26 revs view to $44.5B-$45.5B above prior $44B-$45B view and vs est. $44.49B and FY free cash flow $6.5B-$7.5B. META begins construction on $1B data center in Tulsa, Oklahoma to enhance AI infrastructure

• ASML shares pulled back this afternoon after Reuters reported TSM showed its newest generation of chip manufacturing technology, saying it expects to be able to create smaller, faster chips without requiring expensive new machines from ASML. TSM showed two improvements of chipmaking technology: One called A13, which will go into production in 2029 and likely be used for artificial intelligence chips, and one called N2U, a more affordable option that can be used to make chips for phones and laptops, as well as AI chips.
• In DRAM/memory: MU is a driving force pushing the U.S. Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to reports from Reuters citing people familiar with the matter. A U.S. House of Representatives panel began a session where it is set to vote on the "MATCH Act," a bill designed to close gaps in restrictions on chipmaking equipment. It would also pressure foreign companies that sell equipment to Chinese chipmaking facilities to align with export curbs on U.S. companies like AMAT and LRCX.

Street Recommendations

Wednesday, April 22, 2026

• SWKS Barclays analyst Tom O'Malley upgraded Skyworks to Overweight from Equal Weight with a price target of $70, up from $60. The firm believes Apple's pushed out lower-end phone launch timing creates a "buy the cut event." Skyworks faces positive catalysts from the foldable iPhones, an iPhone 20 anniversary cycle that is likely to closely follow, and potential content upgrades if Apple phones move onto a common internal modem platform, the analyst tells investors in a research note.
• STX Barclays analyst Tom O'Malley upgraded Seagate to Overweight from Equal Weight with a price target of $625, up from $425. The firm upped estimates for the hard disk drive market and sees upside to Seagate as the company transitions to 40TB drives. Given industry dynamics and a commitment to lower capital spend, a share re-rating should be "more permanent," the analyst tells investors in a research note.
• WDC Barclays analyst Tom O'Malley raised the firm's price target on Western Digital to $405 from $325 and keeps an Overweight rating on the shares. The firm upped estimates for the hard disk drive market. Given industry dynamics and a commitment to lower capital spend, a share re-rating should be "more permanent," the analyst tells investors in a research note.
• QCOM Barclays analyst Tom O'Malley reinstated coverage of Qualcomm with an Underweight rating and $130 price target. The firm says that even when giving Qualcomm significant credit to both auto and internet of things, the company will be unable to offset the difficult handset environment driven by memory headwinds. AI at the edge is still several years away and the company's play in the data center is yet to be proved out, the analyst tells investors in a research note.
• ANAB Barclays lowered the firm's price target on AnaptysBio to $63 from $79 and keeps an Overweight rating on the shares. Following the spinoff, AnaptysBio is a pureplay royalty company with accelerating Jemperli cash flows and upside from ongoing GSK development programs, the analyst tells investors in a research note.
• HAL Barclays analyst J. David Anderson raised the firm's price target on Halliburton to $37 from $29 and keeps an Equal Weight rating on the shares. The company reported a modest Q1 EBITDA beat and guided Q2 4% above consensus despite Middle East disruptions, the analyst tells investors in a research note. The firm says management's "very bullish tone stood out" as a structurally tighter oil market, energy security, and North America activity is showing signs of rebounding.
• IBKR Barclays raised the firm's price target on Interactive Brokers to $93 from $85 and keeps an Overweight rating on the shares. The company's Q1 earnings were in line, as net revenues were offset by slightly higher expenses, the analyst tells investors in a research note. The firm sees no change to the stock's longer term thesis.
• SYF Barclays raised the firm's price target on Synchrony to $93 from $82 and keeps an Overweight rating on the shares following the Q1 report. The company's loan growth inflected positively on a year-over-year basis in March and account growth in accelerated, both of which are "encouraging signs," the analyst tells investors in a research note.

• GOOGL BMO Capital raised the firm's price target on Alphabet to $410 from $400 and keeps an Outperform rating on the shares. The stock remains the best way to own AI within the firm's coverage as it continues to expand its leadership positions across the AI stack, the analyst tells investors in a research note. BMO adds that its web-traffic analysis implies accelerating y/y visit growth to Google.com, suggesting that Alphabet continues to effectively integrate AI Overviews into Search.

• TWLO BofA upgraded Twilio to Buy from Underperform with a price target of $190, up from $110. The firm, which sees positive inflections in its strategic positioning in AI and its fundamentals, thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases, the analyst tells investors. The firm forecasts growth of 10% year-over-year for FY28, up from 9% for FY26.
• GTLB BofA downgraded GitLab to Neutral from Buy with a price target of $27, down from $58. The firm thinks the risk/reward is balanced until it sees strong proof points that the company's agentic orchestration software development platform strategy is working, says the analyst, who adds that the best indicator will be when revenue growth reaccelerates. However, the firm doesn't think GitLab sees growth reacceleration for at least 9-12 months.
• DGX BofA raised the firm's price target on Quest Diagnostics to $245 from $225 and keeps a Buy rating on the shares after Q1 results came in well ahead of guidance and the Street, with volume growth "the clear highlight." Quest continues to execute well, the analyst tells investors.
• UNH BofA raised the firm's price target on UnitedHealth to $371 from $337 and keeps a Neutral rating on the shares. Guidance "looks conservative" on a 50c EPS raise after a 70c EPS beat, the analyst tells investors. However, the firm stays Neutral as it awaits further visibility on Stars and the 2028 MA rate notice, the analyst added.

• BRSP BTIG upgraded BrightSpire Capital to Buy from Neutral with a $7 price target. The firm expects the company to grow its loan book another 30% in 2026 given the spike in Q4 origination activity and "low-levered" balance sheet. BrightSpire is "well on its way" to achieving the "two key drivers" for 2026 share outperformance - portfolio growth and sustainable earnings growth, the analyst tells investors in a research note.
• DHI BTIG raised the firm's price target on D.R. Horton to $188 from $182 and keeps a Buy rating on the shares. The firm cites the company's Q2 earnings beat, with better-than-expected gross margins offsetting lighter revenue, the analyst tells investors in a research note. Vertical construction efficiencies and flat incentives contributed to the gross margin beat, BTIG added.
• DHT BTIG analyst Gregory Lewis raised the firm's price target on DHT Holdings to $23 from $18 and keeps a Buy rating on the shares as part of a broader research note on Crude tankers. Closure of the Strait of Hormuz is creating dislocations across oil markets, which should create the largest seaborne oil restocking cycle ever, the analyst tells investors in a research note.
• FRO BTIG analyst Gregory Lewis raised the firm's price target on Frontline to $45 from $42 and keeps a Buy rating on the shares as part of a broader research note on Crude tankers. Closure of the Strait of Hormuz is creating dislocations across oil markets, which should create the largest seaborne oil restocking cycle ever, the analyst tells investors in a research note.
• INSW BTIG raised the firm's price target on International Seaways to $90 from $80 and keeps a Buy rating on the shares as part of a broader research note on Crude tankers. Closure of the Strait of Hormuz is creating dislocations across oil markets, which should create the largest seaborne oil restocking cycle ever, the analyst tells investors in a research note.
• DKNG BTIG lowered the firm's price target on DraftKings to $28 from $35 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 results in Gaming names. The firm is adjusting its estimates and price targets within its U.S. B2C and B2B gambling coverage, with the former facing a risk of negative revisions from state launch costs and an increasingly Q4-weighted year, the analyst tells investors in a research note.

• NTST Cantor Fitzgerald raised the firm's price target on Netstreit to $24 from $22 and keeps an Overweight rating on the shares. Netstreit's investment outlook continues to strengthen, with net investment guidance raised to $400M-$600M and a pipeline that appears fully funded, the analyst tells investors in a research note. Despite modest AFFO guidance improvements being partially offset by dilution from equity issuance, the portfolio remains fully leased with no notable credit issues, supporting a constructive overall setup and potential for further upside revisions through the year, the firm says.

• FUN Citi opened an "upside 90-day catalyst watch" on Six Flags while keeping a Neutral rating on the name with a $20 price target ahead of the Q1 report. Citi believes consensus EBITDA estimates for the company's Q2 are too low given Six Flags' strong traffic numbers.

• NTRS Goldman Sachs raised the firm's price target on Northern Trust to $169 from $151 and keeps a Neutral rating on the shares. Following the Q1 EPS beat, estimates for 2026-2028 were raised on stronger net interest income, better operating leverage, and improved markets activity, alongside incremental capital return from Visa monetization, the analyst tells investors in a research note.
• IBKR Goldman Sachs analyst James Yaro raised the firm's price target on Interactive Brokers to $98 from $89 and keeps a Buy rating on the shares. Results are expected to be largely in line, with stronger fee income offset by weaker net interest income and slightly lower pre-tax margins, the analyst tells investors in a research note. The broader growth outlook remains intact, supported by continued investment in product, efficiency, and marketing, with strong projected account and revenue compound annual growth rate and limited exposure to AI and crypto-related volatility versus peers, the firm says.

• CTSH Guggenheim lowered the firm's price target on Cognizant to $85 from $100 and keeps a Buy rating on the shares. Channel checks lead the firm to expect Cognizant results toward the high end of its outlook for the quarter, but provide a softer-than-expected Q2 outlook, the analyst tells investors in a preview.
• DT Guggenheim analyst Howard Ma lowered the firm's price target on Dynatrace to $60 from $68 and keeps a Buy rating on the shares. The firm expects Dynatrace to "finish FY26 on a high note," but cites increased market volatility for its lowered price target.
• DHR Guggenheim analyst Subbu Nambi lowered the firm's price target on Danaher to $235 from $275 and keeps a Buy rating on the shares. Q1 results were about as the firm expected and the company seems on track to get to the low end of the guidance range for the year, which is scenario that is "likely priced in at current levels," the analyst tells investors.

• HAL JPMorgan raised the firm's price target on Halliburton to $42 from $40 and keeps an Overweight rating on the shares. The firm updated the company's model post the Q1 report. Halliburton sees the current backdrop supporting a structural increase in upstream spending given the need for producers to rebuild production capacity and inventories as well as support ongoing demand growth, the analyst tells investors in a research note.
• CALX JPMorgan analyst Samik Chatterjee lowered the firm's price target on Calix to $65 from $70 and keeps an Overweight rating on the shares post the Q1 report. The company's outlook for Q2 suggests its higher revenue is being offset by memory cost pressure, leading to weaker earnings, the analyst tells investors in a research note. The firm expects investors to focus on Calix's ability to return to its typical gross margin trajectory.

• DTM Morgan Stanley upgraded DT Midstream to Equal Weight from Underweight with a price target of $165, up from $139. In midstream infrastructure, the firm believes "selective exposure to above-sector, durable EBITDA growth offers potential for alpha generation." It sees a median of 19.9% one-year total return upside for the sector, including a 5.0% dividend yield. The analyst upgraded three names following the "strong performance" in early 2026 across both midstream and renewable infrastructure.
• ZS Morgan Stanley downgraded Zscaler to Equal Weight from Overweight with a price target of $155, down from $200. The firm believes the company's platform story is not playing out given Red Canary's lack of traction. The analyst does not see a material positive catalyst in the near term for Zscaler shares. This warrants moving to the sidelines, contends Morgan Stanley.
• TRGP Morgan Stanley analyst Robert Kad is moving Targa Resources to Top Pick within Midstream Energy Infrastructure, as the firm expects Permian Basin associated gas production to accelerate above market expectations following the addition of new pipeline takeaway projects in the second half of this year. The firm has an Overweight rating and $327 price target on the shares.
• HASI Morgan Stanley is moving HASI to Top Pick within Renewable Energy Infrastructure, citing the belief that HASI is well positioned to invest greater amounts of capital through its co-investment partnership with KKR, while continuing to drive return on equity levels well-above its historical 10-12% range. The firm has an Overweight rating and $54 price target on HASI shares.
• UNH Morgan Stanley analyst Erin Wright raised the firm's price target on UnitedHealth to $395 from $375 and keeps an Overweight rating on the shares. With upside on key performance indicators and a "surprise" FY26 EPS guidance raise, UnitedHealth "showcased that its turnaround is underway," the analyst tells investors.

• CTVA Oppenheimer raised the firm's price target on Corteva to $89 from $86 and keeps an Outperform rating on the shares. The firm increased targets in the agriculture space as part of a Q1 preview. The analyst expects looking "healthy" Q1 results across its coverage, citing stabilization trends before the outbreak of the Iran conflict. "Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage," the analyst tells investors in a research note.
• GPRE Oppenheimer analyst Kristen Owen raised the firm's price target on Green Plains to $18 from $16 and keeps an Outperform rating on the shares. The firm increased targets in the agriculture space as part of a Q1 preview. The analyst expects looking "healthy" Q1 results across its coverage, citing stabilization trends before the outbreak of the Iran conflict. "Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage," the analyst tells investors in a research note.
• NTR Oppenheimer raised the firm's price target on Nutrien to $80 from $78 and keeps an Outperform rating on the shares. The firm increased targets in the agriculture space as part of a Q1 preview. The analyst expects looking "healthy" Q1 results across its coverage, citing stabilization trends before the outbreak of the Iran conflict. "Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage," the analyst tells investors in a research note.
• IFF Oppenheimer analyst Kristen Owen lowered the firm's price target on IFF to $88 from $97 and keeps an Outperform rating on the shares. The firm adjusted targets in the agriculture space as part of a Q1 preview. The analyst expects "healthy" Q1 results across its coverage, citing stabilization trends before the outbreak of the Iran conflict. "Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage," the analyst tells investors in a research note.
• INGR Oppenheimer analyst Kristen Owen lowered the firm's price target on Ingredion to $126 from $130 and keeps an Outperform rating on the shares. The firm adjusted targets in the agriculture space as part of a Q1 preview. The analyst expects "healthy" Q1 results across its coverage, citing stabilization trends before the outbreak of the Iran conflict. "Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage," the analyst tells investors in a research note. Oppenheimer has a cautious stance on Ingredion in the near-term.
• UNH Oppenheimer raised the firm's price target on UnitedHealth to $405 from $385 and keeps an Outperform rating on the shares. The firm notes the company reported strong Q1 results, and increased FY2026 guidance, as cost-trend was in line with expectations. The results also benefited from modest flu and prior year development, but overcame headwinds from elevated operating costs. Early 2026 trends in all segments, including Medicare Advantage and OptumHealth were better than expectations, Oppenheimer adds.

• IBKR Piper Sandler analyst Patrick Moley raised the firm's price target on Interactive Brokers to $88 from $80 and keeps an Overweight rating on the shares. The firm notes shares are trading down after hours following in-line Q1 EPS. Piper remains bullish on Interactive Brokers as year-over-year account growth continues tracking above 30% and the pretax margin remains in the high-70s.
• TSCO Piper Sandler lowered the firm's price target on Tractor Supply to $51 from $59 and keeps an Overweight rating on the shares following a disappointing Q1, driven by weakness in Companion Animal. While the company continues to gain share, Pet is likely to remain pressured in the near-term, the firm says.
• ISRG Piper Sandler analyst Adam Maeder lowered the firm's price target on Intuitive Surgical to $580 from $620 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 results that beat consensus on both the top and bottom-line. Piper was pleased to see both volume growth and placements exceed consensus estimates.

• RRC Stephens raised the firm's price target on Range Resources to $55 from $54 and keeps an Overweight rating on the shares following a Q1 report the firm views as "positive." Range is well-positioned to generate high single production growth over the next two years while maintaining a strong balance sheet and returning cash to shareholders, the analyst tells investors.

• MANH Stifel analyst J. Parker Lane lowered the firm's price target on Manhattan Associates to $200 from $225 and keeps a Buy rating on the shares. Despite "a clean 1Q" and flowing through the top-line beat in its 2026 outlook, the firm is reducing its target on multiple compression.
• MCRI Stifel raised the firm's price target on Monarch Casino to $102 from $97 and keeps a Hold rating on the shares. While some upside was likely appreciated given strong Reno state-reported marketwide gross gaming revenue growth, the magnitude of the beat "comes as a surprise and mostly factors steady product-driven share expansion," the analyst tells investors in a post-earnings note.
• VMI Stifel raised the firm's price target on Valmont to $541 from $497 and keeps a Buy rating on the shares. The firm updated estimates, telling investors that robust utility growth more than offsets weak irrigation.

• TSCO Wells Fargo lowered the firm's price target on Tractor Supply to $47 from $55 and keeps an Overweight rating on the shares. The firm says shares deserve to de-rate post disappointing Q1 comparable sales, Pet category headwinds and concern that the 2026 outlook is at risk. While reason for Q2 reacceleration, sub-algorithm comparable-store sales performance warrants a sub-premium price-to-earnings multiple.
• MMM Wells Fargo analyst Joseph O'Dea raised the firm's price target on 3M to $165 from $160 and keeps an Overweight rating on the shares. The firm notes Q1 organic was light on both T&E and Consumer headwinds, while strong orders support growth acceleration in Q2, with focus on sustained better growth in the second half of the year.
• EFX Wells Fargo analyst Jason Haas lowered the firm's price target on Equifax to $230 from $240 and keeps an Overweight rating on the shares. The firm notes the company delivered a strong beat driven primarily by U.S. mortgage outperformance. Management maintained full-year guidance amid macro uncertainty stemming from the Iran conflict. Q2 EBITDA and EPS guidance came in slightly below Street at the midpoint, Wells adds.
• STLD Wells Fargo raised the firm's price target on Steel Dynamics to $235 from $207 and keeps an Overweight rating on the shares. The firm notes Q1 was uneventful and management downplayed the rejected BSL bid. The new aluminum mill was pulling forward auto qualifications alongside a blowout in ali-scrap spreads. Wells stays bullish given considerable upside to steel prices and aluminum margins.
• WRB Wells Fargo lowered the firm's price target on W. R. Berkley to $64 from $66 and keeps an Equal Weight rating on the shares following quarterly results. The firm believes shares should underperform the group on the still tempered growth in the quarter. Wells continues to be on the sidelines as stable margins and higher capital returns are counter-balanced by lower growth.
• MSCI Wells Fargo analyst Jason Haas raised the firm's price target on MSCI to $650 from $545 and keeps an Equal Weight rating on the shares. The firm notes MSCI delivered a strong Q1, with outperformance in net-new recurring subscription sales primarily driven by strength in Index. Management noted MSCI is trending towards the top-half of its expense guidance range and maintained their free cash flow guidance, Wells adds.

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: AGNC ALK BOKF FLXS HBCP NTST RBB SFBS STLD WASH WTFC ZION

• 8:30 AM ET                   Retail Sales M/M for March
• 8:30 AM ET                   Retail Sales – Less Autos M/M for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for February
• 10:00 AM ET                 Pending Home Sales M/M for March
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AERO BBNX BWB CALX CB COF CYH ELS EQT EWBC HAFC HWC IBKR ISRG MANH MCB MCRI NBHC NLY OZK PEGA RRC SON TFIN TRST UAL WAL WRB WSBC ZWS

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AGSN AZZ BANC BANR BDN CACI CASH CATY CBAN CCI CCS CHDN CSX EFSC EGBN EGP EPRT FAF FR FRME FULT GGG GL GTY HBNC HLX HXL IBM KALU KNX KREF LBRT LOB LRCX LUV MEDP MMLP MOH MTH NEU NOW NP OBK OII PKG PNFP PTEN QRCH QS RJF RLI ROL RS SEIC SIGI STC TSLA TXN URI WCN WEX

• 8:30 AM ET                   Continuing Claims
• 9:45 AM ET S&P Global Manufacturing PMI, April-flash
• 9:45 AM ET S&P Global Services PMI, April-flash
• 9:45 AM ET S&P Global Composite PMI, April-flash
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for April

• Earnings After the Close: ABCB AMP AMTB APPF ASB BKR BY BYD CHE COLB CSL CUBI CVLG DLR ENVA ERIE FBIZ FFBC FISI GBCI GLPI HIG INTC KN KNSL MXL NBTB NEM PECO PFG REXR SAP SKYW SLM SSB TBBK USCB VRSN WSFS

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

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