Early Look

Wednesday, July 8, 2026

Global stock markets are tumbling, as oil surges and bond prices rise after U.S. President Trump said the ceasefire truce between the U.S. and Iran is over. Trump said his tentative ceasefire with Iran is over after Washington launched a fresh wave of strikes against the country and tightened sanctions, escalating tensions between the two nations. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday in response. The moves come 2 days after Iran targeted three commercial vessels transiting the Strait of Hormuz. While the geopolitical situation jumps into focus, investors also looked ahead to the release of the FOMC minutes and consumer credit data for further clues on the outlook for interest rates and consumer spending. Oil prices jump over 6% to 2-week highs while precious metal prices slide over 2% amid renewed fears of disruptions to Middle East oil supplies. U.S. Treasury yields edged lower as investors sought the safety of government bonds. The 10-year Treasury yield slipped 1 basis point to 4.55%, while the 2-year yield fell nearly 2 basis points to 4.18%. The 30-year Treasury yield (US30Y) eased marginally to 5.05%.

On Tuesday, main US indexes ended lower with the tech heavy Nasdaq down the most along with Industrials while energy led gainers. The U.S. dollar was up along with oil while Bitcoin and gold declined. Healthcare shares rose, as the S&P 500 Healthcare index (XLV) and Nasdaq Biotech (XBI) both registered record closing highs. Some investors remain worried about how well tech shares and the AI-driven rally may hold up as S&P 500 companies get set to report results for the second quarter. Earnings season unofficially begins next week. In Asian markets, The Nikkei Index tumbles -1,427 points (2.1%) to 66,819, the Shanghai Index fell -19 points to 3,970, and the Hang Seng Index rose 702 points to 24,199. In Europe, the German DAX is tumbling -560 points or 2.3% to 24,903, while the FTSE 100 is down -160 points of 1.5% to 10,503.

• The Dow Jones Industrial Average fell -130.76 points, or 0.25%, to 52,925.15
• The Nasdaq Composite slumped -302.47 points, or 1.16%, to 25,818.69
• The Russell 2000 Index declined -27.05 points, or 0.90% to 2,982.49

• 10:00 AM ET                Wholesale Inventory M/M for May
• 10:30 AM ET                Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 3:00 PM ET                   Consumer Credit for May

• Earnings After the Close: AZZ LEVI PSMT

• China PPI, CPI for June

• Coty (COTY) said it had agreed to return the Gucci Beauty license to Kering (PPRUY) for about $400 million, ending the agreement about a year early as the U.S. cosmetics group raises cash to cut debt and invest in core brands.
• Kura Sushi (KRUS) Q3 adj EPS $0.03 vs. est. loss (-$0.02); Q3 revs $85.92M vs. consensus $86.46M; Q3 adj Ebitda $6.6M vs. est. $6.42M;cuts FY26 revenue view to $330.5M-$331.5M from $333M-$335M (est. $334.13M); guides FY26 restaurant-level operating profit margins 18.5%; expects 16 new restaurants, maintaining an annual unit growth rate above 20%, with average net capital expenditures per unit of approximately $2.5M.
• RH (RH) was upgraded to Neutral from Sell at Goldman Sachs and raise tgt to $155 from $86 saying after several earnings misses driven by margin pressure, promotions, tariffs, backorders, and international expansion costs, RH could see stronger sales and margin improvement in 2027, though ongoing earnings volatility, declining membership, and inventory and discounting risks support a cautious outlook.
• Rivian (RIVN) 75M share Secondary priced at $15.50.

• Daimler Truck (DTRUY) reported an 8% increase in Q2 group vehicle sales, selling 86,707 vehicles during the quarter, up from 80,607 units a year earlier. The improvement was driven by its Trucks North America division, where vehicle sales rose 8% Y/Y to 41,687 units.
• ExxonMobil (XOM) changes in liquids prices to impact Q2 Upstream results by $3.5B- $3.9B vs Q1; said changes in gas prices to impact Q2 Upstream results by $-0.2B - $0.2B vs Q1; changes in margins to impact Q2 energy products earnings by $2B - $2.4B vs Q1.
• FuelCell Energy (FCEL) announced the launch of an underwritten public offering of $200M of shares of its common stock; priced 10.7M share Spot Secondary priced at $21.00.
• MasTec, Inc. (MTZ) entered into a definitive agreement to acquire Electrical Specialists, Inc., The Superior Group, a premier full-service electrical contractor focused on critical infrastructure; purchase price is approximately $1.65B, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175B in cash.

• Genworth Financial (GNW) President & CEO Thomas J. McInerney to take temporary leave of absence; Jerome Upton, Genworth CFO, named interim President & CEO.
• Saratoga Investment (SAR) Q1 EPS ($0.42) vs. est. $0.55; NII/share $0.47; adj. NII/share $0.47; total investment Income $30.8Mm; NAV $378.5Mm; NAV/share $23.23 vs. $24.42 prior quarter; AUM $1.13B; portfolio fair value $1.13B (81.7% first lien term loans); originations $79.2Mm (two new platforms.

• Amphastar Pharmaceuticals (AMPH) said one of its subsidiaries received a warning letter from the FDA regarding one of its facilities, citing violations of current good manufacturing practices.
• Vanda Pharmaceuticals (VNDA) announces FDA rare pediatric disease designation for investigational therapy for Charcot-Marie-tooth disease type 2s.

• Also helping US listed China stocks (BIDU, BABA), Reuters reported - Chinese authorities have held meetings ​with top tech firms over the past month about potentially restricting overseas access to China's most advanced AI models, including those yet to be released.
• Apple (AAPL) said its new multiyear agreement with Broadcom (AVGO) is expected to exceed $30B and will lead to the production of over 15B U.S.-made chips and support hundreds of American jobs.
• Penguin Solutions (PENG) Q3 adj EPS $0.84 vs est $0.54, adj EBIT $64.4Mm vs est $45.09Mm on revs $478.7Mm vs est $405.53Mm; guides FY adj sales +20-24% vs est +13.71% and adj EPS $2.55-2.65 vs est $2.23.
• Wolfspeed (WOLF) said it filed a patent infringement lawsuit against Navitas Semiconductor (NVTS), a gallium nitride semiconductor developer. The suit alleges that a broad range of Navitas products infringes on Wolfspeed patents, in accordance with several semiconductor and high-power electronic provisions of patent law.

Mid-Morning Look

Wednesday, July 08, 2026

Global stock markets tumbled overnight after President Trump said the ceasefire truce between the U.S. and Iran is over. Washington launched a fresh wave of strikes against the Tehran and tightened sanctions, escalating tensions between the two nations while Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday in response to the attacks. The move by the U.S. comes 2 days after Iran targeted three commercial vessels transiting the Strait of Hormuz. Cue a rise in oil prices on the news, rising over 6%, reigniting inflationary concerns and worries about rising interest rates seen as bad news for companies borrowing to spend on AI, prompting the follow thru selling in AI/hyperscalers/data centers/power stocks. Treasury yields rose on the higher oil prices, while energy stocks bounced. Despite the sharp selling overnight in tech (Nasdaq futures fell over -1.5%), Wall Street was once again quick to snap up beaten stocks, as the Nasdaq pared losses to -0.25% this morning. No major economic data today, no Fed speakers as markets await the Fed minutes at 2:00 pm from June, which was Chairman Warsh first meeting.  Ten of eleven S&P sectors are in the red early with energy the only gainer.

• Hospital operators: Barclays downgraded CYH to Underweight from Equal Weight and both HCA and UHS to Equal Weight following a strong three-year bull run driven by ACA membership growth, Medicaid state-directed payments, and widening revenue-cost spreads, the fundamental and regulatory backdrop for acute hospitals is turning more negative and the firm can no longer recommend the group on an unqualified basis.
• In Transports: ODFL was upgraded to Overweight at Wells Fargo (tgt to $250 from $235) as believes the company is well positioned vs. the market's concern about over-earning on fuel and should benefit from increasing service failures across the less-than-truckload landscape as volume shifts back from truckload. Old Dominion should also beat Q2 results, and Wells sees upside in Q3 and 2027. Stephens resumes coverage on U.S. railroad operators, with UNP, CSX at Overweight and NSC Equal Weight saying rising truckload rates could drive more Freight to Rail as shippers seek lower-cost transport options. Adds that Union Pacific and Norfolk Southern merger review is moving forward, but approval is unlikely before the second half of 2027.

• BABA +11%; after company update with analysts pointed to cloud revs growing by 45% up from 38% in March q with low teens EBITDA better than March q’s 9% while domestic e-comm EBITA better than feared as food delivery subsidy war largely reduced.
• BZH +14%; after Bloomberg reported DFH is now offering $32 a share in an all-cash deal for BZH, boosting its Beazer bid to $875M.
• OXY +3%; helped by spike in oil prices boosting the energy complex; also, was upgraded to Outperform from In Line at Evercore and raise tgt to $65.
• PENG +18%; reported strong Q3 results well ahead of elevated expectations, with revenue of $478.7M, up 48% Y/y (consensus $407.5M), driven by Integrated Memory revenue of $275.1M, up 111% Y/y (consensus $222.1M, up 71% Y/y), and non-GAAP EPS of $0.84 (consensus $0.54).

• BBWI -5%; was downgraded to Sell from Neutral at Goldman Sachs saying the company is in an investment year, with focus on the core business and finding new avenues for growth, but sentiment is trending below historical levels.
• FCEL -15%; announced the launch of an underwritten public offering of $200M of shares of its common stock; priced 10.7M share Spot Secondary priced at $21.00.
• KRUS -3%; shares fell after Q3 revs $85.92M vs. consensus $86.46M; Q3 adj Ebitda $6.6M vs. est. $6.42M; and cuts FY26 revenue view to $330.5M-$331.5M from $333M-$335M.
• NVTS -5%; after WOLF filed a patent infringement lawsuit alleging multiple Navitas GaN and SiC power semiconductor products infringe its patents & saying it intends to protect decades of R&D and intellectual property.
• OLLI -4%; downgraded to Neutral from Overweight at JP Morgan following recent fieldwork and access, as sees a Q226 same-store-sales miss (lowering to negative low-single-digits vs positive low-single digit guide) and 2H26 same-store-sales cut (lowering to Flat vs +2% implied guide).
• ORCL -1%; below $140 and now down 20 of the last 25 days for almost -50% (June highs $250.25).
• RIVN -3%; as 75M share Secondary priced at $15.50.

Closing Recap

Tuesday, July 07, 2026

U.S. stocks end the day lower, with the Dow Jones Industrial Average pulling back from record levels as investors again rotated out of names tied to artificial intelligence while oil prices advanced along with Treasury yields. Most of today’s weakness was in technology, pressuring markets (especially semis), as markets faded this afternoon on geopolitical headlines with Iran. While the AI/tech/semi/data center/power trade was crushed early today, after tumbling late last week off all-time highs for many names, Wall Street investors rotated out of those sectors and into just about everything else this morning, with more than 2% gains early for Healthcare (XLV), Utilities (XLU), Consumer Staples (XLP) and Energy (XLE), before paring gains. No Fed speakers today but attention will be on the FOMC minutes out tomorrow given the quickly changing expectations around the Fed’s path going forward. In a week relatively light on economic indicators, markets await Fed minutes tomorrow. Earnigns also is just around the corner with a few names this week but picks up next week with banks.

• The U.S. trade deficit widens 42.2% in May, to $77.6 billion (highest level in 14 months) from April's revised $54.6 billion. Imports increase 3.3% to $395.3 billion; exports drop 3.2% to $317.7 billion and Goods trade deficit rises 28.4% to $106.5 billion, highest level since March 2025.

• August gold settles -$10.10/oz, or -0.24%, at $4,157.40 while September silver prices fell -$1.00 or 1.6% to settle at $61.33 an ounce. Precious metal futures extended losses late day after the spike in oil prices hit the market.
• U.S. Treasury yields advanced as investors monitored geopolitical tensions after attacks in and around the Strait of Hormuz drove oil prices higher, while bracing for a heavy slate of auctions expected to gauge appetite for U.S. government debt. Late day, prices hit their highest levels as the 10-yr rose over 5 bps to 4.53%, fresh 4-week highs and the 30-yr +5bps to 5.04%.

• Travel & Lodging: shares of airlines AAL, DAL, UAL, JBLU, LUV declined along with cruise lines CCL, RCL, NCLH, VIK after oil prices rose after reports of attacks on vessels near the Strait of Hormuz revived fears of disruptions to shipping. Fuel costs for U.S. airlines jumped 85% in May to nearly $6.7 billion as the Middle East conflict drove ‌up prices

• In Solar: FSLR was upgraded to Buy from Hold at Deutsche Bank with a $272 price target as remains one of the fundamentally strong business for investors looking for a US based panel production company along with a strong balance sheet (net cash of $2.1B as of Q2).
• In Utilities: The EIA said it expects U.S. electricity demand to reach new record highs in 2026 and 2027, driven by AI data centers, crypto operations, and electrification. Commercial electricity use is projected to exceed residential demand for the first time.

• Mortgage Finance: Barclays downgraded PFSI to Equal Weight from Overweight (tgt to $93 from $107), citing a lower ROE outlook. The firm lowered its origination estimates and trimmed EPS estimates for the originators to reflect an elevated 30-year fixed-rate mortgage and a softer spring selling season. Continue to favor FAF, RKT, and UWMC
• Crypto sector: BLSH reports June total trading volume $50.9B as metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. GEMI launched stock trading with 0% commissions for customers in the U.S., the company said Tuesday, putting the crypto platform in competition with the likes of HOOD and COIN.
• In Banks: TFC was downgraded from Buy to Neutral at UBS saying while shares have lagged peers this year, the recently announced CEO change and the prospect of rate hikes in the forward curve Cloud near-term visibility on the leadership roster, talent retention, near-term EPS power, and recently introduced medium-term targets. UBS also assumed coverage with Buy ratings on FLG, ONB, VLY in Midcap banks and Neutral ratings on WTFC, SSB while saying BPOP, FLG are top picks.
• In Exchanges: CBOE said total options activity reached a quarterly average daily volume of 21.9M contracts and a monthly ADV of 23M, including a June 5 single-day record of 33.4M contracts. Multi-listed and index options average daily volume rose 41% and 37%, respectively, from a year earlier. Proprietary index options posted records across measures, including an overall quarterly ADV of 6.2M
• Financial Services: EFX announces definitive agreement to acquire Círculo De Crédito in Mexico for a purchase price of $825M as the deal expected to be accretive to Equifax adj EPS in first full year.
• FinTech: FISV shares rise after the WSJ reported big banks have held talks about a potential deal to acquire a network owned by the financial technology company that could allow the lenders to bypass federal debit-card fee caps https://tinyurl.com/55y2jjp8  

• COMP said its investigational psilocybin treatment had lasting benefits on patients with severe depression out to six months; had previously reported that 39% of patients who took two high doses in a Phase 3 trial achieved what Compass called a “clinically meaningful reduction” on a depression rating scale after six weeks.
• CRNX agreed to be acquired by VRTX for $85 per share in $10B deal. Vertex plans to finance the deal using cash on hand and debt, supported by $4.5B in committed Bridge financing.
• LLY shares advanced to record intraday high of $1,249.75 before paring gains.
• MGTX said it secured up to $400M from Oberland Capital to advance three late-stage experimental gene therapies; funding includes up to $375M in non-dilutive financing tied to future sales royalties and up to $25M in equity investment
• RGEN was upgraded to Buy from Hold at Benchmark with a $185 price target, citing improved quarterly financial performance as well as increased valuations for comparable bioprocessing stocks.
• VERA said the FDA approved its kidney disease drug Trutakna, a self-administered injectable treatment approved for patients with immunoglobulin A nephropathy, also known as Berger's disease.

• RXST announced a non-exclusive license agreement for the development + commercialization of post-operative light adjustable PCIOL technologies saying it will receive a $60M upfront payment and potentially a additional $140M in payments; also guides Q2 revs $32M-$34M vs. est. $32M.
• Managed Care: Cantor with several price tgt changes in Q2 preview as CNC Raise PT to $75 from $60, CVS to $110 from $100, ELV to $450 from $400, HUM to $300 from $264) & HCA lowered to $525 from $588, as well as estimates for ACHC. Cantor prefers exposure to payors over providers into Q226 earnings season as management calls, proprietary checks (enrollment, volume survey, labor), & investor conversations have driven this view. Cantor's payor picks are CNC .

• In Homebuilding: Zelman & Associates upgrades DHI to Outperform and NVR to Buy, while simultaneously downgrading CCS to Underperform and cutting MHO and MTH to Neutral in a sweeping homebuilder ratings reshuffle
• Industrial Distributors: DA Davidson said June checks provide a generally positive read for the industrial distributor group as volume growth ticks higher and pricing contribution holds steady vs May. The firm continues to favor shares of MSM (B, PT $150) and WCC (B, PT $440), while it sees some Tactical opportunity for GWW (N, PT $1,250) into Q226 earnings, while FAST (N, PT $46) continues to face elevated consensus margin expectations, presenting incremental risk.
• Aerospace: Wall Street initiated coverage of SPCX today after it was added to the Nasdaq 100 index last night as Nasdaq tweaked its rules to fast-track its inclusion because AI companies have become crucial to the broader market. Top rating and tgt went to Raymond James with a Strong Buy and $800 tgt, along Overweight/Buy ratings from Morgan Stanley ($300 tgt), Cantor ($246 tgt), Deutsche Bank ($255 tgt), JPM ($225 tgt), Macquarie ($250 tgt), Bank America ($235 tgt), Bernstein ($239 tgt), Needham ($200 tgt), Stifel ($190 tgt) and UBS ($210 tgt).

• NVDA shares fell after Reuters reported Chinese startup DeepSeek is developing its own AI chip, according to three people familiar with the matter, a push that could reduce its reliance on Nvidia and Huawei chips, which it has depended on to train and run its globally popular models. The chip is designed for inference rather than for training new models.
• Coming into today, memory stocks and semis in general have fallen notably from record highs after a massive 2-year run as WDC was -33% from all-time highs, SNDK -30% from ATH’s, STX -29% from ATH’s, MU -26% from ATH’s, INTC -18% from ATH’s and DELL -15% from ATH’s. MU shares fell as investors grew concerned that Samsung Electronics and SK Hynix's aggressive capital spending plans could eventually create a memory supply glut and pressure pricing.
• Samsung’s local peer SK Hynix has kicked off the process for a U.S. listing, looking to raise $28 billion in fresh capital when it lists American depositary receipts Friday.
• Hyperscalers/AI Data Centers: AMZN launched an eight-part U.S. investment-grade bond sale expected to price today, as the deal spans 2029 to 2066 maturities. WULF tgt raised to $33 from $28 at Needham arguing the company’s 20-year, 401 MW lease with Anthropic establishes sector-leading economics at $2.37M per IT MW annually—the highest top-line rate in its HPC mining coverage. META plans to release Muse which is its first in-house AI image generation model. Meta also plans to replace third-party image models with its own proprietary image technology.

• IT Services & Consulting: NET was upgraded to Outperform from Sector Perform at Scotia and raised its price target to $300 from $225, arguing the company’s AI and enterprise execution warrant owning the stock. The firm sees Cloudflare increasingly winning leading AI-native customers while recent CIO/CISO channel checks point to strengthening traction in SASE and edge compute.
• Software movers; the sector benefitted from a rotation out of semis and into the sector with shares of NOW, TEAM, HUBS, SNOW, WDAY, TWLO all outperform in tech; Bank America reinstated ADBE with Underperform and $190 PT as Ai lowers barriers to creation and pressures Adobe's moat and sees Adobe's Ai strategy as largely defensive, supporting retention but unlikely to drive meaningful ARR growth. MSFT, looking to reduce AI costs, is starting to replace OpenAI and Anthropic with its own models in software products like Excel and Outlook, Bloomberg reported.

Street Recommendations

Wednesday, July 8, 2026

• AFRM Barclays initiated coverage of Affirm with an Overweight rating and $97 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• FIS Barclays initiated coverage of FIS with an Equal Weight rating and $44 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• FISV Barclays analyst Nik Cremo initiated coverage of Fiserv with an Equal Weight rating and $58 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• GPN Barclays initiated coverage of Global Payments with an Equal Weight rating and $81 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• JKHY Barclays initiated coverage of Jack Henry with an Overweight rating and $170 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• MA Barclays initiated coverage of MasterCard with an Overweight rating and $640 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• NYAX Barclays initiated coverage of Nayax with an Equal Weight rating and $75 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• PYPL Barclays analyst Nik Cremo initiated coverage of PayPal with an Underweight rating and $42 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• MSTR Barclays initiated coverage of Strategy with an Overweight rating and $130 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• TOST Barclays initiated coverage of Toast with an Overweight rating and $35 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• V Barclays analyst Nik Cremo initiated coverage of Visa with an Overweight rating and $420 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• WU Barclays initiated coverage of Western Union with an Underweight rating and $7 price target. After a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters, the analyst tells investors while initiating coverage of the U.S. payments and fintech industry.
• HCA Barclays downgraded HCA Healthcare to Equal Weight from Overweight with a price target of $427, down from $496. Following a strong three-year bull run driven by ACA membership growth, Medicaid state-directed payments, and widening revenue-cost spreads, the fundamental and regulatory backdrop for acute hospitals is turning more negative and the firm "can no longer recommend the group on an unqualified basis," the analyst tells investors.
• UHS Barclays downgraded Universal Health to Equal Weight from Overweight with a price target of $179, down from $238. Following a strong three-year bull run driven by ACA membership growth, Medicaid state-directed payments, and widening revenue-cost spreads, the fundamental and regulatory backdrop for acute hospitals is turning more negative and the firm "can no longer recommend the group on an unqualified basis," the analyst tells investors.
• CYH Barclays downgraded Community Health to Underweight from Equal Weight with an unchanged price target of $3. Following a strong three-year bull run driven by ACA membership growth, Medicaid state-directed payments, and widening revenue-cost spreads, the fundamental and regulatory backdrop for acute hospitals is turning more negative and the firm "can no longer recommend the group on an unqualified basis," the analyst tells investors.

• TFC BofA analyst Ebrahim Poonawala downgraded Truist Financial to Neutral from Buy with a price target of $56, up from $54. The firm sees an increased risk that the announced CEO transition will lead to a reset of the near-term outlook, with the view that the external hire is an "implicit acknowledgement" that management's strategy is falling short, the analyst tells investors in a research note.
• UGP BofA analyst Leonardo Marcondes upgraded Ultrapar to Buy from Neutral with a price target of $7.40, up from $6.80. The firm cites a more attractive risk-reward profile for the upgrade.With two key overhangs having materially diminished, the Q2 results should serve as a major catalyst for the stock, the analyst tells investors in a research note.

• HAE Citi analyst Joanne Wuensch is adding a "downside 90-day catalyst watch" on Haemonetics, raised the firm's price target on shares to $79 from $70 and keeps a Neutral rating. Shares are at year-to-date highs and while the firm believes the company may beat-and-raise, this "may not be enough given the shift in expectations," the analyst tells investors.
• ISRG Citi is adding an "upside 90-day catalyst watch" on Intuitive Surgical while keeping a Buy rating and $590 price target on shares. Shares have been pressured year-to-date by concerns regarding instrument reprocessing, extended-use instruments, potential ACA related procedure volume impacts, and valuation. However, the firm believes sentiment has become "too negative," which it sees positioning the stock for a solid follow-through on what it expects to be "a good if not better-than-expected quarter," the analyst tells investors.
• CRL Citi analyst Patrick Donnelly is adding an "upside 90-day catalyst watch" on Charles River while keeping a Buy rating and $265 price target on the shares. The firm believes higher volumes, improved capture rates, and pricing stabilization leave the Discovery and Safety Assessment segment well positioned to return to growth in the second half, the analyst tells investors.

• DLTR Goldman Sachs upgraded Dollar Tree to Neutral from Sell with a price target of $125, up from $105. Price and value perceptions have improved and strong cash reserves and potential tariff refunds provide tailwinds, though traffic remains weak, key customer metrics lag historical levels, and a competitive value-focused environment supports a cautious stance, the analyst tells investors in a research note.
• BBWI Goldman Sachs downgraded Bath & Body Works to Sell from Neutral with a price target of $19, down from $23. The company is in an investment year, with focus on the core business and finding new avenues for growth, but sentiment is trending below historical levels, and its expansion into third-party distribution for the first time could cannibalize the existing retail business, the analyst tells investors in a research note.

• ATLC Jefferies raised the firm's price target on Atlanticus to $115 from $100 and keeps a Buy rating on the shares. The firm expects a strong second quarter, driven by healthy credit demand and stable credit trends, with focus on strategic initiatives such as bank charter applications, new products, acquisitions, and the positive impact of high fuel prices on loan demand, the analyst tells investors in a research note.
• ENVA Jefferies analyst John Hecht raised the firm's price target on Enova to $280 from $260 and keeps a Buy rating on the shares. The firm expects a strong second quarter, driven by healthy credit demand and stable credit trends, with focus on strategic initiatives such as bank charter applications, new products, acquisitions, and the positive impact of high fuel prices on loan demand, the analyst tells investors in a research note.
• EZPW Jefferies raised the firm's price target on Ezcorp to $45 from $40 and keeps a Buy rating on the shares. The firm expects a strong second quarter, driven by healthy credit demand and stable credit trends, with focus on strategic initiatives such as bank charter applications, new products, acquisitions, and the positive impact of high fuel prices on loan demand, the analyst tells investors in a research note.

• OLLI JPMorgan analyst Matthew Boss downgraded Ollie's Bargain Outlet to Neutral from Overweight with a price target of $70, down from $152. The firm is lowering its Q2 EPS estimate to $1.04, below the Street at $1.15, based on a 1% same-store-sales decline, below the Street call for 1.4% growth and management's expectation for Q2 same-store-sales growth to look "similar" to Q1's 1.7% comp growth, citing recent fieldwork and access. The firm is also lowering its second half same-store sales forecast to flat versus the up 2% implied guidance, the analyst noted.

• THG Keefe Bruyette downgraded The Hanover to Market Perform from Outperform with a price target of $220, up from $211. Following recent strength, valuation appears fairly balanced between solid near-term earnings expectations and slowing pricing trends in small-account and middle-market commercial P&C insurance, the analyst tells investors in a research note.
• TRV Keefe Bruyette analyst Meyer Shields downgraded Travelers to Market Perform from Outperform with a price target of $356, up from $342. Following recent strength, valuation appears fairly balanced between solid near-term earnings expectations and slowing pricing trends in small-account and middle-market commercial P&C insurance, the analyst tells investors in a research note.

• VALE Morgan Stanley downgraded Vale to Equal Weight from Overweight with a price target of $16.50, down from $19.50, due to lower iron ore price forecasts as expected supply surpluses increase. Vale's base metal business remains on the right track, but the firm thinks this is mostly priced in the stock, the analyst tells investors.
• LMND Morgan Stanley downgraded Lemonade to Equal Weight from Overweight with an unchanged price target of $75. Lemonade rose about 50% over the last month and given the recent share price run-up, the firm believes the valuation fully reflects the company's growth and earnings trajectory and awaits the next catalyst, the analyst tells investors.
• RIO Morgan Stanley downgraded Rio Tinto to Underweight from Equal Weight with a price target of 6,810 GBp, down from 6,920 GBp, citing a "stretched" valuation and weakening aluminum and iron ore fundamentals.

• ATEC Stifel lowered the firm's price target on Alphatec to $13 from $16 and keeps a Buy rating on the shares. Concerns over a potential 2026 Surgical revenue guidance cut remain elevated due to difficult comparisons and slowing growth, though stable ASP trends and achievable volume growth support a positive intermediate- to long-term view, the analyst tells investors in a research note.
• CMPS Stifel analyst Paul Matteis raised the firm's price target on Compass Pathways to $21 from $14 and keeps a Buy rating on the shares. Blinded durability data for COMP360 supports its clinical advantages in treatment-resistant depression versus existing therapies, increasing confidence in a potential 2027 launch, while peak revenue expectations are raised to approximately $1.5B, the analyst tells investors in a research note.
• LGND Stifel analyst Annabel Samimy raised the firm's price target on Ligand to $332 from $255 and keeps a Buy rating on the shares. The firm's estimates now incorporate expanded commercial and pipeline opportunities, with expectations for stronger royalty growth and potential upside from the acquisition, the analyst tells investors in a research note.

• LNT TD Cowen analyst Shelby Tucker initiated coverage of Alliant Energy with a Hold rating and $83 price target. Data center demand supports a $13.4B 2026-2029 capex plan across gas, renewables, and storage, but dependence on parent debt and an "already robust valuation" keep the firm on the sidelines, the analyst tells investors.
• DTE TD Cowen initiated coverage of DTE Energy with a Hold rating and $166 price target. DTE offers visible, multi-year growth tied to large load demand and the Michigan regulatory backdrop "still seems constructive," but the firm's price target is "not enough to justify a Buy rating," the analyst tells investors.
• AMZN TD Cowen analyst John Blackledge lowered the firm's price target on Amazon.com to $340 from $350 and keeps a Buy rating on the shares. The firm forecasts Q2 revenue of $200.1B, 2% ahead of consensus, driven by accelerating AWS growth, and operating income about 10% above consensus, driven by AWS and expanding North American margins, the analyst tells investors in a preview.

• SBRA Truist upgraded Sabra Health Care to Buy from Hold with an unchanged $22 price target as part of a broader research note on REITs. The firm is positive on the company's high projected internal growth, led by SHOP exposure, amid rising demand and limited near-term supply, external growth supported by ample investment opportunities at accretive pricing vs. the company's blended cost of capital, and its strong balance sheet with good liquidity, the analyst tells investors in a research note.
• UDR Truist downgraded UDR to Hold from Buy with an unchanged $41 price target as part of a broader research note on REITs. The firm notes that while the stock has appreciated 12% year to date, Truist projects relatively slow earnings growth within its apartment coverage universe over the next three- and five-year periods, contributing to unattractive PEG ratios, the analyst tells investors in a research note.

• RMD Wells Fargo lowered the firm's price target on ResMed to $225 from $227 and keeps an Equal Weight rating on the shares. The company announced the sale of MatrixCare, an ASR with the proceeds, and guided to FY27 Noctrix sales and EPS dilution. The firm estimates (32c) total EPS dilution.
• MNST Wells Fargo analyst Chris Carey raised the firm's price target on Monster Beverage to $105 from $97 and keeps an Overweight rating on the shares. The firm notes that over the past decade, Monster pushed push 40-times and more for the next twelve months price to earnings in four distinct cycles and traded over two times the S&P 500 for much of this time period. Wells' current target of 42-times is 120% premium to the market, in-line with historical peak, justified by fundamental strength.
• ODFL Wells Fargo upgraded Old Dominion to Overweight from Equal Weight with a price target of $250, up from $235. The firm believes the company is well positioned vs. the market's concern about over-earning on fuel and should benefit from increasing service failures across the less-than-truckload landscape as volume shifts back from truckload. Old Dominion should also beat Q2 results, and Wells sees upside in Q3 and 2027. Furthermore, the firm sees the recent 10%-plus pullback as an opportunity.
• AFRM Wells Fargo raised the firm's price target on Affirm to $96 from $89 and keeps an Overweight rating on the shares. The firm cites quarterly Buy Now Pay Later tracker analyzing Sensor Tower data for global and U.S. downloads, as well as monthly active user trends for key BNPL providers. Affirm still has the most U.S. MAUs and is seeing the fastest growth, Wells notes.

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

• 9:45 AM ET S&P Global Services PMI, June final
• 10:00 AM ET ISM Non-Manufacturing PMI for June

• Earnings After the Close: EPAC KRUS PENG SAR

• 8:30 AM ET                   International Trade for May
• 8:30 AM ET                   Advance Goods Trade Balance for May
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to auction $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: EPAC KRUS PENG SAR

• 10:00 AM ET                Wholesale Inventory M/M for May
• 10:30 AM ET                Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET FOMC Minutes from the June meeting
• 3:00 PM ET                   Consumer Credit for May

• Earnings After the Close: AZZ LEVI PSMT

• China PPI, CPI for June

• 8:30 AM EST                Continuing Claims
• 10:00 AM ET                Existing Home Sales M/M for June
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: WDFC

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