Early Look

Wednesday, May 20, 2026

U.S. futures are bouncing across the board, led by a rally in tech (Nasdaq futures outperform) as optimism is high heading into this evenings earnings results from semiconductor chip giant Nvidia (NVDA) which is expected to help bounce the sector after pulling back from skyrocket record highs reached just late last week. US equities closed lower Tuesday as traders faded optimism around a near-term US/Iran agreement after reports suggested negotiations remain stuck. Higher Treasury yields amid rising inflation fears has also dented investor sentiment the last three days, though the 10-year yield slips 3 bps to 4.63% this morning while oil prices also ease. The S&P 500 (SPX) and the Nasdaq 100 (QQQ) both recorded its first three day decline since the end of March (3/26-3/30) as Treasury yields ended higher again, with the 10-yr finishing at 4.661% (up 70 bps since the start of the Iran war), the 2-year yield at 4.11% and the 30-yr yield at 5.177%. In Asian markets, The Nikkei Index tumbled-746 points to 59,804, the Shanghai Index slipped -7 points to 4,162, and the Hang Seng Index dropped -146 points to 25,651. In Europe, the German DAX is up 150 points to 24,550, while the FTSE 100 is up 13 points to 10,343. Solid earnings/guidance this morning from retailers, Target (TGT), Lowe’s (LOW), Hasbro (HAS) and VF Corp. (VFC) and last night from CAVA and RRGB in the restaurant sector. Its all about Nvidia today as options traders are pricing an implied move of 5.5% for shares in either direction following the results. Rising memory price costs are also a factor this morning as an impending strike at Samsung could add to concerns around supply, boosting shares of MU, SNDK early.

• The Dow Jones Industrial Average fell -322.24 points, or 0.65%, to 49,363.88
• The Nasdaq Composite dropped -220.02 points, or 0.84%, to 25,870.71
• The Russell 2000 Index declined -28.03 points, or 1.01% to 2,747.07

• 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: BORR ELF ENS INTU NDSN NVDA SBLK STEP URBN

• Cantor Oncology Day 5/20, in New York
• Deutsche Bank Global Auto industry Conference, 5/19-5/20, in New York
• JP Morgan Global Technology, Media, and Communications Conference, 5/18-5/20, in Boston, MA
• RBC Capital Global Healthcare Conference 5/19/5/20, in New York
• RBC Capital Canadian Industrials Conference 5/19-5/21, in Toronto
• Truist 27th Annual Truist Securities Financial Services Conference, 5/19-5/20 in New York

• Target Corp. (TGT) Q1 adj EPS $1.71 vs. consensus $1.46 and sales $25.44B vs. est. $24.64B; Q1 comp sales +5.6% topping consensus of +2.5%; raised its net sales to grow around 4% this fiscal year from a year ago, double its prior target of 2% growth; Q1 Digital sales surged 8.9%, well above the 1.9% growth last quarter. Target posted a rise in sales in all six of its core merchandising categories, compared with declines in five categories a year ago.
• Lowe’s (LOW) Q1 adj EPS $3.03 vs. consensus $2.97 and revs $23.08B vs. consensus $22.88B; Q1 comp store sales rose +0.6%; backs FY26 adjusted EPS view $12.25-$12.75 (est. $12.59), FY26 revenue view $92B-$94B (est. $93.07B) and backs FY26 comparable sales view flat to up 2%
• Hasbro (HAS) Q1 adj EPS $1.47 tops consensus $1.13 on revs $1.0B vs. est $964.4M and vs prelim guidance of $970M-$985M; said it recorded $8.3M in U.S. import tariff costs; Quarterly revenue in its Wizards of the Coast and Digital Gaming segment rose about 26%. It had risen 46% in the year-ago quarter.
• Red Robin Gourmet (RRGB) Q1 adj EPS $0.13 vs. est. $0.00; Q1 revs $378.3M above consensus $362.14M; reaffirms FY26 adjusted EBITDA view $70M-$73M and sees FY26 Comparable restaurant revenue growth, excluding deferred loyalty revenue 0.5%-1.5%.
• Toll Brothers (TOL) Q2 EPS $2.72 vs est $2.58, on home sales revenue $2.51B vs est $2.415B; Q2 adj home sales gross margin 26.2%; sees Q3 deliveries 2,600–2,700 units, sees FY26 deliveries 10,400–10,700 units.
• VF Corporation (VFC) returns to revenue growth for the full year in FY'26 with expanded margins and reduced debt; reinstates annual guidance effective FY'27: expects another year of growth and about 8% adjusted operating margin; says remain on track to achieve our medium-term targets.
• Zillow (ZG) asked a court to stop real estate Brokerage Compass (COMP) from working with a Chicago-area multiple listing service to block access to home listings after Zillow established new rules around private listings on its site

• Golar LNG (GLNG) Q1 operating revs $137.554M and adj EBITDA $105.57M vs. EST $90.2M; said is ramping up activities to order 4th FLNG within 2026 & to secure attractive long term FLNG projects
• ZTO Express (ZTO) Q1 adjusted EPS RM2.95, vs. consensus RMB3.07 and reports Q1 revenue RMB13.282B, vs. consensus RMB12.8B; Reiterates 2026 parcel volume expected to increase by 10% to 13%, representing parcel volume of 42.37B to 43.52B.

• Cigna (CI) downgraded to Hold from Buy at Deutsche Bank, while upgraded Humana (HUM) to Buy from Hold, Centene (CNC) to Buy from Hold and Elevance (ELV) to Buy from Hold in managed care.
• Pfizer (PFE) announced data from its Phase 2 study evaluating the safety, tolerability and immunogenicity of a four-dose series of its investigational 25-valent pneumococcal conjugate vaccine candidate PF-07872412 in infants compared to four doses of PREVNAR 20 at months 2, 4, 6 and 12-15.
• Relay Therapeutics (RLAY) announces underwritten public offering of $175M of common stock.

• Alibaba Group (BABA) unveiled a new AI chip, the Zhenwu M890, developed by Alibaba's semiconductor design subsidiary ‌T-Head, delivers three times the performance of its predecessor, Zhenwu 810E.
• Google (GOOG, GOOGL) debuted an updated version of its all-important Search product, rolling out improved AI capabilities that let you ask more detailed questions, create search-based AI agents, and better visualize topics via AI-generated interface tools.
• Keysight Technologies (KEYS) Q2 adj EPS $2.87 vs. consensus $2.32 and Q2 revs $1.71B vs. est. $1.70B; Q2 adj net income $497M vs. est. $401.3M; recorded $100M receivable in Q2 over IEEPA claim; guided Q3 revenue $1.73–$1.75B above consensus est. $1.65B.
• Roblox (RBLX) announces inaugural share repurchase program; authorizes share repurchase program up to $3B.
• Rubrik (RBRK) was upgraded to Outperform from Perform at Oppenheimer with an $85 price target, citing strong checks from value-added resellers and said they believe Rubrik is benefiting from a sharp recovery in backup and recovery/cyber-resilience sector demand.
• Samsung (SSNLF) union set to strike on Thursday, as approximately 48,000 workers are scheduled to begin an 18-day strike over bonus payments, posing a potential risk to South Korea's economy and global chip supply, although renewed negotiations have kept open the possibility of a last-minute agreement – Reuters.
• Viavi (VIAV) 11.11M share Spot Secondary priced at $45.0

Mid-Morning Look

Wednesday, May 20, 2026

U.S. stocks open higher after the S&P 500 and Nasdaq both fell for a 3^rd straight day on Tuesday, their longest losing streaks since the end of March though pared losses late day amid a bounce in tech stocks, as markets now await earnings results from the biggest company in the world, NVidia (NVDA) tonight after the bell in the semi sector. Stocks got an additional bounce as oil prices fell around 4%, putting stocks at their highs this morning which lifted gold prices off lows and Treasury yields slipped. Smallcaps bounce as the Russell 2000 outperforms. Overnight, Al Arabiya reported that President Trump said that Iran’s leaders are begging to make a deal, but that a new U.S. attack would happen in the coming days if one was not reached. Reuters is reporting that U.S. President Donald Trump again asserted the war with Iran will end "very quickly," ‌on Tuesday night. Peace talks between the U.S. and Iran are making limited progress as both countries have rejected each other’s latest proposals. Iran described the U.S. proposal as containing “excessive demands and unrealistic positions,” while the U.S. said Iran’s revised proposal was not a meaningful improvement and remained insufficient for a deal. With no major US economic data today and earnings in retail mostly better today, but guidance weighed on shares of Target (TGT) and Lowe’s (LOW), the attention remains firmly back on tech (XLK) and semis (SOX) after a small three day decline from record highs after a monstrous run in 2026 on Ai demand growth hopes.

• Software: software names (ADBE, CRM, HUBS, MNDY, TEAM, WDAY) resumed downward pressure amid rotation back into semis - software names (IGV) had enjoyed three days rally while semis pulled back from highs; RBRK was upgraded to Outperform (from Perform) at Oppenheimer as believes: (1) Rubrik is benefitting from a sharp recovery in backup & recovery/cyber-resilience sector demand; (2) its product leadership across various workloads continues to improve; and (3) given Rubrik protects mission-critical workloads, higher memory pricing doesn't seem to be impacting demand, at least for now.
• Memory chip makers MU, SNDK saw gains early on reports Samsung (SSNLF) union set to strike on Thursday, as approximately 48,000 workers are scheduled to begin an 18-day strike over bonus payments, posing a potential risk to South Korea's economy and global chip supply (and possibly raise memory costs). Media reports later noted Samsung Electronics and its South Korean labor union reached a preliminary pay deal on Wednesday, potentially averting a planned lengthy strike that threatened to disrupt the production of AI and other chips.

• CHRW +3%; was upgraded to Buy from Hold at Jefferies saying their visit to the company's headquarters materially reinforced the firm's conviction in the firms technology and productivity transformation.
• IBRX +9%; after the FDA accepted for review the supplemental Biologics license application to expand the label for Anktiva in battling invasive bladder cancer.
• IMVT +22%; announced preliminary results from IMVT-1402 Trial in D2T RA. At the completion of Period 1, 165 of the 170 patients were evaluable for ACR20 response. Of these patients, 86.7% (143/165) had failed two prior mechanisms of advanced therapies, and the mean time since diagnosis was 12.8 years.
• TJX +5%; reported Q1 top and bottom line above consensus at $1.19/$14.3B vs. consensus $1.00/$140.01B; and Q2 guidance was in-line with consensus while raises year outlook for FY27 comp store sales growth between 3%-4% (vs. prior 2%-3%) and EPS $5.08-$5.15, above prior view $4.93-$5.02.
• TOL +5%; Q2 results topped consensus as EPS $2.72 vs est $2.58, on home sales revenue $2.51B vs est $2.415B; Q2 adj home sales gross margin 26.2 raises full-year guidance across all key home building metrics as expects FY 2026 deliveries of 10,400-10,700 units, avg price $985,000-$1,000,000.

• LOW -3%; results beat for Q1 but only affirms guide; Q1 adj EPS $3.03 vs. consensus $2.97 and revs $23.08B vs. consensus $22.88B; Q1 comp store sales rose +0.6%; backs FY26 adjusted EPS view $12.25-$12.75 (est. $12.59), FY26 revenue view $92B-$94B (est. $93.07B) and backs FY26 comp sales view flat to up 2%
• TGT -6%; reported a big Q1 comparable sales and earnings beat (+5.6% Y/y vs consensus +2.4% and 1.71 vs consensus $1.47, respectively). Target raised FY'26 guidance (net sales by +2pp and EPS to the high-end of initial $7.50-$8.50 range), but the earnings range falls below current consensus expectations ($8.12).
• VFC -1%; Q4 revenue of $2.17B topped estimates of $2.13B helped by strong demand in Americas region, reports annual revenue growth of 4% excluding contributions from Dickies brand, which it sold in late 2025, marking the first revenue growth following three years of decline.
• VIAV -1%; shares dropped after announces pricing of 11.11M share offering at $45.00.
• WRBY -3%; adds to prior day weakness - Roth noted "The Google Io event from 5/19 included some modest new details around Warby's Smart glasses product, with the most important one being timing: available "this fall." While this was essentially in line with Roth view, it may have been disappointing for some Smart glasses bulls"

Closing Recap

Wednesday, May 20, 2026

U.S. stocks closed at the highs in a strong showing, as the Dow Jones Industrial Average finished around 50K, while the S&P 500 and Nasdaq recouped much of their losses the last 3 days amid a broad based rally led by Technology (XLK) Industrials (XLI) and Materials (XLB), three of the top S&P sectors of the year, and Consumer Discretionary (XLY +2.5% today), while Energy (XLE) was the big laggard, falling over -2.4% but remains the top gainer on the year (+33% YTD). Market enthusiasm ahead of Nvidia (NVDA) earnings tonight was clear, with chip stocks seeing big bounces after a rare recent slide, as the Philly semi SOX index rose around 4.5%. Oil prices tumbled over 5% and Treasury yields sunk after a 6-week run, also providing support for investors. Smallcaps were among the biggest beneficiaries today or the lower yields (IWM was up over 2.5%), along with housing stocks and mortgage related names after the 10-yr yield jumped 70 bps since the start of the Iran war. After tech digests the NVDA earnings results tonight, markets get the world largest retailer earnings tomorrow in Wal-Mart (WMT) and Industrial machinery giant Deere (DE) earnings as well.

It seemed nothing could dent todays excitement as minutes of the Federal Reserve's April meeting showed officials warned the Iran war could fuel inflation, boosting support for a possible rate hike, with most policymakers saying tightening may be needed if inflation remains above the 2% target. @Bluekurtic noted on X, “S&P 500 is now positive for the week and could mark its 8th straight weekly gain, only the 20th time since 1950. This kind of momentum has rarely been followed by large drawdowns. In all 19 prior cases, the next 3 month max drawdown stayed below 10%. Every single time.” Still just mid-week, but does NVDA keep the Bull rally alive?

President Donald Trump said that negotiations with Iran were in the final stages, while warning of further attacks unless Iran agrees to a deal, according to Reuters. "We're in the final stages of Iran. We'll see what happens. Either have a deal or we're going to do some things that are a little bit nasty, but hopefully that won't happen," Reuters quotes the President as having told reporters on Wednesday. "We're going to give this one shot. I'm in no hurry. Ideally I'd like to see few people killed, as opposed to a lot. We can do it either way," Trump is said to have added.

IPO fever really picking up with some of the most highly anticipated IPOs in history are potentially coming in the next few months, following the massive semi chip related Cerebras (CBRS) hot IPO last week that opened at $345 after pricing 30M shares at $185. The other day, SpaceX (SPCX) announced it picked Nasdaq as listing venue for its initial public offering (IPO) and its initial public offering could be as early as June 11, set to list shares on June 12. Then today, the WSJ reported ChatGPT-maker OpenAI has been working with Bankers to prepare to file for an initial public offering in the coming days or weeks. Bankers at firms including Goldman Sachs and Morgan Stanley have been helping the artificial-intelligence giant on a draft IPO prospectus it plans to file confidentially with regulators soon, possibly as early as Friday.

Even hawkish Fed headlines couldn’t dent optimism today: FOMC Minutes showed Federal Reserve officials' concerns about inflation being stoked by the Iran war intensified last month, with a growing number of them saying the Central bank should lay the groundwork for a possible rate hike, a sign that incoming Chair Kevin Warsh will inherit an increasingly hawkish crew of Central Bankers. Moreover, a majority of Fed policymakers at their April 28-29 meeting said some policy tightening may be needed were inflation to continue running persistently above the Central bank's 2% target. Investors are now pricing in a 48.6% chance the Federal Reserve could raise rates in December, and an 89.6% chance it maintains current rates at its next meeting in June, according to CME's FedWatch tool.

• After a massive surge in Treasury yields the last few weeks, raising inflation concerns, Yields today moved lower following a selloff in the previous session, as uncertainty persisted around the war with Iran and the path of inflation. The yield on the benchmark 10-year Treasury note was last down 10 basis points on the day at 4.56% after reaching its highest level since January 2025 on Tuesday, surging to 4.687%. The 30-year Treasury bond's yield was down roughly 6.6 bp at 5.114%. It briefly touched 5.197% this week, its highest since July 2007.The shorter term 2-yr yield fell 8.5bps to 4.037%, off higher of 4.122% yesterday.
• June gold settles +$24.10/oz, or +0.53%, at $4,535.30 an ounce, while July Silver settles +$1.02/oz, or +1.36%, at $76.18 an ounce as hopes for a resolution to the Iran conflict pressured oil markets, relieving some inflation fears and knocking U.S. Treasury yields from their recent highs.

• Apparel Retail: VFC Q4 revenue of $2.17B topped estimates of $2.13B helped by strong demand in Americas region, reports annual revenue growth of 4% excluding contributions from Dickies brand, which it sold in late 2025, marking the first revenue growth following three years of decline.
• Off Price Retail: TJX reported Q1 top and bottom line above consensus at $1.19/$14.3B vs. consensus $1.00/$140.01B; and Q2 guidance was in-line with consensus while raises year outlook for FY27 comp store sales growth between 3%-4% (vs. prior 2%-3%) and EPS $5.08-$5.15, above prior view $4.93-$5.02.
• Specialty Retail: WRBY weakness from Tuesday discussed by Roth Capital saying the Google Io event from 5/19 included some modest new details around Warby's Smart glasses product, with the most important one being timing: available "this fall." While this was essentially in line with Roth's expectations, it may have been disappointing for some Smart glasses bulls, as WRBY stock was -11% on the day (vs. R2K -1%).

• Homebuilders: TOL Q2 results topped consensus as EPS $2.72 vs est $2.58, on home sales revenue $2.51B vs est $2.415B; Q2 adj home sales gross margin 26.2 raises full-year guidance across all key home building metrics as expects FY 2026 deliveries of 10,400-10,700 units, avg price $985,000-$1,000,000.
• Mortgage industry: ZG asked a court to stop real estate brokerage COMP from working with a Chicago-area multiple listing service to block access to home listings after Zillow established new rules around private listings on its site

• Utility/Power stocks CEG, VST, CEG, NNE, NG, OKLO, SMR, TLN and many others saw notable gains after PJM (the large regional grid operator covering much of the Mid-Atlantic and Midwest) faces explosive electricity demand growth, mainly from data centers/AI loads, alongside generator retirements. This has caused tight capacity margins and record-high prices in recent auctions. Due to the needed energy, PJM yesterday merged the "Reliability Backstop" (emergency procurement of new capacity) with "Connect & Manage" (C&M) processes for new large loads. This streamlines timelines that were previously separate. Accelerates the centralized procurement to September 2026 (instead of waiting until 2027) to cover shortfalls from the upcoming Base Residual Auction. It still allows bilateral deals first between willing buyers (data centers) and sellers (generators).
• In Solar and Alternative Energy: TE shares rebounded around 30% a day after shares dropped after Fuzzy Panda Research disclosed a short position in the company. Two factors helping shares today as Hedge fund Situational Awareness LP, in a filing on Tuesday, reported a $43 million stake in the T1 Energy. The fund is run by former OpenAI researcher Leopold Aschenbrenner. Also, Roth Capital defended shares off the Fuzzy Panda report saying they believe TE is currently FEOC-compliant, fully transparent, and a model for what the Trump administration may want in a domestic manufacturer that is transferring advanced technology capacity to the US.

• FinTech: Fintech startup Mercury raised $200M at a $5.2B valuation, up 49% from its last round 14 months ago. The company has 300K+ customers, including one-third of early-stage U.S. startups, $650M in annualized revenue and four straight years of profitability.
• Banks: MS and GS saw outperformance in generally strong day for financials; both being helped by recent headlines that the two are among the top banks headlining underwriting in upcoming SpaceX and OpenAI IPOS.

• IBRX said the FDA accepted for review the supplemental Biologics license application to expand the label for Anktiva in battling invasive bladder cancer
• IMVT and ROIV shares both surged after preliminary results from IMVT-1402 Trial in D2T RA. At the completion of Period 1, 165 of the 170 patients were evaluable for ACR20 response. Of these patients, 86.7% (143/165) had failed two prior mechanisms of advanced therapies, and the mean time since diagnosis was 12.8 years.
• PFE announced data from its Phase 2 study evaluating the safety, tolerability and immunogenicity of a four-dose series of its investigational 25-valent pneumococcal conjugate vaccine candidate PF-07872412 in infants compared to four doses of PREVNAR 20 at months 2, 4, 6 and 12-15.
• PSNL announced that the Centers for Medicare & Medicaid Services' (CMS) Molecular Diagnostic Services Program (MolDX) has expanded coverage for the company's NeXT Personal minimal residual disease (MRD) test.
• RLAY announces underwritten public offering of $175M of common stock

• In Aerospace: GS is said to have the leading role on the cover of SpaceX’s (SPCX) IPO, with MS also listed as a lead bank. SpaceX expects to proceed with its acquisition of Cursor 30 days after the company begins trading publicly, and if the deal doesn’t go through, SpaceX would pay Cursor a $10 billion breakup fee in cash – Bloomberg. VOYG awarded a subcontract by RDW, the prime contractor for the DARPA Otter program, to supply its high-precision Acceleration Measurement System
• In Paper & Packaging: PKG was upgraded to Buy from Neutral at UBS as they expect the $50/ton June price hike to stick amid improving demand and tight supply. High utilization and prior capacity cuts (10% of industry) support pricing power, potentially adding ~$290M in annualized EBITDA (half in 2026).

• Components & Equipment: KEYS 2Q revenue/non-GAAP EPS of $1.7B/$2.87, 1% above/$0.55 above the Street and non-GAAP EBIT margin was ~33.3%, above both the Street at 27.4%; Q2 orders were $2,051MM (up 25% q/q and up 56% y/y and guided Q3 revs and EPS to ~$1.74B/$2.46 at the midpoint, 5% above/$0.30 above the Street.
• Software: ADBE, CRM, HUBS, MNDY, TEAM, WDAY resumed downward pressure early amid rotation back into semis - software names (IGV) had enjoyed three days rally while semis pulled back from highs; RBRK was upgraded to Outperform (from Perform) at Oppenheimer as believes: (1) Rubrik is benefitting from a sharp recovery in backup & recovery/cyber-resilience sector demand; (2) its product leadership across various workloads continues to improve; and (3) given Rubrik protects mission-critical workloads, higher memory pricing doesn't seem to be impacting demand, at least for now.
• Communications & Networking: VIAV shares dropped after announces pricing of 11.11M share offering at $45.00. RDDT shares tumbled  after GOOGL headlines updating its Ai Search features to make it easier for users to find information (Google Search is changing after 25 years, you may not see Blue links anymore). At Google I/o 2026, Google announced massive Ai-powered upgrades to Search, introducing Ai agents, conversational answers, custom mini apps and personalized Intelligence powered by Gemini 3.5 Flash.

• CPU chip makers ARM, INTC, NVDA all outperformed – Bank America noted today they update server CPU TAM to $125B from $110B, +31% CAGR, analyze oppty across: INTC, AMD, and ARM - said views agentic CPUs as additive to total TAM, not cannibalistic and CPUs now 6% of DC TAM vs 5% prior, still relatively modest.
• ADI Q2 revs 3% better than street and slightly street with GMs 73% vs street at 72.2%. July Q guided 8% q/q growth at midpoint vs and implied GMs 73%, 150bps above street. Strength driven by Autos, Industrials slightly missed
• ASML CEO said he had contact with Elon Musk about the Terafab project that aims to build chips for SpaceX, xAI and Tesla, Reuters reports following an interview on the sidelines of a tech event in Antwerp, Belgium.
• Memory chip makers MU, SNDK saw gains early on reports Samsung (SSNLF) union set to strike on Thursday, as approximately 48,000 workers are scheduled to begin an 18-day strike over bonus payments, posing a potential risk to South Korea's economy and global chip supply (and possibly raise memory costs). Media reports later noted Samsung Electronics and its South Korean labor union reached a preliminary pay deal on Wednesday, potentially averting a planned lengthy strike that threatened to disrupt the production of AI and other chips.

Street Recommendations

Wednesday, May 20, 2026

• RDNT Barclays analyst Andrew Mok lowered the firm's price target on RadNet to $65 from $70 and keeps an Overweight rating on the shares. The firm says RadNet is outperforming Lumexa on advanced volume growth and imaging segment pricing.
• RLAY Barclays raised the firm's price target on Relay Therapeutics to $27 from $21 and keeps an Overweight rating on the shares. The company's zovegalisib clinical update positioned the drug as "best-in-class" for patients with vascular anomalies, the analyst tells investors in a research note. The firm sees a potential $6B opportunity with less competition and path to accelerated regulatory approval.
• S Barclays raised the firm's price target on SentinelOne to $19 from $16 and keeps an Equal Weight rating on the shares ahead of the earnings report on May 28. The firm models Q1 net new annual recurring revenue of $42M, up 50% year-over-year, given easy compares and its "healthy" channel checks. Barclays sees potential upside to $44M.

• TNK BofA analyst Ken Hoexter raised the firm's price target on Teekay Tankers to $75 from $69 and keeps an Underperform rating on the shares. Given record tanker rates around the Iran war, the firm increased its FY26 and FY27 EPS estimates 88% and 58%, respectively, but reiterates an Underperform rating given its view of peak rates, an elevated orderbook, and the potential unwind of sanctions.
• NTAP BofA raised the firm's price target on NetApp to $125 from $118 and keeps a Neutral rating on the shares ahead of fiscal Q4 earnings due after market close on Thursday, May 28. Driven in part by prior price increases that should favorably impact Q4 and pull-forward of demand as customers tried to buy ahead of component price increases, the firm sees NetApp reporting "a strong quarter," the analyst tells investors in a preview.
• KEYS BofA analyst David Ridley-Lane raised the firm's price target on Keysight Technologies to $405 from $340 and keeps a Buy rating on the shares. Following a fiscal Q2 beat, the firm raised its FY26 and FY27 adjusted EPS estimates and applies a higher multiple to reflect AI momentum, above-average margins and industry leading market share.
• GOOGL BofA says Alphabet introduced a broad range of new AI products at I/O 2026, underscoring its "accelerating velocity of AI innovation." This year's product announcements demonstrated increasing leadership in shaping consumer AI experiences and the event, along with strong search traffic data, reinforced the firm's view that Alphabet remains well positioned to lead next phase of consumer AI adoption, the analyst tells investors. BofA maintains a Buy rating and $430 price target on Alphabet shares.

• OVV Citi upgraded Ovintiv to Buy from Neutral with a price target of $70, up from $62. Despite the recent rally in the exploration and production sector, Citi still sees a "disconnect" between the oil levered companies and medium-term crude prices. The firm tells investors to focus on shares that "offer good value and compelling narratives." It upgraded both California Resources and California Resources to reflect their exposure to higher oil prices in 2027.
• APA Citi analyst Scott Gruber raised the firm's price target on APA Corp. to $78 from $74 and keeps a Neutral rating on the shares. Despite the recent rally in the exploration and production sector, Citi still sees a "disconnect" between the oil levered companies and medium-term crude prices. The firm tells investors to focus on shares that "offer good value and compelling narratives." It upgraded both California Resources and California Resources to reflect their exposure to higher oil prices in 2027.
• DVN Citi raised the firm's price target on Devon Energy to $65 from $60 and keeps a Buy rating on the shares. Despite the recent rally in the exploration and production sector, Citi still sees a "disconnect" between the oil levered companies and medium-term crude prices. The firm tells investors to focus on shares that "offer good value and compelling narratives." It upgraded both California Resources and California Resources to reflect their exposure to higher oil prices in 2027. Devon remains Citi's top pick in the group.
• FANG Citi raised the firm's price target on Diamondback Energy to $245 from $225 and keeps a Buy rating on the shares. Despite the recent rally in the exploration and production sector, Citi still sees a "disconnect" between the oil levered companies and medium-term crude prices. The firm tells investors to focus on shares that "offer good value and compelling narratives." It upgraded both California Resources and California Resources to reflect their exposure to higher oil prices in 2027. Devon remains Citi's top pick in the group.

• ELV Deutsche Bank upgraded Elevance Health to Buy from Hold with a price target of $498, up from $363. The firm upgraded three managed care names citing a stabilizing managed care market. For Elevance, the analyst believes the company's 2026 estimates will prove achievable. The company holds a leading position in the managed care space and is taking steps to mitigate risks, the analyst tells investors in a research note.
• CNC Deutsche Bank upgraded Centene to Buy from Hold with a price target of $80, up from $53. The firm upgraded three managed care names citing a stabilizing managed care market. For Centene, the analyst expects the company's earnings power to recover beyond 2027.
• HUM Deutsche Bank upgraded Humana to Buy from Hold with a price target of $441, up from $235. The firm upgraded three managed care names citing a stabilizing managed care market. For Humana, the analyst expects the company's Medicare star ratings to recover. 2026 should be the earnings bottom for Humana and a rebasing year depending on stars results in October, the analyst tells investors in a research note.

• CCU Goldman Sachs lowered the firm's price target on CCU to $9.70 from $10.80 and keeps a Sell rating on the shares.
• ENPH Goldman Sachs raised the firm's price target on Enphase Energy to $57 from $51 and keeps a Buy rating on the shares.
• KEYS Goldman Sachs raised the firm's price target on Keysight Technologies to $426 from $384 and keeps a Buy rating on the shares. Keysight Technologies delivered a strong Q2 with results and guidance well above consensus, driven by 56% year-over-year order growth and a 1.2x book-to-bill ratio, with focus expected on order momentum, market outlook, and margin/tariff dynamics on the upcoming call, the analyst tells investors in a research note.

• SABS Jefferies initiated coverage of SAB Biotherapeutics with a Buy rating and $11 price target. The company's lead product SAB-142 is in a Phase 2b study for stage 3 type 1 diabetes, the analyst tells investors in a research note. The firm believes the data in the second half of 2027 could offer meaningful C-peptide preservation. It estimates $2.2B adjusted peak U.S. revenue in the indication and says SAB has $218M in cash with a runway through 2028.

• CELH JPMorgan believes the Celsius' current valuation provides an attractive entry point. The company's near-term headwinds, driven by its optimization efforts, should position the brand for a better medium to longer term, the analyst tells investors in a research note. JPMorgan believes Celsius' 20% market share of the "secularly growing" energy drinks category and improving margins offer an attractive entry point "for investors that can look through near-term noise." The firm keeps an Overweight rating on the shares.

• CNC Mizuho analyst Ann Hynes raised the firm's price target on Centene to $58 from $50 and keeps a Neutral rating on the shares. The firm views the Q1 reports in the manage care group as solid. It cites a reduced likelihood of negative medical loss ratio shifts through the end of 2026 for the target bump.
• ELV Mizuho raised the firm's price target on Elevance Health to $435 from $385 and keeps an Outperform rating on the shares. The firm views the Q1 reports in the manage care group as solid. It cites a reduced likelihood of negative medical loss ratio shifts through the end of 2026 for the target bump.
• HUM Mizuho raised the firm's price target on Humana to $335 from $290 and keeps an Outperform rating on the shares. The firm views the Q1 reports in the manage care group as solid. It cites a reduced likelihood of negative medical loss ratio shifts through the end of 2026 for the target bump.
• UNH Mizuho raised the firm's price target on UnitedHealth to $440 from $410 and keeps an Outperform rating on the shares. The firm views the Q1 reports in the manage care group as solid. It cites a reduced likelihood of negative medical loss ratio shifts through the end of 2026 for the target bump.

• ZTO Morgan Stanley raised the firm's price target on ZTO Express to $30.10 from $28.50 and keeps an Overweight rating on the shares. The firm, which notes that it is raising forecasts for the third time in six months post the company's Q1 results, contends that market share gains and better unit profitability should support ZTO's re-rating despite slower industry volume growth and rising fuel costs.

• MRVL Oppenheimer analyst Rick Schafer raised the firm's price target on Marvell to $200 from $170 and keeps an Outperform rating on the shares ahead of quarterly results. The firm sees upside to Q1 results and Q2 outlook led by AI networking and custom ASIC as CSPs continue to scale DC builds.
• TARA Oppenheimer raised the firm's price target on Protara Therapeutics to $28 from $25 and keeps an Outperform rating on the shares. TARA-002's opportunity in lymphatic malformations looks increasingly compelling after Tuesday's event that featured incremental data and regulatory clarity, the firm says. The combination of high early response rates, clean tolerability, emerging durability, limited dosing burden, and key opinion leader enthusiasm strengthen the case that TARA-002 could become a preferred therapy for macrocystic and macro-dominant mixed LMs-lesion types that demand attention yet which lack approved treatments and for which current surgical/off-label options are suboptimal on both efficacy/durability and complications/safety. Oppenheimer sees about $250M peak U.S. sales potential through ultra-orphan pricing, a concentrated specialist base, and minimal practice burden.

• DRVN Piper Sandler analyst Peter Keith raised the firm's price target on Driven Brands to $13 from $11 and keeps a Neutral rating on the shares following long-awaited Q4 results. Though it will likely take some time for the company to rebuild trust with investors following its restatements, it clearly articulated reasons for the accounting errors, the firm says, adding that management has taken steps to upgrade numerous people across the finance team while leveraging the company's Oracle ERP system, which was installed in late 2024 and helped in finding the accounting errors.
• HD Piper Sandler lowered the firm's price target on Home Depot to $378 from $421 and keeps an Overweight rating on the shares following a "meet and maintain print" from the company. Home Depot noted no change with consumer spending trends from 2025, with continued weakness in large discretionary remodel projects and healthy seasonal sales once weather cooperated, Piper adds. HD continues to take market share and execute well in a sluggish housing backdrop. Overall, the company's comparable sales should improve in the second half of the year as Home Depot laps abnormally low storm activity from 2025. The firm continues to believe there is notable pent-up demand in the home improvement space, that is unlikely to get unlocked until mortgage rates move lower.

• WHD Stifel analyst Stephen Gengaro raised the firm's price target on Cactus to $66 from $59 and keeps a Buy rating on the shares following "a strong start to 2026" and based on the firm's expectations for improving upstream activity over the next few years.

• BLDP Susquehanna raised the firm's price target on Ballard Power to $4.25 from $2.60 and keeps a Neutral rating on the shares. The firm said the company reported 1Q results, with a beat on EPS but revenue coming in below estimates. The margin story continues to improve, with positive gross margins for a third straight quarter on lower product costs and restructuring savings. Ballard also secured contract wins with Wrightbus and Solaris for its FCmove-SC engine, adding to the New Flyer agreement announced previously.
• KEYS Susquehanna raised the firm's price target on Keysight Technologies to $425 from $415 and keeps a Positive rating on the shares. The firm said its thesis is playing out as it has multiple demand drivers with wireline the key driver of earnings upside. The company is also benefitting from ADG tailwinds, tied to AI and defense/satellite applications.
• SMTC Susquehanna raised the firm's price target on Semtech to $170 from $110 and keeps a Positive rating on the shares. The firm updated its model ahead of Q1 results where they generally expect slightly better results and guidance driven primarily by transceiver demand and their underlying components. For Signal Integrity, the overall demand backdrop continues to expand as hyperscalers further increase their investments in Cloud and AI.

• ASML UBS raised the firm's price target on ASML to EUR 1,900 from EUR 1,600 and keeps a Buy rating on the shares. ASML has a "unique position" in the European semiconductor group, the analyst tells investors in a research note. The firm says sustained growth in lithography capacity along with ASML's memory and high North America exposure provide an attractive risk/reward at current share levels.

• HD Wells Fargo lowered the firm's price target on Home Depot to $360 from $375 and keeps an Overweight rating on the shares. The firm notes Q1 was mostly in line, "albeit April weather dampend the exit rate." Wells views the stock outperformance more about stabilizing early-May trends, hopes of second half of the year re-acceleration, good free cash flow and cheap price-to-earnings.
• WVE Wells Fargo raised the firm's price target on Wave Life Sciences to $14 from $13 and keeps an Overweight rating on the shares. The firm notes the WVE-007 update included 600mg SAD data, which looked better than low/mid doses on M/Z-AAT and seems protective. However, the efficacy is lower than BEAM-302. Wells is moving probability of success up to 33%.
• KEYS Wells Fargo raised the firm's price target on Keysight Technologies to $390 from $300 and keeps an Overweight rating on the shares following quarterly results. The firm notes Keysight's strong order growth reflects strong position as AI infra build-out and complexity beneficiary. Wells sees it as an extremely diverse play on digital transformation / modernization.
• AMCR Wells Fargo lowered the firm's price target on Amcor to $41 from $43 and keeps an Equal Weight rating on the shares. The firm traveled with the top Amcor leaders to visit investors. Key focus items were synergy capture, balance sheet deleveraging and ability to flex global scale to mitigate Middle East impacts. Though risk/reward tilts slightly favorable, low visibility on volumes keeps Wells on the sidelines.
• AMZN Wells Fargo lowered the firm's price target on Amazon.com to $312 from $313 and keeps an Overweight rating on the shares. The firm sees market confidence improving in companies monetizing compute investments directly through cloud business driven by combo of accelerating cloud revenues, stable-to-improving margins and rapidly rising backlogs.
• META Wells Fargo analyst Ken Gawrelski lowered the firm's price target on Meta Platforms to $765 from $770 and keeps an Overweight rating on the shares. The firm sees market confidence improving in companies monetizing compute investments directly through cloud business driven by combo of accelerating cloud revenues, stable-to-improving margins and rapidly rising backlogs.
• MRVL Wells Fargo raised the firm's price target on Marvell to $195 from $135 and keeps an Overweight rating on the shares. While Marvell's more than 30 times 2027 price-to-earnings certainly makes for a tougher set-up into Q1 2027 print, the firm sees AWS Trainium deploy, XPU-attach ramp, and continued Interconnect momentum as driving sufficient upside to support a bullish rating.

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

• 4:00 PM ET                    Net Long term-TIC Flows for March

• Earnings After the Close: AGYS FATN YALA

• Waste Expo 2026, 5/18 in Washington, DC

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Pending Home Sales M/M for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AUNA CAVA EARN EDUC EGHT JHX KEYS MOVE RRGB TOL XELB ZTO

• Deutsche Bank Global Auto industry Conference, 5/19-5/20, in New York
• JP Morgan Global Technology, Media, and Communications Conference, 5/18-5/20, in Boston, MA
• RBC Capital Global Healthcare Conference 5/19/5/20, in New York
• RBC Capital Canadian Industrials Conference 5/19-5/21, in Toronto
• Truist 27th Annual Truist Securities Financial Services Conference, 5/19-5/20 in New York

• 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: BORR ELF ENS INTU NDSN NVDA SBLK STEP URBN

• Cantor Oncology Day 5/20, in New York
• Deutsche Bank Global Auto industry Conference, 5/19-5/20, in New York
• JP Morgan Global Technology, Media, and Communications Conference, 5/18-5/20, in Boston, MA
• RBC Capital Global Healthcare Conference 5/19/5/20, in New York
• RBC Capital Canadian Industrials Conference 5/19-5/21, in Toronto
• Truist 27th Annual Truist Securities Financial Services Conference, 5/19-5/20 in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Housing Starts M/M for April
• 8:30 AM ET                   Building Permits M/M for April
• 8:30 AM ET                   Philly Fed Business Index for May
• 9:45 AM ET S&P Global Manufacturing PMI, May-flash
• 9:45 AM ET S&P Global Services PMI, May-flash
• 9:45 AM ET S&P Global Composite PMI, May-flash
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for May

• Earnings After the Close: BULL CAE CPRT DECK FLO RAMP ROST TTWO WDAY ZM

• RBC Capital Canadian Industrials Conference 5/19-5/21, in Toronto

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 10:00 AM ET                 Leading Index Change M/M for April
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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