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

Thursday, April 23, 2026

U.S. stocks holding in tight pattern, down slightly after big stock market gains on Wednesday as Wall Street digests a busy day of earnings, economic data, and the Middle East peace talks. The optimism of recent days is being tested, with Iran/U.S. peace talks in limbo, software concerns reemerging and the bond market flashing warning signals. UK government bonds lead a broader selloff in global fixed Income markets as traders boosted bets on interest rate hike hikes by the Bank of England (BOE) after stronger-than-expected PMI data. Oil prices rise a 4^th day as the US military said it intercepted two Iranian oil supertankers that tried to evade its blockade as Washington continues to stymie the Islamic Republic’s Shipping and Tehran threatens vessels in the Strait of Hormuz. The US said it was waiting for a response from Iran before the warring sides can restart peace talks, with the impasse and worsening tension over the strait causing energy prices to rise again. In stock news, the Philly semi index (SOX) looking to make it a 17^th straight day of gains to new record highs behind better earnings from TXN LRCX and continued follow upside momentum, while the software bounce in April comes to a halt after NOW and IBM results weigh heavily on the sector. Big gains in defensive S&P sectors as Consumer Staples, REITs and Utilities all up over 1% along with strength in Industrials, while tech fades. Bitcoin prices fail to take out $80K and fade while precious metals also broadly lower.

• S&P Global April flash composite PMI at 52.0 (vs 50.3 in March), U.S. S&P Global April flash services PMI at 51.3 (forecast 50.3) and U.S. S&P Global April flash manufacturing PMI at 54.0 (forecast 52.5). The improvement came mostly from the manufacturing sector and was driven by what S&P Global said was "stock building in the face of concerns over supply availability and price hikes."
• UK government bonds lead a broader selloff in global fixed Income markets as traders boosted bets on interest rate hike hikes by the Bank of England (BOE) after stronger-than-expected PMI data. Swaps now imply around 59 basis points of tightening by year end, up from 51 bps at the close on Wednesday. UK two year yields rise 5 bps to 4.39%. UK PMIs also showed Manufacturing PMIs rising to 53.6 (51.0 prior). However, there was divergence from the Euro-zone in that UK Services also rose to 52.0 (from 50.5).

• In Casinos & Gaming: LVS reported Q1 adj EPS and total revenue above expectations, driven by strong demand from both its Macau and Singapore businesses. Revenue from its Singapore operations rose 27.9% to $1.49B from a year earlier, while revenue from its Macau operations rose 23.7% to $2.11B, but boosted its capex view for the full year and Jefferies called out elevated promotional “intensity” in Macau’s premium segment. Bank America lower Q1 EBITDA estimate for FLUT to $105M, and DKNG Q1 EBITDA estimate to $130M, both below Street as think risk to Q1 numbers is understood, and now investor focus is moving to risk on full year numbers; also lower FY26 EBITDA estimates to the low end of guides: $700M for DraftKings and $850M for FanDuel.
• In Analog/auto semis: TXN posted strong Q1 results and guided Q2 higher driven by stronger demand within Industrials, which grew 20% q/q and 30% Y/y, and Data Center, which grew 25% q/q and 90% Y/y; Industrial demand broadened and accelerated through Q1, as it observed q/q and Y/y growth across all sectors and geos. STM delivers a modest 1Q top-line beat, Q1 revenue rises 23% beating estimates; raises datacenter outlook for 2026-2027, but margin pressure remains, with gross margins below historical; ON was upgraded to Buy from Neutral at B Riley and raise tgt to $115 from $64 as expects in-line to selectively better quarterly execution from the specialty materials companies despite persisting geopolitical risks.
• In Insurance: AFL files for offering of up to 51.64M shares of common stock by selling stockholder; GHSD posted Q1 operating EPS of $0.37 beating consensus of $0.20 driven by better-than-expected contingent commissions ($10.7M vs $4.5M) and new business commission ($7.5M vs $6.1M est.), while renewal Royalty fees ($43.6M vs $43.5M est.) were in line (total revs beat); WRB was upgraded from Underperform to Market Perform Wat BMO Capital after results saying thinks Mitsui has played out and now reached 15% stated ownership (and is unlikely to go materially higher in the near-term) and 2027 consensus EPS ests have fallen 6% since last October, driven by less top-line growth. The Information reported that major insurers including Berkshire Hathaway, CB, TRV are taking steps to cut Ai-related damages from corporate Insurance policies, and U.S. State regulators are giving them the green Light.

• CSX +4%; reported better-than-expected Q1 2026 results, largely driven by stronger cost performance and management expects EBIT margin improvement at the high end of its targeted 200–300 bps range, reflecting strong momentum on the cost side.
• HAS +6%; reports preliminary Q1 sales above estimates as guides preliminary Q1 revenue $970M-$985M, above consensus $908.83M as sees quarterly sales to rise between 3% and 5%; delays first-quarter earnings report due to a cybersecurity incident involving an unauthorized access to the toymaker's network.
• MOH +11%; Q1 EPS of $2.35 above consensus $1.89 which reflected modestly lower topline (1.6)%/(0.6)% vs consensus, offset by consolidated MLR of 91.1%, which was 90-bps better (lower) than consensus.
• OKLO +9%; was initiated at Buy and $96 tgt at HSBC Holdings noting the co is positioned to leverage the new DOE-led licensing process for its 75 MW Aurora powerhouses and fuel Foundry. OKLO also announced is teaming with NVDA on Nuclear fuel validation and Ai-driven R&D under the federal Genesis Mission
• TXN +16%; posted strong Q1 results and guided Q2 higher driven by stronger demand within Industrials, which grew 20% q/q and 30% Y/y, and Data Center, which grew 25% q/q and 90% Y/y; Industrial demand broadened and accelerated through Q1, as it observed q/q and Y/y growth across all sectors and geos.
• URI +19%; on results and raised guide as Q1 adj EPS $9.71 vs est $8.97 on revs $3.99B vs est $3.87B; guides FY revs $16.9-17.4B vs est $17.06B and Bank America noted Fleet productivity is the key (Q1 2.3% vs Q4 0.5%)
• WST +13%; shares jumped after raising FY26 adj EPS forecast to $8.40-$8.75 from its prior forecast of $7.85-$8.20 per share (ests $8.01) after posting Q1 EPS beat $2.13 vs. $1.68.

• ASGN -39%; shares tumbled after disappointing Q126 results and weak Q226 guidance as the company cited fewer high-margin projects and lengthening sales cycles; Q2 guidance was weaker than expected given mix issues; guides Q2 revs $970M-$1.0B vs est $1.02B and adj EPS $0.72-$0.90 vs est $1.28.
• CAR -39% as the largest short squeeze in some time unravels for a second day; CAR was downgraded to Underweight from Neutral at JP Morgan on unsustainable valuation not supported by fundamentals.
• FCX -11%; Q1 copper production was down 23.7% to 662 million recoverable pounds from a year earlier and the co cut forecast for its Grasberg mine in Indonesia to 800M pounds of copper and 700M ounces of gold this year, compared with its prior expectations of 1.1 billion pounds of copper cathode and around 800M ounces of gold.
• HON -2%; shares fell on mixed results as Q1 EPS $2.45 beat est. $2.32, but sales $9.1B miss ests $9.3B facing rising inflation and a challenging geopolitical environment during the recent quarter; maintains 2026 sales outlook at $38.8B-$39.8B but lowers 2026 operating cash flow outlook to $4.4B-$4.7B.
• IBM -9%; Q1 results/guidance largely in-line with positives RedHat (24% of software) accelerated to +10% versus Q425 +8% and Data/AI (21%) +8% organic growth versus +4% annual guide, while negatives were organic cc software growth decelerated from +7.5% Q425 to ~5% in Q126 and Automation (26%) organic growth decelerated sequentially from +5-6% Y/y to flattish.
• LMT -5%; shares came into the day down 7 straight and -10% during that stretch, extending losses today after mixed results as Q1 EPS $6.44 vs. est. $6.70; Q1 revs $18.02B below  est. $18.24B as high costs on fixed-price contracts and production slowdowns impacted.
• LULU -11%; the WSJ reported LULU is hiring longtime NKE executive Heidi O'Neill to be its next Chief Executive. Hedgeye’ s Brian McGough noted, “Heidi O’Neill is literally the WORST Choice to be the new LULU CEO. She’s going to turn this company into an even hotter mess than it already is. So much talent out there and they picked the person that did nothing but fail at Nike. The Board messed up big time here.”
• MEDP -25%; shares declined as weaker bookings/B2B and mgmt changes overshadowed  beats in both revs and EBITDA while guidance was reiterated: Q1 bookings -15% vs. consensus, Net Book-to-Bill 0.88x; revs $707M vs. $693M and EBITDA $149.4M vs. $140M while President Jesse Geiger to resign.
• NOW -16%; Wall Street analysts lowered price tgts across the board as Stifel noted investors were underwhelmed by the company's 2Q CC cRPO organic guide (~17% vs 20% 1Q), near-term Armis dilution and another skinny (~100bps) cRPO beat, while the company raised their CY26 AI target to $1.5B from $1B
• SMCI -8%; shares tumbled after Bluefin said checks indicate firm lost material contract with ORCL.
• TMO -9%; reported Q1 revenue$11.01B  grew 6%, beating analyst expectations of $10.85B and adj EPS for Q1 rose 6%, beating analyst expectations; notes they expect the conflict in the middle East to create some modest level of inflationary pressure though notes end markets progressing as expected in our original guidance.
• TSLA -4%; shares fell after the co 2026 estimate for capex will be “over $25B,” and will result in negative free cash flow for the rest of the year; also reported Q1 beat, with adj EPS of $0.41 above ests $0.33 and both revenue and margin were beats, with Auto gross margin unexpectedly strong at 19.2% vs est. 15.4%, while overall gross margin of 21.1% was a beat vs est. 17.5%; FCF of $1.4B was a solid beat vs consensus of negative -$1.6B.

Closing Recap

Thursday, April 23, 2026

U.S. stocks were volatile on Thursday, bouncing from overnight losses initially as the S&P 500 (SPX) made another intraday record high along with the Nasdaq, which was boosted by another surge in semiconductors, as technology remains the main driver of the stock market rally since the end of March. The Philly semiconductor index (SOX) made it a remarkable 17th straight day of gains to new record highs above 10,000, behind better earnings from TXN/LRCX/STM, continuing upside momentum, while the software bounce in April comes to a halt after NOW and IBM results weighed heavily on the sector. There were big gains in defensive sectors Consumer Staples, REITs and Utilities along with strength in Industrials, while tech faded. Bitcoin prices fail to take out $80K and fade while precious metals also broadly lower. Dow Transports fell over -4% at 21K, off the recent record highs of 24K as the 3-week short squeeze surge in CAR took the average to all-time highs, but as CAR tumbles to $215 after highs of $847.70 yesterday following the massive short squeeze the last few weeks, the index fell as well. Iran headlines made for a volatile afternoon.

Stocks faded early afternoon following reports Iran's Parliament Speaker Ghalibaf has resigned, according to Israel's N12 News, creating more concern about talks between the U.S. and Tehran, but were later dismissed as false by other Iranian outlets. The headlines were followed by an Axios report saying President Trump to greet Israeli and Lebanese ambassadors at the White House tonight, citing a Senior US Official. The headlines on Iran continue to move markets while earnings season starts to get busier. Then Iran’s Mehr news reported air defenses heard engaging hostile targets in parts of Tehran. Markets remained volatile following the ongoing headlines and lifted oil prices with WTI crude jumping over 5% above $98 per barrel, taking stocks lower and the VIX back above the 20 level (but ended below).

After a massive 18% move off lows for the Nasdaq in 4-weeks and the S&P, Nasdaq, Russell 2000, Dow Transports and Semi index all hitting record highs, market optimism is being tested with Iran/U.S. peace talks in limbo, software concerns reemerging after NOW results and the bond market flashing warning signals. Overnight, UK government bonds lead a broader selloff in global fixed Income markets as traders boosted bets on interest rate hike hikes by the Bank of England (BOE) after stronger-than-expected PMI data. Inflation fears back in the fray as oil prices advanced a 4th day as the US military said it intercepted two Iranian oil supertankers that tried to evade its blockade as Washington continues to stymie the Islamic Republic’s Shipping and Tehran threatens vessels in the Strait of Hormuz.

Weekly sentiment readings: 1) This week’s NAAIM Exposure Index rose to 94.15 from 79.49 last week (and up from 69.38 just 2 weeks ago) - the 10-29-25 Reading of 100.83 was the highest since 7-3-24 - 2025 trough from 4-16-25 of 35.16 - Last Quarter Average (Q1) was 82.00 (down from 92.26 in Q4). 2) The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was +11.6% vs -11.1 last week. Bulls rose to 46% from 31.7%, Neutrals fall to 19.5% from 25.5%, Bears fall to 34.4% from 42.8%.

• S&P Global April flash composite PMI at 52.0 (vs 50.3 in March), U.S. S&P Global April flash services PMI at 51.3 (forecast 50.3) and U.S. S&P Global April flash manufacturing PMI at 54.0 (forecast 52.5). The improvement came mostly from the manufacturing sector and was driven by what S&P Global said was "stock building in the face of concerns over supply availability and price hikes."
• UK government bonds lead a broader selloff in global fixed Income markets as traders boosted bets on interest rate hike hikes by the Bank of England (BOE) after stronger-than-expected PMI data. Swaps now imply around 59 basis points of tightening by year end, up from 51 bps at the close on Wednesday. UK two year yields rise 5 bps to 4.39%. UK PMIs also showed Manufacturing PMIs rising to 53.6 (51.0 prior). However, there was divergence from the Euro-zone in that UK Services also rose to 52.0 (from 50.5).

• In Apparel Retail: the WSJ reported LULU is hiring longtime NKE executive Heidi O'Neill to be its next Chief Executive. Hedgeye’ s Brian McGough noted, “Heidi O’Neill is literally the WORST Choice to be the new LULU CEO. She’s going to turn this company into an even hotter mess than it already is. So much talent out there and they picked the person that did nothing but fail at Nike. The Board messed up big time here.”
• In Toy Retail: HAS reports preliminary Q1 sales above estimates as guides preliminary Q1 revenue $970M-$985M, above consensus $908.83M as sees quarterly sales to rise between 3% and 5%; delays first-quarter earnings report due to a cybersecurity incident involving an unauthorized access to the toymaker's network.
• Food & Beverages: KDP reported Q1 EPS and sales that topped consensus helped by demand for its cold beverages; reaffirms 2026 targets (Q1 sales $3.98B beats $3.84B est.); Morgan Stanley lowered ests and tgts on BRBR, KHC, HSY, SJM, CPB, VITL and CAG to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil.

• In Car Rental/Delivery: CAR was downgraded to Underweight from Neutral at JP Morgan on unsustainable valuation not supported by fundamentals, even after materially raising price target to account for potentially highly favorable opportunistic capital market actions. JPMC views the recent extraordinary “short squeeze” driven rally as a potentially significant opportunity for management to create lasting value via opportunistic capital market transactions but are nevertheless downgrading the stock.
• In Airlines: LUV Q1 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%, as UBS noted Q1 RASM and Q2 guide was underwhelming relative to expectations; AAL lowered its 2026 profit forecast to $0.40 loss to $1.10 profit from prior view of $1.70-$2.70 profit citing sky-high jet fuel costs driven by the Iran war eat into profits.
• In Casinos & Gaming: LVS reported Q1 adj EPS and total revenue above expectations, driven by strong demand from both its Macau and Singapore businesses. Revenue from its Singapore operations rose 27.9% to $1.49B from a year earlier, while revenue from its Macau operations rose 23.7% to $2.11B, but boosted its capex view for the full year and Jefferies called out elevated promotional “intensity” in Macau’s premium segment. Bank America lower Q1 EBITDA estimate for FLUT to $105M, and DKNG Q1 EBITDA estimate to $130M, both below Street as think risk to Q1 numbers is understood, and now investor focus is moving to risk on full year numbers; also lower FY26 EBITDA estimates to the low end of guides: $700M for DraftKings and $850M for FanDuel.
• In Rental sector: URI shares rise on result and raised guide as Q1 adj EPS $9.71 vs est $8.97 on revs $3.99B vs est $3.87B; guides FY revs $16.9-17.4B vs est $17.06B and Bank America noted Fleet productivity is the key (Q1 2.3% vs Q4 0.5%)

• Oil Refiners: MUSA was upgraded from Underperform to Neutral at Bank America and raised tgt to $550 from $350 saying fuel prices are volatile again, and history shows that fuel price swings create outsized upside opportunity for fuel margins/cpg, EBITDA and EPS given MUSA's low-cost operating model.

• In Private Credit/PE: BX Q1 revs $3.62B topped the $3.4B estimate as highlights inflows and positive asset appreciation; says its all-weather model protects amid disruption and enables investment in opportunities; reported almost $70B of inflows in Q1 2026.
• Regional Banks: HBAN board approves $3B share repurchase authorization; ISTR was downgraded to Neutral at Piper after 1Q26 results were better than we expected with lower expenses and a reversal of provision driving the beat relative to them; that said, they expect a more normalized qtr in 2Q
• In Consumer Finance: Dow component AXP Q1 revs $18.91B tops $18.62B estimate while the CFO says not seeing signs of slowdown in card spending; reaffirms FY26 EPS view $17.30-$17.90, vs. consensus $17.56; Q1 provisions for credit losses $1.3B vs EST $799.9M; Q1 card member spending grew 9% FX-ADJ.

• REGN announces agreement with us government to help lower drug costs for us patients and will provide new gene therapy for free in US.
• 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.
• 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%.
• Cannabis sector (ACB, CGC, CRLBF, CRON, CURLF, GRWG, GTBIF, MSOS, TCNNF, TLRY) active after President Trump’s acting attorney general Todd Blanche on Thursday signed an order reclassifying State-licensed Medical marijuana as a less-dangerous drug, a major policy shift long sought by advocates who said Cannabis should never have been treated like heroin by the federal government. The order signed by Todd Blanche does not legalize marijuana for Medical or recreational use under U.S. law. But it does change the way it’s regulated, shifting licensed Medical marijuana from Schedule I to Schedule III.

• Medical Equipment: WST shares jumped after raising FY26 adj EPS forecast to $8.40-$8.75 from its prior forecast of $7.85-$8.20 per share (ests $8.01) after posting Q1 EPS beat $2.13 vs. $1.68.
• In CRO Sector: MEDP shares declined as weaker bookings/B2B and mgmt changes overshadowed  beats in both revs and EBITDA while guidance was reiterated: Q1 bookings -15% vs. consensus, Net Book-to-Bill 0.88x; revs $707M vs. $693M and EBITDA $149.4M vs. $140M while President Jesse Geiger to resign.
• In Managed Care: MOH Q1 EPS of $2.35 above consensus $1.89 which reflected modestly lower topline (1.6)%/(0.6)% vs consensus, offset by consolidated MLR of 91.1%, which was 90-bps better (lower) than consensus.

• In Defense sector: LMT shares came into the day down 7 straight and -10% during that stretch, extending losses today after mixed results as Q1 EPS $6.44 vs. est. $6.70; Q1 revs $18.02B below  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; OSIS receives $235M homeland Defense contract
• In Transports: railroad CSX reported better-than-expected Q1 2026 results, largely driven by stronger cost performance while Morgan Stanley downgraded to Underweight from EW with $30 tgt as estimates remain largely in-line with cons for 2026 but about 5-9% below consensus for 2027/28 saying savings and operational efficiency appear to be more than reflected in numbers. UNP Q1 revs rose 3.2% to $6.2B, in-line while EPS of $2.93 topped the $2.86 driven by gains from stronger pricing and leaner operations, which helped offset a rise in operating costs; Q1 operating expenses rose 2.8% to $3.76 billion. Trucking stocks got a boost (JBHT, ARCB, WERN) after KNX results and guidance lifted shares.
• In Aerospace: aero parts maker HXL reported Q1 adj. EPS of $0.59 (up 61% Y/Y) beating consensus estimates of $0.43 and mgmt reiterated their full year 2026 Adj. EPS outlook

• IT Services & Consulting: IBM shares fall as Q1 results/guidance largely in-line with positives RedHat (24% of software) accelerated to +10% versus Q425 +8% and Data/AI (21%) +8% organic growth versus +4% annual guide, while negatives were organic cc software growth decelerated from +7.5% Q425 to ~5% in Q126 and Automation (26%) organic growth decelerated sequentially from +5-6% Y/y to flattish.  ASGN shares tumbled after disappointing Q126 results and weak Q226 guidance as the company cited fewer high-margin projects and lengthening sales cycles; Q2 guidance was weaker than expected given mix issues; guides Q2 revs $970M-$1.0B vs est $1.02B and adj EPS $0.72-$0.90 vs est $1.28.
• In Media/Telecom/Cable: CMCSA rallied on Q1 EPS beat and revs $31.46B topped the $30.43B estimate, said Peacock added 2 million paid subscribers to reach 46 million overall, but losses in the segment widened to $432M; added 435,000 wireless customers, its best quarter ever and topped estimate of 361,600 additions, while lost 65,000 broadband customers in Q1, less than the estimated loss of 175,500 users. NFLX authorizes buyback of additional $25b shares; MSGS was downgraded to Neutral from Buy at Citigroup but raised tgt to $355 citing valuation for the downgrade following the stock's recent rally as no longer views risk/reward as attractive.
• META plans to cut about 10% of its workforce, or roughly 8,000 jobs, and eliminate 6,000 open roles as it tries to offset heavy Ai spending and run leaner, Bloomberg reports. The layoffs are set for May 2. The headlines raised more concerns about job cuts in the tech sector due to impact of AI. SNAP shares fell late day after report META’s Instagram is rolling out a new app that's a mix of Snapchat and BeReal.

• INTC shares active after Elon Musk said the EV maker plans to use Intel's next gen 14A manufacturing process to make chips at its Terafab project, an advanced AI chip complex Musk has ‌envisioned in Austin.
• SMCI shares tumbled after Bluefin said checks indicate firm lost material contract with ORCL. "Supermicro lost Oracle GB300 contract worth estimated at $1.1B+; also, B200 inventory concerns" "Our supply chain reads indicated that Supermicro has lost a significant contract with Oracle for Nvidia (NVDA) GB300 NVL72 racks.
• In Analog/auto semis: TXN posted strong Q1 results and guided Q2 higher driven by stronger demand within Industrials, which grew 20% q/q and 30% Y/y, and Data Center, which grew 25% q/q and 90% Y/y; Industrial demand broadened and accelerated through Q1, as it observed q/q and Y/y growth across all sectors and geos. STM delivers a modest 1Q top-line beat, Q1 revenue rises 23% beating estimates; raises datacenter outlook for 2026-2027, but margin pressure remains, with gross margins below historical; ON was upgraded to Buy from Neutral at B Riley and raise tgt to $115 from $64 as expects in-line to selectively better quarterly execution from the specialty materials companies despite persisting geopolitical risks.
• In Semi-equipment: ASML shares fall a second day 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; LRCX reported solid 2%/8% sales/pf-EPS beat and even better 9%/14% ahead for the JunQ guide as gross margins also upside by~100bps, now back to 50.5%, as mix and efficiency gains worked favorably despite worsening mix and CY26 WFE now $140B (from $135B).

Street Recommendations

Thursday, April 23, 2026

• ROG B. Riley raised the firm's price target on Rogers Corporation to $153 from $133 and keeps a Buy rating on the shares. The firm expects in-line to selectively better quarterly execution from the specialty materials companies despite persisting geopolitical risks, the analyst tells investors in a research note.

• BSX Barclays analyst Matt Miksic lowered the firm's price target on Boston Scientific to $96 from $100 and keeps an Overweight rating on the shares. The firm cites the company's reduced 2026 outlook for the target cut. However, with expectations reset, attractive end markets, and share buybacks coming, Boston Scientific will "significantly outperform" over the next year, the analyst tells investors in a research note.
• CSX Barclays raised the firm's price target on CSX to $47 from $40 and keeps an Overweight rating on the shares post the Q1 report. Under new management, the company is taking actions on cost resulting in a stronger margin outlook despite higher fuel prices, the analyst tells investors in a research note.
• ISRG Barclays lowered the firm's price target on Intuitive Surgical to $651 from $712 and keeps an Overweight rating on the shares post the Q1 report. The company reported a "strong fundamental beat" driven by procedures and system sales, the analyst
• LVS Barclays analyst Brandt Montour raised the firm's price target on Las Vegas Sands to $65 from $64 and keeps an Overweight rating on the shares. The company reported a "strong across-the-board beat," the analyst tells investors in a research note. The firm believes Las Vegas Sands' Macau EBITDA recovery is back on track.
• MANH Barclays raised the firm's price target on Manhattan Associates to $239 from $236 and keeps an Overweight rating on the shares post the Q1 report. The company posted its second strongest quarterly bookings on record, the analyst tells investors in a research note.
• MAS Barclays raised the firm's price target on Masco to $78 from $65 and keeps an Equal Weight rating on the shares. The company's Q1 earnings beat but with unchanged guidance, which warrants an :incrementally conservative" view of the second half of the year, the analyst tells investors in a research note.
• TSLA Barclays keeps an Equal Weight rating on Tesla with a $360 price target following the company's Q1 report. Tesla increased its capex guidance to $25B from $20B and questions remain on its Terafab and solar spend, the analyst tells investors in a research note. Barclays believes proof points are needed for the company's Robotaxi scaling. While full self driving penetration is increasing with approvals expected in China and Europe, Tesla's "outdated hardware" may be a headwind to take rates, the analyst tells investors in a research note. Tesla shares in premarket trading are down 3% to $374.56.

• CSX Benchmark raised the firm's price target on CSX to $48 from $46 and keeps a Buy rating on the shares. The firm sees efficiency gains, improving network fluidity, and a strong pipeline of industrial projects positioning CSX for strong margin growth, the analyst tells investors in a post-Q1 note.
• KNX Benchmark raised the firm's price target on Knight-Swift to $75 from $70 and keeps a Buy rating on the shares. The firm is raising its 2026 quarterly estimates and FY27 EPS view to reflect improving truckload fundamentals and increasingly constructive management commentary around pricing and capacity dynamics, the analyst tells investors.

• ASGN BMO Capital downgraded ASGN to Market Perform from Outperform with a $33 price target. The firm is reducing estimates following "disappointing" Q1 results and "weak" Q2 guidance. Though there could be some recovery over the year, it is "difficult to recommend this name as these results fuel the AI bear-case narrative" and the increased debt levels following the recent Quinnox acquisition "may deter deep value investors from establishing a position," the analyst argues.

• MUSA BofA analyst Lisa Lewandowski upgraded Murphy USA to Neutral from Underperform with a price target of $550, up from $350. Fuel prices are volatile again and history shows that fuel price swings create outsized upside opportunity for fuel margins and EPS given Murphy's low-cost operating model, says the analyst, who is raising the firm's 2026-28 EPS estimates by 26%, 18% and 11%, respectively, as BofA sees continued volatility, higher prices and increased traffic benefitting the company's fuel operations.
• MAS BofA raised the firm's price target on Masco to $67 from $61 and keeps an Underperform rating on the shares. The firm raised its 2026 and 2027 EPS forecasts by 4% and 5%, respectively, to reflect the Q1 beat, but reiterates an Underperform rating with Masco trading above its historical premium multiple to peers.
• RS BofA analyst Lawson Winder raised the firm's price target on Reliance to $355 from $340 and keeps a Neutral rating on the shares after the company reported Q1 EPS above its guidance and consensus and gave Q2 EPS guidance above consensus. Following the report, the firm raised its 2026 EPS view to $19.15 from $18.39, but says it sees near-term growth opportunities and favorable pricing dynamics largely priced in.
• NVR BofA lowered the firm's price target on NVR to $7,600 from $8,225 and keeps a Buy rating on the shares following a Q1 EPS misses on lower closings revenue and weaker margins. The firm lowers its 2026 EPS estimate by 8% to reflect the Q1 miss, a more conservative gross margin outlook and higher SG&A costs.

• DDOG Citi added an "upside 90-day catalyst watch" on Datadog while keeping a Buy rating on the shares with a $175 price target. Citi views the stock's risk/reward as "compelling" amid accelerating deployments of enterprise agentic AI systems. The firm views consensus estimates for Datadog as conservative.

• CSX Goldman Sachs raised the firm's price target on CSX to $41 from $37 and keeps a Neutral rating on the shares. CSX is positioned to deliver operating ratio improvement at the high end among rail peers in 2026, driven by easing one-off costs and productivity gains in labor and operations, the analyst tells investors in a research note.
• MAS Goldman Sachs raised the firm's price target on Masco to $90 from $79 and keeps a Buy rating on the shares. Masco is seen as well-positioned for relative outperformance following Q1 results, supported by early benefits from restructuring, cost actions, and growth initiatives, the analyst tells investors in a research note. Strength in plumbing volumes, margins, and new product momentum, along with organizational streamlining, suggests potential upside as execution progresses.
• NOW Goldman Sachs lowered the firm's price target on ServiceNow to $163 from $188 and keeps a Buy rating on the shares. ServiceNow is viewed as well positioned to capture AI-related spending due to its role as a "system of action" and its ongoing product expansion through both organic development and acquisitions, the analyst tells investors in a research note. Near-term catalysts include improving product maturity, increasing customer adoption of AI capabilities, and growing clarity around long-term earnings potential, the firm says.
• LRCX Goldman Sachs raised the firm's price target on Lam Research to $290 from $262 and keeps a Buy rating on the shares. The stock is expected to move modestly higher after an in-line quarter and above-Street guidance, with an improved CY26 wafer fab equipment outlook of about $140B driven by broad demand, the analyst tells investors in a research note. Despite near-term shipment limits from cleanroom constraints, Lam Research is viewed as well positioned for outperformance due to its strong exposure to deposition, etch, and NAND upgrade cycles, with potential for stronger growth into CY27, the firm says.

• TEL HSBC downgraded TE Connectivity to Hold from Buy with a $234 price target.

• NOW Jefferies analyst Samad Samana lowered the firm's price target on ServiceNow to $135 from $175 and keeps a Buy rating on the shares. After a "mixed" Q1, the firm thinks sentiment is "likely to stay muted" until the analyst day on May 4, even though the firm adds that growth and AI traction "remain impressive."
• LVS Jefferies raised the firm's price target on Las Vegas Sands to $63 from $61 and keeps a Hold rating on the shares. Strong performance at The Londoner and Four Seasons was offset by elevated customer reinvestment at MBS, which the firm views as "neutral to shares," the analyst tells investors in a post-Q1 note.

• TXN JPMorgan analyst Harlan Sur raised the firm's price target on Texas Instruments to $280 from $227 and keeps an Overweight rating on the shares. The company reported strong results, driven by continued strength in industrial recovery trends and data center momentum, the analyst tells investors in a research note. JPMorgan says Texas Instruments' gross margins were better than expected and that it expects improvement through the year to be driven by better factory utilization.
• NLY JPMorgan analyst Richard Shane raised the firm's price target on Annaly Capital to $24 from $23 and keeps an Overweight rating on the shares. The firm upped its book value estimate following the company's Q1 report.

• CCI KeyBanc analyst Brandon Nispel raised the firm's price target on Crown Castle to $105 from $98 and keeps an Overweight rating on the shares as Q1 beat expectations. Looking forward, the firm continues to see Crown Castle positioned favorably as a pure U.S. Tower Company in front of major spectrum auctions with limited/no risk and possible opportunity from Satellite. Further, cost-cutting and share repurchases should allow for strong AFFO/share growth, KeyBanc adds.
• IAC KeyBanc raised the firm's price target on IAC to $51 from $41 and keeps an Overweight rating on the shares. The firm says IAC continues executing on its business simplification efforts, and the sale of Care.com reinforces there should be a positive value for the stub. While KeyBanc has lowered its People forecast to reflect a more conservative ad market forecast, it still sees upside from these levels from shareholder returns.
• NOW KeyBanc lowered the firm's price target on ServiceNow to $85 from $115 and keeps an Underweight rating on the shares. The firm notes that some deals in the Middle East slipped out of the quarter, cRPo upside was skinnier than usual, and margin guidance is coming down thanks to acquisitions. All short-term things that KeyBanc believes are weighing on shares, while the positivity of the $500M increase in AI ACV to end the year gets, fairly or unfairly, dismissed.
• TXN KeyBanc raised the firm's price target on Texas Instruments to $325 from $240 and keeps an Overweight rating on the shares. The firm notes the company posted strong Q1 results and guided Q2 higher. Strong results were driven by stronger demand within Industrials, which grew 20% quarter-over-quarter and 30% year-over-year, and Data Center, which grew 25% quarter-over-quarter and 90% year-over-year. KeyBanc is encouraged by these results.

• BRBR Morgan Stanley analyst Megan Alexander Clapp lowered the firm's price target on BellRing Brands to $24 from $32 and keeps an Overweight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• KHC Morgan Stanley lowered the firm's price target on Kraft Heinz to $22 from $23 and keeps an Underweight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• SJM Morgan Stanley lowered the firm's price target on J.M. Smucker to $104 from $118 and keeps an Equal Weight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• CPB Morgan Stanley lowered the firm's price target on Campbell's to $23 from $25 and keeps an Equal Weight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• VITL Morgan Stanley lowered the firm's price target on Vital Farms to $15 from $24 and keeps an Equal Weight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• CAG Morgan Stanley analyst Megan Alexander Clapp lowered the firm's price target on Conagra Brands to $15 from $17 and keeps an Equal Weight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.
• HSY Morgan Stanley lowered the firm's price target on Hershey to $227 from $247 and keeps an Overweight rating on the shares. The firm is adjusting estimates across its packaged foods coverage to reflect recent trends, including a more challenging forward commodity outlook following the recent move higher in oil, the analyst tells investors.

• BSX Needham analyst Mike Matson lowered the firm's price target on Boston Scientific to $77 from $97 and keeps a Buy rating on the shares.
• NOW Needham lowered the firm's price target on ServiceNow to $115 from $155 and keeps a Buy rating on the shares.

• WSBC Piper Sandler raised the firm's price target on WesBanco to $42 from $40 and keeps an Overweight rating on the shares. The firm notes the company's core EPS beat expectations with a negative provision offsetting weaker PPNR. Results profiled unexpected net interest margin contraction and declines in loans that offset capital exceeding 10.5% CET1 and elevated profitability at 1.3% ROA. Piper views the hit to shares on the print as overblown.
• NOW Piper Sandler lowered the firm's price target on ServiceNow to $140 from $200 and keeps an Overweight rating on the shares. While on-premises deal pushouts weighed on Q1 results, management's raise to the Now Assist ACV target calling for $1.5B underscores the continued AI momentum seen across ServiceNow's platform and confidence in the opportunity ahead, the firm says. Despite some disappointment with slipped deals and a flat organic guide, Piper remains bullish on ServiceNow believing shares trading at five times EV / 2027 revenue following the after-hours move lower presents an attractive buying opportunity.
• DRVN Piper Sandler lowered the firm's price target on Driven Brands to $11 from $12 on lower estimates, while keeping a Neutral rating on the shares. The firm notes Driven Brands announced preliminary results for Q4 and Q1, which are ultimately still unaudited and thus, subject to change. Furthermore, the company is no longer able to meet the April 26 deadline for its 10K filing, so Driven now has until June 15 to submit its 10K to regain compliance, according to Nasdaq listed rules.
• CBSH Piper Sandler analyst Nathan Race raised the firm's price target on Commerce Bancshares to $58.50 from $56 and keeps a Neutral rating on the shares following quarterly results. While Commerce's current discounted valuation relative to shares' historical premium and underperformance over the last several quarters presents an attractive entry point, the firm remains Neutral given limited visibility of catalysts to drive upside to its estimates and materially expand Commerce's multiples.
• WFRD Piper Sandler raised the firm's price target on Weatherford to $118 from $115 and keeps an Overweight rating on the shares. The firm notes the company set a positive tone for the second half of 2026 and beyond driven by global Energy Security aspirations kicking off an investment cycle. Despite a meaningful downward revision to Q2 estimates due to a $30M-$50M first half of 2026 profit impact from the Middle East, management expects a snap back in the second half of the year activity assuming the conflict is resolved by the end of Q2. However, this creates a $10M/month earnings risk in the second half of 2026 if the conflict were to stretch into the back end of the year, Piper adds.

• ONON Raymond James upgraded On Holding to Strong Buy from Outperform with a $52 price target. The firm is upgrading the shares following recent weakness, and tells investors in a research note that growth should remain strong, FX should be less of a drag, and long-term potential is intact.
• ETSY Raymond James analyst Rick Patel raised the firm's price target on Etsy to $75 from $60 and keeps an Outperform rating on the shares. Etsy's GMS results for Q1 are expected to come in roughly in line with expectations, with signs of stabilizing demand and a potential inflection after several years of declines, the analyst tells investors in a research note. While some engagement metrics were mixed, improvements in traffic and app activity point to progress, and future upside is seen in increasing purchase frequency and better customer engagement through product and search enhancement, the firm says.
• TPR Raymond James raised the firm's price target on Tapestry to $165 from $155 and keeps an Outperform rating on the shares. Tapestry's Q3 results are expected to come in broadly in line with consensus on EPS, revenue, and margins, with upside potential driven by continued strength in Coach, the analyst tells investors in a research note. Channel checks point to improving traffic trends and reduced promotional activity, supporting ongoing premiumization and pricing power, while Coach AUR remains a key tailwind, the firm says, adding that Kate Spade is still in turnaround mode, and while it remains a drag, overall execution and tariff mitigation efforts are seen as helping offset industry cost pressures.

• ONB Stephens raised the firm's price target on Old National Bancorp to $29 from $27 and keeps an Overweight rating on the shares. Old National reported "solid" Q1 results, says the analyst, who expects "top-quartile ROTCE" in 2026 and 2027.

• H Susquehanna analyst Christopher Stathoulopoulos raised the firm's price target on Hyatt to $185 from $150 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging space as part of a Q1 preview. Susquehanna maintains a neutral view of the sector. Susquehanna is cautious on the lower-to-mid scale platforms, saying war-related inflationary pressures could put additional weight on more price sensitive travel groups.
• HLT Susquehanna raised the firm's price target on Hilton to $345 from $255 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging space as part of a Q1 preview. Susquehanna maintains a neutral view of the sector. Susquehanna is cautious on the lower-to-mid scale platforms, saying war-related inflationary pressures could put additional weight on more price sensitive travel groups.
• MAR Susquehanna analyst Christopher Stathoulopoulos raised the firm's price target on Marriott to $385 from $280 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging space as part of a Q1 preview. Susquehanna maintains a neutral view of the sector. Susquehanna is cautious on the lower-to-mid scale platforms, saying war-related inflationary pressures could put additional weight on more price sensitive travel groups.
• WH Susquehanna raised the firm's price target on Wyndham Hotels to $95 from $80 and keeps a Neutral rating on the shares. The firm adjusted targets in the lodging space as part of a Q1 preview. Susquehanna maintains a neutral view of the sector. Susquehanna is cautious on the lower-to-mid scale platforms, saying war-related inflationary pressures could put additional weight on more price sensitive travel groups.

• COF Truist analyst Brian Foran lowered the firm's price target on Capital One to $255 from $275 and keeps a Buy rating on the shares after it's Q1 earnings miss. The firm is also reducing its earnings estimates by about 2% to account for higher expenses, adding that its forward earnings multiple is now 9.5, down from 10-times, the analyst tells investors in a research note.
• ONB Truist raised the firm's price target on Old National Bancorp to $28 from $27 and keeps a Buy rating on the shares after its Q1 earnings beat. The firm cites the company's better loan growth and bigger buyback but also notes its slightly lower net interest margin, the analyst tells investors in a research note.
• SYF Truist analyst Brian Foran raised the firm's price target on Synchrony to $82 from $71 and keeps a Hold rating on the shares. The firm is positive on the company's better credit growth and bigger buyback, the analyst tells investors in a research note. Active accounts seem partly down to less big-ticket promo financing however, the firm added.
• CYH Truist analyst David MacDonald lowered the firm's price target on Community Health to $3 from $3.50 and keeps a Hold rating on the shares after its Q1 results. Adjusted EBITDA landed below consensus and volumes were modestly negative across the board, though the management continues to target low single-digit growth in 2026, the analyst tells investors in a research note.

• BSX Wells Fargo lowered the firm's price target on Boston Scientific to $75 from $94 and keeps an Overweight rating on the shares. The firm notes the company delivered Q1 organic growth of 9.4% and adjusted EPS of 80c, but cut FY26 organic to 6.5%-8.0% on weaker WATCHMAN/US EP/Urology. Revised guide appears more realistic, Wells adds.
• EQT Wells Fargo raised the firm's price target on EQT Corporation to $79 from $70 and keeps an Overweight rating on the shares. The firm notes EQT's call focused on macro factors building toward a tighter end-of-decade gas market, with inflecting power demand and a new wave of LNG capacity colliding. In the meantime, EQT's capital efficiency and marketing edge delivers buyback upside, Wells adds.
• CB Wells Fargo analyst Elyse Greenspan raised the firm's price target on Chubb to $333 from $321 and keeps an Equal Weight rating on the shares. The firm notes Chubb traded down as comments about property softening counterbalanced the earnings beat and reaffirming 2026 high-level guidance.
• TEL Wells Fargo raised the firm's price target on TE Connectivity to $226 from $214 and keeps an Equal Weight rating on the shares. The firm notes the company's Q2 adjusted EPS beat on tax, but margins slightly missed. TE guided to Q3 2026 EPS 2% above VA consensus. The near-term looks strong with all segments expected to rise quarter-over-quarter into Q3, and orders up 25% year-over-year.
• TNL Wells Fargo analyst Trey Bowers lowered the firm's price target on Travel + Leisure to $87 from $88 and keeps an Overweight rating on the shares. The firm notes Q1 results were slightly ahead and full-year guidance was reiterated with management citing conservatism given the Iran conflict. Share price reaction around softness in new owner sales and delinquencies looks overdone, Wells argues.
• MCO Wells Fargo raised the firm's price target on Moody's to $590 from $560 and keeps an Overweight rating on the shares. The firm notes the company delivered strong Q1 results, modestly above Street expectations, and guided Q2 EPS in-line with Street. Despite the beat, full year guidance was reiterated given a more cautious outlook on issuance due to the Iran conflict.

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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