Early Look

Friday, March 27, 2026

Another day, another volatile performance driven by oil prices and the Iran war with its multitude of conflicting headlines.  Overnight saw US equity futures green as Trump last night extended his pause on attacking Iranian energy facilities to April 6.  Markets liked that.  Later, Iran’s revolutionary guards stated the Strait of Hormuz is close and any transit would face harsh measures, further stating all shipping to and from ports of allies and supporters of the Israeli-American enemies is prohibited through any corridor or to any destination.  Markets did NOT like that and futures went modestly red.  Thus begins a new day of verbal sparring while the two sides, perhaps, work on a solution in the background.

In Asian markets, The Nikkei Index dropped -230 points to 53,373 the Shanghai Index rose +24 points to 3,913, and the Hang Seng Index added +95 points to 24,951. In Europe, the German DAX is down -281 points to 22,333, while the FTSE 100 is down -47 points to 9,924.

• The Dow Jones Industrial Average slid 470.06 points, or -1.01%, to 49,959
• The Nasdaq Composite rolled 521.75 points, or -2.38% to 21,408
• The Russell 2000 Index declined 45.07 points, or -1.78%, to 2,491

• 10:00 AM ET                 University of Michigan 1yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• WKSP Worksport Reports Record FY 2025 Results, Issues $35M–$42M 2026 Revenue Guidance; Targets Initial Cash Flow Positivity.
• OXM Q4 Adj. EPS $(0.09) Misses $0.02 Est, Sales $374.500M Beat $371.838M Est; Sees FY26 Adj EPS $2.10-$2.70 vs $2.78 Est; Sees Sales $1.475B-$1.530B vs $1.500B.

• VG Venture Global and Edison Announce Commercial Agreement for Settlement of Pending Arbitration Concerning Calcasieu Pass Project.
• SRE Sempra Unit SDG&E Files Unopposed Offer Of Settlement in TO6 Proceeding On March 23, 2026; Impact Of Settlement Terms On Sempra Diluted EPS Expected Within 2026 And 2027 Guidance Ranges, Subject to FERC Approval Expected In Second Half Of 2026.
• SSRM SSR Mining said that it expects to incur a non-cash charge between approximately $310M and $340M & expects that non-cash charge will be recorded in 1Q26.
• RTX RTX awarded $773.5M Navy contract modification.

• BGC Updates Q1 Pre-Tax Adjusted EPS Guidance to Slightly Above Its Prior Range Of $202M - $212M.
• BTGO BitGo Holdings Q4 EPS $(1.03) Beats $(1.29) Estimate, Sales $6.157M Miss $59.189M Estimate
• SF Stifel Financial Expects Q1 2026 Revenue to Increase 30%-40% Vs Q1 2025.
• USB U.S. Bancorp appoints Toby Clements as COO.

• SIGA Siga declares special cash dividend of $0.60 per share.
• IRON Disc Medicine Doses Last Patient in Pivotal Phase 3 APOLLO Study of Bitopertin in Erythropoietic Protoporphyria.
• CRDO Credo Technology Group Reaches a Cross-License and Settlement Agreement with Molex.
• GLPG Galapagos chairman Jerome Contamine to step down, Gino Santini to succeed.

• WOLF Wolfspeed announced last night, in connection with the private placements, the company redeemed ~$475.9m of the co’s outstanding senior secured notes due 2030, which is expected to lower annual interest expense by ~ $62M and total debt by ~$97M.
• VERI Veritone shares traded higher last night after the company issued FY26 sales guidance with its midpoint above estimates. VERI also announced a multi-year agreement with ORCL to migrate its AI solutions to Oracle Cloud Infrastructure.
• AMZN Amazon AI Chip Product Leader Departs per The Information last night.
• AAPL Apple Gives iPhone Designers Rare Bonuses to Fight OpenAI Poaching per Bloomberg last night.
• PAR PAR Technology Selling Stockholder To Resell 1,810,222 Shares Of Common Stock; Company Will Not Receive Proceeds.
• BCE MSI Motorola Solutions Canada Networks Inc. to Acquire Bell Canada's Land Mobile Radio Networks Services Business.
• AAPL Apple has discontinued the Mac Pro and has removed it from its website. They had been planning to do so for a while now, per Mark Gurman of Bloomberg.
• NMAX Newsmax reports Q4 earnings: adj EBITDA ($1.3)M vs est ($5.085)M on revs $52.2M vs est $43.99M; guides FY revs $212-216M vs est $206.3M; shares were +8.5% in AHs trading.
• RUM Rumble Announces Chief Financial Officer Transition~ Mike Masci Named CFO.

Mid-Morning Look

Thursday, March 26, 2026

U.S. stocks off to another bumpy start as comments from President Trump on the Iran situation this morning, and an Iran response to the 15 point plan released yesterday by the U.S. has markets on edge again. Safe to say, the two sides appear far apart ahead of weekend where the President has warned would be a deadline. This morning, President Trump said on Truth Social media platform, “"The Iranian negotiators are very different and “strange.” They are “begging” US to make a deal, which they should be doing since they have been militarily obliterated, with zero chance of a comeback, and yet they publicly State that they are only “looking at our proposal.” WRONG!!! They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty! President DJT". Iran formally responded to a U.S. proposal via intermediaries and is awaiting a reply, according to a source cited by Tasnim News Agency. Tehran’s conditions include an end to hostilities, guarantees the war won’t resume, clear reparations, and a ceasefire across all fronts and Allied groups. It also insists its control over the Strait of Hormuz is a legal right and a safeguard for any agreement. The official said it was "one-sided and unfair", a senior Iranian official told Reuters on Thursday, adding that a path forward might still be found if realism prevailed in Washington.

The WSJ reported late yesterday that President Trump told aids privately that he aims to end the month-long Iran conflict within his four-to-six-week timeline, viewing it as entering its final stages. At the same time late Wednesday, Iran’s foreign minister Abbas Araghchi rejected reports of talks with the US, saying that “any ceasefire without guarantees” would not end the cycle of war. “We have no intention of negotiating,” he said. There are other stories moving a handful of names (details below), but big losers early are technology, industrials and communications while Energy, and defensive sectors like REITs and Consumer Staples rise, and financials (XLF) up a 5^th straight day. The market continues to monitor the situation with Iran and higher energy costs and no deal still weigh on global markets.

• In REITs: In Apartment REITs, Morgan Stanley downgraded AVB to Equal Weight, $203 PT (from $208) while upgrading EQR to Overweight, $74 PT (from $72) as new analysis has cities outperforming suburbs. Apartment REITs are high-quality, W/ strong balance sheets, at cheapest relative valuations ever (ex. COVID), stepping up buybacks, & sentiment skewed negative. Analysis of Urban vs suburban trends shows cities outperforming, in some cases for the first time in years. Favors EQR W/ most Urban exposure, upgrade to OW. Reiterate Overweight MAA as continues recommending regional barbell approach; downgrade AVB to EW as growth lags in '26/'27.
• In Chemicals: FUL with mixed Q1 results as EPS beat but revs missed; ECL to acquire CoolIT Systems, a global leader in liquid data center cooling, from KKR (KKR) in a transaction valued at $4.75 billion; CE files for mixed shelf; size not disclosed; SMG was downgraded to Neutral at JP Morgan as expects Scott to pay more for its raw Materials in F2027 (ends September) than it is likely to pay for them in F2026 as Urea prices, diesel prices, and high-density polyethylene (HDPE) are all likely to be higher in F2027.
• In Metals & Mining: U.S. mining stocks fell and energy stocks rose as attacks in the Middle East continued and US President Donald Trump warned Iran to get serious about discussions “before it is too late.” NUE was upgraded to Buy from Neutral at UBS saying the recent excessive correction presents a buying opportunity as the firm thinks U.S. steel producers are largely insulated from the Iran conflict; WS reported Q3 results below consensus as Q3 adj EPS $0.27 vs est $0.43, adj EBIT $20Mm vs est $29.2Mm on revs $769.8Mm vs est $882.95Mm.

• KOD +50%; after saying its experimental drug Zenkuda met the main goal in a late-stage study in patients with diabetes-related eye damage. In the trial, 62.5% of patients who received Zenkuda achieved at least a two-step improvement on a standard retinopathy severity scale at 48 weeks, compared with 3.3% of those on a placebo.
• LOVE +24%; announces new $40M share repurchase authorization, along with mixed quarterly results (Q4 adj Ebitda $49.6M vs. $51.9M, but revs better $248M vs. $242.8M) and guides year sales $700M-$750M vs. est. $691.85M.
• MARA +9%; as announces $1.0 Billion repurchase of 0.00% convertible senior notes due 2030 and 2031 and sale of 15,133 bitcoin.
• NAVN +27%; shares jumped after better Q4 results (Q4 adj EPS $0.02 vs est ($0.12) on revs $177.9Mm vs est $162Mm) and guided F27E AOI of $58-62M, meaningfully above the Street's $26M estimate, on expanding Ai capabilities accelerating client wins (new-bookings +50%) per Oppenheimer.
• NDLS +54%; after reported strong 4Q operating results that saw significantly better than consensus performance for SSS, RLOM, and AEPS, while Revenue and AEBITDA came in only slightly above consensus.
• OLPX +50%; as Henkel (HENKY) has agreed to buy Olaplex in a $1.4 billion deal to strengthen its premium hair care business. Henkel will offer $2.06 per share in cash for an equity value of $1.4 billion, a premium of about 55% over Wednesday's closing price and about 45% over a 30-day average.
• UNFI +8%; was upgraded to Overweight at Wells Fargo following constructive meetings W/ management saying turnaround is progressing well, it's positively leveraged to Natural/organic growth & AMZN, upside to targets plausible, and the stock is cheap W/ a DD FCF yield. TP to $56, 29% upside.

• MLKN -22%; shares tumbled after results, missing on the top and bottom line (Q3 adj EPS $0.43 vs est $0.45 on revs $926.6Mm vs est $941.96Mm) while guides Q4 sales $955-995Mm vs est $993.2Mm, gr mgn 38.5-39.5%, adj EPS $0.49-0.55 vs est $0.61.
• SNDK -5%; computer memory and storage makers slumped a second day after Google Research said its new TurboQuant technology can limit the amount of memory required to run large language models by at least a factor of six, reducing the overall cost of training artificial intelligence (MU, SNDK, WDC shares fell again).
• WS -12%; reported Q3 results below consensus as Q3 adj EPS $0.27 vs est $0.43, adj EBIT $20Mm vs est $29.2Mm on revs $769.8Mm vs est $882.95Mm.
• WVE -54%; after announces interim phase 1 data from INLIGHT trial evaluating WVE-007 in healthy individuals living with overweight or obesity; said the obesity drug showed a less than 1% reduction in average body weight compared to placebo in an early-stage trial and says a 240 milligram dose of the drug called WVE-007 showed a placebo-adjusted reduction in body weight of 0.9% after 6 months

Closing Recap

Friday, March 27, 2026

US equity futures went green overnight following Trump’s extension of a pause on attacking Iranian energy facilities to April 6, but the celebration was short-lived.  Iran’s revolutionary guard later stated the Strait of Hormuz is closed and any transit would face harsh measures.  We’ve seen this movie before, and futures slid to red while oil popped.  Later headlines indicated two Chinese container ships had been turned back after trying to exit the gulf via the Strait of Hormuz.  Equities faded further and oil continued to climb.  Sentiment, as measured by the Fear & Greed Index, held at 15/100 (Extreme Fear) versus last week’s 16 (Extreme Fear) and still well below last month’s 38 (Fear).  Mid-morning breadth favored decliners by a bit more than 3:1 as small caps were mixed versus large caps with IWM (-1.23%) versus SPY (-0.98%) and QQQ (-1.36%).   Energy (+1.35%), Utilities (+1.10%) and Consumer Staples (+1.02%) were early outperformers among S&P sector ETFs, while Financials (-1.32%), Technology (-1.56%) and Consumer Discretionary (-1.89%) led the underperformers with only three sectors gaining versus eight declining in a very similar start to yesterday morning.

In data of note, at least it’s no longer Thursday.  Per @bespokeinvest, yesterday’s decline was the 9th consecutive drop on Thursday and tied the longest Thursday streak from 1998.  Thursday has been the worst day of the week for the market this year, last year and over the past ten years. Separately, the S&P 100 ETF marking the largest of the large-cap stocks, has declined 8.2% ytd making it the largest decline of the major US index ETFs and putting large-caps into extreme oversold territory.  Lastly, on rates, the Fed is no longer projected to cut rates until December 2027 and there is a 51% potential for a rate hike by March 2027.

Heading into the final hour of trading, equities continued to retreat while oil continued to hold big gains.  More headlines out of Iran did nothing to calm the markets or give hope to quick resolution following earlier Israeli strikes.  Any Iranian response to the recent US proposals also seems on hold for now. U.S. markets ended the day near the lows with the Nasdaq falling over -2% and the S&P 500 down -1.65%, and the Dow tumbling with all three major averages posting a 5^th straight week of losses heading into the last two trading days of the month next week (longest losing streak since May 2022). The yield on benchmark 10-year Treasury notes ticked up and was last up 2.8 basis points at 4.444%. Yields had earlier reached as high as 4.482%, their highest since July. The S&P 500 down 9.2% from its January record high, approaching correction territory where the Nasdaq is already more than 10% off its recent record highs and both well below their respective 200dma supports. The Dow Jones industrial average ends down 10% from Feb 10 record high, confirms correction. For the week, the S&P 500 fell 2.12%, the Nasdaq declined 3.23%, and the Dow fell 0.9%.

• University of Michigan 1yr and 5-yr inflation expectations: 1-yr March 3.8% versus preliminary 3.4% and February 3.4%
• University of Michigan 1yr and 5-yr inflation expectations: 5-yr March 3.2% versus preliminary 3.2% and February 3.3%
• Baker Hughes Weekly rig count: US oil drilling rig count down 5 at 409 (down 75 vs year ago), with US nat gas drilling rig count down 4 1t 127.

• WTI crude futures climbed again on a variety of familiar factors:  Israel was said to escalate and expand attacks on Iran, two Chinese container ships were turned backed after trying to exit Gulf via strait of Hormuz, and comments from the IRGC indicated intent to keep the Strait closed.  Oil did see some midday reprieve on G7 comments reiterating the need to allow freedom of navigation through the strait, reports the White House is cautiously hopeful the latest negotiations are making progress.  Despite those and a later headline the US signals to allies no immediate plans for an Iran Invasion, May futures still settled +$5.16/bbl, or +5.46%, at $99.64.

Sector News Breakdown

Consumer

Autos:

• VWAGY VW's software partnership with Rivian clears investment hurdle, bringing Rivian closer to the next tranche of funding.
• TSLA Wedbush expects Tesla and SpaceX to merge by 2027 as ties between Elon Musk’s companies deepen.

Retail, Consumer Staples & Restaurants:

• NSRGY Nestlé pushes ahead with €5B Perrier and San Pellegrino deal per FT.
• SONY Raising Prices of PS5, PS5 Pro, PlayStation Portal.
• BFBrown-Forman shares continued higher a 2^nd day after they confirmed merger talks with France's Pernod Ricard.

Leisure, Gaming & Lodging:

• NCLH Norwegian Cruise Line Holdings announces board refreshment; appoints five new independent board members; enters into cooperation agreement with Elliott Mgt.
• CCL Carnival reports Q1 earnings: Adj. EPS $0.20 vs est $0.18 & Sales $6.165B vs est $6.134B; Approves Initial $2.5B Buyback Plan; Sees Q2 Adj EPS $0.34 vs $0.42 Est; Shares were off by over 4% in midday trading.
• ABNB Stocks of travel and leisure-related companies are trading lower as higher energy costs and inflation worries cloud the outlook for disposable income ahead of the summer travel season.
• Kalshi The National Futures Association approves Kalshi predictive markets for margin.

Energy

• FRMI Fermi America secures $165M Equipment financing facility from CSG Investments, an affiliate of Beal Bank USA, to accelerate delivery of six SGT-800 gas turbines for 2028 delivery at Project Matador.
• ETR Entergy shares are traded higher after the company announced its expanded agreement with META to support the hyperscale data center in Northeast Louisiana.
• TTE TotalEnergies and EDF sign a long‑term partnership to secure low‑carbon electricity supply for TotalEnergies’ refining & chemicals sites in France.
• LNG Train 5 of Cheniere Energy's Corpus Christi expansion project is now fully operational the company notes.

Financials

Banks, Brokers, Asset Managers:

• BUR U.S. Appeals Court reverses judgment for plaintiffs on breach of contract claims against Argentina in lawsuit that led to $16.1B judgment, court records show; BUR shares lost over 1/3 of their value on the news.
• C Shares of Citigroup fell after Bloomberg reported that the bank was looking to acquire a regional-based US bank. The report included an adamant denial by Citi.
  
  

Bitcoin, FinTech, Payments:

• ICE Intercontinental Exchange announces new $600M investment in Polymarket.
• KLAR Klarna Group Plc - announces partnership with Europarcs for flexible payments.

REITs:

• TWO Two Harbors investment Corp and Crosscountry Mortgage announce definitive merger agreement; stockholders to receive $10.80 per share; terminates TWO’s prior agreement with UWMC.

Healthcare

Biotech & Pharma:

• NVS Novartis to buy private biotech company Excellergy for up to $2B.
• RCKT FDA approves Rocket Gene therapy for rare immune disorder; Approval comes two years after rejection for manufacturing issues; after trading higher in the pre-market; shares fell ~15% in regular trading.
• AZN AstraZeneca shares are traded higher after the company announced results from its Phase III OBERON and TITANIA trials in patients with chronic obstructive pulmonary disease, which showed that tozorakimab reduced the annualized rate of moderate-to-severe COPD exacerbations compared with placebo.
• ADMA ADMA Biologics issues statement refuting unsubstantiated, misleading and inaccurate allegations by Culper Research, published in a short report yesterday.
• LTRN Lantern Pharma and Starlight Therapeutics announce FDA clearance of IND for a planned phase 1 pediatric CNS cancer trial of Star-001; Shares fell over -15% on the FDA news.
• VNDA EMA's CHMP recommended granting marketing authorization for imdylltra (tarlatamab) for treatment of relapsed extensive-stage small cell lung cancer; EMA's CHMP: positive opinion adopted for zepzelca (lurbinectedin) for maintenance treatment in patients with extensive-stage small cell lung cancer.
• AMGN EMA’s CHMP: joenja (leniolisib) received positive opinion for marketing authorization under exceptional circumstances.
• SPRY Ars Pharmaceuticals receives FDA approval to remove age requirement from neffy® 1 mg (epinephrine nasal spray) label.
• SNY Sanofi’s sarclisa subcutaneous formulation administered via on-body injector recommended for EU approval by the CHMP to treat multiple myeloma.
• OGN Organon Debuts New Analysis of VTAMA® (tapinarof) cream, 1%, Phase 3 Pooled Data Demonstrating Early and Consistent Skin Clearance and Itch Improvement in Atopic Dermatitis Patients Down to 2 Years of Age.
• LLY Lilly’s ebglyss (lebrikizumab-lbkz) delivered up to 4 years of durable disease control for patients with moderate-to-severe atopic dermatitis; shows consistent safety profile with no new safety signals in first year.
• ANAB Anaptys announces $100M stock repurchase plan and provides a business update to spin-off biopharma operations into First Tracks Biotherapeutics on April 20, 2026. Shares dropped by ~10% on the news.
• TRIN Trinity Capital provides $50M in growth capital to Sage Health to expand senior-focused primary care wellness centers.

Industrials & Materials

Transports

• DAL Overnight US Senate agrees to fund DHS, except ICE and Border Patrol, in bid to end 40-day shutdown.
• LGN Legence shares rose after reporting earnings including a large revenue beat; BTIG reiterated their buy rating and raised their PT to $75 from $45.

Aerospace & Defense

• VWAGY VW CEO Blume says Osnabrueck factory could be used for defense production; confirms talks with multiple defense firms.
• BX Blackstone in advanced talks for UK aerospace parts maker Senior.

Materials, Metals & Mining

• HBM Hudbay provides annual reserve and resource update with mine life extensions and improved three-year production outlook; expects +24% in copper production to 147,000 tons/year over next 3 years and to average 159,000 tons/year in 2027-2028, +28% from 2026.
• TMC Shares of The Metals Co. slide to June 2025 levels after reporting an EPS miss and total cash of approximately $117.6 million as of December 31, 2025.
• TEL Credo and TE Connectivity reach settlement in active electrical Cable disputes
  Credo technology group holding Ltd - all lawsuits between to be promptly dismissed.
• DE President Trump states that he wants John Deere, Caterpillar to give farmers lower tractor and equipment costs. The shares accelerated their selloffs on Trump’s comments.

Technology

Internet, Media & Telecom

• SFTBY Softbank announced it has entered into a $40B loan to further fund its OpenAI investment.
• Anthropic Discusses going public as soon as the fourth quarter per The Information.
• PSKY U.S. Department of Justice has sent subpoenas to third parties in probe of Paramount-Warner deal. Per Reuters.
• VSNT Versant pursues a deal for private co. Vox Media’s podcast business per NYTimes.
• GOOGL Google nears deal to help finance an Anthropic data center
• TIIAY Telecom Italia prepares to scrap INWIT renewal at Sunday meeting per Bloomberg;
  For Telecom Italia, the current agreement with INWIT is worth about €2B ($2.3B) from 2026 through 2030
  
  

Hardware & Software movers:

• PANW Cybersecurity stocks plunge as Anthropic’s ‘Claude Mythos’ leak sparks Ai fear. The declines appeared tied to reports that Anthropic’s latest Ai model was leaked before launch after descriptions were stored in a publicly accessible data cache, first reported by Fortune. Details about the new model, codenamed "Claude Mythos," were reportedly stored in a draft blog available in an unsecured and publicly searchable data store per Fortune.
• MSFT Crusoe announces new 900 mw Ai factory campus in Abilene, Texas to support Microsoft Ai infrastructure.
• AAPL Apple notes it has hired ex-Google executive Lilian Rincon as the vice president of product marketing for AI.

Semiconductors:

• NVDA Quantum names continued their YTD selloff, aided today by today’s overall market weakness and comments from Nvidia: Nvidia says Quantum Computing will not replace GPUs per DigiTimes.
• NVDA Huawei Huawei's new AI chip finds favor with ByteDance, Alibaba which plans to place orders, sources say per Reuters.
• SSNLF Samsung Electronics' Unionized Workers Halt Talks With Management per Yonhap.

Street Recommendations

Thursday, March 26, 2026

B. RILEY

• FUBO B. Riley last night initiated coverage of FuboTV with a Buy rating and $18 price target. Fubo is a consumer-first live television streaming company offering premium sports, news, and entertainment programming, the analyst tells investors in a research note. Riley views the shares as "oversold" following the 80% decline sine the January 2025 high. The merger with Hulu plus Live TV should is an "inflection" point with scale benefits, improving ad yields, and other synergies creating operating leverage and "meaningful" EBITDA upside potential relative to the current run-rate, contends the firm.

BARCLAYS

• PHAT Barclays analyst Jenna Davidner upgraded Phathom Pharmaceuticals to Overweight from Equal Weight with a price target of $18, up from $16. The company's Q1 trends are "lighter," but the shares offer an attractive entry point ahead of the expected volume and revenue ramp for the remainder of the year, the analyst tells investors in a research note. The firm believes weekly prescriptions data could be a positive catalyst for Phathom shares. The stock's setup is positive with consensus revenue expectations at the midpoint of the company's guidance, contends Barclays.
• CNI Barclays raised the firm's price target on CN to $98 from $97 and keeps an Equal Weight rating on the shares. The firm adjusted targets in North America transportation as part of a Q1 preview. Freight fundamentals are showing positive signs in Q1, "signaling a likely consistent outlook from most management teams," the analyst tells investors in a research note. The firm says higher fuel prices and surcharge revenue lags will have a negative impact on near-term earnings, but could drive higher yields this year.
• CP Barclays lowered the firm's price target on Canadian Pacific Kansas City to $91 from $98 and keeps an Overweight rating on the shares. The firm adjusted targets in North America transportation as part of a Q1 preview. Freight fundamentals are showing positive signs in Q1, "signaling a likely consistent outlook from most management teams," the analyst tells investors in a research note. The firm says higher fuel prices and surcharge revenue lags will have a negative impact on near-term earnings, but could drive higher yields this year.
• GNRC Barclays analyst Christine Cho raised the firm's price target on Generac to $228 from $213 and keeps an Equal Weight rating on the shares following the investor day. The market initially expressed disappointment at the absence of a hyperscaler contract, but the stock partially recovered when management disclosed that it had received a non-binding notice to proceed with terms outlining $600M of potential sales, the analyst tells investors in a research note.

BMO CAPITAL

• EQT BMO Capital analyst Phillip Jungwirth raised the firm's price target on EQT Corporation to $76 from $68 and keeps an Outperform rating on the shares. The company should generate outsized free cash flow in the quarter following strong operational performance, enabling its integrated midstream platform and marketing capabilities to capture pricing dislocations, the analyst tells investors in a research note. EQT also sees continued momentum around in-basin demand and takeaway projects, which support optionality around growth and improved differentials, the firm added.

BOFA

• TRIP As previously reported, BofA upgraded TripAdvisor to Buy from Neutral with a price target of $15, up from $14. Driven by accelerating activist engagement with Starboard Value's growing involvement and rising strategic optionality, the firm sees "a clearer catalyst path for value realization," the analyst tells investors. The firm's valuation analysis suggests that Viator and TheFork together could be worth more than $2.5B, or roughly twice Tripadvisor's current $1.3B enterprise value, the analyst added.
• MGTX BofA analyst Alec Stranahan raised the firm's price target on MeiraGTx to $16 from $14 and keeps a Buy rating on the shares. The FDA's Breakthrough Therapy Designation for AAV2-hAQP1 in Grade 2/3 radiation-induced xerostomia is "meaningful regulatory derisking for one of the company's most important late-stage assets," the analyst tells investors.
• U BofA analyst Omar Dessouky raised the firm's price target on Unity to $21 from $19 and keeps a Neutral rating on the shares after the company pre-announced Q1 results that were better than expected. The ironSource sunset "appeared well anticipated" and the bigger positive was Vector, which grew 15% quarter-over-quarter in Q1 versus about 10% implied by guidance, the analyst tells investors.
• ES BofA analyst Ross Fowler lowered the firm's price target on Eversource to $73 from $82 and keeps a Buy rating on the shares. The firm revised its FY26-28 EPS estimates to reflect the full 100 basis point base ROE drag in 2026 from Opinion No. 594, which it says resets the New England Transmission Owners base ROE to 9.57% and creates two refund obligations.
• WVE BofA lowered the firm's price target on Wave Life Sciences to $21 from $38 and keeps a Buy rating on the shares after the company announced updated data for the Phase 1 trial of WVE-007 for obesity. The firm thinks more is needed to convince investors of the potential for WVE-007, especially as monotherapy, but adds that it thinks there is still opportunity in higher BMI patients and in combination with incretins/maintenance therapy.
• CHRW BofA analyst Ken Hoexter lowered the firm's price target on C.H. Robinson to $219 from $225 and keeps a Buy rating on the shares. The firm slightly lowered its Q1 North American Surface Transportation targets as it anticipates adjusted gross margin pressure from an above-seasonal lift in truckload spot rates, the analyst tells investors.

BTIG

• IPX BTIG initiated coverage of IperionX with a Buy rating and $40 price target. IperionX is an upstart titanium manufacturer that started commercial production recently at its Virginia facility, the analyst tells investors in a research note. The firm says the company will ramp production to meet what it expects to be increasing titanium demand into the next decade. IperionX is looking to displace just 5% of U.S. imports next year, and its 2030 production target of 10,000 tonnes per annum looks conservative, contends BTIG.
• U BTIG analyst Clark Lampen lowered the firm's price target on Unity to $39 from $41 and keeps a Buy rating on the shares. The company's Q1 pre-announced results exceeded consensus expectations and guidance for revenue and EBITDA, driven primarily by stronger Vector performance, though the firm is adjusting its model with a slight reduction to assumed multiple, the analyst tells investors in a research note.

CANACCORD

• CGC Canaccord initiated coverage of Canopy Growth with a Buy rating and C$2 price target. Canopy is a leading cannabis company producing, distributing, and selling a "diverse range" of cannabis and cannabis-related products in key, global adult-use and medical cannabis markets, the analyst tells investors in a research note. The firm says the company's pivot from an asset-light, third-party supply model to an asset-right, in-house supply model will improve its global competitive positioning.
• NG Canaccord initiated coverage of NovaGold with a Speculative Buy rating and $13 price target. The company's flagship asset is a 60% interest in the Donlin Gold project, a large-scale gold project located in southwestern Alaska, the analyst tells investors in a research note. The firm believes Donlin is "uniquely positioned" in the global gold sector due to its size, grade, jurisdiction, and local support.

CITI

• BF.B Citi upgraded Brown-Forman to Neutral from Sell with a price target of $28, up from $24, after the company confirmed merger talks with Pernod Ricard. Citi cites Brown's "transformational merger potential" for the upgrade.
• NFLX Citi expects Netflix to report a "modest beat and raise" quarter on April 16 due to help from currency moves. The company will likely raise its fiscal 2026 outlook on higher prices and less acquisition expenses, the analyst tells investors in a research note. Citi keeps a Buy rating on Netflix with a $115 price target.
• BMEA Citi raised the firm's price target on Biomea Fusion to $7 from $6 and keeps a Buy rating on the shares. Citi also added an "upside 90-day catalyst watch" on Biomea. The firm sees investor interest increasing in company's oral GLP-1 candidate BMF-650 when it reports 28-day weight reduction data in healthy overweight or obese volunteers from the Phase 1 GLP-131 study in Q2.
• CEG Citi keeps a Buy rating on Constellation Energy after Reuters reported the Crane grid connection is being delayed from 2027 to 2031. Citi's cell phone activity tracker shows the activity as well as company comments suggest otherwise, the analyst tells investors in a research note. Citi says that barring a major development in the last few days, plant workers or Constellation's regulatory team do not appear to be expecting a meaningful delay to the 2027 restart.
• WGO Citi analyst James Hardiman lowered the firm's price target on Winnebago to $46 from $54 and keeps a Buy rating on the shares following the fiscal Q2 report. Citi attributes the post-earnings selloff to the outlook being left unchanged despite the Q2 beat. It believes Winnebago has work to do to get inventory turns back to targeted levels.
• CHWY Citi lowered the firm's price target on Chewy to $40 from $42 and keeps a Buy rating on the shares. The firm believes the company's Q4 report and 2026 outlook should restore investor confidence in the shares. Chewy continues to gain market share while its margins ramp, the analyst tells investors in a research note. Citi sees a "compelling" risk/reward at current share levels.

DEUTSCHE BANK

• ATAI Deutsche Bank last night initiated coverage of AtaiBeckley with a Buy rating and $12 price target. The company is well positioned for the psychedelic "renaissance," the analyst tells investors in a research note. The firm believes AtaiBeckley will become a leader in the "nascent field" of psychedelic medicine for mental health conditions. Deutsche thinks psychedelic therapies will become increasingly mainstream over the next several years, and views AtaiBeckley as well positioned among its competitors. The company's lead program, BPL-003, and second program, VLS-01, are being developed for treatment-resistant depression, where unmet need remains high, the firm contends.

• AGX Goldman Sachs analyst Ati Modak raised the firm's price target on Argan to $518 from $399 and keeps a Buy rating on the shares. The firm remain constructives on Argan for its pure-play combined-cycle gas turbine exposure, with expectations for earnings growth in FY27 driven by higher revenue conversion on backlog projects and capacity expansion to 10-12 Power projects over the next 12-20 months, the analyst tells investors in a research note.

GRUPO SANTANDER

• NOK Grupo Santander analyst Carlos Trevino downgraded Nokia to Underperform from Outperform with a EUR 6.85 price target. The firm sees an opportunity to take profits in the telecom equipment space following the recent rally.
• ERIC Grupo Santander downgraded Ericsson to Neutral from Outperform with a SEK 113 price target. The firm sees an opportunity to take profits in the telecom equipment space following the recent rally.

JPMORGAN

• WIX JPMorgan analyst Alexei Gogolev downgraded Wix.com to Underweight from Neutral with a price target of $91, down from $114. The firm says the investment case is diminishing due to signs of core business revenue growth deceleration. Wix.com's margin improvement will be slower and more volatile than investors expect, the analyst tells investors in a research note. JPMorgan also believes the website and e-commerce management space faces structurally more technology-driven competition over the long term compared to other parts of its coverage.
• AGX JPMorgan analyst Michael Fairbanks upgraded Argan to Overweight from Neutral with a price target of $550, up from $370. The company reported "strong" Q4 results and has several potential catalysts in fiscal 2027, the analyst tells investors in a research note. The firm says Argan's net liquidity grew to $421M during the quarter, which management believes could support a backlog in excess of $4B. JPMorgan now believes this is achievable by year-end fiscal 2027 under the current team count. It also believes a potential long-term framework agreement with a key customer could support extended demand visibility through the end of the decade.
• YOU JPMorgan analyst Cory Carpenter says Clear Secure app downloads have surged nearly 275% year-over-year in March amid the partial government shutdown and Transportation Security Administration worker callouts. Clear lanes have remained open at all airports during the shutdown, with the exception of periodic temporary closures in Houston and Atlanta, the analyst tells investors in a research note. JPMorgan expects Clear app downloads to remain elevated until TSA callout rates normalize. It sees "healthy upside potential" to the company's Q1 and 2026 estimates. JPMorgan has an Overweight rating on Clear Secure.
• HAL JPMorgan raised the firm's price target on Halliburton to $40 from $35 and keeps an Overweight rating on the shares. Halliburton will be less impacted than peers in Q1 from the Middle East conflict, the analyst tells investors in a research note. The firm says Halliburton's Q1 guidance is "conservative," particularly for Saudi Arabia and North America. It sees the company benefitting from the tight North America frac market and higher oil prices.
• NFLX JPMorgan believes the price increases announced yesterday by Netflix could translate to an additional $1.7B in annualized revenue off the 2025 base. While the price increase cane earlier than expected, much of the increase is already factored into Netflix's 2026 revenue guidance, the analyst tells investors in a research note. JPMorgan does not expect the increases to result in material headwinds to engagement, conversion, or retention.
• CQP JPMorgan raised the firm's price target on Cheniere Energy Partners to $63 from $57 and keeps an Underweight rating on the shares. The firm updated the company's model to reflect current strip pricing.
• LNG JPMorgan raised the firm's price target on Cheniere Energy to $338 from $279 and keeps an Overweight rating on the shares. The firm updated the company's model to reflect current strip pricing.
• CMC JPMorgan lowered the firm's price target on Commercial Metals to $83 from $85 and keeps an Overweight rating on the shares. The firm views the company's fiscal Q2 report as solid with a "constructive" near-term outlook. The Middle East conflict is having a limited impact on Commercial Metals, the analyst tells investors in a research note.

MIZUHO

• CCL Mizuho raised the firm's price target on Carnival to $39 from $38 and keeps an Outperform rating on the shares. The firm sees a "compelling" risk/reward for the shares into the earnings reports. Mizuho is "very positive" on Carnival, saying the stock at current levels underappreciate its long-term earnings power and free cash flow generation.
• SO Mizuho says Alabama bills SB 360 and HB 475 have raised concerns about the regulatory framework governing Southern Company'a Alabama Power. The firm views the legislative risk as overblown and unlikely to impair Alabama's regulatory environment. After speaking with parties in Alabama, Mizuho expects the two bills to converge into a single bill with only six days left in the session. It expects the return on equity cap proposed in HB 475 to be excluded from the final bill. It keeps an Outperform rating on Southern Company.

MORGAN STANLEY

• LI Morgan Stanley analyst Tim Hsiao lowered the firm's price target on Li Auto to $22 from $26 and keeps an Overweight rating on the shares. The firm adjusted its 2026-27 earnings forecasts to reflect cyclical and operational headwinds post-Q4 results and the updated outlook and ahead of the L9 launch, the analyst tells investors. While Li Auto faces execution hurdles, the firm remains constructive, the analyst added.
• FUTU Morgan Stanley lowered the firm's price target on Futu Holdings to $225 from $246 and keeps an Overweight rating on the shares after having refreshed the firm's model post FY25 results.

NORTHLAND

• AZ Northland initiated coverage of A2Z Cust2Mate with an Outperform rating and $15 price target.

PIPER SANDLER

• MGTX Piper Sandler lowered the firm's price target on MeiraGTx to $26 from $30 and keeps an Overweight rating on the shares following a FY25 update. The firm continues to like the setup for MeiraGTx as its pipeline progresses, highlighted by the news that AAV2-hAQP1 received FDA Breakthrough Therapy Designation in xerostomia. Piper looks forward to the company's April 16th call on a AAV2-hAQP1 program update including longer-term data and the commercial opportunity, noting a potential BLA filing is expected in the first half of 2027 with a targeted U.S. launch in early 2028.

RAYMOND JAMES

• TFX Raymond James upgraded Teleflex to Outperform from Market Perform with a $128 price target. Teleflex "is now more investable" with 2026 estimates reset and a $1B stock buyback coming in the second half of 2026, the analyst tells investors in a research note. The firm says management is committed to improve the value of the shares. The acceleration in Teleflex's earnings power in 2027 "suggests a mis-priced equity," contends Raymond James.
• MASI Raymond James downgraded Masimo (MASI) to Market Perform from Outperform without a price target. The firm expects the announced acquisition by Danaher (DHR) to close in Q2 or Q3 with no other higher offers. The shares are trading near the $180 offer price, the analyst tells investors in a research note.

RBC CAPITAL

• SNDA RBC Capital initiated coverage of Sonida Senior Living with an Outperform rating and $39 price target, which implies 24% upside. Following the acquisition of SNL Healthcare Properties, Sonida is the eighth largest U.S. senior housing owner, the analyst tells investors in a research note. The firm views the deal as "transformative," saying it adds significant scale, earnings accretion, and reduced leverage. RBC says Sonida should see strong demand from aging demographics against a supply constrained backdrop.

TRUIST

• SPXC Truist analyst Jamie Cook upgraded SPX Technologies to Buy from Hold with an unchanged price target of $244 after hosting meetings with management. The firm believes SPX "offers investors the best of both worlds." The company provides a "safer haven" if the war with Iran is prolonged, and above-average organic sales and earnings growth in an upcycle, supported by secular tailwinds in data centers, the analyst tells investors in a research note. Truist believes SPX is "one of the highest quality industrial compounders." It sees an attractive valuation with the shares down 18% since February 24.
• OXM Truist lowered the firm's price target on Oxford Industries to $32 from $38 and keeps a Hold rating on the shares. The company reported Q4 results slightly ahead of Street's previously lowered forecasts and provided a mixed FY26 outlook, though the management expects sequential improvement to gross margins through the year as its 4%-8% price increases flow through, the analyst tells investors in a research note. Truist remains at neutral pending more visibility into durable topline improvements in this uncertain macro however, the firm adds.
• BALY Truist analyst Barry Jonas lowered the firm's price target on Bally's to $13 from $18 and keeps a Hold rating on the shares after releasing its 10K filing. The firm continues to see limited liquidity, elevated leverage and international risks, also including the new Bally's Intralot estimates "at the low end", the analyst tells investors in a research note.

UBS

• WPM UBS analyst Daniel Major upgraded Wheaton Precious Metals to Buy from Neutral with an unchanged price target of $160. The company is entering a volume growth phase that should drive "superior" earnings growth relative to peers without further upside in gold and silver prices, the analyst tells investors in a research note. UBS believes Wheaton shares are not reflecting the company's "diversified/low-risk" organic growth. The 25% correction since the start of the Middle East conflict creates an attractive risk/reward, contends the firm.

WELLS FARGO

• DIS Wells Fargo analyst Steven Cahall lowered the firm's price target on Disney to $148 from $150 and keeps an Overweight rating on the shares. The firm says Disney suffers from "a lack of excitement" in the narrative. Q2 sees a new leadership team with an opportunity to change that. This is a pivotal quarter, and Wells remains bullish as growth acceleration into the second half of 2026.
• IT Wells Fargo lowered the firm's price target on Gartner to $140 from $150 and keeps an Underweight rating on the shares. The firm is concerned that the more volatile macro backdrop stemming from the Iran conflict will weigh on customer confidence and thus CV growth in Q1. That said, Wells thinks a slight guidance raise is still possible given initial conservatism.
• WVE Wells Fargo lowered the firm's price target on Wave Life Sciences to $13 from $27 and keeps an Overweight rating on the shares. The firm has less conviction that Activin E knockdown in the liver will drive fat loss given the WVE-007 400mg data. For alpha-1 antitrypsin deficiency, Wells thinks a clear dose response improves sentiment, and that 9-10uM mutant alpha-1 antitrypsin with the 400mg multiple-ascending-dose seems possible.
• BLDP Wells Fargo raised the firm's price target on Ballard Power to $2 from $1.50 and keeps an Underweight rating on the shares. The firm notes Q4 gross margin/EBITDA was above estimates, while revenue was in line. Ballard is looking to use PEM fuel cells for backup power for data centers. Strategic cost reduction initiatives are mostly complete, Wells adds. The firm also points out the company received a large follow-on bus order.
• FOXA Wells Fargo analyst Steven Cahall lowered the firm's price target on Fox Corp. to $67 from $75 and keeps an Equal Weight rating on the shares. The firm has an upside bias to Cable ads and FY26 EBITDA. However, Wells has a downside bias to longer-term estimates due to the NFL, which makes it tough to be constructive.
• U Wells Fargo analyst Alec Bonello lowered the firm's price target on Unity to $29 from $38 and keeps an Overweight rating on the shares. The firm notes that the company reported a positive Q1 preannouncement, with revenue and EBITDA 3% and 22% ahead, and Vector up 15% quarter-over-quarter vs. 10% guide. Wells is updating its model for Q1 pre-announce and IS deprecation, leaving Supersonic in estimates until divestment.
• CMC Wells Fargo lowered the firm's price target on Commercial Metals to $77 from $80 and keeps an Overweight rating on the shares. The firm says Q2's headline EBITDA beat masked softer segment results, and unusually severe winter weather can reverse into its Q3 May quarter. Wells trims estimates and stays bullish on attractive sum-of-the-parts upside from its precast concrete deals plus improving Europe outlook.

WILLIAM BLAIR

• LASR William Blair initiated coverage of nLight with an Outperform rating. The firm estimates $80B is spent annually on U.S. and allied air defense systems, and it expects laser systems to take share from this total addressable market. Lasers are an emerging technology in modern warfare to defeat the low-cost drones and cruise missiles that have featured prominently in the Ukraine and Middle East conflicts, the analyst tells investors in a research note. Blair says that with 25 years of semiconductor innovation, nLight is the leading designer and manufacturer of key high-power laser technologies focused on the defense sector. Blair sees over 20% upside in the shares, driven by aerospace and defense growth and support from recent defense tech private valuations.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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What’s on Tap Weekly Calendar

• Earnings After the Close: ARKO BLNE DMAC FTHM HQI INLX IVA LVLU PHR PRGS SGMO SPCE

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/m for January
• 9:00 AM ET                  CaseShiller 20 city index for January
• 9:45 AM ET                  Chicago PMI for March
• 10:00 AM ET                Consumer Confidence for March
• 10:00 AM ET                JOLTs Job Openings for February
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAUC BIRD BRFH BTBT CODX NCNO NKE NNDM PLAY PVH REKR RILY SPWH

• 8:15 AM ET ADP Private Payrolls data for March
• 8:30 AM ET                  Retail Sales M/M for February
• 8:30 AM ET                  Retail Sales – Ex Autos for February
• 9:45 AM ET S&P Global Manufacturing PMI, March-final
• 10:00 AM ET ISM Manufacturing PMI for March
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: FC PENG

• 8:30 AM ET                  Weekly Jobless Claims
• 8:30 AM ET                  Continuing Claims
• 8:30 AM ET                  International Trade for February
• 8:30 AM ET                  Goods Trade Balance for February
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: PRPO

• 8:30 AM ET                  Private Payrolls for March
• 8:30 AM ET                  Manufacturing Payrolls for March
• 8:30 AM ET                  Unemployment Rate for March
• 8:30 AM ET                  Average Hourly Earnings M/M for March
• 9:45 AM ET S&P Global Composite PMI, march-final
• 9:45 AM ET S&P Global Services PMI, March-final
• 10:00 AM ET ISM Non-Manufacturing PMI for March
• 1:00 PM ET                  Baker Hughes Weekly rig count data

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