Early Look

Monday, July 13, 2026

U.S. futures are looking lower as Nasdaq futures are pressured, down nearly 1% amid weakness in memory stocks (MU, SNDK, SKHY) in a week filled with multiple market catalysts. Stock futures fell slightly on Sunday night as traders weighed the latest events in the Middle East and braced for a slew of corporate earnings reports due out later in the week. Iran and the U.S. again traded airstrikes over the weekend, with Tehran targeting U.S. facilities in multiple Gulf countries and declaring the Strait of Hormuz closed. The moves came ahead of a busy week of economic data and corporate earnings that could test the resilience of the U.S. equity rally. In Asian markets, The Nikkei Index dropped 1,315 points or 1.92% to 67,242, the Shanghai Index tumbled -82 points to 3,913, and the Hang Seng Index rose 38 points to 24,213. In Europe, the German DAX is up 51 points to 25,118, while the FTSE 100 slips a few points to 10,490.

Important items this week include: 1) Earnings as some of the biggest financial companies in the world report this week including JP Morgan, Goldman Sachs, Citigroup, Wells Fargo and others as well as healthcare giants (and Dow components) JNJ and UnitedHealth; 2) inflation data on deck with consumer prices (CPI) and producer prices (PPI) midweek; 3) newly appointed FOMC chair Kevin Warsh will testify before Congress for the first time as Fed chair on tuesday; 4) and of course any new developments between the US and Iran will likely impact commodity/stock markets.

• The Dow Jones Industrial Average rose 149.60 points, or 0.29%, to 52,637.01
• The Nasdaq Composite gained 74.72 points, or 0.29%, to 26,281.61
• The Russell 2000 Index declined -14.74 points, or 0.49% to 2,977.81

• Earnings After the Close: AERO FBK

• China urged the restoration of safe and free passage through the Strait of Hormuz following Iran's announcement of its closure amid new strikes with the United States. Foreign Ministry spokesman Lin Jian stated that maintaining free navigation serves the interests of all nations.
• Lindsey Graham, the South Carolina Senior senator died on Saturday. He was 71. The cause of death was “a brief and sudden illness,” Graham’s Office said in a post on X that offered no additional details.

• Deckers Outdoor (DECK) was upgraded to Buy from Hold at Jefferies and raise tgt to $130 from $110 saying the company's EBIT growth has slowed as the business has matured and faced macro headwinds, this is now reflected in shares.
• MGM Resorts (MGM) has been in talks over a potential deal with Barry Diller's People Incorporated after the media mogul offered to acquire the casino giant, the Wall Street Journal reported.
• Stellantis (STLA) said preliminary Q2 vehicle shipments rose 10% from a year earlier to nearly 1.6 million units, driven by strong growth in North America.
• The U.S. Justice Department has opened a grand jury investigation into allegations that United Auto Workers President Shawn Fain sought special benefits for his fiancée and her sister, Bloomberg News reported Sunday, citing internal union communications.

• Artisan Partners Asset Management Inc. (APAM) reports preliminary June Assets under management (AUM) of $183.4B as of June 30, 2026.
• Brookfield Asset Management (BAM) is in exclusive talks to acquire a stake in Hudson Square Properties in a transaction that would value the Manhattan office portfolio at roughly $3.5B.

• Biogen (BIIB) was upgraded to Buy from Hold at Truist and raise tgt to $235 from $190 ahead of the Phase 2 BIIB080 data presentation at AAIC next week and the approaching Phase 3 pipeline readouts with litifilimab due in Q4.
• Conmed (CNMD) is said to weigh sale after takeover interest- Bloomberg news reported.
• Humana (HUM) was upgraded to Overweight from Equal Weight at Wells Fargo and raised tgt to $502 from $227 as expects constructive Q2 earnings reports from managed care companies.

• Apple (AAPL) has sued OpenAI and one of its lead executives, alleging that the artificial-intelligence lab attempted to steal confidential information from the iPhone maker. The lawsuit, filed in the U.S. District Court for the Northern District of California, names two former Apple employees, Chang Liu and Tang Yew Tan, as defendants alongside OpenAI.
• Meta (META) said its data center in Richland Parish, Louisiana will expand to 5 gigawatts of compute capacity, in a bid to support the social media company's AI ambitions. Since breaking ground in December 2024, local Louisiana businesses have received more than $1.6B in contracts from Meta.
• Paramount Global (PSKY) is considering whether to shift more of its operations and spending outside California if state regulators move to block its proposed $110 billion acquisition of Warner Bros. Discovery (WBD), Semafor reported Sunday.
• Taiwan Semiconductor (TSM) Q2 revenue touched NT$1.27T, or $39.63B, exceeding market expectations, driven by strong demand for chips used in AI, and in the company-guided range of $39B to $40.2B, and beats market consensus of $39.31B. Q2 revenue climbed 36% Y/Y from NT$933.8B a year earlier.

Mid-Morning Look

Monday, July 13, 2026

U.S. stocks edged lower overnight and remain weak and oil prices rose after the U.S. conducted multiple waves of strikes over the weekend against Iranian military targets, while the semiconductor sector (SOX) sees further profit taking behind weakness in memory stocks (MU, SNDK, SKYH). The military operations ended late Sunday afternoon, after hitting more than 300 targets over three nights, targeting air-defense systems, cruise missiles, and Revolutionary Guard boats near the Strait of Hormuz. The tech rotation is the dominant theme early Monday, while crypto (Bitcoin) and precious metals tumble as risk appetite shifts. Oil prices are jumping after the President said he was reinstating the Iranian blockade. After a red-hot U.S. debut on Friday, chipmaker SK Hynix's shares plummeted. Apple a positive standout rising to record highs.

Several important items to watch this week include: 1) Earnings as some of the biggest financial companies in the world report this week including JP Morgan, Goldman Sachs, Citigroup, Wells Fargo and others as well as healthcare giants JNJ and UnitedHealth; 2) inflation data on deck with consumer prices (CPI) and producer prices (PPI) midweek; 3) newly appointed FOMC chair Kevin Warsh will testify before Congress for the first time as Fed chair on Tuesday; 4) and of course any new developments between the US and Iran will likely impact commodity/stock markets.

• Building Products sector: Davidson said their Q2 decking contractor survey points to a modest acceleration in growth vs recent quarters (+4% vs +2% in Q1), consistent next 3-6 month and full-year growth expectations (+4% and +5% respectively), and the first positive skew in reported backlog levels in over 2 years. TREX remains their top pick in building products while saying feedback around UFPI's Deckorators remains quite positive, though believes capacity could remain somewhat of a constraint on growth in Q2. FERG agreed to acquire FloWorks from private equity firm Wynnchurch Capital for about $1.6B in cash, strengthening its portfolio of industrial flow-control products.
• Aerospace sector: YSS was resumed Buy at Citigroup with $32 tgt as expects the ALLSPACE acquisition to expand York's satellite communications capabilities and contribute approximately $20M in annual revenue. Bernstein noted that on July 10th, China successfully landed the first-stage booster from a Long March 10B Rocket launch. Bernstein sees China as the lead competitor for SPCX but also notes despite China’s success in landing its Long March 10B, it is far behind SpaceX. VOYG said it completed its acquisition of Astrobotic Technology and highlighted a recently awarded NASA lunar mission task order worth $298M.

• AGEN +126%; after saying it secured up to $340M in private financing led by Commodore Capital and backed by RA Capital Management and other investors to support a late-stage trial of experimental cancer drug combination botensilimab and balstilimab in high-risk colon cancer patients.
• CNMD +9%; is said to weigh sale after takeover interest- Bloomberg news reported
• DECK +2%; was upgraded to Buy from Hold at Jefferies and raise tgt to $130 from $110 saying the company's EBIT growth has slowed as the business has matured and faced macro headwinds, this is now reflected in shares.
• DG +5%; along with gains DLTR as discount retail/dollar stores outperform.
• TCBK +10%; FHB to acquire TCBK in an all-stock transaction where  TriCo's shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share.

• PZZA -3%; was downgraded to Underperform from Neutral at Bank America and cut tgt to $34 from $42 saying thinks it is unlikely former CFO Ravi Thanawala would have left his post after less than three years if he believed a sharp turnaround were imminent.
• SKYH -7%; as memory chip makers seeing broad pullback on further profit taking this month though still posting massive YTD gains (SNDK, MU); analysts out positive again on group
• SPCX -4%; shares dropping below $139 (reminder IPO priced at $135 few weeks back)
• TSLA -3%; down in sympathy with pullback in SPCX shares

Closing Recap

Monday, July 13, 2026

U.S. stock markets opened lower and stayed that way throughout the trading day amid a spike in oil prices (up over 9%), a jump Treasury yields (10-yr near 52-week highs) and notable declines in technology stocks (particularly semiconductors with SOX -4.75%), along with materials and consumer discretionary stocks ahead of a big day tomorrow. On the calendar for Tuesday, consumer prices inflation data (CPI), earnings results from large cap banks Banc America, Citigroup, Goldman Sachs, JP Morgan and Wells Fargo, and newly appointed FOMC chair Kevin Warsh will testify before Congress for the first time as Fed chair on Tuesday. July rate hike probability continues to hover around 34%, with all eyes on this week's CPI, PPI and Fed speak coming up. Oil prices rise as Trump vows to reinstate Hormuz strait blockade, charge 20% on all cargo shipped, which in turn pressured Treasury prices (lifting yields), precious metal prices and Bitcoin, which all tumbled. Fed Governor Wall was also hawkish in comments about rates if inflation continues to rise (which pushed prices of gold and silver notably lower yet again). It was just another day of rotation as energy led +3%, along with gains in utilities, consumer staples and financials while the weakness in heavily weighted tech did most of the damage to major averages.

President Trump said that the United States was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the vital waterway. "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating THE IRANIAN BLOCKADE," Trump said on Truth Social. "The U.S.A... will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."

• Oil prices raced upward quickly on Monday with WTI crude rising more than 9% late day, rising $6.73 to $78.14 per barrel as President Trump said the US would reimpose its blockade of the Strait of Hormuz and begin charging a 20% fee on any cargo shipped through the vital waterway. Brent Crude futures settle at $83.30/bbl, up $7.29, or 9.59% in a late day push higher.
• Bond prices fell as yields surged on inflation concerns given the spike in oil prices; the 2-yr yield jumped 6.3bps to 4.27% near 2026 highs of 4.33% ahead of key CPI inflation tomorrow morning. The 10-year yield rose 4.7bps to 4.616%, up 9 of the last 10 trading days and highest yield since May 22, 2026 (not far from May 19th 52-week high of 4.668%).

• Restaurant sector: PZZA was downgraded to Underperform from Neutral at Bank America and cut tgt to $34 from $42 saying thinks it is unlikely former CFO Ravi Thanawala would have left his post after less than three years if he believed a sharp turnaround were imminent. Jersey Mike's Subs is set to go public after filing its IPO paperwork with the SEC. The restaurant company is reported to be targeting a valuation of over $12B with the offering.

• In Autos: NIO was upgraded to Buy from Neutral with $7 PT at Goldman Sachs saying they expect NIO to not only deliver one of the fastest volume growth, but also a premium margin profile and strong profit/FCF turn-around in 2026E. This is supported by the company's successful turnaround with the launch of new ES8/ES9 (gaining No.1 position with 39% market share in the Rmb400k+ NEV segment). STLA said preliminary Q2 vehicle shipments rose 10% from a year earlier to nearly 1.6M units, driven by strong growth in North America.

• Utilities: CPK said its unit Peninsula Pipeline Company will develop, construct and operate a natural gas pipeline project in Florida for about $1.2 billion as the project will help expand natural gas transportation capacity to address regional supply constraints.
• MLPs/Pipelines: WMB secured $5.34 billion in committed capital from a Blackstone-led partnership to fund five power innovation projects while retaining 51% ownership and control.  Major financing for energy transition and power initiatives ; WMB keeps majority stake and operational control.

• Asset Managers: APAM reports preliminary June Assets under management (AUM) of $183.4B as of June 30, 2026; LAZ preliminary assets under management as of June 30, 2026, totaled approximately $284.7B. The month's AUM included market appreciation of $2.3B, FX depreciation of $3.3B, and a net increase of $0.8B; TROW net outflows totaled $6.5B for the second quarter, reflecting $0.5B of manager-driven distributions; VCTR reported Total Assets Under Management (AUM) of $342.4 billion, Other Assets of $3.6 billion, and Total Client Assets of $346.1 billion, as of June 30, 2026.

• FinTech: SEZL was downgraded to Market Perform from Outperform at KBW saying the significant re-rating in the stock (+156%/+46% over the last three months/1 month) creates a more balanced risk/reward. While fundamental momentum remains strong, and they see potential for continued near-term beat-and-raises, this already seems reflected in SEZL's 26x GAAP P/E multiple ('27E).

• ALKS said its alixorexton showed sustained wakefulness improvements in adults with narcolepsy type 1 and 2 in a long-term extension study interim analysis.
• ANIP Announces positive six-month topline data from the phase 4 SYNCHRONICITY trial evaluating fluocinolone acetonide intravitreal implant in patients with chronic non-infectious uveitis.
• BIIB upgraded to Buy at Truist and raise tgt to $235 from $190 ahead of the Phase 2 BIIB080 data presentation at AAIC next week and the approaching Phase 3 pipeline readouts with litifilimab due in Q4.
• BMY received FDA acceptance for its New Drug Application on Mezigdomide in relapsed or refractory multiple myeloma patients.
• KYMR downgraded to Sector Perform at RBC Capital and raise PT to $115 from $106 on valuation.
• OCGN agreed to license experimental gene therapy OCU400 for retinitis pigmentosa in the Middle East and North Africa; deal includes up to $4M in upfront and early development payments and could receive up to $255M in sales milestone payments, a 22% royalty on net sales and will supply OCU400 to partners
• ONC upgraded to Buy from Hold based on: (1) CLL leadership already well appreciated + incoming CLL competition from AV and Jaypirca, and (2) no clear winner in the solid tumor pipeline.
• TNXP said it secured Medicare coverage for Tonmya, its approved treatment for fibromyalgia; the agreement will expand access to about 9 million Medicare patients starting January 1, 2027.

• In Managed Care sector: HUM was upgraded to Overweight from Equal Weight at Wells Fargo and raised tgt to $502 from $227 as expects constructive Q2 earnings reports from managed care companies.
• In CRO Sector; Deutsche Bank said remain bullish on CRO stocks and believe there is room to run from both positive estimate revisions into 2027 and recoupment of sector multiples compressed from AI / ML fears and lack of conviction in the cyclical recovery. In CRO, they like IQV for upside to sentiment and an EPS beat and are also looking for beats and potentially modest positive revisions from CRL and ICLR.

• Transport sector: SAIA was upgraded to Buy from Neutral at Bank America as it sees increasingly constructive demand signals from its BOFA Truck Shipper Survey, idiosyncratic service/productivity/yield improvement opportunity, and an attractive valuation vs peers. Saia trades at 29x 2027e EPS, nearly 6 turns below top LTL peers ODFL (35.0x) and XPO (34.0x), and at a wider relative valuation discount.
• Aerospace sector: YSS was resumed Buy at Citigroup with $32 tgt as expects the ALLSPACE acquisition to expand York's satellite communications capabilities and contribute approximately $20M in annual revenue. Bernstein noted that on July 10th, China successfully landed the first-stage booster from a Long March 10B Rocket launch. Bernstein sees China as the lead competitor for SPCX but also notes despite China’s success in landing its Long March 10B, it is far behind SpaceX. VOYG said it completed its acquisition of Astrobotic Technology and highlighted a recently awarded NASA lunar mission task order worth $298M.

• Paper & Packaging: Truist noted that Sappi, a South African-based producer of pulp, packaging (E.G., boxboard) and Specialty papers, graphic papers, and other products, announced that it now expects FQ326 (calendar Q226) Adjusted EBITDA for the overall company to be broadly in-line with adj EBITDA vs a prior forecast calling for FQ3 to be below FQ2 due to the steady ramp-up of Somerset's PM2 volumes. Truist views the news as a potential negative for CLW, SW and GPK.

• Internet/Online sector: SHOP was upgraded from Hold to Buy at Jefferies and raised tgt to $160 from $140 as sees Shop as uniquely positioned to become the infrastructure layer for agentic commerce and the agent enablement toolkit for Merchants.
• Hardware sector: Citigroup raises price target on AAPL to $365 from $315 citing stronger margin expectations and confidence in Apple's ability to gain market share despite a weak consumer electronics market; raises its iPhone shipment forecasts and expects 2027 iPhone unit growth of 7% y/y to 263M units
• Data Center sector: META said its data center in Richland Parish, Louisiana will expand to 5 gigawatts of compute capacity, in a bid to support the social media company's AI ambitions. Since breaking ground in December 2024, local Louisiana businesses have received more than $1.6B in contracts from Meta. HPC and Data center AI names IREN, CIFR, HUT, RIOT, CLSK, WULF all saw notable pullbacks today.
• Software movers: outside of weakness in ORCL as AI spending concerns grow for hyperscalers while the broader software sector was higher (CRM, HUBS, MNDY, NOW, SNOW, TEAM, WDAY) amid a rotation out of semis and into software (IGV); in gaming software, APP shares declined after Bank America noted APP eComm pixel net adds slowed in June despite GA launch, suggesting a muted start.
• The WSJ writes that bond investors are pushing back on the AI infrastructure borrowing boom after struggling to absorb $75B of recent issuance from Nvidia, SpaceX and Amazon. Hyperscalers have already sold roughly $244B of bonds this year, more than double 2025’s total, driving wider spreads and weaker secondary-market performance. Investors remain comfortable with the companies’ credit quality, but fear years of heavy AI spending will flood the market with hundreds of billions more debt.

• PHLX Semi Index (SOX) was down at lows off over -5% in the final hour to 12,300 (off earlier highs 12,646)
• INTC announces €5B ($5.7B) capital investment at its Leixlip campus in Ireland; investment will add several hundred jobs at Irish operation, Intel Foundry executive vice President notes; Intel investment began earlier this year and will upgrade and maximize capacity at Fabrication facility by end-2027.
• TSM Q2 revenue touched NT$1.27T, or $39.63B, exceeding market expectations, driven by strong demand for chips used in AI, and in the company-guided range of $39B to $40.2B, and beats market consensus of $39.31B. Q2 revenue climbed 36% Y/Y from NT$933.8B y/y.

Street Recommendations

Monday, July 13, 2026

• BMI Barclays lowered the firm's price target on Badger Meter to $109 from $110 and keeps an Underweight rating on the shares. The firm adjusted targets in the water technology group as part of a Q2 earnings preview. Investor sentiment toward the sector has improved in recent weeks with multiples recovering off early June lows, the analyst tells investors in a research note.
• MPC Barclays raised the firm's price target on Marathon Petroleum to $289 from $270 and keeps an Overweight rating on the shares. The company's refining segment will likely benefit from still-elevated margins in Q2, the analyst tells investors in a research note.
• TSCO Barclays lowered the firm's price target on Tractor Supply to $35 from $44 and keeps an Equal Weight rating on the shares. The firm says expectations are "quite low" going into Tractor Supply's Q2 report. Barclays expects the company to report "weak" Q2 results, lower guidance for 2026, and get 2027 numbers down. Tractor "seems to be grappling with both cyclical and structural pressures," the analyst tells investors in a research note. Barclays expects the stock to remain range-bound around current levels.

• PZZA As previously reported, BofA analyst Sara Senatore downgraded Papa John's to Underperform from Neutral with a price target of $34, down from $42. The firm thinks it is unlikely former CFO Ravi Thanawala would have left his post after less than three years if he believed a sharp turnaround were imminent, the analyst tells investors. The disruption, which comes with management turnover, may translate into less earnings predictability, particularly at a time when Papa John's is trying to execute a turnaround, the analyst added.
• VRTX BofA raised the firm's price target on Vertex Pharmaceuticals to $600 from $598 and keeps a Buy rating on the shares. The firm is bullish on the strength of the cystic fibrosis franchise and sees potential for further growth from the nephrology and new endocrinology franchises following the recent Crinetics acquisition, says the analyst, who adds that Vertex remains a top pick in 2026.
• AMGN BofA raised the firm's price target on Amgen to $312 from $307 and keeps an Underperform rating on the shares. The firm, which is updating estimates ahead of the quarter, continues to view 2026 as a year largely focused on execution ahead of key pipeline readouts in 2027, including MariTide and olpasiran.

• AAPL Citi raised the firm's price target on Apple to $365 from $315 and keeps a Buy rating on the shares. Citi remains constructive on Apple shares into the earnings report. The company should continue gaining market share despite a slowing devices market, the analyst tells investors in a research note. The firm cites higher margin expectations following recent price increases for the target boost.
• ITW Citi analyst Andrew Kaplowitz placed an "90-day upside Catalyst Watch" on Illinois Tool Works while keeping a Neutral rating on the shares with a $287 price target. Citi believes a "positive inflection" in the company's businesses, such as test and measurement, can drive upside to its guidance.
• CARR Citi analyst Andrew Kaplowitz raised the firm's price target on Carrier Global to $80 from $79 and keeps a Buy rating on the shares. The firm adjusted targets in the industrials group as part of a Q2 preview. Citi sees favorable secular trends due to AI and data center demand tailwinds.
• ROK Citi analyst Andrew Kaplowitz raised the firm's price target on Rockwell Automation to $555 from $500 and keeps a Buy rating on the shares. The firm adjusted targets in the industrials group as part of a Q2 preview. Citi sees favorable secular trends due to AI and data center demand tailwinds.
• ZBRA Citi raised the firm's price target on Zebra Technologies to $306 from $284 and keeps a Neutral rating on the shares. The firm adjusted targets in the industrials group as part of a Q2 preview. Citi sees favorable secular trends due to AI and data center demand tailwinds.

• PRAX Goldman Sachs initiated coverage of Praxis Precision with a Buy rating and $447 price target. Praxis is a clinical-stage biotech company with two potential drug approvals, ulixacaltamide in essential tremor and relutrigine in genetic epilepsy, by January 2027, the analyst tells investors in a research note. The firm believes ulixacaltamide is well positioned to capitalize on the market opportunity in essential tremor, where it would be the first new therapy in over 50 years.
• STOK Goldman Sachs analyst Kevin Strang initiated coverage of Stoke Therapeutics with a Buy rating and $44 price target. The firm believes the company's lead asset, zorevunersen, could be the first disease-modifying therapy approved in Dravet syndrome. This should support premium rare disease pricing and driving $1.5B in peak sales, the analyst tells investors in a research note.

• SYF HSBC raised the firm's price target on Synchrony to $97 from $93 and keeps a Buy rating on the shares ahead of the Q2 report. The firm says Synchrony remains its preferred choice in consumer finance. The company offers "good credit" and "better growth" and a "compelling" valuation, the analyst tells investors in a research note.

• AXP JPMorgan upgraded American Express to Overweight from Neutral with a price target of $400, up from $328. The company trades at a slight premium to the group, but this is warranted given the defensive nature of its revenues, the analyst tells investors in a research note. The firm says American Express' high-income customer base is "relatively shielded" from the Middle East crisis. In a backdrop of renewed geopolitical risk and an uneven consumer, American Express offers investors exposure to the "most insulated cohort in consumer finance," contends JPMorgan.
• ALKS JPMorgan resumed coverage of Alkermes with a Neutral rating and $60 price target. The company is entering a new phase, establishing itself as a key player in the sleep space, the analyst tells investors in a research note. JPMorgan likes the Alkermes story but looks for a pullback to create a better entry point.
• LEGN JPMorgan resumed coverage of Legend Biotech with a Neutral rating and $35 price target. While Carvykti has had a "healthy launch," JPMorgan struggles to see what near-term event might help lift the competitive overhangs on the stock, the analyst tells investors in a research note.
• DNLI JPMorgan initiated coverage of Denali Therapeutics with an Overweight rating and $29 price target. The firm says Denali is executing on the build-out of its commercial presence following the approval of Avlayah for Hunter syndrome. The company is positioned for "multiple near-term proof-points" over the next 12-18 months that could unlock credit for its additional assets, the analyst tells investors in a research note.
• MRK JPMorgan analyst Chris Schott raised the firm's price target on Merck to $140 from $135 and keeps an Overweight rating on the shares. The firm updated the company's pipeline assumptions ahead of the Q2 report. JPMorgan anticipates "no major surprises" with Merck's results and sees the focus of the story remaining on the company's pipeline.

• NFLX KeyBanc analyst Justin Patterson lowered the firm's price target on Netflix to $92 from $115 and keeps an Overweight rating on the shares. Current valuation concerns resemble those of 2022, but expectations are that expanded content partnerships, live events, and broader product offerings will improve engagement, increase monetization, and support long-term growth, the analyst tells investors in a research note.

• CAT Oppenheimer raised the firm's price target on Caterpillar to $1,105 from $980 and keeps an Outperform rating on the shares ahead of the Q2 report. The firm expects the company to report another strong quarter amid "elevated expectations." Momentum in Caterpillar's backlog growth is expected to continue with the inclusion of recent project announcements and strong rental demand, the analyst tells investors in a research note.

• ABCB Piper Sandler downgraded Ameris Bancorp to Neutral from Overweight with a $96 price target. Ameris remains a high quality bank with strong long-term growth prospects, but after a significant stock rally and a more balanced valuation, expectations have been modestly lowered due to slower share repurchases and mortgage recovery, making the shares less compelling to buy at current levels, the analyst tells investors in a research note.
• AXON Piper Sandler raised the firm's price target on Axon to $724 from $674 and keeps an Overweight rating on the shares. Underlying data suggests a strong Q2, with Axon positioned for booking upside driven by both World Cup-related demand and longer-term international growth opportunities, including successful proof-of-concepts in major global markets, the analyst tells investors in a research note.

• KYMR RBC Capital analyst Brian Abrahams downgraded Kymera Therapeutics to Sector Perform from Outperform with a price target of $115, up from $106. While the firm believes STAT6 degrader '621 has shown biomarkers that strongly suggest it can be an "oral dupi" and believes the company could be an M&A target should year-end Phase IIb AD data provide additional de-risking, it views the reward/risk as more balanced after the stock's 164% run over the past year and at its current $12B market cap, the analyst tells investors.

• EOSE Stifel lowered the firm's price target on Eos Energy to $10 from $12 and keeps a Buy rating on the shares. Eos launched a $150M rights offering to fund its investment in Frontier Power USA and Hudson Bay is investing in Eos and FPUSA, notes the analyst, who estimates the total impact of the offerings to be about 89.1M additional shares and lowers the firm's price target to reflect the dilution.
• JBHT Stifel analyst J. Bruce Chan raised the firm's price target on J.B. Hunt to $261 from $225 and keeps a Hold rating on the shares. Truckload fundamentals have "moved meaningfully off the bottom" entering Q2 earnings, the analyst tells investors in a preview for the group.

• TENB TD Cowen raised the firm's price target on Tenable to $44 from $38 and keeps a Buy rating on the shares. The stock's recent multiple expansion reflects investor optimism for growth reacceleration in the second half of 2026, the analyst tells investors in a research note. TD believes Table One is gaining traction as enterprises adopt AI.
• QLYS TD Cowen raised the firm's price target on Qualys to $145 from $90 and keeps a Hold rating on the shares as part of a Q2 earnings preview. The firm says that despite the share rally over the last few weeks, it remains "wary" of the level of competitive rivalry in the vulnerability management space. It believes the emergence of new AI tools adds another layer of uncertainty about the potential size of the total addressable market.
• VRNS TD Cowen raised the firm's price target on Varonis to $50 from $40 and keeps a Buy rating on the shares as part of a Q2 earnings preview. TD believes the focus on takeover interest in Varonis could increase in the coming months should the Q2 print underscore that its software-as-a-service conversion headwinds have bottomed out.
• NET TD Cowen raised the firm's price target on Cloudflare to $300 from $265 and keeps a Buy rating on the shares ahead of the Q2 report. The firm expects the company to post "strong" revenue growth of 30% year-over-year. This will be driven by Cloudflare's growing developer customer base, larger deals, and pool-of-funds transactions, the analyst tells investors in a research note.

• BPOP Truist raised the firm's price target on Popular to $192 from $177 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for Regional Banks. The firm is updating its models to reflect higher expected interest rates and better credit quality, mitigated somewhat by higher stock prices that impact share repurchase assumptions, the analyst tells investors in a research note.
• FBP Truist raised the firm's price target on First BanCorp to $30 from $26 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for Regional Banks. The firm is updating its models to reflect higher expected interest rates and better credit quality, mitigated somewhat by higher stock prices that impact share repurchase assumptions, the analyst tells investors in a research note.
• OFG Truist raised the firm's price target on OFG Bancorp to $55 from $50 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for Regional Banks. The firm is updating its models to reflect higher expected interest rates and better credit quality, mitigated somewhat by higher stock prices that impact share repurchase assumptions, the analyst tells investors in a research note.

• HUM Wells Fargo analyst Stephen Baxter upgraded Humana to Overweight from Equal Weight with a price target of $502, up from $227. The firm expects "constructive" Q2 earnings reports from managed care companies. It believes the moderating Medicare Advantage cost trend "requires a thesis refresh" for Humana. The moderating cost trend has significantly decreased the company's earnings risk, the analyst tells investors in a research note. Wells says that with greater confidence in the 2026 baseline and indications that Humana will reduce benefits materially in 2027, the company's margins "should make meaningful progress next year."
• ATO Wells Fargo analyst Constantine Lednev initiated coverage of Atmos Energy with an Overweight rating and $200 price target. The firm says Atmos offers exposure to Texas infrastructure growth. While the stock reflects much of the HB4384 upwards rebase, the plan remains conservative on top decile rate base growth, the analyst tells investors in a research note. Wells views the stock's recent pullback as creating a "sound entry point."
• MDU Wells Fargo initiated coverage of MDU Resources with an Overweight rating and $25 price target. The MDU story has become more attractive in the 2026 backdrop while its fundamentals "continue to screen closer to premium valuation," the analyst tells investors in a research note. Wells believes the company's "clean" business mix, organic growth, datacenter deals, and room for return on equity improvement will support "high quality base plan."
• DIS Wells Fargo lowered the firm's price target on Disney to $125 from $146 and keeps an Overweight rating on the shares. The firm's believes Disney could unlock roughly 40% upside by returning to a producer-focused model rather than owning distribution, reducing earnings risk and allowing management to concentrate on its strongest assets, intellectual property and theme park experiences, the analyst tells investors in a research note.

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: AERO FBK

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for June
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for June
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for June
• 8:30 AM ET CPI core – Ex: Food & Energy Y/Y for June
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 11:00 AM ET                 Cleveland Fed CPI for June
• 4:00 PM ET                    Net Long Term TIC Flows for May
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEHR EQBK KMTS PXED

• China Q2 GDP, House Prices, Retail Sales and Industrial Output data

• 8:30 AM ET NY Empire Fed Manufacturing for July
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for June
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for June
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for June
• 8:30 AM ET PPI core – Ex: Food & Energy Y/Y for June
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: GSBC HOMB JBHT KARO UAL

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Survey for July
• 8:30 AM ET                   Retail Sales M/M for June
• 8:30 AM ET                   Retail Sales – Less Autos for June
• 10:00 AM ET                 Business Inventory M/M for May
• 10:00 AM ET                 Pending Home Sales M/M for June
• 10:00 AM ET NAHB Housing Market Index for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AA FNB INDB ISRG NFLX SFNC

• Bank America 27th Annual Washington D.C. Health Care Conference, 7/15-7/16, in DC

• 8:30 AM ET                   Building Permits M/M for June
• 8:30 AM ET                   Import Prices M/M for June
• 8:30 AM ET                   Export Prices M/M for June
• 9:15 AM ET                   Industrial Production M/M for June
• 9:15 AM ET                   Capacity utilization for June
• 10:00 AM ET                 University of Michigan Confidence, July-prelim
• 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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