Early Look

Tuesday, July 21, 2026

U.S. futures are looking strong, led by a surge in technology stocks and semiconductors following a surge in Asian markets following positive trade data. Taiwan export orders in June rose 59.4% from a year earlier to $95.26 billion, the topping analysts' expectations for a gain of 49.5% and marked a 17th straight monthly gain. Also in semis, Nikkei reported that TSM is set to raise prices for both advanced and mature chip production services by up to 10% in 2027. In another semi/AI story, NVDA disclosed a 9.3% passive stake in AI cloud infrastructure company NBIS as the stake includes Nvidia's earlier $2 billion investment announced in March, when it held an 8.3% stake. Oil prices edge higher, building on the late day moves after Yemen's Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies. Investor focus this week will be on earnings from companies including Alphabet, IBM, and Intel to gauge the impact of the war and whether the AI trade has more room to run, given sky-high profit expectations for the second quarter.

In trade news, U.S. President Trump is poised to unleash fresh tariffs on dozens of countries as soon as this week, the Financial Times reported, with his temporary 10% global tariff scheduled to expire Friday. Also, President Trump will impose an additional 50% tariff on certain goods from Canada including wine, hockey sticks and cement. In a statement, the White House said that the tariffs were a response to the country’s “discriminatory treatment of American products.” Some sectors and goods, including energy, potash and fish or critical Minerals, will be exempt from the new tariffs, the White House said. In Asian markets, The Nikkei Index reopens from holiday and rises 2,091 points or 3.26% to 66,232, the Shanghai Index jumps 68 points to 3,864, the Hang Seng Index slips -10 points to 25,132 and South Korea's volatile ended 4.5% higher. In Europe, the German DAX is up 116 points to 24,962, while the FTSE 100 rises 36 points to 10,560.

• The Dow Jones Industrial Average fell -307.16 points, or 0.59%, to 1,839.26
• The Nasdaq Composite slipped -12.17 points, or 0.05%, to 25,508.07
• The Russell 2000 Index declined -19.77 points, or 0.67% to 2,942.43

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR ALK BWB CB COF EQT EWBC FFBC HAFC HWC IBKR KREF MCB NLY NP NPB ORRF OZK PEGA RRC TFIN TRST WAL WBS WSBC

• D.R. Horton (DHI) Q3 EPS $3.20 vs. est. $2.99; Q3 revs $9.2B vs. est. $9.17B; guides FY revs $32.5B-$33B vs. est. $33.6B;
• General Motors (GM) Q2 adj EPS $3.57 vs. est. $3.20; Q2 revs $48B vs. est. $47B; raised its 2026 profit outlook by $500 million to a range of $14B-$16B; said its results will continue to be weighed down by tariff pressures and rising supply costs; Q2 net income dropped 31% y/y to $1.3B, mostly due to about $2.3B in costs related to restructuring its electric-vehicle factory; Q2 NA profit margin improved to 8.6% from 6.1% a year earlier.
• Hasbro (HAS) Q2 adj EPS $1.28 vs. est. $1.13; Q2 revs rose 16% y/y to $1.14B vs. est. $1.07B; Revenue in the Wizards of the Coast and Digital Gaming segment rose 27% in the quarter; now expects annual revenue to grow in the range of 5% to 7%, compared with its prior forecast of 3% to 5%; raises FY core profit to $1.45B-41.5B from prior view $1.4B-$1.45B.
• Kraft Heinz (KHC) strikes deal with Disney (DIS) to supply resorts and tap characters. Disney will serve Kraft Heinz products at its properties throughout North America, and Kraft Heinz will be able to use Disney’s characters on some goods in stores, the report said per Bloomberg News.
• Ross Stores (ROST) announced the grand opening of 47 new stores nationwide during June and July, including 35 Ross Dress for Less and 12 dd's DISCOUNTS locations across 15 states and territories.

• Gold and silver miners (AG, AEM, NEM, PAAS, HL) rally this morning as Spot silver rises around 5% to $59 an ounce as investors assess diplomatic efforts to ease the U.S.-Iran conflict, which could curb oil-driven inflation risks and shape the Fed's rate path.
• Crown Holdings (CCK) Q2 adj EPS $2.49 vs est $2.16 on sales $3.668B vs est $3.367B; Q2 global beverage can volumes increased 5%; guides FY adj EPS $8.30-8.50 (from prior $7.90-$8.30) and vs est $8.11 and adj FCF at least $900Mm; sees FY26 CapEx $550M.
• Steel Dynamics (STLD) Q2 EPS $3.69 vs. est. $3.64; Q2 sales $6.09B vs. est. $5.56B; Q2 net income $530.78M and operating income $700.5M; says remain confident market conditions are in place to support strong domestic steel, aluminum consumption through remainder of 2026, 2027.
• V2X Inc. (VVX) will replace Avanos Medical Inc. (AVNS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 27. American Industrial Partners is acquiring Avanos Medical in a deal expected to close soon, pending final closing conditions.
• Magnolia Oil & Gas (MGY) 46.3M share Spot Secondary priced at $23.75.

• BOK Financial (BOKF) Q2 EPS $2.92 vs est $2.57;on NII $351.8Mm vs est $353.21Mm, +$9.3Mm seq.; NIM 2.91% vs. 2.90% in Q126; fees & commissions rev $202.0Mm vs. $209.8Mm in Q126 (lower trading partially offset by record fiduciary/AM rev and higher Ib rev); operating expense $361.7Mm, +$7.5Mm seq.
• Principal Financial Group (PFG) reported assets under management of $808 billion as of June 30, 2026; Investment Management managed $601.9B; Principal Asset Management - International Pension managed $168.5B; Foreign currency translation, market performance, and other items lifted AUM by about 6.4% vs beginning-period levels.
• RBB Bancorp (RBB) Q2 EPS $0.59 vs est $0.53 on NII $30.1Mm vs est $30.3Mm, NIM 3.06%.
• ServisFirst (SFBS) Q2 EPS $1.57 vs est $1.57 on NII $155.637Mm vs est $156.66Mm, credit loss provision $11.412Mm, NIM 3.63%; Loans increased 9.4% YoY to $14.48B, including $533M of growth during the quarter
• Synchrony (SYF) Q2 EPS $2.59 vs. est. $2.13; Q2 net income fell 8% yr/yr to $885M; Q2 tangible book value per share $42.01; Q2 CET1 capital ratio 13.2%; Q2 Revenue of $3.72B (+1.9% Y/Y) misses by $10M; Q2 average active accounts were flat at 68.3 million; Q2 Net interest margin increased 30 basis points to 15.08%.
• Washington Trust (WASH) Q2 EPS $0.83 vs. est. $0.77, net income $16M and net interest income $41.8M; Q2 credit loss provisions $1.6M.
• Wintrust Financial (WTFC) Q2 EPS $3.30 vs. est. $3.14; Q2 revs $738.63M vs. est. $735.5M; Q2 Net Income $233.693M; Q2 net interest Income $597.366M; Q2 book value per common share $105.26; Q2 Total loans increased by $1.6B, or 12% y/y; total deposits increased by $2.2B or 15% y/y and total assets increased $2.5B.
• WR Berkley (WRB) Q2 Op EPS $1.27 vs. est. $1.08; rev $3.72B vs. est. $3.20B, +3.3% YoY; GWP $4.14B (record, +4.2% YoY) vs est $4.114B; NWP $3.43B (+2.4% YoY); net premiums earned $3.19B (+2.9% YoY); underwriting Income $317.5Mm (+21.8% YoY); combined ratio 90.0% vs. 91.6% in Q225; loss ratio 61.5%; expense ratio 28.5%; accident year combined ratio ex-cat losses 88.1%; Cat losses $62.4Mm.
• Zion BancShares (ZION) Q2 adj EPS $1.74 vs. est. $1.81; Q2 adj PPNR +5% to $332M; Q2 Organic customer-related noninterest income rose 11% y/y; Q2 net interest income (NII) +4% to $677M; says Q2’27 outlook NII moderately increasing vs Q2’26; Q2 CET capital ratio 11.8%; Q2 NIM 3.27% and net income $452M.

• Krystal Biotech Inc. (KRYS) will replace Taylor Morrison Home Corp. (TMHC) in the S&P MidCap 400, and Tutor Perini Corp. (TPC) will replace Krystal Biotech in the S&P SmallCap 600 effective prior to the opening of trading on Friday, July 24.

• Calix Inc. (CALX) shares fell after Q2 results beat but guides Q3 lower; Q2 adj. EPS $0.47 vs est $0.40; Q2 sales $293.329M vs est $289.950M; sees Q3 Adj EPS $0.37-$0.45 vs $0.46 Est and guides Q2 sales $301M-$307.0M vs $301.625M Estimate.
• Samsung Electronics (SSNLF) launched its first U.S. co-branded credit card with Barclays (BCS), deepening its push into the financial services space. The Samsung Galaxy Card, issued by Barclays and running on Visa's (V) network, will allow users to apply, manage accounts, track spending and redeem rewards entirely through Samsung Wallet. The card offers 5% cash back on Samsung purchases and additional rewards.
• Taiwan Semi (TSM) is set to raise prices for both advanced and mature chip production services by up to 10% in 2027, Nikkei Asia reported on Tuesday, citing multiple sources.

Mid-Morning Look

Tuesday, July 21, 2026

U.S. stock markets climb early, supported by tech/semi-chip stocks, as investors looked through the latest developments in the Iran war to focus on corporate earnings updates. Bitcoin and other crypto markets extend recent rally, rising around 2% to $66,600, the highest levels since early June. Oil prices edged higher following fresh attacks exchanged by the U.S. and Iran as well as threats of a naval blockade of Saudi Arabia by Yemen's Houthis. Brent crude oil prices surge above $91/barrel and U.S. gas prices are officially back above $4.00 per gallon. The dollar is also higher, rising to best levels vs safe haven Japanese yen since 1986 nearing 163. While semis rebound again (SOX +3.5% back above 12K), software names falter again behind negative analyst comments. Dow component MMM lifts the Index after the industrial giant posted better-than-expected earnings for the second quarter. General Motors also reported a beat on the top and bottom lines in auto sector. Treasury yields are edging higher with 10-year at 4.62% but still not weighing on stock market sentiment. No major data or Fed speakers today.

Nasdaq Comp outperformed behind a rally in semis and Ai plays such as data center and infrastructure following a surge in Asian markets following positive trade data. 1) Taiwan export orders in June rose 59.4% from a year earlier to $95.26B, the topping analysts' expectations for a gain of 49.5% and marked a 17th straight monthly gain. 2) Also in semis, Nikkei reported that TSM is set to raise prices for both advanced and mature chip production services by up to 10% in 2027. 3) In another semi/AI story, NVDA disclosed a 9.3% passive stake in Ai Cloud infrastructure company NBIS as the stake includes Nvidia's earlier $2B investment announced in March, when it held an 8.3% stake. 4) data center plays extend prior day gains after HUT and IREN order news. Weaker software sector weighs on tech though.

In trade news, U.S. President Trump is poised to unleash fresh tariffs on dozens of countries as soon as this week, the Financial Times reported, with his temporary 10% global tariff scheduled to expire Friday. Also, President Trump will impose an additional 50% tariff on certain goods from Canada including wine, hockey sticks and cement. In a statement, the White House said that the tariffs were a response to unfair treatment of US alcohol, autos and dairy, and escalating tensions with the US's second-largest trading partner. Later, U.S. Trade Representative Greer said wants more auto manufacturing to locate in the U.S. Greer also said Canada is willing to talk but unwilling to change.

Asian markets were strong helping start the rally in tech as the South Korean Kospi led the region, up around 4%, while the Nikkei reopened following Monday's holiday and posted robust gains (rises 2,091 points or 3.26% to 66,232), helped by news that the GPIF would make a JPY 20bn investment in a domestically focused private equity fund, its first in-house PE commitment. The market largely shrugged off a tenth straight day of US-Iran strikes as oil edged higher after settling at its strongest settlement since June 11^th on Monday.

• In Autos: GM reported a top and bottom line beat for Q2 results while raised its 2026 profit outlook by $500 million to a range of $14B-$16B; Q2 net income dropped 31% y/y to $1.3B, mostly due to about $2.3B in costs related to restructuring its electric-vehicle factory. MBLY will supply STLA with cloud-driven advanced driver-assistance technology, the Israeli company said on Tuesday, as automakers race to meet rising demand for connected safety systems. In EV charging, EVGO was downgraded to Underweight from Neutral at JP Morgan primarily to reflect what it views as stronger risk-reward and near-term catalysts elsewhere in its coverage. In auto retail, KMX was upgraded from Underweight to Equal Weight at Barclays (tgt to $61 from $37) as balances improving growth trends (+7.5% so far in FQ3), easier comparisons over the balance of calendar 2026, and its increased confidence in management's ability to execute the turnaround, with limited upside to its valuation. Auto parts distributor GPC Q2 revs and EPS beat but lowered its full year profit outlook to a range of $5.90-$6.40 from its earlier $6.10-$6.60 view amid rising costs.
• In Retailers: Raymond James upgraded RL to Buy from Hold with $410 PT on increasing confidence in upside to expectations in FY27 saying channel checks for FQ1 were very positive and indicated q/q acceleration for website traffic, Mobile app data, and Google Trends. FIVE was upgraded to Outperform at Bernstein saying the company is in a stronger fundamental position, with improved merchandising and marketing supporting a sustainable mid-single-digit comps. Toy retailer HAS posted a Q2 EPS and revs beat and now expects annual revenue to grow in the range of 5% to 7%, compared with its prior forecast of 3% to 5%; raises core profit to $1.45B-$1.5B from prior view $1.4B-$1.45B and ups year rev growth view to +5%-7% from prior +3%-5% view.

• MBLY +3%; will supply STLA with cloud-driven advanced driver-assistance technology, the Israeli company said on Tuesday, as automakers race to meet rising demand for connected safety systems
• MMM +10%; shares rose after Q2 adj EPS $2.40 topped est. $2.25 on better revs $6.5B vs. est. $6.4B and raises full-year adj EPS to $8.80-$8.95, compared with its earlier forecast of $8.50-$8.70; guides FY sales growth 4.5% and adj operating cash flow $5.8B-$6B.
• NBIS +9%; after NVDA disclosed a 9.3% passive stake in the AI cloud infrastructure company as the stake includes Nvidia's earlier $2 billion investment announced in March, when it held an 8.3% stake. According to Nvidia's 13G filing, the semiconductor giant now beneficially owns 22.25M shares.
• UTZ +88%; to be taken private by Intersnack Group for $14.25 per share in cash in $2.9B deal; transaction will be funded via ~$920M in cash from Intersnack, a $1.1B term loan, a $250M asset-based lending facility, rollover equity from the Rice and Lissette Family, and a $44M tax receivable agreement settlement reinvestment.
• VVX +5%; will replace AVNS in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 27. American Industrial Partners is acquiring Avanos Medical in a deal expected to close soon, pending final closing conditions.

• CALX -9%; after Q2 results beat but guides Q3 lower; Q2 adj. EPS $0.47 vs est $0.40; Q2 sales $293.329M vs est $289.950M; sees Q3 adj EPS $0.37-$0.45 vs $0.46 Est and Q2 sales $301M-$307M vs $301.6M estimate.
• DHR -12%; shares fell after reported a top and bottom line beat, but guidance disappoints as guides FY outlook adj EPS $8.45-8.60 (had seen $8.35-$8.55) vs. est. $8.45 but guides its FY26 rev growth outlook to up +3-4% (down from prior view of up 3%-6%).
• EFX -7%; shares fall as Q2 results topped estimates but guided annual adj. EPS between $8.39- $8.69, the mid-point of which is below estimates of $8.60 while also trimmed the top end of its EPS forecast to $8.69 from $8.74; also signs agreement to buy Mexican credit bureau Círculo de Crédito for $750M
• HAL -6%; as Q2 EPS of $0.55 just topped consensus but revs disappoint after saying Middle East dropped nearly 11% to $1.3B in Q2, hit by lower oilfield activity in Kuwait, Iraq and Qatar, while N.A. revs were flat at $2.28B; said expects Q3 drilling and evaluation revenue to be down 3% to 5% sequentially
• MSCI -10%; reported a slight miss on both the top and bottom line for Q2 ($4.94/$867M vs. est. $4.97/$868.8M) while also raised its 2026 operating expense guidance to $1.54B-$1.58B from $1.49B-$1.53B view after Q2 operating expenses increased 9.2% to $379.5M, driven by higher technology, market data, etc.
• ZION -4%; Q2 EPS of $1.68, which topped consensus of $1.57 due to a lower LLP (EPS: +$0.12), better fees (+$0.02) and a lighter tax rate (+$0.01) partly offset by weaker NII (-$0.04), but Piper noted core PPNR missed the Street by $0.03 or 1.6%.

Closing Recap

Tuesday, July 21, 2026

US equities flashed green in the pre-market today following a better showing Taiwan exports and a big gain in South Korea’s Kospi overnight as Nasdaq futures were particularly strong at +1.35%.  Recent rally attempts have been sold but this time, stocks extended gains as the day progressed. The good news lending support is earnings are off to a solid start.  Only about 10% of S&P 500 companies have reported, but 92% have beaten estimates thus far with an average beat of 12% versus 8% last year and median yr/yr earnings growth of 19% versus 9% last year.  It’s early, and mostly the financials names, but still a decent showing.  In sentiment today, the Fear and Greed Index registered 40/100 (Fear) today versus last week’s 41 (Fear) and last month’s 37 (Fear), though we’ve seen a couple days of Neutral days.

Mid-morning breadth favored advancers by 5:3 as small caps split versus large caps with IWM (+0.90%) versus SPY (+0.69%) and QQQ (+1.76%).  Sector performance also tilted positive with Technology (+2.54%), Industrials (+0.51%) and Materials (+0.49%) outperforming early, while Utilities (-0.31%), Communications (-0.60%) and Consumer Staples (-0.88%) paced the underperformers with 8 sectors gaining versus 3 declining.

U.S. stocks remained on cruise control thru late afternoon as the semiconductor/AI trade that was punished the first part of July has been strong the last two days, carrying broader markets higher into key earnings results this week (GOOGL, TSLA, INTC, IBM). The PHLX Semiconductor index (SOX) jumped over 5% this afternoon to 12,350 after falling over -10% last week in a bout of profit taking, while AI related plays in data centers, opticals, memory, etc. were leaders once again. Most sectors in the S&P 500 were higher (led by XLK Tech +2.75%) outside of defensive names likes Staples (XLP), REITs (XLRE) and Utilities (XLU). No major economic data today or Fed speakers ahead of the FOMC meeting next week.

• WTI crude futures gained overnight as Iran launched new attacks and Houthis continued to warn of targeting vessels moving to and from Saudi ports.  Kuwait noted Iranian attacks hit power and desalination plants last night while an Amazon datacenter in Bahrain also was struck.  Separately, two oil tankers in the Red Sea were said to have U-turned as a result of Houthi threats.  Later, President Trump stated on a potential Houthis Red Sea blockade, “… if something like that happens, we take care of it.”  September crude settled rose $1.68 or 2.02% to settle at $84.91 per barrel while Brent crude gained $1.79 or 2.01% to settle at $91.01 per barrel.

• Food sector: UTZ to be taken private by Intersnack Group for $14.25 per share in cash in $2.9B deal; transaction will be funded via ~$920M in cash from Intersnack, a $1.1B term loan, a $250M asset-based lending facility, rollover equity from the Rice and Lissette Family, and a $44M tax receivable agreement settlement reinvestment. KHC strikes deal with DIS to supply resorts and tap characters. Disney will serve Kraft Heinz products at its properties throughout North America, and Kraft Heinz will be able to use Disney’s characters on some goods in stores, the report said per Bloomberg News.

• In Lodging & Leisure: HLT was upgraded from In Line to Outperform at Evercore citing the post-summer setup should increasingly favor the company's core midscale exposure, and notes shares (+12% YTD) have lagged full-service Lodging brand peers (+18%) and sharply lagged higher operating leverage Lodging REITs (+41%). TRIP was downgraded to Neutral from Buy at BTIG as views TripAdvisor as "on the wrong side of the AI theme" given its top-of-funnel positioning, where pressure is building and likely to accelerate as the large platforms gain traction in the travel planning process.
• In Leisure Products: in marine sector, HZO was downgraded from Buy to Neutral at B Riley noting the stock has reached their price target. HZO has been the best performer of Briley's Marine coverage YTD, up 40% vs the S&P 500's +9% and the group average of +19% (+12% ex-HZO), with the outperformance, in its view, largely driven by speculation around a potential takeout, rather than fundamentals.

• Utility and Water sector: JP Morgan with a few changes as BEP and BEPC both downgraded to Neutral from Overweight as believes there are stronger risk-reward opportunities elsewhere in its coverage. The firm looks for an update regarding possible consolidation of the complex into one entity, though it is still unclear if/when the consolidation may occur. XYL was downgraded to Neutral as well at JP Morgan and lower tgt to $130 from $140 reflecting lower trading multiples across the peer set and its relatively lower conviction in multi-year growth and margin expansion catalysts.
• In Power and E&C sector: PWR was downgraded to Neutral from OW at JP Morgan and cut tgt to $714 from $805 reflecting lower trading multiples across the peer set; it continues to view PWR as a premium option in its coverage for investors with several-year Horizons, but it believes risk/reward is balanced. The firm said they see better risk reward setup for other EPCs, particularly Overweight-rated MWH, MTZ, PRIM, and AGX.

• Consumer Finance: ALLY mixed results as EPS just missed for Q2 but revs $2.3B beat est. $2.22B as auto lending momentum drives the quarter; Q2 Net interest margin (ex. OID): 3.63%, +18 bps y/y and consumer auto originations: $13.3B, supported by a record 4.6M applications; SYF Q2 EPS $2.59 vs. est. $2.13; Q2 net income fell 8% yr/yr to $885M; Q2 tangible book value per share $42.01; Q2 CET1 capital ratio 13.2%; Q2 Revenue of $3.72B (+1.9% Y/Y) misses by $10M.
• In Banks: BOKF core Q2 EPS at $2.45 vs est. $2.47 as revenues were below expectations mostly due to soft fee revenues, but the NIM also improved slightly less than anticipated (+1bp to 2.91%) due to cash margin posted on behalf of energy customers. WTFC operating EPS of $3.21, above consensus at $3.14 driven by a lower LLP (EPS: +$0.10) and stronger core fee Income (+$0.06) that were only partially offset by softer NII (-$0.05) and higher operating expenses (-$0.04) said Piper while PPNR came in 1% Light of consensus. ZION Q2 EPS of $1.68, which topped consensus of $1.57 due to a lower LLP (EPS: +$0.12), better fees (+$0.02) and a lighter tax rate (+$0.01) partly offset by weaker NII (-$0.04), but Piper noted core PPNR missed the Street by $0.03 or 1.6%.

• Credit reporting firm EFX shares fall as Q2 results topped estimates but guided annual adj. EPS between $8.39- $8.69, the mid-point of which is below estimates of $8.60 while also trimmed the top end of its EPS forecast to $8.69 from $8.74; also signs agreement to buy Mexican credit bureau Círculo de Crédito for $750M

• GILD and MRK announced that the detailed outcomes from the Phase 3 ISLEND-1 and ISLEND-2 trials will be presented for the first time at the 26th International AIDS Conference.
• NVS reported earnings and said it was suing rival LLY in U.S. federal court, claiming Lilly compares the highest doses of Zepbound and Mounjaro against lower doses of Wegovy and Ozempic, while omitting newer approved dosing options. Novo is seeking a permanent injunction and corrective advertising and may ask the court to block the campaigns immediately if Lilly does not pull them voluntarily.
• Life Sciences: DHR shares fell after reported a top and bottom line beat, but guidance disappoints as guides FY outlook adj EPS $8.45-8.60 (had seen $8.35-$8.55) vs. est. $8.45 but guides its FY26 rev growth outlook to up +3-4% (down from prior view of up 3%-6%) – shares of A, TMO, RVTY, ILMN slipped early in sympathy.

• In Aerospace: BA asked the U.S. government to seek greater transparency from the European Union over a EU3B ($3.43B) financing package for Airbus (EADSY), Reuters reported. The request shows revived concerns about government support for aircraft manufacturers despite a recently extended truce. SPCX shares rallied, snapping its 7-day losing streak.
• In Defense sector: NOC shares fell despite Q2 beat as revs of $10.88B rise 5% y/y and top ests $10.81B while Q2 EPS was $7.68, down from prior year due to divestiture gain in 2025; also raised 2026 sales and MTM-adjusted EPS guidance on strong demand and record backlog and ups sales view to $43.75B-$44.25B.

• Metals & Mining: precious metals rebound with gold and silver miners (AG, AEM, NEM, PAAS, HL) rallying behind a jump in prices for the physical metals;

• Communications & Networking: CALX shares tumbled after Q2 results beat but guides Q3 lower; Q2 adj. EPS $0.47 vs est $0.40; Q2 sales $293.329M vs est $289.950M; sees Q3 adj EPS $0.37-$0.45 vs $0.46 Est and Q2 sales $301M-$307M vs $301.6M estimate. VICR shares fell after results and guidance.

• Software news: MSFT and Mistral AI expand their partnership through a multibillion dollar European infrastructure deal using thousands of NVDA Vera Rubin GPUs. The deal lets regulated industries run the same models across cloud and offline environments while retaining control of their data. META said it is adding the MSFT Xbox Game Pass starter edition to its Meta Horizon+ subscription service, expanding its Gaming offering on Quest virtual reality headsets.

• TSM is set to raise prices for both advanced and mature chip production services by up to 10% in 2027, Nikkei Asia reported on Tuesday, citing multiple sources.
• Samsung Electronics launched its first U.S. co-branded credit card with Barclays, deepening its push into the financial services space. The Samsung Galaxy Card, issued by Barclays and running on Visa's (V) network, will allow users to apply, manage accounts, track spending and redeem rewards entirely through Samsung Wallet. The card offers 5% cash back on Samsung purchases and additional rewards.

Street Recommendations

Tuesday, July 21, 2026

• FBRX Barclays initiated coverage of Forte Biosciences with an Overweight rating and $74 price target. The firm views the company's CD122 as a "compelling target across multiple immune disorders" given data for FB102 in celiac disease and vitiligo. Forte

• STC Benchmark last night initiated coverage of Stewart with a Buy rating and $87 price target. The firm views Stewart as a "pure play" service provider to both the commercial and residential real estate markets. The company has been active in positioning itself to take share and expand margins, while concurrently acquiring related service providers, the analyst tells investors in a research note. Benchmark says Stewart is ramping up growth through acquisitions.

• UPS Bernstein analyst David Vernon raised the firm's price target on UPS to $133 from $130 and keeps an Outperform rating on the shares. The market is expecting a modest beat when UPS reports next week, and remains concerned about visibility into the second half of the year, the analyst tells investors in a research note. While there is always the potential for another shoe to drop, the carry-over on recent cost actions for 2027 is considerable and should put upward pressure on forward estimates as moving through the end of the year, Bernstein adds.
• SNAP Bernstein analyst Mark Shmulik lowered the firm's price target on Snap to $5 from $7 and keeps a Market Perform rating on the shares. improve? As a company in transition, the firm believes Snapchat will continue to be a volatile name driven by catalysts in both directions. Daily average users are likely to remain under pressure, with alternative data continuing to show softness in both U.S. and international engagement trends, while growing age restrictions across different countries remain a headwind for Snap's younger user base, Bernstein adds.

• EXPD BofA analyst Ken Hoexter raised the firm's price target on Expeditors to $189 from $181 and keeps a Buy rating on the shares. The firm increased its 2026 and 2027 EPS estimates by 3% and 1%, respectively, to $7.15 and $7.40, which it note are above Street's $6.85 and $7.00 forecasts.

• EVH Canaccord raised the firm's price target on Evolent Health to $7 from $6 and keeps a Buy rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.
• HCAT Canaccord raised the firm's price target on Health Catalyst to $3 from $2 and keeps a Buy rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.
• HSTM Canaccord raised the firm's price target on HealthStream to $27 from $24 and keeps a Hold rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.
• LFST Canaccord raised the firm's price target on LifeStance to $13 from $11 and keeps a Buy rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.
• PGNY Canaccord raised the firm's price target on Progyny to $36 from $30 and keeps a Buy rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.
• TDOC Canaccord analyst Richard Close raised the firm's price target on Teladoc to $11 from $10 and keeps a Buy rating on the shares. The firm updated its model heading into the earnings season and given the significant rebound from March in the sector, expectations could be running high into the reports; thus, a "cleaner" quarter will likely be required to continue to move stock prices higher.

• CRI Citi added an "upside 30-day catalyst watch" on shares of Carter's while keeping a Buy rating on the name with a $53 price target. Citi expects the company to top Q2 earnings estimates and increase its fiscal 2026 guidance.
• ARGX Citi raised the firm's price target on Argenx to $1,182 from $1,152 and keeps a Buy rating on the shares. The firm cites a higher probability-of-success for the Phase 3 ALKIVIA data in immune-mediated necrotizing myopathy for the target boost. Citi sees positive IMNM data in late August or early September as highly likely.
• MANH Citi analyst George Kurosawa raised the firm's price target on Manhattan Associates to $193 from $177 and keeps a Buy rating on the shares ahead of the earnings report. The firm cautious on the shares into earnings despite the target increase,
• RCL Citi lowered the firm's price target on Royal Caribbean to $327 from $362 and keeps a Buy rating on the shares. The cruise sector has "favorable secular growth dynamics," but 2027 estimates are at risk if the Mideast conflict continues, the analyst tells investors in a research note. Citi believes cruise trends improved in June following a weaker May.

• MS HSBC analyst Saul Martinez raised the firm's price target on Morgan Stanley to $215 from $190 and keeps a Hold rating on the shares. Morgan Stanley not only reported exceptional Equities sales and trading results, but investment banking was solid across products, and wealth management benefited from a supportive market backdrop and strong net flows, the analyst tells investors in a research note.

• DT Jefferies raised the firm's price target on Dynatrace to $55 from $45 and keeps a Hold rating on the shares. The firm adjusted targets in the software group as part of a Q2 earnings preview. Jefferies expects Q2 to mark a shift back to "stock-specific alpha versus broad-based sector positioning."
• PCOR Jefferies lowered the firm's price target on Procore to $75 from $95 and keeps a Buy rating on the shares. The firm adjusted targets in the software group as part of a Q2 earnings preview. Jefferies expects Q2 to mark a shift back to "stock-specific alpha versus broad-based sector positioning."
• VRNS Jefferies analyst Joseph Gallo raised the firm's price target on Varonis to $60 from $40 and keeps a Buy rating on the shares. The firm, which is expecting a Q2 beat, views the valuation as "attractive" given what it calls the "increasing probability" of 20%-plus growth in FY27 driven by AI tailwinds.
• AHCO As previously reported, Jefferies upgraded AdaptHealth to Buy from Hold with a price target of $13, up from $11. With its underperforming diabetes business divested, just as the core DME business sees incremental growth opportunities from the company's success in winning and expanding capitation agreements with large managed care organizations, the analyst views the stock as "now positively biased." The firm sees potential for EBITDA upside as duplicative costs tied to these capitation rollouts decline and argues that upside to estimates and guidance should support further multiple expansion and stock appreciation over the next 6-12 months.

• ARRY JPMorgan analyst Mark Strouse downgraded Array Technologies to Neutral from Overweight with a price target of $8, down from $10. The firm adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• BEPC JPMorgan downgraded Brookfield Renewable to Neutral from Overweight with a price target of $38, down from $42. The firm adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• BEP JPMorgan downgraded Brookfield Renewable Partners to Neutral from Overweight with a price target of $36, down from $40. The firm adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• XYL JPMorgan analyst Mark Strouse downgraded Xylem to Neutral from Overweight with a price target of $130, down from $140. The firm adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• PWR JPMorgan downgraded Quanta Services to Neutral from Overweight with a price target of $714, down from $805. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• EVGO JPMorgan downgraded EVgo to Underweight from Neutral without a price target. The firm adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.
• BE JPMorgan raised the firm's price target on Bloom Energy to $346 from $267 and keeps an Overweight rating on the shares. The firm adjusted ratings and targets in the clean energy and power infrastructure group as part of a Q2 earnings preview. The pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum," the analyst tells investors in a research note. However, JPMorgan believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into U.S. imports of polysilicon could increase costs for solar, the firm says.

• BL Morgan Stanley downgraded BlackLine to Equal Weight from Overweight with a price target of $33, down from $50. The firm says its thesis on BlackLine of growth re-accelerating post an operational turnaround from the new management team has played out over the past few quarters. However, this has not been enough to attract incremental buyers of the stock, the analyst tells investors in a research note. Morgan Stanley believes BlackLine's AI journey likely takes some time given its accounting end market.
• ESTC Morgan Stanley downgraded Elastic to Equal Weight from Overweight with a price target of $66, down from $73. The firm says its thesis that AI-driven search would drive an acceleration in Elastic's growth has taken longer to materialize. The company's data infrastructure peers are growing faster, the analyst tells investors in a research note.
• INTU Morgan Stanley analyst Keith Weiss downgraded Intuit to Equal Weight from Overweight with a price target of $335, down from $580. The shares are down 59% year-to-date on AI fears and a misunderstanding of the company's "moats," the analyst tells investors in a research note. The firm believes Intuit shares will likely remain under pressure in the near-term, saying it will take time for investors to garner confidence in the company's revenue acceleration. Morgan Stanley cites tax uncertainty and limited catalysts for the downgrade.
• FROG Morgan Stanley downgraded JFrog to Equal Weight from Overweight with a price target of $95, up from $80. The company's business continues to benefit from the rise of AI-powered software development, the analyst tells investors in a research note. However, the firm sees a balanced risk/reward with the shares up over 100%. It says lots of good news is priced into JFrog shares.
• FTNT Morgan Stanley analyst Meta Marshall upgraded Fortinet to Equal Weight from Underweight with a price target of $133, up from $80. The firm says its sell thesis on Fortinet ignored the strength of the hardware cycle taking place given AI preparedness investment. The analyst does not see a negative catalyst for the shares in the Q2 report. It cites a lack of negative catalysts for the upgrade.
• RPD Morgan Stanley downgraded Rapid7 to Underweight from Equal Weight with an unchanged price target of $9. The firm views vulnerability management space as a "less defensive portion" of the cybersecurity market. Rapid7 is further behind on its pivot to exposure management, which warrants a downgrade, the analyst tells investors in a research note.
• PD Morgan Stanley analyst Sanjit Singh downgraded PagerDuty to Underweight from Equal Weight with a price target of $9, down from $10. The firm says the company's "persistent" annual recurring revenue pressure, seat compression, and platform-consolidation risk are not fully offset by the stock's valuation. PagerDuty screens in the bottom quintile of Morgan Stanley's software framework, with weak moat scores, the analyst tells investors in a research note.
• CRM Morgan Stanley downgraded Salesforce to Equal Weight from Overweight with a price target of $185, down from $287. The firm says Salesforce is "actively disrupting itself to position for the agentic era." Strong Agentforce performance is yet to drive an inflection in the company's organic growth as legacy portfolio drags persist, the analyst tells investors in a research note. Morgan Stanley believes Salesforce shares are likely to remain range-bound absent a notable growth inflection. It sees a balanced risk/reward at current share levels.
• SPSC Morgan Stanley downgraded SPS Commerce to Underweight from Equal Weight with a price target of $57, down from $70. The company's recent execution has been disappointing, and it will likely take a few quarters of improved execution before investors re-engage with the shares, the analyst tells investors in a research note. Morgan Stanley has concerns around SPS Commerce's business going forward.
• NICE Morgan Stanley analyst Elizabeth Porter downgraded Nice to Equal Weight from Overweight with a price target of $111, down from $130. The firm says its thesis that Nice's AI opportunity could accelerate its cloud growth while maintaining free cash flow margins has not played out. Morgan Stanley sees limited potential for a re-rating of the shares.
• WDAY Morgan Stanley downgraded Workday to Underweight from Equal Weight with a price target of $145, down from $185. Despite Workday's strong competitive position and long-term AI automation opportunity, the pace of AI-driven growth is expected to be gradual, leaving an uncertain growth and margin outlook with limited near-term catalysts and greater downside risk than peers at its current valuation, the analyst tells investors in a research note.
• VERX Morgan Stanley analyst Chris Quintero downgraded Vertex to Equal Weight from Overweight with a price target of $15, down from $19. Vertex is a strong long-term software franchise, but AI-related uncertainty, an ongoing leadership transition, and the time needed for new product investments to improve customer retention are expected to limit near-term upside despite the stock's sharp year-to-date decline, the analyst tells investors in a research note.
• WIX Morgan Stanley downgraded Wix.com to Equal Weight from Overweight with a price target of $60, down from $112. Wix is making progress on its AI strategy through innovations like Harmony and Base44 and recent restructuring, but investors are seeking evidence of stronger core website trends and sustainable AI-driven economics before the stock can move meaningfully higher, the analyst says.
• BCE Morgan Stanley upgraded BCE to Equal Weight from Underweight with a price target of C$35, up from C$31. The firm views Bell Canada as having "the most attractive of the call options" among the Canadian Telecom sector with an inexpensive call option on the AI Fabric infrastructure opportunity and having already cut the dividend a year ago, the analyst tells investors.
• TU Morgan Stanley analyst Sean Diffley downgraded Telus (TU) to Underweight from Equal Weight with a price target of C$13, down from C$20, citing rising dividend risk along with "skepticism" on health business value creation. The Canadian telecom sector has transitioned from one of the most attractive communications markets globally into one facing structural headwinds across both wireless and broadband, says the analyst, who adds that Starlink (SPCX) risk "appears underpriced."
• RCI Morgan Stanley assumed coverage of Rogers Communications (RCI) with an Underweight rating and a price target of C$42, down from C$50. The Canadian telecom sector has transitioned from one of the most attractive communications markets globally into one facing structural headwinds across both wireless and broadband, says the analyst, who adds that Starlink (SPCX) risk "appears underpriced."
• MSFT Morgan Stanley analyst Adam Wood assumed coverage of Microsoft with an Overweight rating and a price target of $600, down from $650. Azure, Copilot, and the trajectory of gross margins are becoming "the clearest indicators" that Microsoft's AI investments are translating into durable value creation, says the analyst, who believes better-than-expected Azure and Copilot results in the next few quarters can serve as a catalyst for a positive re-rating.

• ETSY Raymond James raised the firm's price target on Etsy to $92 from $75 and keeps an Outperform rating on the shares. Etsy is expected to deliver gross merchandise sales growth at the high end of or above guidance, supported by improving customer engagement, personalization, and buyer trends, with potential upside to margins and earnings while its valuation remains attractive, the analyst tells investors in a research note.
• META Raymond James raised the firm's price target on Meta Platforms to $850 from $825 and keeps a Strong Buy rating on the shares. Meta's potential move into AI cloud and API services could provide a strategic growth avenue by monetizing its leading AI infrastructure, offering flexibility if consumer AI initiatives underperform while creating a new high-return AI computing opportunity, the analyst tells investors in a research note.
• SM Raymond James lowered the firm's price target on SM Energy to $48 from $55 and keeps an Outperform rating on the shares ahead of the Q2 earnings. The lower price target is being driven by a lower commodity strip, the analyst tells investors in a research note.

• DPZ RBC Capital raised the firm's price target on Domino's Pizza to $350 from $325 but keeps a Sector Perform rating on the shares. The company's Q2 print was above a relatively low buy-side bar coming in, though positively, revenue and EBIT came in ahead of consensus, management largely reiterated the FY26 outlook despite ongoing macro and competitive pressures, both delivery and carryout orders are growing, and the management teased menu innovation launching in Q3, the analyst tells investors in a research note. RBC adds it remains sidelined given limited visibility on US and international SSS improvements, though the firm also acknowledges that risk/reward is tilting more favorably given the recent pullback in shares.
• INTC RBC Capital keeps a Sector Perform and $80 price target on Intel ahead of its earnings this week. The firm notes that current demand conditions should support about a 5% revenue beat and 3%-5% raise, along with 1-2 pts gross margin upside, with server CPU volumes set to grow double-digits through the year, the analyst tells investors in a research note. RBC adds however that at over 60-times expected forward earnings, near-term risk/reward looks fairly balanced as material Foundry contribution will take time.
• CTVA RBC Capital analyst Arun Viswanathan raised the firm's price target on Corteva to $103 from $97 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 results for Ag Chemicals. Sector fundamentals are gradually stabilizing given firming prices and tightening stocks in both corn and soybean, the analyst tells investors in a research note. RBC adds it is most positive on Corteva given the company's low single digit price and volume growth in seed given new product offerings.
• FMC RBC Capital lowered the firm's price target on FMC to $12 from $14 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q2 results for Ag Chemicals. Sector fundamentals are gradually stabilizing given firming prices and tightening stocks in both corn and soybean, the analyst tells investors in a research note. RBC adds it is somewhat cautious on FMC however given ongoing company-specific generics/pricing pressure in Latam and Asia and a back-half-weighted 2026 requiring a meaningful second-half step-up.

• TFC Stephens lowered the firm's price target on Truist Financial to $57 from $59 and keeps an Overweight rating on the shares. The firm, which is lowering its FY27 operating EPS forecast to $4.85 from $5.03 after Q2 results, adds that "all eyes are on" incoming CEO, Mike Lyons, who starts on September 1.
• LKQ Stephens lowered the firm's price target on LKQ Corp. to $36.50 from $39 and keeps an Overweight rating on the shares ahead of the company reporting Q2 earnings on Thursday, July 30. The firm expects an "O.K." quarter relative to its estimates, which are slightly below Street estimates, the analyst tells investors.
• ZION Stephens lowered the firm's price target on Zions Bancorp to $80 from $82 and keeps an Overweight rating on the shares. The company maintained previous guidance of 100-150 points of adjusted positive operating leverage for FY26, but "this could be a high bar" as the second half comparable period becomes more challenging, the analyst tells investors in a post-earnings note.

• MCRI Stifel raised the firm's price target on Monarch Casino to $128 from $102 and keeps a Hold rating on the shares. An inline Q2 ended "an impressive run of eight consecutive quarterly beats," the analyst tells investors. The firm cites a sector re-rating for its higher target, but would continue to wait for a pullback and/or tangible M&A update to get constructive as valuation is already at the high end of regional peers, the analyst tells investors.
• ARCB Stifel raised the firm's price target on ArcBest to $176 from $134 and keeps a Buy rating on the shares. The firm expects overall less-than-truckload earnings to be better than expected in Q2, but to varying degrees across carriers, the analyst tells investors in a preview for the group.
• ODFL Stifel analyst J. Bruce Chan raised the firm's price target on Old Dominion to $256 from $232 and keeps a Buy rating on the shares. The firm expects overall less-than-truckload earnings to be better than expected in Q2, but to varying degrees across carriers, the analyst tells investors in a preview for the group.
• TFII Stifel raised the firm's price target on TFI International to $150 from $136 and keeps a Hold rating on the shares. The firm expects overall less-than-truckload earnings to be better than expected in Q2, but to varying degrees across carriers, the analyst tells investors in a preview for the group.
• XPO Stifel raised the firm's price target on XPO to $241 from $237 and keeps a Buy rating on the shares. The firm expects overall less-than-truckload earnings to be better than expected in Q2, but to varying degrees across carriers, the analyst tells investors in a preview for the group.

• CFG Truist raised the firm's price target on Citizens Financial to $80 from $72 and keeps a Hold rating on the shares after its Q2 earnings beat. The firm is updating its model with better than forecast Q2 actuals as well as better credit quality and slightly better net interest income going forward, the analyst tells investors in a research note.
• MTB Truist raised the firm's price target on M&T Bank to $268 from $230 and keeps a Hold rating on the shares after its Q2 earnings beat. The firm notes that its forward forecasts come down a bit, mainly on building in less buybacks than before as they company leans a little more on growth, though it is also raising its price target with 12.5-times expected forward earnings multiple as the company pivots to better balance sheet growth going forward, the analyst tells investors in a research note.
• RF Truist raised the firm's price target on Regions Financial to $34 from $30 and keeps a Hold rating on the shares after its Q2 earnings beat. The firm is building in a little less buyback, slightly higher expenses, and a bit lower net interest margin, though this is partially offset by better credit, the analyst tells investors in a research note.
• PLD Truist raised the firm's price target on Prologis to $162 from $154 and keeps a Buy rating on the shares. The firm is boosting its FFO estimates following the company's second consecutive beat and raise quarter in Q2, the analyst tells investors in a research note. The management has also raised the outlook for development starts, acquisitions, fund contributions, dispositions and development gains, the firm added.
• WRB Truist raised the firm's price target on W. R. Berkley to $83 from $78 and keeps a Buy rating on the shares after its Q2 earnings beat. The firm is boosting its 2026 EPS estimate to $4.95 from $4.75 to reflect the upside in the second quarter along with higher assumed net investment income, while also raising its 2027 forecast to $5.10 from $4.95 per share, the analyst tells investors in a research note.

• VRNS UBS raised the firm's price target on Varonis to $58 from $37 and keeps a Buy rating on the shares. Varonis is viewed favorably heading into Q2 earnings, with investors potentially underestimating its improving SaaS growth, AI-driven demand, and upside to guidance, leaving room for stronger execution to support higher valuation and confidence in its 2027 ARR target, the analyst says.
• FANG UBS analyst Josh Silverstein lowered the firm's price target on Diamondback Energy to $243 from $246 and keeps a Buy rating on the shares. Diamondback Energy is expected to deliver a strong Q2 update with production and cash flow above expectations, supported by higher oil prices, disciplined operations, and continued balance sheet improvement toward its net debt target, the analyst tells investors in a research note.
• MUR UBS analyst Josh Silverstein lowered the firm's price target on Murphy Oil to $41 from $44 and keeps a Neutral rating on the shares. Murphy Oil is expected to report Q2 adjusted EBITDAX near consensus, with focus on exploration progress in Vietnam and Cote d'Ivoire, where successful appraisal programs could enhance resource growth and strengthen long-term production opportunities, the analyst tells investors in a research note.

• LULU Wells Fargo analyst Ike Boruchow lowered the firm's price target on Lululemon to $105 from $110 and keeps an Equal Weight rating on the shares. The firm is cutting numbers well below Street as it remains cautious. Post several checks with former Lululemon employees and an updated model scrub, Wells is lowering estimates and sees a further resetting of the EPS base into 2027.
• ZION Wells Fargo raised the firm's price target on Zions Bancorp to $73 from $66 and keeps an Equal Weight rating on the shares. The firm says the company's Q2 results reflect better-than-expected fees, cost management, and credit. Net interest income fell short, though Zions still expects 100-150-plus operating leverage in 2026. The guide implies more of the same, Wells adds.
• AMZN Wells Fargo raised the firm's price target on Amazon.com to $322 from $313 and keeps an Overweight rating on the shares. Supply chain inflation - primarily memory and next-generation chip improvements - drives capital expenditures per gigawatt up 22% versus prior estimates and pushes Big Four hyperscaler 2027 capital expenditures to $1.1T, up 23% versus consensus. The firm assumes cloud service providers pass through costs to customers, maintaining attractive capacity internal rates of return.
• META Wells Fargo raised the firm's price target on Meta Platforms to $835 from $767 and keeps an Overweight rating on the shares. Supply chain inflation - primarily memory and next-generation chip improvements - drives capital expenditures per gigawatt up 22% versus prior estimates and pushes Big Four hyperscaler 2027 capital expenditures to $1.1T, up 23% versus consensus. The firm assumes cloud service providers pass through costs to customers, maintaining attractive capacity internal rates of return.

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 AMC BOKF CALX CCK HBCP MCRI RBB SFBS STLD WASH WRB WTFC ZION

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR ALK BWB CB COF EQT EWBC FFBC HAFC HWC IBKR KREF MCB NLY NP NPB ORRF OZK PEGA RRC TFIN TRST WAL WBS WSBC

• 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: AVB BANR BDN CASH CATY CCI CCS CSX CYH EFSC EGBN EGP ELS EPRT EQR FAF FR FRME FSBC FULT GGG GL GOOGL GSHD GTY HBNC IBM KALU KMI KNX LBRT LOV LUV MEDP MMLP MOH NOW NTST OBK OII PKG PNFP QCRH QS RELL RGP RJF RLI RNR ROL RS SEIC SLG SON STC TCBI TSLA TXN URI WCN WEX

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   National Activity index for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for July

• Earnings After the Close: ABCB AMTB APPF ASB ATRC BFST BY BYD COLB CUBI DECK DLR EBC ENVA EW FIBK FISI FRST GBCI HIG INTC JAKK KN KNSL MRTN MXL NEM ORC OVV PECO PINE REXR RNG SAM SAP SCHL SIGI SKYW SLM SSB SSNC USCB UVE VRSN WKC WSFS

• 9:45 AM ET S&P Global Services PMI, June-flash
• 9:45 AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                 New Home Sales M/M for June
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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