Early Look

Friday, February 27, 2026

U.S. futures are looking lower to start the day, and end the week/month, as the Nasdaq is set for its worst monthly returns since March of last year with technology stocks (XLK, XLC), along with weakness in Financials (XLF) doing most of the damage. Meanwhile, stocks with less exposure to AI are climbing higher as Utilities (XLU) are set to rise 9% in February, Energy (XLE) and Materials (XLB) are both on track for monthly gains of over 7.5% and Industrials (XLI) and Consumer Staples (XLP) are on track for gains of more than 6% in February. Month to date the Nasdaq is down -2.5%. Nearly 40% of the S&P 500’s value is concentrated in mega-cap technology stocks like Nvidia, Microsoft (MSFT) and Alphabet (GOOG). Nerves about AI disrupting business models continue to wreak havoc on software companies. In focus this morning the January Producer Price Index (PPI) data is due at 8:30 am et with estimates: Headline final M/M for January est. +0.3% (prior +0.5%) and Y/Y est. +2.6% (prior +3.0%). The core PPI (ex: Food & Energy final M/M for January est. +0.3% (prior +0.7%) and Y/Y for January est. +3.0% (prior +3.3%).

In Asian markets, The Nikkei Index gained 96 points to 58,850, the Shanghai Index rose 16 points to 4,162, and the Hang Seng Index jumped 249 points to 26,630. In Europe, the German DAX is up 5 points to 25,294, while the FTSE 100 is up 37 points to 10,884. Oil prices jump back above 7 month highs as US and Iranian officials ended the latest round of nuclear talks in Geneva on Thursday by agreeing to reconvene as soon as next week, opening the door to further diplomacy even as President Donald Trump masses military forces in the region. Treasury yields are slumping ahead of the PPI data, with the 10-year yield under 4% (watching interest rate sensitive sectors like home builders, lenders, mortgage names, etc. on the lower drop in rates).

In other stock news, Netflix (NFLX) shares jump overnight after saying they have dropped out of the fight to buy Warner Bros. (WBD), clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio. Jack Dorsey’s Block (XYZ) shares jumped overnight around 20% after announcing more than 40% job cuts in the first sign of job impacts due to AI. The AI impact on corporate companies and job cuts became a reality last night after Block (XYZ) CEO Jack Dorsey said on their call after cutting 4,000 staffers, “I don’t think we’re early to this realization,” he said. “I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I’d rather get there honestly and on our own terms than be forced into it reactively.” Block’s cuts are the latest case of workforce reductions across fintech and the broader technology sector, in which companies have pointed to AI as a catalyst.

• The Dow Jones Industrial Average rose 17.05 points, or 0.03%, to 49,499.20
• The Nasdaq Composite tumbled -270.17 points, or 1.18%, to 22,878.38
• The Russell 2000 Index advanced 13.96 points, or 0.52% to 2,677.29

• 8:30 AM ET                   Producer Price Index (PPI) Headline final Y/Y for January…est. +2.6% (prior +3.0%)
• 8:30 AM ET PPI Ex: Food & Energy (core) final M/M for January…est. +0.3% (prior +0.7%)
• 8:30 AM ET PPI Ex: Food & Energy (core) final Y/Y for January…est. +3.0% (prior +3.3%)
• 9:45 AM ET                   Chicago PMI for February…est. 52.8 (prior 54.0)
• 10:00 AM ET                 Construction Spending M/M for November…+0.3%
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• eBay (EBAY) will lay off about 6.5% of its global workforce, or roughly 800 employees, as part of an effort to cut costs and restructure the business. "We are taking steps to reinvest across our business and align our structure with our strategic priorities, which will affect certain roles across our workforce," a company spokesperson said.
• Flutter Entertainment (FLUT) Q4 adj EPS $1.74 vs. est. $1.85; Q4 revs $4.74B below consensus $4.93B; said it now expects full-year 2026 revenue of $7.8B in the U.S., a near 10% miss from analysts' $8.7B estimate; FY26 guidance of +4% y/y adjusted ebitda to $2.97B vs. est. $3.5B.
• Monster Beverage (MNST) Q4 adj EPS $0.51 vs est $0.48 on revs rose 17.6% y/y to $2.13B vs est $2.04B; Sales in Monster Energy Drinks segment increased 18.9% to $1.99B, driven by strong consumer demand and said sales outside the U.S. rose 26.9% to $903.3 mln, contributing 42% of total net sales

• NuScale Power (SMR) FY EPS ($2.17) vs est ($1.89) on revs $31.5Mm vs est $40.86Mm and vs $37M y/y; notes remain the first and only SMR technology to have received design approval from the U.S. Nuclear Regulatory Commission, including our uprated 77 MWe NuScale Power ModuleTM.
• Sunrun (RUN) Q4 EPS $0.38 vs. est. 38c, consensus loss (-$0.06); Q4 revs $1.16Bvs. est. $610.29M; storage attachment rate reached a record 71% in Q4, up from 62% in the prior year, contributing to its financial performance; said paid down $81M of recourse debt in Q4.
• Talen Energy (TLN) Q4 adj EBITDA $382Mm vs est $344.56Mm; reaffirms FY view adj EBITDA $1.75-2.05B vs est $2.068B and adj FCF $980Mm - $1.18B.

• Compass Inc. (COMP) Q4 EPS loss (-$0.07) vs. est. $0.02; Q4 revs fell -5.1% y/y to $468.5M vs. est. $472.8M; Q4 net income (-$78.8M) vs. est. $9.8M; expects 2026 subsidiary Adjusted EBITDA between $345M-$395.
• Figure Technology Solutions (FIGR) Q4 EPS $0.06 vs est $0.14, adj EBITDA $81Mm vs est $78.58Mm on revs $159.9Mm vs est $151.38Mm.
• Intuit (INTU) Q2 adj EPS $4.15 vs est $3.67 on revs $4.7B vs est $4.534B; guides Q3 revs $8.52-8.55B vs est $8.522B and adj EPS $12.45-12.51 vs est $12.95; sees FY revs $21-21.19B vs est $21.213B and adj EPS $22.98-23.18 vs est $23.19.
• Mara Holdings (MARA) announces strategic partnership with Starwood to accelerate delivery of cutting edge hyperscale, enterprise and Ai capable digital infrastructure; Q4 revs $202Mm vs est $256.84Mm, adj EBITDA ($1.5)B vs est $33.91Mm.
• Rocket Companies (RKT) Q4 adj EPS $0.11 vs est $0.09 on revs $2.692B vs est $2.255B; guides Q1 adj revs $2.6-2.8B; RKT and COMP announced a three-year strategic alliance aimed at expanding home listing inventory to create a significantly enhanced and affordable home buying and selling experience for American families.

• Ginkgo Bioworks Holdings, Inc. (DNA) announced that its subsidiary entered into an agreement to sell substantially all operations of its biosecurity segment to Tower Biosecurity, Inc. Under the stock purchase agreement Ginkgo Bioworks, Inc. will transfer all equity interests of Ginkgo Biosecurity LLC to Tower Biosecurity in exchange for approximately 20% ownership in Tower Biosecurity on a fully diluted basis.
• Natera Inc. (NTRA) Q4op Exp $466.5Mm on revs $665.5Mm vs est $592.42Mm; guides FY sales $2.62-2.7B vs est $2.232B, gr mgn 63-65%.
• Neurogene (NGNE) shares rise after the FDA granted breakthrough therapy designation to its NGN-401 therapy to treat Rett Syndrome; said the designation was made on interim efficacy and safety data that demonstrates "clinically meaningful and durable functional improvements."
• Novartis (NVS) announced that committee for medicinal products for human use (CHMP) of European Medicines agency (ema) has adopted a positive opinion recommending marketing authorization for remibrutinib. Novartis receives positive CHMP opinion for remibrutinib in chronic spontaneous urticaria.

• MP Materials (MP) Q4 adj EPS $0.09 vs. est. $0.02; Q4 revs $52.68M vs. est. $58.83M; said revs miss after ceased all sales to China, leading to a 14% decline in Q4 revenue, partially offset by increased NdPr oxide and magnetic precursor product sales; plans to break ground on Northlake magnetics facility in 2026; awarded $200 mln incentive for new Texas magnetics facility.
• Rocket Labs (RKLB) Q4 EPS loss (-$0.09) vs. est. loss (-$0.10); Q4 revs rose 38% y/y to $179.65M vs. consensus $178.47M; said delivered record quarterly revenue bringing full year revenue to a record $602M; sees Q1 revenue $185M-$200M, consensus $184.98M; announced it has completed the acquisition of Optical Support.
• The Pentagon and top artificial intelligence lab Anthropic is set to come to a head by 5:01 p.m. (2201 GMT) on Friday over concerns about how the military could use AI at war. The dispute is widely seen as a referendum on how powerful AI could be deployed by the military and how its ‌risks are managed.

• Netflix (NFLX) shares jump overnight after saying they have dropped out of the fight to buy Warner Bros. (WBD), clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio. The streaming industry leader said that while it believed its deal would have passed muster with regulators and created shareholder value, it didn’t want to keep bidding. Netflix said, “"This year, we'll invest approximately $20B in quality films and series and will expand our entertaining offering. Consistent with our capital allocation policy, we'll also resume our share repurchase program."
• Meta Platforms (META) has signed a deal to rent Google’s (GOOGL) Ai chips, known as tensor processing units, to develop new Ai models, The Information reported. The multi-year deal is worth billions of dollars, said a person who was briefed about it. Meta has also been talking to Google about buying TPUs for its data Centers as soon as next year, though the status of that discussion couldn’t be learned. Both moves show Google is accelerating efforts to compete directly with Nvidia (NVDA) in the Ai chip business.
• Ambarella (AMBA) Q4 adj EPS $0.13 vs. est. $0.10 on in-line revs rising 20% y/y to $100.87M vs. consensus $100.18M; sees Q1 revenue $97M-$103M, vs. consensus $97M and sees Q1 adjusted gross margin 59%-60.5%; said expects revenue to rise 10%-15% this FY vs. consensus $428.5M, or up about 10%.
• Applied Optoelectronics (AAOI) Q4 adj EPS ($0.01) vs est ($0.11) on revs $134.3Mm vs est $132.94Mm, adj gross margin 31.4%; guides Q1 revs $150-165Mm vs est $146.14Mm, adj gross margin 29-31% and adj ESP ($0.09)-$0.00 vs est ($0.05).
• Autodesk (ADSK) Q4 EPS $2.85 vs. consensus $2.64 on revs $1.96B vs. est. $1.91B; sees Q1 EPS $2.82-$2.86 vs. consensus $2.60 and revs $1.885B-$1.9B, above consensus $1.84B; reported AutoCAD and AutoCAD LT revenue rose 17%, to $478M, while revenue in the manufacturing vertical rose 20%, to $381M
• CoreWeave Inc. (CRWV) Q4 EPS loss (-$0.89) vs. est. loss (-$0.68); Q4 revs $1.57B vs. consensus $1.55B; Q4 adj Ebitda $898M vs. est. $932.2M; reported an adjusted loss of $284M, compared with estimates of a loss of $258.9M; revenue backlog was $66.8B as of December 31, 2025.
• Coupang Inc. (CPNG) Q4 EPS loss (-$0.01) vs. est. $0.04; Q4 revs rose 11% y/y to $8.835B, but below consensus $9.09B; Q4 adj Ebitda $267M vs. est. $431M; says data incident estimated to have adversely impacted Q4 revenue growth rates, active customers, profitability, beginning in December.
• Dell Inc. (DELL) shares jumped on results; Q4 adj EPS $3.89 tops consensus $3.51 on better revs $33.38B vs. est. $31.68B; increases cash dividend 20%, adds $10B to share repurchase program; said expects AI servers revenue to grow 103% to about $50 billion in fiscal 2027; expects annual EPS of $12.90, above estimates of $11.59; forecast annual revenue of $138B-$142B, above analysts' average estimate of $125.54B.
• Elastic NV (ESTC) Q3 adj EPS $0.73 vs est $0.65, adj Outperform Inc $83Mm vs est $76.3Mm on revs $450Mm vs est $438.5Mm; sees Q4 revs $445-447Mm vs est $443.47Mm, adj Outperform mgn approx 14.5% and adj EPS $0.55-0.57 vs est $0.56.
• Globant SA (GLOB) Q4 adj EPS $1.54 vs est $1.54 on revs $612.5Mm vs est $605.46Mm, adj gr mgn 37.6%; guides Q1 revs $598-604Mm vs est $599.87Mm and adj EPS $1.44-1.54 vs est $1.49; sees FY revs $2.46-2.51B vs est $2.489B and adj EPS $6.10-6.50 vs est $6.28.
• NetApp Inc. (NTAP) Q3 adj EPS $2.12 vs. consensus $2.06 and revs $1.71B vs. est. $1.7B; narrows FY26 adjusted EPS view to $7.92-$8.02 from $7.75-$8.05 (est. $7.89) and boosts FY26 revenue view to $6.772B-$6.922B from $6.625B-$6.875B (est. $6.76b); Q3 All-flash array revenue grew 11% year-over-year to a record $1.0B.
• nLight Inc. (LASR) Q4 adj EPS $0.14 vs est $0.11, adj EBITDA $10.691Mm vs est $8.25Mm on revs $81.185Mm vs est $76.7Mm, gr mgn 30.7%; guides Q1 revs $70-76Mm vs est $67.43Mm, gr mgn 27-32% and adj EBIDA $5-10Mm vs est $4.672Mm.
• SBA Communications (SBAC) Q4 AFFO/shr $3.19 on revs $719.6Mm vs est $726.15Mm; guides FY revs $2.82-2.86B vs est $2.86B; guides FY revs $2.815-2.86B vs est $2.86B and AFFO/shr $11.84-12.29 vs est $12.75.
• TeraWulf Inc. (WULF) FY revs $168.5Mm vs est $177.85Mm, adj EBITDA ($23.1)Mm vs est $43.7Mm.
• Zscaler (ZS) Q2 adj EPS $1.01 vs est $0.90 on revs $815.751Mm vs est $798.82Mm; sees Q3 revs $834-836Mm vs est $831.88Mm and adj EPS $1.00-1.01 vs est $0.95; see3s FY revs $3.309-3.322B vs est $3.296B and adj EPS $3.99-4.02 vs est $3.81.

Mid-Morning Look

Friday, February 27, 2026

U.S. stocks open lower, adding to yesterday declines for the Nasdaq and S&P 500, but markets are paring losses with rebounds in more defensive sectors such as utilities, healthcare and consumer staples. Hotter than expected PPI data this morning kinda hurt the “inflation is dead” narrative as core PPI prices jumped above prior month and estimates, pushing out expectations of a near-term Fed rate cut. Dow Transports pull back further after hitting record highs earlier this week as a jump in oil prices amid fears of geopolitical headlines around the situation in Iran hits shares. Treasury yields slumped with the 10-yr falling below 4% for the first time since November, while Bitcoin tumbled back toward $65,000 Friday after investors reduced risk following the release of stronger-than-expected inflation data that damped expectations for near-term Federal Reserve rate cuts. Oil prices rose about 3% on Friday as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks. Lots of earnings out overnight with one more week left to Q4 earnings coming up before Wall Street conference season.

Down again early, the Nasdaq is on pace for its worst monthly returns since March of last year with technology stocks (XLK, XLC), along with weakness in Financials (XLF) doing most of the damage. Meanwhile, stocks with less exposure to AI are climbing higher as Utilities (XLU) are set to rise 9% in February, Energy (XLE) and Materials (XLB) are both on track for monthly gains of over 7.5% and Industrials (XLI) and Consumer Staples (XLP) are on track for gains of more than 6% in February. Financial stocks (big banks) seeing big pullbacks with XLF -2.2% early, possibly related to the Block (XYZ) news last night of a 40% job staff cuts as the company said AI will replace their jobs (reigniting the AI disruption trade and raising fears of rising unemployment, less spending, and high default rates for banks). Private equity names falling again today after a private credit fund overseen by Apollo Global Management Inc. (APO) cut its dividend and marked down the value of its assets amid signs of strain in Parts of its loan book (more below).

• Chicago PMI for February actual reported at 57.7 vs 54.0 previous; and above the est 52.1.
• December construction spending +0.3% (consensus +0.3%)

• In Drones/Aerospace: AMBA shares fell after the U.S. ITC issued a limited exclusion order barring imports of certain Insta360 cameras after finding infringement of a GoPro Design patent (Insta360 is AMBA's largest customer, but Keybanc notes the ruling appears to have a modest financial impact). KTOS shares fell after 14.29M share Spot Secondary priced at $84.00 (down from $92.14 closing price); ACHR announced it will work with Starlink to bring stable, reliable, and high-speed connectivity to its air taxis, marking Starlink's entry into the emerging air Mobility category and an industry-first collaboration. RKLB shares fell as delays Neutron debut to late 2026/reported a narrower-than-expected Q4 loss while ales and guidance also beat analysts' estimates.
• Residential REITs AMH, ESS, INVH all downgraded to Market Perform from Outperform at Raymond James and NXRT to underperform saying rental demand deterioration across multifamily and single-family rental segments accelerates into early 2026, raising concerns that consensus and recently issued 2026 guidance may prove too optimistic. Despite management assumptions of a seasonally normal leasing recovery and improved 2H26 comps, weak leasing trends, elevated new supply and concessions, macro headwinds such as AI-driven job displacement and stricter immigration enforcement, and rising regulatory risks suggest downside risk to earnings expectations.

• DELL +16%; Q4 revenues upside expectations (+39% y/y) exceeding the top end of their guide while EPS was also higher on higher margins; increases cash dividend 20%, adds $10B to share repurchase program and forecast annual revenue of $138B-$142B, above analysts' average estimate of $125.54B.
• FIGS +23%; upgraded from Sell to Neutral at Goldman Sachs saying the magnitude of improvement delivered in Q4 across all key line items and KPIs is much stronger than they forecasted, and management commentary suggests momentum has continued in 1QTD and should support double-digit top line growth in 2026.
• MARA +12%; reported weaker Q4 revs $202M vs. est. $256M with the decline in Bitcoin price during the quarter, as mining revenue declined 19.8% q/q and adjusted EBITDA turned negative, but announces strategic partnership with Starwood to accelerate delivery of cutting edge hyperscale, enterprise and Ai capable digital infrastructure.
• NATL +6%; BCO said it plans to acquire NATL for about $4 billion in cash and stock, a deal that combines two major players in the ATM business. NCR Atleos shareholders will receive $30.00 in cash and 0.1574 shares of Brink's common stock for each share owned, representing an implied value of $50.40 per share.
• NFLX +8%; shares jumped after saying it would drop out of the bidding war for WBD, which late Thursday deemed an offer of $31 a share from PSKY as superior. Many analysts viewed that Netflix was overpaying with its original $82 billion offer for Warner Bros. streaming and studios assets and removes an overhang.
• NGNE +14%; shares jumped after the FDA granted breakthrough therapy designation to its NGN-401 therapy to treat Rett Syndrome; said the designation was made on interim efficacy and safety data that demonstrates "clinically meaningful and durable functional improvements."
• XYZ +16%; delivered a strong 4Q25 and 2026 financial guide while announced a major organizational shift, reducing its workforce by 40%+ to operate with smaller, highly skilled teams and accelerate automation through AI, and supporting 2026 earnings targets well ahead of the consensus estimate.

• CRI -16%; shares dropped after the children’s clothing company’s adj. EPS forecast for Q1 fell well short of analysts’ estimates ($0.02-$0.08 vs. est. $0.36), overshadowing better-than-expected results in Q4.
• CRWV -11%; shares fell after reported a wider Q4 loss than expected while Q1 sales guidance (sees Q1 revenue $1.9B-$2.0B, consensus $2.24B) and fiscal-year adjusted operating margin outlook also missed expectations; increased backlog more than 4x in 4Q with expansions from its leading two hyperscaler customers.
• DUOL -18%; guides FY bookings $1.27-1.3B vs est $1.39B, revs $1.20-1.22B vs est $1.262B and adj EBITDA $299-305Mm vs est $384.44Mm; overall material revenue growth deceleration – from 35% Y/Y in Q4 to 15%-18% in 2025 – and EBITDA Margin declines – from 30% in FY25 to 25% in FY26.
• EBS -20%; as reported Q4 revenue of $148.7M, well below the consensus $217.5M and guided Q1 revs $135M-$155M vs. est. $275M and lower FY26 revs noting revenues from Naloxone products decreased 41% primarily due to increased competition.
• FLUT -14%; shares fell after Q4 EPS and revs missed consensus ($1.74/$4.74B below consensus $1.85/$4.93B) and guided '26E US EBITDA to $850M–$1.25B, below $1.4B consensus; also reported Q4 EBITDA below expectations by 9% as missed across all its segments, with U.S. EBITDA missing expectations by 10%.
• KTOS -7%; after 14.29M share Spot Secondary priced at $84.00 (down from $92.14 closing price)
• SG -13%; reported Q4 comp sales of down -11.5%, modestly below consensus, while for FY26, comp sales guidance of down 2% to down 4% is 320bps below consensus.
• ZS -13%; shares declined despite beat for Q2 and FY26 guide was also raised organically for both ARR and revenue, but shares fell as Piper noted the 7% organic NNARR growth in F'Q2 and single digit guide for 2H appeared modest after a 15% FQ1.

Closing Recap

Friday, February 27, 2026

US equities slipped again overnight as earnings wind down and focus once again returns primarily to macro factors and the Fed.  On earnings, of 482 S&P 500 names to have reported, 75% beat estimates (versus 76% last year) with an average beat of 10% (versus 26% last year) and a median year/year growth rate of 9% (versus 10% last year).  By sector, Information Technology, Consumer Staples and Energy have the best beat percentages at 91%, 87% and 86%, respectively, while Materials, Consumer Discretionary and Utilities bring up the rear all in the 50-60% range.  Back to macro, today’s hotter PPI didn’t help, and markets faded further off the number.  Core PPI was +3.6% year/year and +0.8% month/month versus projections of +3.0% and 0.3%, respectively.  In sentiment today, the Fear & Greed Index sat at 44/100 (Fear) versus 39 (Fear) last week but down from 57 (Greed) last month.  At mid-morning, breadth favored decliners by 2:1 as small caps underperformed with IWM (-1.79%) versus SPY (-0.69%) and QQQ (-0.54%).  Sector-wise, Utilities (+0.85%), Consumer Staples (+0.75%) and Real Estate (+0.60%) were outperformers while Industrials (-0.62%), Technology (-1.37%) and Financials (-2.11%) led the underperformers with six sectors gaining versus five declining. 

In data of note today, despite the hotter PPI and initial negative pre-market reaction in equities, @bespokeinvest noted the odds of one rate cut by June and two by September actually increased this morning.  On historical relationships, @charliebilello noted leveraged loans are lower by 2% versus January highs and that type of softness often coincides with a larger stock market correction.  Something to watch.  Lastly, on rent versus buy, he also noted US rents were lower by 1.5% over the past year, marking 33 consecutive months of year/year declines and making renting cheaper than paying a mortgage in all 50 of the largest US metro areas. Equities remained weak in the final hour despite a few intra-day rally attempts.  Sector breadth was very telling for the market overall with advance: declines led by Utilities (26:5) and Energy (18:4), while Financials (22:54) and Technology (15:55) were notably soft.

• Chicago PMI for February actual reported at 57.7 vs 54.0 previous; and above the est 52.1.
• December construction spending +0.3% (consensus +0.3%)

• April Gold futures gained overnight as investors remained concerned about a potential US strike on Iran.  Trump didn’t do much to calm fears when he noted he hadn’t made a decision about Iran but wasn’t happy with how they negotiate.  He did note he wants to make a deal, though.  A one-liner about a friendly takeover of Cuba also lent support to gold’s safe-haven position in portfolios.  Regardless, prices faded a bit in the afternoon but still settled +$53.70/oz, or +1.03%, at $5,247.90.
• April WTI crude futures posted strong gains overnight as investors renewed concerns about a potential Iran strike.  Supply-disruption fears powered the move despite agreements to reconvene US/Iran talks again next week.  The movement of US military assets to the region stoked speculation about escalation, as did UK moves to temporarily withdraw staff from Iran and move some staff from Tel Aviv. Futures settled slightly off the highs, +$1.81/bbl, or +2.78%, at $67.02.

• Apparel Retail: CRI shares dropped after the children’s clothing company’s adj. EPS forecast for Q1 fell well short of analysts’ estimates ($0.02-$0.08 vs. est. $0.36), overshadowing better-than-expected results in Q4. FIGS shares jumped after Goldman Sachs upgraded to Neutral after Q4 results saying the magnitude of improvement delivered in Q4 across all key line items and KPIs is much stronger than GSCO forecasted, and management commentary suggests momentum has continued in 1Q and should support double-digit top line growth in 2026.
• Food & Beverages: CELH was double upgraded from Underperform to Buy at Bank America with $65 tgt post strong Q425 earnings and upbeat CAGNY presentation last week. MNST delivered strong, broad-based top-line growth in Q4, but operating margins were held back by higher-than-anticipated expenses, with EPS finishing slightly ahead due to higher interest/other Income and lower taxes.
• In Restaurants: SG reported Q4 comp sales of down -11.5%, modestly below consensus, while for FY26, comp sales guidance of down 2% to down 4% is 320bps below consensus.

• In Education/Learning: DUOL shares tumbled as guides FY bookings $1.27-1.3B vs est $1.39B, revs $1.20-1.22B vs est $1.262B and adj EBITDA $299-305Mm vs est $384.44Mm; overall material revenue growth deceleration – from 35% Y/Y in Q4 to 15%-18% in 2025 – and EBITDA Margin declines – from 30% in FY25 to 25% in FY26.

• In Solar sector: it has been a rough week for the group given weaker results/guidance for the likes of FSLR and ARRY. RUN delivered 4Q revenue above expectations and strong cash generation as monetization (~51% of adds) lifted results and raised the advance rate to ~91%, while reported value metrics declined on mix. Direct channels are guided to grow high-single to low double digits in 2026 – Run shares ending up tumbling post results.

• Block (XYZ) CEO Jack Dorsey said on their call after cutting 4,000 staffers, “I don’t think we’re early to this realization,” he said. “I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I’d rather get there honestly and on our own terms than be forced into it reactively.”
• In other FinTech: FOUR was downgraded to Neutral at Goldman Sachs post 4Q results due to lower-than-expected organic growth and reduced FCF, which limits capacity for M&A. Despite a substantial sell-off and sector-wide low valuations, the slowing organic growth rate is expected to cap its multiple.

• Insurance sector: AON, AJG, BRO all upgraded to Outperform from Neutral at Mizuho as the firm adjusted ratings in the insurance property and casualty group following the recent sector selloff. The firm said there is low disruption threat to the insurance brokerage names who focus on middle-market and larger accounts from AI and believes disintermediation risk is geared to mass market personal lines and the smaller end of SME.
• Financial Services: BCO said it plans to acquire NATL for about $4 billion in cash and stock, a deal that combines two major players in the ATM business. NCR Atleos shareholders will receive $30.00 in cash and 0.1574 shares of Brink's common stock for each share owned, representing an implied value of $50.40 per share.
• In Mortgage Services: RKT posted top and bottom line beat as reported Q4 adj EPS $0.11 vs est $0.09 on revs $2.692B vs est $2.255B; guides Q1 adj revs $2.6-2.8B; separately, RKT and COMP announced a three-year strategic alliance aimed at expanding home listing inventory to create a significantly enhanced and affordable home buying and selling experience for American families.

• CUBE 4Q results missed by $0.01 and initial FY26 FFO guidance came in 1.5% below consensus at the midpoint.
• DRH initial ’26 Adj. EBITDA guidance was in line with cons. or ~1% below after adjusting for higher SBC vs. ‘25; Adj. FFO guidance beat cons. by ~1%. RevPAR growth guidance of 1-3% is in line with the lodging REIT average
• NHI initial ’26 NFFO guidance missed consensus by ~3% at the midpoint, which appears partially due to limited net investments assumed in guidance.
• RLJ initial 2026 adj. EBITDA guidance was in line with consensus after adjusting consensus for dispositions completed in 4Q. Initial RevPAR growth guidance of 1.8% is in line with peers.
• Residential REITs AMH, ESS, INVH all downgraded to Market Perform from Outperform at Raymond James and NXRT to underperform saying rental demand deterioration across multifamily and single-family rental segments accelerates into early 2026, raising concerns that consensus and recently issued 2026 guidance may prove too optimistic. Despite management assumptions of a seasonally normal leasing recovery and improved 2H26 comps, weak leasing trends, elevated new supply and concessions, macro headwinds such as AI-driven job displacement and stricter immigration enforcement, and rising regulatory risks suggest downside risk to earnings expectations.

• NGNE shares jumped after the FDA granted breakthrough therapy designation to its NGN-401 therapy to treat Rett Syndrome; said the designation was made on interim efficacy and safety data that demonstrates "clinically meaningful and durable functional improvements."
• PGNY reported a top- and bottom-line beat but guided to Q1 revenue of ~$325M (at midpoint), slightly below the $343M consensus estimate, and also guided adj. EBITDA to ~$53M (midpoint) also below consensus of 61M; for FY, PGNY guided to revenue growth of 5-9% vs consensus of ~9% growth.

• Defense/IT Service: PLTR was upgraded to Buy with $180 tgt at UBS and recommend that investors take advantage of this -35% move off the peak for the Premier growth story in software and a company that is at the Nexus of the two most powerful spending trends – Ai and Data.
• In E&C Sector: MTZ reported a strong revenue quarter, as Q4 adj EPS $2.07 tops consensus $1.95 on revs rising 16% Y/y to $3.9B vs. est. $3.71B; sees Q1 adjusted EPS $1.00, above consensus $0.79 on better revs $3.475B vs. est. $3.24B; Q4 backlog grew 13% sequentially, reaching $19B.
• In Chemicals: Keybanc said the Chemical Market Analytics monthly chlor-alkali report, released on February 26, shows positive momentum in domestic caustic soda prices. The U.S. caustic soda index rose $15/ton M/m in February, in line with CMA's forecast. Overall, moderate momentum is building in U.S. caustic soda, with more hikes expected in Mach and April. Overall, sees the report as a positive for OLN and WLK.

• In Media: NFLX shares jumped after saying it would drop out of the bidding war for WBD, which late Thursday deemed an offer of $31 a share from PSKY as superior. Many analysts viewed that Netflix was overpaying with its original $82 billion offer for Warner Bros. streaming and studios assets and removes an overhang.
• In Ad Tech: Thursday rounded earnings reports, with reports by DV and PUBM; DoubleVerify's revenue results and guidance were softer than expected due to macro and the timing of product initiatives scaling, but the Company sees potential for stronger EBITDA margin in 2026E; PUBM results and outlook were better, reflecting progress the Company has made in product innovation, partnerships, and diversifying ad buyer mix said Keybanc. PUBM was upgraded to Buy from Neutral at B Riley after co reported a Q4 beat, issued "solid" Q1 guidance, and outlined an expected return to double-digit growth and stronger margin expansion in the second half of 2026.

• Neo Cloud sector: CRWV shares fell after reported a wider Q4 loss than expected while Q1 sales guidance (sees Q1 revenue $1.9B-$2.0B, consensus $2.24B) and fiscal-year adjusted operating margin outlook also missed expectations; increased backlog more than 4x in 4Q with expansions from its leading two hyperscaler customers.
• Software: ADSK reported solid 4Q results, posting 14% normalized revenue growth helped by an easier comp, and better OM, billings, and FCF while initial FY27 normalized revenue growth guidance of 9-10% is a higher starting point vs. last year's 8-9% guide. ESTC reported a Q3 revenue beat & raise driven by solid cloud consumption and RPO bookings; 3Q sales-led subs revenue beat by $10M/3% and accelerated 2 pts on a CC basis, though with some benefit from F2Q slipped deals. F4Q sales-led subscription revenue guided slightly above.
• AI/HPC Data Centers: MARA reported weaker Q4 revs $202M vs. est. $256M with the decline in Bitcoin price during the quarter, as mining revenue declined 19.8% q/q and adjusted EBITDA turned negative, but announces strategic partnership with Starwood to accelerate delivery of cutting edge hyperscale, enterprise and Ai capable digital infrastructure; WULF generated $35.8M of revenue in Q4, down 29% sequentially from $50.6M, as digital asset revenue fell to $26.1M from $43.4M, while HPC lease revenue rose to $9.7M in Q4 from $7.2M in Q3.
• In Optical/Equipment sector: AAOI delivered better-than-expected Q4 result and Q1 guidance even though the timing of the start of significant 800G revenue growth slipped by a quarter to Q226 due a firmware customization delay with Amazon that should be completely resolved by mid-March; raised 2026 revenue guidance to over $1B, versus consensus at $834M, and 2026 operating margin to 12%, compared to consensus at 8%.
• Security Software: ZS shares declined despite beat for Q2 and FY26 guide was also raised organically for both ARR and revenue, but shares fell as Piper noted the 7% organic NNARR growth in F'Q2 and single digit guide for 2H appeared modest after a 15% FQ1.

Street Recommendations

Friday, February 27, 2026

• AAOI B. Riley upgraded Applied Optoelectronics (AAOI) to Neutral from Sell with a price target of $54, up from $15, post the Q4 report. The firm cites the continued strength in 400G, with 800G expected to drive incremental growth starting in Q2, for the upgrade. Applied Optoelectronics expects 400G demand to remain firm, especially with Amazon (AMZN), the analyst tells investors in a research note.

• WPP Barclays upgraded WPP to Equal Weight from Underweight with a price target of 300 GBp, up from 250 GBp. While the company's investor day "did not break new ground," everything said "was sensible," the analyst tells investors in a research note. The firm says recent account wins demonstrate WPP "is not broken" despite its 2026 guidance being "weak." The company needs improving organic momentum before it is "out of the woods," adds Barclays.
• LNG Barclays raised the firm's price target on Cheniere Energy to $271 from $259 and keeps an Overweight rating on the shares. The firm says Cheniere's "strong" Q4, accelerated progress on capital allocation targets, and operational and commercial execution position the company for continued success.
• CQP Barclays raised the firm's price target on Cheniere Energy Partners to $60 from $55 and keeps an Underweight rating on the shares. The firm says Cheniere's "strong" Q4, accelerated progress on capital allocation targets, and operational and commercial execution position the company for continued success.
• DELL Barclays analyst Tim Long raised the firm's price target on Dell Technologies to $168 from $148 and keeps an Overweight rating on the shares post the earnings report. The firm says the company's AI orders "were impressive" at $34B, almost triple
• FTAI Barclays analyst Brandon Oglenski raised the firm's price target on FTAI Aviation to $350 from $260 and keeps an Overweight rating on the shares. The firm is a buyer of the stock on any weakness post the Q4 report. FTAI's long-term drivers of favorable momentum "remain firmly intact," the analyst tells investors in a research note.

• SJM Bernstein analyst Alexia Howard raised the firm's price target on J.M. Smucker to $121 from $113 and keeps a Market Perform rating on the shares. The firm notes Smucker's announced plans to add two new board members in mid-April, under advice from Elliott Management. More fundamentally, the outlook for the coffee business remains solid for FY27, Bernstein adds.

• WMT BofA reinstated coverage of Walmart with a Buy rating and $150 price target. Walmart continues to gain share with upper income consumers through faster delivery offerings, while also serving lower income consumers with everyday low pricing, notes the analyst, who believes a continuation of consistent sales growth and an acceleration in profit growth should lead to further positive EPS revisions and allow the multiple to "grind higher."
• TGT BofA analyst Christopher Nardone reinstated coverage of Target with an Underperform rating and $103 price target. The firm thinks consensus expectations for consistent positive comp growth beyond fiscal Q1, which should be aided by higher tax refunds, may prove "aggressive" and thinks an EPS recovery will take time, the analyst tells investors.
• COST BofA reinstated coverage of Costco with a Buy rating and $1,185 price target. Given its strong appeal with higher-income consumers along with industry-leading pricing that attracts a more value-conscious shopper, Costco is "well positioned to remain a leader in this K-shaped economy," the analyst tells investors.

• SDRL BTIG raised the firm's price target on Seadrill to $50 from $40 and keeps a Buy rating on the shares as part of a broader research note on Energy Offshore Services, OSV. M&A in the Rig and OSV sector are helping tighten the market ahead of an eventual activity recovery, the analyst tells investors in a research note.
• PAR BTIG analyst Andrew Harte lowered the firm's price target on Par Technology to $45 from $60 and keeps a Buy rating on the shares. The company's Q4 conference call gave investors plenty to be excited about - 15% organic annual recurring revenue, ARR, growth in the quarter, a strong backlog of ARR that is expected to drive mid-teens organic growth in FY26, and extreme optimism about delivering AI products to its enterprise restaurant customers, the analyst tells investors in a research note. The key negative point however was the expectation for ARR growth to be second-half-weighted as a result of managing out some legacy low margin customers during Q1, the firm adds.

• ARBE Canaccord analyst George Gianarikas lowered the firm's price target on Arbe Robotics to $1.25 from $1.75 and keeps a Buy rating on the shares. The firm said they reported 4Q25 results with its latest update signaling a decisive near-to-medium term pivot away from Western Level 3 passenger vehicle programs toward adjacent markets including defense, robotaxis, autonomous trucking, and off- road applications.
• BKSY Canaccord analyst Austin Moeller lowered the firm's price target on BlackSky to $26 from $27 and keeps a Buy rating on the shares. The firm said despite the company's Q4/FY25 results missing both our top and bottom-line estimates, BlackSky had a strong year, was profitable, and has momentum going into 2026 as the bulk of Gen-3 is brought online.
• HUT Canaccord analyst Joseph Vafi raised the firm's price target on Hut 8 to $70 from $62 and keeps a Buy rating on the shares. The firm said favorable lease terms on its recent River Bend co location deal are only accruing more value to the broader power infrastructure portfolio. At a macro level, demand for AI data center power continues to grow, based on increasingly favorable lease terms on recent deal announcements.
• PRGO Canaccord analyst Susan Anderson lowered the firm's price target on Perrigo to $17 from $20 and keeps a Buy rating on the shares. The firm said Management noted they ended 4Q25 and FY25 with share gains for both private label store brands and their key branded business, but saw softness in the infant nutrition business. It's been a challenging 2 years for the company primarily due to issues around the infant nutrition business. However, the rest of the business is performing well with distribution, contract, and share gains in a tough environment.
• SMR Canaccord lowered the firm's price target on NuScale Power to $25 from $60 and keeps a Buy rating on the shares. The firm said they reported 4Q25 results that materially missed consensus estimates and their lowered target reflects slower-than-anticipated NPM deployment growth and ATM-driven dilution. During the quarter, NuScale sold roughly 39.3M shares through the company's ATM.
• ZS Canaccord lowered the firm's price target on Zscaler to $275 from $340 and keeps a Buy rating on the shares. The firm said Zscaler delivered a strong FQ2'26 with broad-based beats across top- and bottom-line metrics, highlighted by 26% year over year revenue growth to $815.8M. They continue to believe Zscaler is well positioned for sustained strong growth given its robust technology moat and expanding platform adoption.

• DELL Citi raised the firm's price target on Dell Technologies to $180 from $160 and keeps a Buy rating on the shares. The company reported an "exceptional beat and raise" quarter, the analyst tells investors in a research note. Citi says Dell's AI momentum is continuing. It upped estimates post the print.
• HEI Citi added an "upside 90-day catalyst watch" on shares of Heico while keeping a Buy rating on the shares with a $400 price target. The firm views the 9% post-earnings share selloff as "unwarranted." It sees an attractive entry point at current share levels.
• DUOL Citi downgraded Duolingo to Neutral from Buy with a price target of $101, down from $270.

• METC Goldman Sachs lowered the firm's price target on Ramaco Resources to $14 from $16 and keeps a Sell rating on the shares. Ramaco Resources reported mixed Q4 results, with revenue below expectations and adjusted EBITDA roughly in line, while 2026 production guidance met forecasts and sales volume guidance exceeded them, the analyst tells investors in a research note. Management is pivoting its rare earths strategy toward a proprietary flowsheet to produce high-purity gallium, alumina, and quartz for semiconductor applications, and with the timeline modestly pushed out, focus will center on execution milestones to de-risk the revised plan, the firm says.
• RUN Goldman Sachs raised the firm's price target on Sunrun to $24 from $21 and keeps a Buy rating on the shares. Sunrun closed 2025 strongly, generating nearly $200M in Q4 cash and exceeding full-year guidance, with 2026 cash generation guided to $250M-$450M, the analyst tells investors in a research note.
• BCO Goldman Sachs raised the firm's price target on Brink's (BCO) to $145 from $129 and keeps a Buy rating on the shares. Brink's delivered strong Q4 results, with revenue and EPS above estimates, and 2026 guidance exceeding Street expectations, the analyst tells investors in a research note. High-growth Digital Retail Solutions and ATM Managed Services accelerated to 22% organic growth in 4Q, while the announced $6.6B acquisition of NCR Atleos Corporation (NATL) should expand capabilities, support mid-single-digit organic growth, and deliver $200M in annual run-rate synergies within three years, the firm says.
• FOUR Goldman Sachs downgraded Shift4 Payments to Neutral from Buy with a $56 price target. The firm's downgrade post Q4 results is based on two primary drivers: its "best estimate" of organic growth implying a low double digit run-rate exiting the year and mid/high single digits organic revenue growth in Q1, and free cash flow that is "significantly lower than expected," the analyst tells investors.
• FIGS Goldman Sachs upgraded Figs to Neutral from Sell with a price target of $14, up from $7.50, following the Q4 report. The improvement across the company's business is much stronger than expected, the analyst tells investors in a research note. The firm adds that management commentary suggests Figs' momentum has continued in Q1 and should support double-digit sales growth in 2026. Goldman admits to being wrong on the shares and sees a more balanced risk/reward at current levels.
• SMR Goldman Sachs analyst Brian Lee lowered the firm's price target on NuScale Power to $14 from $20 and keeps a Neutral rating on the shares. NuScale Power closed 2025 with a strong $1.3B liquidity position, supported by $750M in ATM proceeds, and announced a new $1B ATM program for additional capital access, the analyst tells investors in a research note.

• QSR Guggenheim analyst Gregory Francfort raised the firm's price target on Restaurant Brands to $80 from $79 and keeps a Buy rating on the shares after the company hosted an investor day in Miami. At the event, the company reiterated its 2024-2028 8%-plus operating income growth, as expected, and better laid out its plans to streamline its financial model and unlock a free cash flow step-up over the next two to three years, the analyst tells investors.
• ARGX Guggenheim lowered the firm's price target on Argenx to $1,120 from $1,160 and keeps a Buy rating on the shares. FY25 financial results were largely as expected following the company's pre-announcement, but the company's update regarding three potential registrational readouts in 2026 further strengthens the quality and durability of the growth story, the analyst tells investors.

• RUN Jefferies downgraded Sunrun to Hold from Buy with an unchanged price target of $22. Sunrun's Q4 commentary was "notably cautious," diverging from the more constructive industry takeaways at last week's Intersolar Conference, says the analyst, who notes that its Q4 call implied a more prolonged period of market contraction, reflected in lowered guidance and a renewed emphasis on balance-sheet protection. Recovery visibility remains limited and the firm sees upside skewing toward offensive strategies as the industry resets, the analyst added.

• DELL JPMorgan analyst Samik Chatterjee raised the firm's price target on Dell Technologies to $165 from $155 and keeps an Overweight rating on the shares following the Q4 report. The firm upped fiscal 2027 and 2028 estimates to reflect Dell's "stand-out execution." JPMorgan believes the confidence of management to raise earnings guidance materially in the face of higher memory costs that are higher "is going to drive investors to assume that the downside risks in relation to delivering to the outlook is lower than assumed earlier."
• ZS JPMorgan lowered the firm's price target on Zscaler to $250 from $267 and keeps an Overweight rating on the shares. The company reported "solid" fiscal Q2 results, but its organic annual recurring revenue was a bit lighter than some were looking for and guidance the "required a bit of explanation," the analyst tells investors in a research note. JPMorgan cites recent peer multiple contraction for the target cut.
• CPNG JPMorgan lowered the firm's price target on Coupang to $27 from $33 and keeps an Overweight rating on the shares. The company reported a Q4 miss with a mixed outlook, the analyst tells investors in a research note. JPMorgan recommends investors "gradually accumulate the stock" into the near-term catalysts of the share buyback and Coupang's active marketing strategy driven user return.

• AJG Mizuho upgraded Arthur J. Gallagher to Outperform from Neutral with a price target of $260, down from $277. The firm adjusted ratings in the insurance property and casualty group following the recent sector selloff. There is "low disruption threat" to the insurance brokerage names who focus on middle-market and larger accounts from AI, the analyst tells investors in a research note. Mizuho believes disintermediation risk is "geared to mass market personal lines and the smaller end of SME."
• BRO Mizuho upgraded Brown & Brown to Outperform from Neutral with a price target of $85, up from $84. The firm adjusted ratings in the insurance property and casualty group following the recent sector selloff. There is "low disruption threat" to the insurance brokerage names who focus on middle-market and larger accounts from AI, the analyst tells investors in a research note. Mizuho believes disintermediation risk is "geared to mass market personal lines and the smaller end of SME."
• WTW Mizuho analyst Yaron Kinar lowered the firm's price target on WTW to $358 from $392 and keeps an Outperform rating on the shares. The firm adjusted ratings and targets in the insurance property and casualty group following the recent sector selloff. There is "low disruption threat" to the insurance brokerage names who focus on middle-market and larger accounts from AI, the analyst tells investors in a research note. Mizuho believes disintermediation risk is "geared to mass market personal lines and the smaller end of SME."
• DELL Mizuho analyst Vijay Rakesh raised the firm's price target on Dell Technologies to $180 from $175 and keeps an Outperform rating on the shares. The firm views the company's Q4 report as strong. Dell is well positioned into fiscal 2027 with strong AI demand and a high-margin storage attach opportunity, the analyst tells investors in a research note.

• VITL Morgan Stanley analyst Megan Alexander Clapp downgraded Vital Farms to Equal Weight from Overweight with a price target of $24, down from $45. The firm says the company's lower implied Q1 revenue outlook along with "elevated" industry promotional intensity reduce Vital 's near-term visibility and raise questions around the achievability of its fiscal 2026 growth expectations. Morgan Stanley adds the stock's valuation "appears low."

• AAOI Northland downgraded Applied Optoelectronics to Market Perform from Outperform with a price target of $55, up from $45. The firm's raised target reflects an "ambitious" calendar year 2026 forecast for $1B in revenue, but with the shares now discounting earnings in the $3.00 range relative to current losses, the firm sees the risk reward as "balanced," the analyst tells investors.

• MNST Piper Sandler raised the firm's price target on Monster Beverage to $94 from $85 and keeps an Overweight rating on the shares. The firm continues to believe Monster is well-positioned for strong, sustainable top-line growth momentum, particularly driven by its zero sugar offerings, where it continues to focus its innovation efforts.
• DELL Piper Sandler lowered the firm's price target on Dell Technologies to $167 from $172 and keeps an Overweight rating on the shares. Dell had a very strong quarter of orders and revenue that translated into operational upside and a stronger guide when combined with memory costs being able to be passed through with customers, the firm notes. Strength is primarily coming from AI-servers that is helping to grow EPS above expectations, sending shares higher after-hours.

• ESS Raymond James analyst Buck Horne downgraded Essex Property Trust to Market Perform from Outperform. Residential REITs are being downgraded as rental demand deterioration across multifamily and single-family rental segments accelerates into early 2026, raising concerns that consensus and recently issued 2026 guidance may prove too optimistic, the analyst tells investors in a research note. Despite management assumptions of a seasonally normal leasing recovery and improved 2H26 comps, weak leasing trends, elevated new supply and concessions, macro headwinds such as AI-driven job displacement and stricter immigration enforcement, and rising regulatory risks suggest downside risk to earnings expectations, the firm says.
• INVH Raymond James downgraded Invitation Homes to Market Perform from Outperform. Residential REITs are being downgraded as rental demand deterioration across multifamily and single-family rental segments accelerates into early 2026, raising concerns that consensus and recently issued 2026 guidance may prove too optimistic, the analyst tells investors in a research note. Despite management assumptions of a seasonally normal leasing recovery and improved 2H26 comps, weak leasing trends, elevated new supply and concessions, macro headwinds such as AI-driven job displacement and stricter immigration enforcement, and rising regulatory risks suggest downside risk to earnings expectations, the firm says.
• NXRT Raymond James downgraded NexPoint Residential to Underperform from Market Perform. Residential REITs are being downgraded as rental demand deterioration across multifamily and single-family rental segments accelerates into early 2026, raising concerns that consensus and recently issued 2026 guidance may prove too optimistic, the analyst tells investors in a research note. Despite management assumptions of a seasonally normal leasing recovery and improved 2H26 comps, weak leasing trends, elevated new supply and concessions, macro headwinds such as AI-driven job displacement and stricter immigration enforcement, and rising regulatory risks suggest downside risk to earnings expectations, the firm says.

• WWW UBS raised the firm's price target on Wolverine World Wide to $29 from $26 and keeps a Buy rating on the shares. Wolverine World Wide's investments in Active brands should drive sustainable sales and EPS growth, the analyst tells investors in a research note. UBS believes the market is underappreciating the durability of Wolverine's growth.
• YETI UBS lowered the firm's price target on Yeti to $47 from $51 and keeps a Neutral rating on the shares. Yeti's Q4 results beat on EPS, driven by stronger-than-expected top-line growth and better margins, while FY26 guidance exceeded consensus on revenue midpoint but came in below on margins and EPS, the analyst tells investors in a research note. Although valuation remains attractive, near-term upside depends on investor confidence in accelerating top-line growth amid broader category pressures, leaving risk/reward balanced until longer-term growth visibility improves, the firm says.

• SUI Wells Fargo upgraded Sun Communities to Overweight from Equal Weight with a price target of $150, up from $133. The firm cites Sun Communities' catalysts for the upgrade, namely 2026 and 2027 growth, guidance upside from $550M of investment firepower, new CEO focused on better operations, and estimates above guide midpoint.
• IART Wells Fargo analyst Vik Chopra lowered the firm's price target on Integra LifeSciences to $12 from $13 and keeps an Equal Weight rating on the shares. The firm says that revenue building sequentially throughout 2026 implies a back-half-loaded guide. Braintree operational by June is the key second half of the year catalyst, Wells adds.
• FWONK Wells Fargo upgraded Liberty Formula One to Equal Weight from Underweight with a price target of $95, up from $93. The firm says its concerns are now well understood and "behind the stock." Wells also sees opportunities for Liberty Formula One, including potential acquisitions.
• SRPT Wells Fargo analyst Yanan Zhu lowered the firm's price target on Sarepta to $38 from $45 and keeps an Overweight rating on the shares. Given 2026 guidance, it seems the GTx launch reset post safety events could take longer than the firm expected. Therefore, Wells adjusts its ELEVIDYS numbers arriving at a new price target. That said, the firm expects the siRNA readout to be positive and thus the setup is still favorable.

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

• 10:00 AM ET ISM Manufacturing PMI for February

• Earnings After the Close: ACHR AIV ASAN ASTS BBAI CORZ CRDO DAVE GAIA GRRR HLIO HROW IHRT INGM JRVR LIF LMB MDB OUST PLUG QUBT RGR RIOT SGRY STNE SUPV TDUP TREE TUYA VTS

• Jefferies Power, Energy, Clean Energy, and Utilities Conference, 3/2-3/4, in New York
• Morgan Stanley Tech, Media, & Telecom Conference, 3/2-3/5, in San Francisco, CA
• Stifel Diversified Financials & Industrials Summit, 3/2-3/4, in Florida
• TD Cowen 46th Annual Health Care Conference, 3/2-3/4, in Boston, MA

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

• Earnings After the Close: ACEL ARCT BGS BOX BRCB CRCT CRWD CYRX EOLS FTEK GTLB HRZN MEC NPCE ORN RIGL ROST RYAM SGC SSTI STAA SWIM WBTN

• Keybanc Emerging Technology Summit in San Francisco, 3/3
• Morgan Stanley Tech, Media, & Telecom Conference, 3/2-3/5, in San Francisco, CA
• Stifel Diversified Financials & Industrials Summit, 3/2-3/4, in Florida
• TD Cowen 46th Annual Health Care Conference, 3/2-3/4, in Boston, MA
• China NBS Manufacturing PMI, for February
• China NBS Non-Manufacturing PMI for February

• 8:15 AM ET ADP Private Payroll data for February
• 9:45 AM ET S&P Global Composite PMI, Feb-final
• 9:45 AM ET S&P Global Services PMI, Feb-final
• 10:00 AM ET ISM Non-Manufacturing PMI for February
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: AEO ALTO AQST ARDT ATNI AVGO BULL CBRL CCRN CDLX CHPT EHAB GO HDSN ICCC IPI LUNG MG MX NNBR OKTA OOMA REI REPX RGTI SES SGHT STEM STUB TPVG VEEV

• Morgan Stanley Tech, Media, & Telecom Conference, 3/2-3/5, in San Francisco, CA
• RBC Capital Geothermal Investor Conference, 3/4 in New York
• Stifel Diversified Financials & Industrials Summit, 3/2-3/4, in Florida
• TD Cowen 46th Annual Health Care Conference, 3/2-3/4, in Boston, MA

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Import Prices M/M for January
• 8:30 AM ET                   Export Prices M/M for January
• 8:30 AM ET                   Nonfarm productivity for Q4
• 8:30 AM ET                   Unit Labor Costs for Q4, preliminary
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AEYE AKA ASLE COO COOK COST ERO EVC GAP GDYN GEVO GPRO GWRE III IOT MEOH MRVL NX OPRX PBR PRTS SOBO

• 8:30 AM ET                   Private Payrolls for February
• 8:30 AM ET                   Manufacturing Payrolls for February
• 8:30 AM ET                   Unemployment Rate for February
• 8:30 AM Et                    Average Hourly Earnings M/M and Y/Y for February
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for January

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