Early Look

Monday, June 29, 2026

Following another lackluster day on Friday, stocks rebounded overnight into the pre-market this morning.  Perhaps today we can avoid selling strength on rate hike fears, but it’s early.  Over the weekend, Iran and the US traded strikes and stepped up the rhetoric again but later agreed to halt strikes and return to talks this week.  The economic calendar is light, so there are no obvious catalysts today as the holiday-shortened week kicks off. 

In Asian markets, The Nikkei Index bounced 107 points to 69,468, the Shanghai Index gained about 47 points to almost 4,074 and the Hang Seng Index rose about 355 to 23,027.  In Europe, the German DAX is up 9 to 24,680, while the FTSE 100 is off 27 to 10,481.

• The Dow Jones Industrial Average dropped 44.49 points, or 0.09%, to 51,876.11
• The Nasdaq Composite fell 60.98 points, or 0.24%, to 25,297.62
• The Russell 2000 Index gained 2.22 points, or 0.07% to 3,010.08

• Earnings After the Close: AVAV CNXC

• China Composite PMI
• China NBS Manufacturing PMI

• In cannabis, TRLV announced planned termination of executive automatic securities disposition plan.
• In leisure, Bloomberg reported that TPG and private Leonard Green, the private equity owners of Troon Golf, are exploring a potential sale of the company, according to people familiar with the matter.

• In auto, VWAGY announced plans to end automated driving tie-up with Bosch, Bild reports.
• In oil & gas, Bloomberg reported that MGY has emerged as the front-runner to acquire closely held WildFire Energy for more than $4B in what would rank as its largest-ever acquisition, according to people familiar with the matter. VG announced the closing of $1.5b senior secured vessel financing facility. Shares of GPOR moved higher in AHs trading after it was announced they would replace SEM in S&P 600 at open on 7/1.
• In aerospace, EVTL filed a $500M mixed securities shelf after Friday’s close. In a slew of SEC filings, SPCX announced it had issues $25B In Senior Unsecured Notes Across 5 Maturities Under Indenture with Bank of NY Mellon ($7B 5.35% Senior Notes Due 2031; $6B 5.65% Senior Notes Due 2033; $6B 5.88% Senior Notes Due 2036; $2.5B 6.6% Senior Notes Due 204 and $3.5B 6.65% Senior Notes Due 2056).
• In mining, BMM announced it is to receive 30% stake in a combined VMS entity in $15M share deal subject to capital raise and future listing. UROY announced it has called a July 20, 2026, special meeting where shareholders will vote on a plan of arrangement to merge the company with Sweetwater Investors’ 92% stake in U.S. trona royalty assets and land under a new Nasdaq-listed parent, New URC. LAC files to sell 69.42M common shares for holders.
• In defense, VVX was awarded a $500M Air Force contract.
• In paper, IP announced it  continues strategic transformation with North America packaging network optimization with portfolio changes position the company to better serve customers and support long-term growth.

• In banking, CCNE filed a prospectus for offering mixed shelf with undisclosed terms.  BLSH receives Gibraltar financial services commission approval to offer trading in tokenized securities.
• In SPACs, ALPX announced the closing of $115M IPO, including full exercise of over-allotment option.

• In healthcare, shares of nanocap UPC rose +200% in Friday Ahs trading after the company announced it will acquire Best Praise International for $10.75M; a company that holds 5 patents in China with potential applications in pharmaceutical development. SEM announces stockholder approval of acquisition by consortium led by Robert A. Ortenzio, Martin F. Jackson, and WCAS.

• In AI, AIIO filed a prospectus for offering 22.344M Class B ordinary shares on behalf of selling shareholders. FFAI files prospectus to offer up to $300M in securities. Anthropic moves toward a deal with US to lift curbs on AI models.    The FT reported that GOOGL has put limits on META’s use of its Gemini AI models after the social media giant sought more computing capacity than the rival tech group could provide, in the latest evidence of the infrastructure constraints facing even the world’s largest AI providers. 

Mid-Morning Look

Friday, June 26, 2026

U.S. stocks are mixed again as the S&P 500 and Nasdaq are on track for weekly declines as chipmakers came under renewed selling pressure after a stellar run this quarter, with investors questioning high valuations and the repercussions of massive AI spending by companies. This morning the SPY traded below its 50dma support while the QQQs near its 50dma around $702.75 but have since bounced notably off lows. AI supply chain/semiconductors slipped after the New York Times reported that OpenAI is reportedly considering delaying its IPO until 2027 from a prior Q3/Q4 2026 target amid continued heavy spending, rising competition, and a less supportive equity backdrop, raising fresh questions around the pace of AI infrastructure investment. Separately, a report in The Information said OpenAI will reportedly roll out GPT-5.6 in phases, with select customers receiving early access, following requests from Washington amid growing scrutiny of advanced AI model releases. Other concerns remain inflation and rate hikes after data Thursday showed U.S. inflation (PCE) rose above 4% in May for the first time in three years, boosted by higher energy prices, keeping the possibility of a Fed rate hike alive.

The Dow Jones Industrial Average comes into the day at all-time highs 9extending gains early), boosted lately by shares of CAT, financials and healthcare while Smallcaps have held up very well. Overnight, President Trump said the Strait of Hormuz was open and that the US would buy wheat, corn and soybeans with Iranian funds, but the bounce was short-lived as Asian markets tumbled (Nikkie, Shanghai, Kospi) as tech sentiment soured. Bitcoin slips back below $60,000 this week as U.S. stock futures fall driven by losses in tech stocks (Bitcoin reached a 21-month low of $58,075 Thursday).

A key item today, The FTSE Russell indices will undergo their semi-annual rebalancing after markets close today. The rebalancing will impact $6 trillion of active and passive assets under management benchmarked to the major Russell indices, according to strategists at JPMorgan Asset Management. The event will result in lots of companies moving between indexes. Most notably, SpaceX is among those set to be added to the Russell 1000. Updated indices will go live Monday. Overall, 43 companies are expected to graduate from the Russell 2000 index of small-cap stocks to the Russell 1000 large-cap index.

• University of Michigan surveys of consumers 1-year inflation outlook final June 4.6% vs prelim 4.6% and final May 4.8% while 5-year inflation outlook final June 3.3% vs prelim 3.4% and final May 3.9%.

• In Chemicals: German chemicals group Evonik Industries (EVKIY) raised its full-year profit outlook after posting Q2 results that beat expectation; now sees 2026 adj EBITDA between EU2.0B ($2.28B) and EU2.2B, up from a previously forecast range of EU1.7B-2B; said Q2 adj EBITDA is expected to come in at between EU600M-650M, above views of about EU567M, driven by higher volumes and prices as well as ongoing cost cuts. Shares of US related comps include DD, EMN, ASH, HUN, CBT. FUL was upgraded to Overweight at JP Morgan as the firm thinks lower oil prices and the opening of the Strait of Hormuz are likely to minimize or lower H.B. Fuller's raw material cost pressure in 2027.
• In Aerospace: SPCX told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers. RKLB shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.

• APOG +14%; on results as Q1 EPS $0.57 vs. est. $0.45 and revs fell -1% y/y to $342.68M but topped ests $333.8M; reaffirmed fiscal 2027expectce and expects Kalwall acquisition to close in July; said overall net sales declined due to lower volume, with higher material and freight costs impacting margins.
• CROX +5%; was upgraded to Overweight from Neutral and raised to $150 saying its North America DTC inflected to MSD in Q126 (best since Q224), and compares ease remainder of the year, Heydude is seeing green shoots in DTC, EPS estimates are upwardly biased.
• FCEL +20%; was upgraded to Buy at Jefferies with $24 tgt after Fit Energy data center deal saying the setup has materially shifted from "show me" to executing on visible backlog, while a deep valuation discount to BE creates an asymmetric entry point.
• INFQ +7%; initiated at Outperform and $20 tgt at Wedbush saying it is the only company commercializing the entire neutral-atom stack across Computing, sensing, and software from one shared technology core, and the only publicly traded neutral-atom pure-play.
• RKLB +4%; shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.

• CAPR -13%; after the U.S. FDA scheduled an advisory committee meeting to discuss the company’s marketing application for Deramiocel, a treatment targeting Duchenne muscular dystrophy.
• MSTR -2%; on track for its lowest level in more than two years. The stock slumped about 8% Thursday and comes into Friday with a seven-day losing streak, its worst seven-day losing streak since November 2022.
• OMER -18%; shares fell after saying the European Medicines Agency's key panel issued a negative opinion on its application for its drug narsoplimab to treat transplant-associated thrombotic microangiopathy (TA-TMA); OMER to request a re-examination of the opinion and review by an independent expert group.
• ON -19%; agreed to be acquire SYNA in an all-stock transaction, representing a total enterprise value of approximately $7B; SYNA shareholders to receive 1.35 shares of onsemi for each Synaptics share held.
• SFTBY -8%; shares of Softbank tumbled following NYT report that OpenAI is considering pushing its highly anticipated public debut into next year; potential postponement threatens to delay a massive liquidity event for the company's major financial backers.

Closing Recap

Friday, June 26, 2026

Friday started off weak, with tech leading markets lower overnight on reports that OpenAI is seriously considering holding off its initial public offering until 2027, due in part to concerns over investor sentiment, in a little hit to AI sentiment. However, investors stepped in this morning in another “buy the dip” moment, as major averages rebound from morning lows to finish higher. The Nasdaq posted a more than 400 point bounce off its morning lows, the S&P 500 with a 100-point bounce off lows (of 7,294) while the Dow Jones Industrial Average topped 52,000. Markets remained choppy this afternoon ahead of the largest semi-annual Russell index rebalance ever as The FTSE Russell indices rebalance will impact $6 trillion of active and passive assets under management benchmarked to the major Russell indices. The event will result in lots of companies moving between indexes. Most notably, SpaceX is among those set to be added to the Russell 1000. Updated indices will go live Monday. Overall, 43 companies are expected to graduate from the Russell 2000 index of small-cap stocks to the Russell 1000 large-cap index.

In other news, markets appeared unphased after U.S. President Trump midday threatened to impose a 100% tariff on all goods from any country that imposes a digital services tax on American companies. Trump said in a social media post that the new tariff would supersede any trade deals with the U.S. Also, President Trump accused Iran of violating a ceasefire agreement with the United States by launching attack drones at ships passing through the Strait of Hormuz, including a cargo vessel that was struck off the coast of Oman on Thursday. Neither of these events mattered for markets today. This morning the SPY traded below its 50dma support while the QQQs neared its 50dma around $702.75 but bounced notably off lows. Other concerns remain inflation and rate hikes after data Thursday showed U.S. inflation (PCE) rose above 4% in May for the first time in three years, boosted by higher energy prices, keeping the possibility of a Fed rate hike alive.

• University of Michigan surveys of consumers 1-year inflation outlook final June 4.6% vs prelim 4.6% and final May 4.8% while 5-year inflation outlook final June 3.3% vs prelim 3.4% and final May 3.9%.

• Oil prices finished the day and week notably lower with WTI crude falling -$2.69 or 3.74% to settle at $69.23 per barrel and Brent crude dropped -$3.27 or 4.34% to settle at $71.99 per barrel. The U.S. dollar fell for a second straight session on Friday as recent economic data and a drop in oil prices slightly cooled expectations for Federal Reserve rate hikes but posted its 2^nd straight weekly advance. Treasury yields slipped further, down 15bps for the 10-yr since the FOMC policy meeting last week where Kevin Warsh took the helm for the first time.

• Beverage sector: TD Cowen said believes the market is overstating alcohol's structural bear case. TDCowen's analysis of historical consumption patterns, demographic trends, and macro data indicates recent weakness is largely cyclical, reflecting post-pandemic normalization and affordability constraints. With valuations already baking in structural concerns, even modest volume stabilization could support upside for alcohol stocks. The firm upgraded DEO to Buy (in assumption of coverage) saying valuation dislocation creates an attractive entry, with CEO-led cost cuts and reinvestment expected to restore growth and improve commercial execution.

• In casino & Gaming: DKNG Launches proprietary prediction markets exchange DKeX; DraftKings Predictions generated ~$3.4B annualized consumer volume and  $11.3B in annualized total trading volume for the week ended June 21. Goldman Sachs initiates coverage on gaming stocks with Buy ratings on PENN and RRR and a Neutral rating on BYD, seeing a sector inflection driven by easing supply headwinds, improving earnings revisions, and M&A activity providing valuation support. The firm favors PENN for near-term catalyst-driven upside and RRR for a 2027 earnings inflection tied to LVL exposure, while BYD remains more of a longer-dated story with limited near-term catalysts.

• In Aerospace: SPCX told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers. RKLB shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.
• In Defense: RTX said it has been awarded a $1.1 billion contract from the U.S. Navy to produce AIM-9X Block II missiles. BA announced China Southern airlines cargo subsidiary buys seven Boeing jets; AER delivers first of three new Airbus A321neo jets to Azerbaijan Airlines. The handover follows a 2024 program covering three A321neo Aircraft, three A320neo Aircraft.

• In Crypto: MSTR was on track for its lowest level in more than two years. The stock slumped about 8% Thursday and comes into Friday with a seven-day losing streak, its worst seven-day losing streak since November 2022.
• In REITs, shares of EQR, AVB, VNO, ESRT, SLG were active after a New York City panel voted on Thursday to freeze rents for nearly one million rent-stabilized apartments, fulfilling one of Mayor Zohran Mamdani’s key campaign promises and handing the mayor a major policy win six months into his tenure.
• In research: AMH was upgraded from Market Perform to Outperform at BMO Capital saying although political uncertainty remains with the 21st Century Road to Housing Act in limbo, BMO is heartened initial worst case regulatory scenarios appear off the table with bipartisan support largely maintaining the status quo and allowing build-for-rent. COLD was upgraded from In Line to Outperform at Evercore and increasing its price target from $17 to $18, implying an attractive total return potential of >25%. ESS was upgraded from Market Perform to Outperform at Raymond James as views ESS as the biggest residential beneficiary of the extraordinary boom currently being felt across the San Francisco Bay Area economy (with 40% of its NOI derived from the Northern California).

• ACAD rises after EU panel for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion following a Re-examination procedure on its marketing application for Daybu for the treatment of neurobehavioral symptoms of Rett syndrome, following its recent CHMP oral explanation.
• ALNY hosted a webinar on ALN-6400, which targets plasminogen to stabilize blood clots and provide durable, prophylactic bleeding control across disorders, ahead of the full Phase 1 healthy volunteers and initial Phase 2 hereditary hemorrhagic telangiectasia (HTT) data in 2H.
• AMGN said the European Medicines Agency recommended revoking the marketing authorization for Amgen's rare autoimmune disease drug, Tavneos, citing a lack of benefits that outweigh its risks.
• CAPR shares fell after the U.S. FDA scheduled an advisory committee meeting to discuss the company’s marketing application for Deramiocel, a treatment targeting Duchenne muscular dystrophy.
• OMER shares fell after saying the European Medicines Agency's key panel issued a negative opinion on its application for its drug narsoplimab to treat transplant-associated thrombotic microangiopathy (TA-TMA); OMER to request a re-examination of the opinion and review by an independent expert group.
• President Trump nominated Chris Klomp as the deputy secretary of HHS, elevating him from head of Medicare at CMS. Klomp has been an important figure for the healthcare investment community given his role in the drug pricing deals with pharma and then the Medicare Advantage rate process.

• Telecom & Towers: TMUS, VZ, T and SPCX were among the big winners in the FCC's AWS-3 wireless auction that pulled in over $3.5 billion for 200 mid-band licenses—the first spectrum sale in four years. AMT was upgraded from Sector Perform to Outperform at RBC Capital saying despite headwinds from rising interest rate expectations and the apparent unwind of the LEO bull thesis, they upgraded based on Superior organic revenue growth vs peers and favorable trends at CoreSite, for which it now assigns a higher target multiple (25x vs previous 21x). Keybanc noted that concerns surrounding SPCX competition are largely overblown as Starlink is not competitive today with Terrestrial alternatives, and subscriber growth is not inflecting where key developments need to occur before the service is a true competitor. As such, they think the pullback in T looks highly attractive.

• Gaming Software: Wedbush noted for RBLX, both headline Engagement metrics improved WoW but remained negative. Weekly CCU growth ticked up to –9% YoY from –11% the prior week, while average weekly DAU growth rose to –3% from –5%. With CCUs still contracting faster than DAUs on the comp, the CCU/DAU ratio has held near summer '25 lows, leaving per-user Engagement Intensity yet to Re-inflect.

• In memory chip sector, Samsung and SK Hynix are expected to unveil large-scale spending plans next week, including initiatives aimed at expanding memory supply, Reuters reported last night. Samsung is reportedly preparing a ~$720B capex blueprint over the next decade, while don’t forget SK Hynix has already outlined roughly $30B of incremental memory capacity investment. The bulls will say none of it can come fast enough amid insatiable demand while Bears says every new capacity announcement raises the question of whether the industry is overbuilding and making AI even more capital intensive and straining ROIC.

Street Recommendations

Monday, June 29, 2026

ARETE

• CRWD Arete analyst Ellie Kearney downgraded CrowdStrike to Neutral from Buy with a $730 price target.

BARCLAYS

• SYNA Barclays analyst Tom O'Malley downgraded Synaptics to Equal Weight from Overweight with a price target of $135, up from $110, citing the pending all-stock takeover by On Semi.
• STM Barclays analyst Simon Coles upgraded STMicroelectronics to Equal Weight from Underweight with a EUR 65 price target.

BMO CAPITAL

• CASY BMO Capital analyst Kelly Bania upgraded Casey's General Stores to Outperform from Market Perform with an unchanged price target of $950 after meeting with management. The firm cites valuation for the upgrade with the shares pulling back $135 since reporting fiscal Q4 earnings. BMO is "increasingly confident" in Casey's ability to exceed its 8$-10% EBITDA growth algorithm "for years to come." This supports a premium valuation for the shares, the analyst tells investors in a research note. BMO thinks Casey's "competitive moat has widened," supported by widening price gaps in prepared food.
• CMC BMO Capital analyst Katja Jancic lowered the firm's price target on Commercial Metals to $77 from $80 and keeps a Market Perform rating on the shares. Commercial Metals delivered largely in-line Q3 earnings and slightly better Q4 outlook, the analyst tells investors in a research note. Pockets of regional softness impacted Q3 shipments and earnings, and while this is expected to be temporary, but it does raise some outlook concern, the firm says.
• PLD BMO Capital analyst John Kim lowered the firm's price target on Prologis to $158 from $162 and keeps an Outperform rating on the shares. Prologis' proposed merger with SEGRO is not a "must-have" transaction, but has significant strategic merit, the analyst tells investors in a research note. The firm thinks Prologis may need to raise its offer to GBP 9.94 per share.

BOFA

• DOCS BofA analyst Allen Lutz downgraded Doximity to Underperform from Buy with a price target of $20, down from $38, citing limited clarity on the near-term trajectory of revenue and margins along with execution risks related to the pivot to AI. Doximity is "making the right strategic investments" to compete against emerging AI models such as OpenEvidence and OpenAI, but given the deep pockets of these peers and the fact that top 20 pharma already spends significantly with Doximity, the firm has concerns around the company's ability to grow its current allocations as well as successfully compete for AI dollars, the analyst tells investors.
• CNMD BofA analyst Travis Steed downgraded Conmed to Underperform from Neutral with an unchanged price target of $40. When dollars come back into medtech, the firm thinks they will gravitate towards higher growth, quality, large caps that are trading a historically low valuations, so it thinks Conmed underperforms other medtech stocks in the firm's coverage over a one-year period, the analyst tells investors.
• AMPH BofA analyst Jason Gerberry downgraded Amphastar to Underperform from Neutral with a price target of $20, down from $25. The firm, which lowered estimates on a more modest outlook for Baqsimi and new product launches, sees limited visibility to reacceleration in growth and few catalysts to drive a re-rating over the next 12-18 months, the analyst tells investors.
• ALKS BofA analyst Jason Gerberry downgraded Alkermes to Underperform from Neutral with a $38 price target. With shares up 92% year-to-date, the firm acknowledges investor excitement over Alkermes' orexin pipe post the acquisition of a competitor. However, sees the stock as "priced to near-perfect execution" of the orexin pipeline without adequately reflecting risks ahead of the company's next major orexin updates, the analyst tells investors.

CANACCORD

• ACAD Canaccord analyst Sumant Kulkarni raised the firm's price target on Acadia Pharmaceuticals to $36 from $32 and keeps a Buy rating on the shares. The company announced that the Committee for Medicinal Products (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion on ACAD's Daybu (trofinetide) for Rett syndrome; the product is already on the market as Daybue in the US but with the increased probability of EU approval, its target was increased.

CANTOR FITZGERALD

• ADI Cantor Fitzgerald analyst Matthew Prisco raised the firm's price target on Analog Devices to $550 from $510 and keeps an Overweight rating on the shares. The AI infrastructure buildout is viewed as a generational semiconductor cycle that is both durable and extended by supply chain constraints, with expectations for faster-than-previously-forecast industry revenue expansion reaching roughly $3T by CY29 and potentially exceeding $3.5T by CY30, the analyst tells investors in a research note.
• INTC Cantor Fitzgerald analyst C.J. Muse raised the firm's price target on Intel to $150 from $90 and keeps a Neutral rating on the shares. The AI infrastructure buildout is viewed as a generational semiconductor cycle that is both durable and extended by supply chain constraints, with expectations for faster-than-previously-forecast industry revenue expansion reaching roughly $3T by CY29 and potentially exceeding $3.5T by CY30, the analyst tells investors in a research note.
• MKSI Cantor Fitzgerald analyst Matthew Prisco raised the firm's price target on MKS Inc. to $600 from $400 and keeps an Overweight rating on the shares. The AI infrastructure buildout is viewed as a generational semiconductor cycle that is both durable and extended by supply chain constraints, with expectations for faster-than-previously-forecast industry revenue expansion reaching roughly $3T by CY29 and potentially exceeding $3.5T by CY30, the analyst tells investors in a research note.
• MRVL Cantor Fitzgerald analyst C.J. Muse raised the firm's price target on Marvell to $300 from $220 and keeps a Neutral rating on the shares. The AI infrastructure buildout is viewed as a generational semiconductor cycle that is both durable and extended by supply chain constraints, with expectations for faster-than-previously-forecast industry revenue expansion reaching roughly $3T by CY29 and potentially exceeding $3.5T by CY30, the analyst tells investors in a research note.

CITI

• ACI Citi analyst Paul Lejuez lowered the firm's price target on Albertsons to $17 from $22 and keeps a Buy rating on the shares. Citi expects the Albertsons management to "sound cautious" on the fiscal Q1 earnings call, saying the company is in a "tough spot" as it seeks to recapture market share. The firm expects the company to report Q1 earnings below consensus but adds that this is priced in at current share levels.
• WGO Citi analyst James Hardiman raised the firm's price target on Winnebago to $30 from $29 and keeps a Neutral rating on the shares.
• EQIX Citi analyst Michael Rollins raised the firm's price target on Equinix to $1,260 from $1,240 and keeps a Buy rating on the shares. The firm believes the company is benefitting from the ongoing growth in cloud and AI workloads. Equinix's Q21 report should show its multi-year growth prospects, the analyst tells investors in a research note.

CITIZENS

• FUN Citizens analyst Jordan Bender initiated coverage of Six Flags with an Outperform rating and $29 price target. Six Flags operates the largest regional theme park platform in North America across its 34 properties, the analyst tells investors in a research note. The firm says that while the Cedar Fair merger has not progressed as anticipated, it views continued deal integration as a catalyst to drive attendance growth and improve the balance sheet. Six Flags' earnings should improve, the firm contends.

GOLDMAN SACHS

• HOOD Goldman Sachs analyst James Yaro raised the firm's price target on Robinhood to $121 from $108 and keeps a Buy rating on the shares. Robinhood reported stronger-than-expected June activity, with preliminary data pointing to record event contract, options, and equity trading volumes and a sharp increase in crypto trading, reinforcing the view that its platform growth, rapid product rollout, and renewed retail investor activity are driving momentum, the analyst tells investors in a research note.

GUGGENHEIM

• PFGC Guggenheim analyst John Heinbockel raised the firm's price target on Performance Food Group to $125 from $115 and keeps a Buy rating on the shares. Foodservice distribution stocks have rallied in the past six weeks, "rightfully putting aside overdone concerns" around the adverse impact of elevated fuel prices, says the analyst, who adds that "valuations are not stretched," especially for Performance.
• BRKR Guggenheim analyst Subbu Nambi raised the firm's price target on Bruker to $70 from $50 and keeps a Buy rating on the shares. The firm adjusted models and forecasts for select companies in its diagnostics and life sciences tools coverage after meetings with management teams.
• NTRA Guggenheim analyst Subbu Nambi raised the firm's price target on Natera to $290 from $270 and keeps a Buy rating on the shares. The firm adjusted models and forecasts for select companies in its diagnostics and life sciences tools coverage after meetings with management teams.
• VCYT Guggenheim analyst Subbu Nambi raised the firm's price target on Veracyte to $65 from $45 and keeps a Buy rating on the shares. The firm adjusted models and forecasts for select companies in its diagnostics and life sciences tools coverage after meetings with management teams.

JPMORGAN

• PRIM JPMorgan analyst Mark Strouse upgraded Primoris to Overweight from Neutral with a price target of $116, up from $105. The shares are now trading at a significant discount to peers while the non renewables parts of the business continue to perform well, the analyst tells investors in a research note. JPMorgan believes "it is time for investors to take a step back" and view Primoris through a sum-of-the-parts perspective. The firm sees upside to the valuation even if one assumes additional cost overruns in the renewables segment, which it feels is unlikely.

KEYBANC

• MKSI KeyBanc analyst Steve Barger raised the firm's price target on MKS Inc. to $475 from $360 and keeps an Overweight rating on the shares. Heading into Q2 earnings, expectations for the firm's Semicap/EMS/OSAT group have grown ever higher, potentially increasing ST risk around results. With valuations where they are, KeyBanc thinks for share prices to increase from current levels, investors will need to see beats, guidance that comes in above consensus, and management commentary that supports continued positive out-year revisions. Given current conditions, the firm does believe objectively positive outcomes are likely but also thinks any actual or perceived disappointment could result in downside volatility like what was seen last quarter.

MELIUS RESEARCH

• STX Melius Research analyst Ben Reitzes initiated coverage of Seagate with a Buy rating and $1,600 price target.

MIZUHO

• QCOM Mizuho analyst Vijay Rakesh raised the firm's price target on Qualcomm to $210 from $170 and keeps a Neutral rating on the shares following the investor day. The company announced over $15B data center revenue by fiscal 2029, the analyst tells investors in a research note. The firm upped estimates, saying headwinds in Qualcomm's consumer handsets will be offset by potential longer term date center and auto ramps.

MORGAN STANLEY

• XOM Morgan Stanley analyst Devin McDermott lowered the firm's price target on Exxon Mobil to $168 from $171 and keeps an Overweight rating on the shares. Since the U.S. and Iran announced a memorandum of understanding on June 14, oil prices have declined and WTI now sits only slightly above pre-conflict levels, notes the analyst, who refreshed estimates for the latest energy prices.
• SU Morgan Stanley analyst Devin McDermott lowered the firm's price target on Suncor to C$92 from C$93 and keeps an Equal Weight rating on the shares. Since the U.S. and Iran announced a memorandum of understanding on June 14, oil prices have declined and WTI now sits only slightly above pre-conflict levels, notes the analyst, who refreshed estimates for the latest energy prices.

RBC CAPITAL

• SNDA RBC Capital analyst Ben Hendrix raised the firm's price target on Sonida Senior Living to $48 from $45 and keeps an Outperform rating on the shares. The updated price target better reflects the company's momentum as it enters its compounding growth phase, the analyst tells investors in a research note.

STIFEL

• MXL Stifel analyst Tore Svanberg raised the firm's price target on MaxLinear to $110 from $105 and keeps a Buy rating on the shares. After having recently hosted MaxLinear management, including the CEO and CFO, the analyst reports that management framed the strategy around an expanding data center offering and reiterated a long-term goal of building a $3B infrastructure business.

TD COWEN

• DK TD Cowen analyst Jason Gabelman upgraded Delek US to Buy from Hold with a $58 price target.

TRUIST

• KYMR Truist analyst Srikripa Devarakonda raised the firm's price target on Kymera Therapeutics to $136 from $116 and keeps a Buy rating on the shares. Kymera is viewed positively following accelerated development timelines for its lead atopic dermatitis candidate KT-621, with clinician feedback suggesting strong interest in an oral therapy with Dupixent-like efficacy and high enthusiasm among dermatology key opinion leaders, the analyst tells investors in a research note.
• PCTY Truist analyst Terry Tillman lowered the firm's price target on Paylocity to $165 from $180 and keeps a Buy rating on the shares. The company is expected to sustain double-digit recurring revenue growth over the long term, with near-term estimates adjusted closer to consensus ahead of FY27, while continued strong execution could still drive beat-and-raise dynamics and upward revisions through the year, the analyst tells investors in a research note.
• UTI Truist analyst Jasper Bibb raised the firm's price target on Universal Technical to $47 from $40 and keeps a Buy rating on the shares. Universal Technical is a beneficiary of the AI-driven labor market shift, the analyst tells investors in a research note. The outlook remains constructive on skilled trades education, driven by rising awareness in high schools and stronger demand tailwinds from higher blue-collar wages and concerns about AI and four-year degree value, with potential for further upside if demand accelerates beyond expectations, which would benefit the largest scaled provider expanding capacity in a high fixed-cost model, the firm says.

UBS

• CYTK UBS analyst Ashwani Verma upgraded Cytokinetics to Buy from Neutral with a price target of $115, up from $69. Cytokinetics is well positioned for upside driven by strong Myqorzo launch momentum in obstructive hypertrophic cardiomyopathy, higher peak sales estimates, positive physician adoption feedback, and additional long-term value potential from expected non-obstructive HCM expansion following a 2026 filing and 2027 approval timeline, the analyst tells investors in a research note.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: AVAV CNXC

• China Composite PMI
• China NBS Manufacturing PMI

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for April
• 9:00 AM ET                   CaseShiller 20-City index for April
• 9:45 AM ET                   Chicago PMI for June
• 10:00 AM ET                 JOLTs Job openings for May
• 10:00 AM ET                 Consumer Confidence for June
• 10:30 AM ET                 Dallas Fed Services for June
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: NKE PRGS STZ

• Goldman Sachs Digital Assets Conference, 6/30, in London

• 7:00 AM ET MBA Mortgage Applications Data
• 8:15 AM ET ADP Private Payrolls for June
• 9:45 AM ET S&P Global Manufacturing PMI for June
• 10:00 AM ET                 Construction Spending M/M for May
• 10:00 AM ET ISM Manufacturing PMI for June
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: BSET FC GBX

• 8:30 AM ET                   Private Payrolls for June
• 8:30 AM ET                   Manufacturing Payrolls for June
• 8:30 AM ET                   Unemployment Rate for June
• 8:30 AM ET                   Average Hourly Earnings M/M for June
• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM EST                 Continuing Claims
• 10:00 AM ET                 Factory Orders M/M for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM EST                 Baker Hughes Weekly rig count data

• Earnings After the Close: None

Friday July 3^rd

• U.S. stock markets are closed in observance of Independence Day

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