Early Look

Wednesday, August 26, 2026

After Wall Street advanced on Tuesday, U.S. futures are holding steady ahead of several key developments upcoming, including the July  Personal Consumption Expenditures (PCE) inflation data report at 8:30 am et and then NVidia (NVDA) earnings this evening after the close. The Fed's preferred inflation gauge, PCE, is expected to come in unchanged from the month before at 3.3% for the core y/y figure. The report comes amid angst in the bond market and ahead of the Jackson Hole annual gathering of Fed policymakers this week, where Chairman Kevin Warsh will deliver a speech on the central bank's future plans. In addition to NVDA results, investors also get CrowdStrike (CRWD), Williams-Sonoma (WSM), Okta (OKTA), and Abercrombie & Fitch (ANF) reporting results on Wednesday as well. Late Tuesday it was reported the U.S. and Iran have reportedly reached a ceasefire agreement, saying the deal will be announced in the coming days. U.S. oil prices fell late day on the news and have extended those losses this morning another 3% with Brent under $86 per barrel. In Asian markets, The Nikkei Index advanced 405 points to 66,262, the Shanghai Index rose 23 points to 3,912, and the Hang Seng Index rose 141 points to 25,652. In Europe, the German DAX is up 47 points to 26,313, while the FTSE 100 is down -16 points to 10,870.

• The Dow Jones Industrial Average rose 160.24 points, or 0.30%, to 53,577.40
• The Nasdaq Composite gained 171.11 points, or 0.66%, to 26,151.30
• The Russell 2000 Index advanced 14.88 points, or 0.50% to 3,009.96

• 8:30 AM ET                   Personal Income M/M for July…est. +0.2%
• 8:30 AM ET                   Personal Spending M/M for July…prior +0.4%
• 8:30 AM ET PCE Price Index M/M for July…est. +0.1% (prior -0.1%)
• 8:30 AM ET PCE Price Index Y/Y for July…est. +3.6% (prior +3.7%)
• 8:30 AM ET                   Core PCE Price Index M/M for July…est. +0.2% (prior +0.1%)
• 8:30 AM ET                   Core PCE Price Index Y/Y for July…est. +3.3% (prior +3.3%)
• 8:30 AM ET                   Gross Domestic Product (GDP) for Q2, 2^nd estimate…est. +1.5%
• 8:30 AM ET GDP Consumer Spending for Q2, 2nd estimate…prior +3.2%
• 8:30 AM ET GDP Price deflator for Q2, 2nd estimate…est. +6.2%
• 8:30 AM ET PCE headline prices for Q2, 2nd estimate…est. +5.1%
• 8:30 AM ET                   Core PCE headline prices for Q2, 2nd estimate…est. +3.4%
• 10:00 AM ET                 Dallas Fed PCE for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A AVAT CRM CRWD HPQ LTRX NTNX NVDA OKTA OOMA P SNPS STDN URBN VEEV

• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• Canada announced 50% counter-tariffs on over 700 US products — including steel, aluminum, dairy, furniture, smartphones, and video-game consoles — effective September 8, covering approximately C$27.6 billion ($19.9 billion) of annual US exports.
• Reuters reports the ECB is poised to raise interest rates at its September meeting due to persistent inflation pressures. However, policymakers plan to avoid signaling further hikes beyond September, as long-term inflation expectations remain anchored near 2%.
• Japan’s July Services PPI accelerated to 3.6% YoY (prev. 3.4%, revised up from 3.2%), with the monthly index rebounding +0.4% MoM (prev. -0.3%). Excluding international transport, PPI held steady at 3.1% YoY (+0.3% MoM).
• The Trump administration has paused global visa appointments as part of an ongoing immigration crackdown in the president's second term. A U.S. State Department spokesperson said that it launched a global training initiative at ​all U.S. embassies and consulates worldwide and that appointments for visa services ​will be adjusted to accommodate the training, as per reports

• Nike (NKE) downgraded to Hold from Buy at Truist and cut tgt to $42 from $47 saying the earnings report from Dick's Sporting (DKS) signals incremental murkiness around Nike's turnaround progress, as they meaningfully lowered its fiscal 2026 guidance due to deteriorating trends in footwear.
• Sportradar (SRAD) extended its data and audiovisual betting-rights agreement with Euro league Basketball in a multi-year renewal starting in the 2026-27 season.
• XPeng's (XPEV) robotics unit, valued at over $6.3B, will begin mass producing its Iron humanoid robot this year, reported the WSJ. XPeng Co-President Brian Gu expects the robot's hardware gross margin to exceed 50%, surpassing the EV segment's 12.1% second-quarter margin.

• Exelon (EXC) announces key leadership position changes as Robert Kleczynski to become CFO effective Oct. 5 as Andrew Plenge leaves to become CFO of Comed effective Jan. 1, 2027
• HEICO Corp.(HEI) Q3 sales $1.41B vs. est. $1.35B; Q3 EPS $1.67 vs. est. $1.51.
• JinkoSolar Holding Co., Ltd. (JKS) announced that Mr. Xiande Li has resigned as the chief executive officer of the Company, effective August 26, 2026. Mr. Wei "Dimi" Du will succeed Mr. Li as the chief executive officer of the Company, effective August 26, 2026

• National Bank of Canada's (NTIOF) Q3 net interest income was C$1.25 billion vs. C$1.17 billion in the year-ago period; capital markets profit grew 32% y/y to C$442M in the quarter, while its wealth management unit's profit grew 21% to C$296M; Q3 adj profit of C$1.36B ($980.75 million), or C$3.39 per share, compared with a profit of C$1.1 billion, or C$2.68 per share, a year ago.
• Victory Capital (VCTR) to acquire first Eagle investments, creating a $571B diversified global asset manager. The deal is valued at $7B; $4.40B cash, $2B equity, $575M notes assumed and will assume $575M of first Eagle's existing 7.25% Senior secured notes due 2032.
• Bitdeer (BTDR) announces July 2026 production and operations update saying July 2026 Bitcoin production increased 322% Y/y to 1,190.

• Boston Scientific Corporation (BSX) identified a cybersecurity incident affecting certain of its information technology systems that has resulted in a global disruption to the
• Electromed (ELMD) said that President and CEO Jim Cunniff plans to retire on or around April 2, 2027, and will step down from the company's board. The co said its board has begun a national search for his successor and hired an executive search firm to assist with the process.

• DeepSeek is seeking a second funding round of RMB 50B at a RMB 500B valuation after revenue surged roughly 10x, per The Information. Revenue reached RMB 475M ($70.7M) in Jan.-July, versus roughly RMB 47.5M for all of 2025. Annualized revenue had climbed to $400M-$500M.
• nCino Inc. (NCNO) announces $100M share repurchase plan; Q2 adj operating income $40.8M vs. est. $36.9M; Q2 revs $161M vs. est. $159M; guides Q3 revs $161.25M-$163.25M vs. est. $162.6M; guides FY27 revs $644M-$647M vs. est. $644.7M and ACV $662.5M vs. est. $667.5M.
• Semtech Corp. (SMTC) Q2 EPS $0.71 vs. est. $0.61; Q2 revs $341.9M vs. consensus $328.7M; sees Q3 EPS $1.02-$1.08 above consensus $0.73 and revs $405M-$415M above consensus $359.9M.
• Zoom Inc. (ZM) Q2 adj EPS $1.55 vs. est. $1.48; Q2 revs rose 4.9% y/y to $1.28B vs. est. $1.27B; guides Q3 EPS $1.46-$1.48 below consensus of $1.50 and revs $1.275B-$1.28B vs. est. $1.28B; number of customers contributing more than $100K in trailing 12 mo rev up 8.2% y/y.
• Robotics startup Generalist has raised nearly $200 million in additional funding, lifting its valuation to $3 billion, according to TechCrunch

Mid-Morning Look

Wednesday, August 26, 2026

U.S. stocks are down slightly, pulling back following a mostly in-line July inflation report, where the PCE core reading of 3.3% was in-line with consensus and the prior month (not rising, but still not heading down to the Fed’s 2% target). GDP data was also in line with growth at 1.5% for Q2 2^nd estimate (but down from the 2.1% last quarter). There were several noteworthy earnings results overnight/this morning with retailer ANF surging on results along with SMTC in semi space, while DY, INTU, JKS, ZM decline on results, but all eyes and attention on tonight where NVDA earnings are expected to impact the AI space, along with software earnings from CRM, CRWD, OKTA and hardware with HPQ, NTNX. Pressure returned to benchmark crude oil prices after steep losses on Tuesday, but have since pared losses. Iranian Foreign Minister Araghchi and Omani counterpart Albusaidi outlined an “interim framework” for a temporary maritime corridor and mine clearance, according to Oman’s news agency. However, Iranian state television clarified that the arrangement does not signal an immediate reopening of the Strait of Hormuz. Post in-line PCE and ahead of big earnings tonight, expect more market “chop” for a third day as summer trading is in full effect.

• U.S. Q2 GDP 2nd Estimate actual 1.5%, in-line with forecast 1.5% and prior 1.5% and +2.1% in the prior quarter, according to the Bureau of Economic Analysis. Personal consumption expenditures PCE) for Q2 +3.4%, annual rate, vs. +3.2% in initial estimate and +0.5% prior. Corporate profits rose at a rate of 8.2%, compared to the 0.5% growth seen in Q1 2026.

• Internet/Social media sector: META agrees to settle claims that platforms harmed children and agrees to pay a maximum of $18B to states as part of deal (about $12.7B to states, with another $5.3B contingent on TikTok and YouTube agreeing to similar terms), while the agreement requires nationwide changes for teen users of Instagram and Facebook. GDDY was downgraded to sell from hold at Wells Fargo saying with Ai overviews now appearing in nearly half of Internet searches, the co needs to lower its prices to stay competitive in this new Ai-first world.
• Defense sector: LHX was downgraded to Hold from Buy at Jefferies in resumption of coverage saying uncertainty is building at L3Harris with a leadership change and unclear path for the Missile Solutions initial public offering; thinks shares are stalled for now. HEI Q3 EPS above consensus while EBITDA of $415M came in well above $378M est. as strong demand across key end markets drove the sales beat, while absorption benefits, favorable mix, and cost control drove stronger margins.

• SEDG +5%; was upgraded to Buy at UBS and raised tgt to $42 saying the co is a key beneficiary of the U.S. FCC ban on new inverter model imports, and they anticipate the ban will create a supply-constrained U.S. market driving both share gains and potential pricing power.
• SMMT +6%; partner Akeso announced positive topline results from the randomized Phase III HARMONi-GI1 study (AK112-309) evaluating ivonescimab plus chemotherapy compared with durvalumab plus chemotherapy; HARMONi-GI1 beat the 1L Btc standard.
• SMTC +9%; after reported Q2 revenue/EPS above consensus  and upbeat guidance with commentary pointing towards a strong FY28E anchored by the company's Data Center and LoRa subsegments. SMTC sees Q3 EPS $1.02-$1.08 above est. $0.73/revs $405M-$415M vs. est. $359.9M.
• TH +1%; after boosting its FY26 revenue forecast to $435M-$445M from prior $410M-$420M view and said secures new multi-year contract to provide facility and hospitality services for a top five hyperscalers data center development in West Texas.

• DY -8%; as Q2 adj EPS $5.29 vs. est. $4.72 and revs rose 45.6% Y/y to $2.01B vs. est. $1.98B; Q2 net Income rose 18.6% to $115.6M; but guides FY contract revs $7.48B-$7.66B (midpoint below the est. $7.62B); Total Q2 backlog jumped 53.2% to $12.24B.
• INTU -4%; after forecast slower sales growth in the year ahead as it navigates declines in its desktop business/downgraded by Bank America/JPM citing the expansion of the disruption risks confirmed to be extending beyond TurboTax to the Global Business Solutions I.E. QuickBooks business.
• JKS -14%; shares fell after reports Q2 EPS loss (-$0.49) on revs $1.82B, missing the consensus $2.08B and announced that Mr. Xiande Li has resigned as the Chief Executive Officer of the Company, effective August 26, 2026.
• SYRE -11%; after the company’s experimental drug fails to meet threshold for monotherapy development in rheumatoid arthritis.
• ZM -6%; shares fell on mixed results as delivered decent 2Q, with revenue, billings, and Non GAAP EPS above consensus, while Non-GAAP operating margin came in below. FY27 revenue and Non-GAAP operating income guidance came in-line with consensus.

Closing Recap

Wednesday, August 26, 2026

US equity futures were pretty much flat coming out of overnight with the summer slowdown in effect and no big earnings last night to move markets.  That said, the pre-market release of PCE, Core PCE and GDP data was sufficiently close to expectations to remove an overhang and allow investors to resume buying and push the S&P briefly into the green in early regular session trading.  In sentiment, today’s Fear & Greed Index held at 58/100 (Greed) versus last week’s 57 (Greed) but well ahead of last month's 41 (Fear).

By mid-morning, sellers had taken control with breadth favoring decliners by 5:4 though small caps outperformed with IWM (-0.09%) versus SPY (-0.11%) and QQQ (-0.27%).  SPY breadth favored advancers by 14:9 while QQQ breadth favored decliners by 10:7.  On a sector basis, Industrials (+1.18%), Energy (+1.07%) and Utilities (+0.76%) were early outperformers among S&P sector ETFs, while Communications (-0.38%), Health Care (-0.39%) and Consumer Discretionary (-0.59%) paced the underperformers with 5 sectors gaining versus 6 declining. 

Heading into the final hour of trading, and ahead of NVDA earnings after the bell, stocks had spent most of the day treading water and remained relatively flat, though recovered to be at or near the best levels of the day.  Breadth remained in favor of decliners by 6:5 as both SPY and QQQ ended slightly red on the day.  Now we wait for NVDA to report and guide tomorrow’s trading.

• U.S. Q2 GDP 2nd Estimate actual 1.5%, in-line with forecast 1.5% and prior 1.5% and +2.1% in the prior quarter, according to the Bureau of Economic Analysis. Personal consumption expenditures PCE) for Q2 +3.4%, annual rate, vs. +3.2% in initial estimate and +0.5% prior. Corporate profits rose at a rate of 8.2%, compared to the 0.5% growth seen in Q1 2026.
• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased last week to 6.78%. Total mortgage application volume dropped 1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index while applications to refinance a home loan fell 17% from the same week y/y and applications for a mortgage to buy a home were 5% lower than a year ago.

• WTI crude futures slipped modestly overnight then traded mostly sideways for the day.  No major headlines came out of Iran, Israel or the US on the ongoing conflict or resolution over the Strait of Hormuz.  Iran's revolutionary guard spokesperson noted the strait will not be opened if U.S. does not accept their conditions, but that rhetoric is hardly new.  October WTI crude settled -$0.13/bbl, or -0.16%, at $82.23.
• U.S. Treasury yields rose after data showed annual inflation held steady in July instead of easing as economists had expected. Traders also monitored developments in the Iran conflict and continued to weigh the Treasury's plans to expand debt buybacks. Federal Reserve Chairman Kevin Warsh is set to speak on Friday at the central bank's Jackson Hole symposium. The yield on benchmark U.S. 10-year notes rose 2.1 bps to 4.66%.

• Footwear Retail sector: NKE was downgraded to Hold at Truist and cut tgt to $42 from $47 saying the earnings report from DKS signals incremental murkiness around Nike's turnaround progress, as they meaningfully lowered its fiscal 2026 guidance due to deteriorating trends in footwear.
• Off price Retail/Discount retail: TJX was downgraded to Hold from Buy at Jefferies and cut tgt to $145 from $180 saying the company's Marmaxx slowdown looks more significant than a typical merchandising miss and expects shares to stay range bound.
• Specialty Retail: BBWI posted a Q2 beat on top/bottom line ($0.31/$1.51B vs. est. $0.24/$1.5B) but forecasts wider-than-expected Q3 net sales decline citing weak store traffic amid early stages of turnaround; now sees Q3 net sales to decline between (-2.5%-5%) vs. est. (-2.9%) and lower EPS, though raised its FY sales to decline between (-2.5%-4%) vs previous forecast drop of (-2.5%-4.5%).
• Department Stores: KSS Q2 sales fell -0.9% y/y to $3.32B missing the $3.35B estimate, though adj EPS topped consensus ($1.28 vs est $0.57), while raised its 2026 EPS view to $1.80-$2.40 per share, above its prior forecast of $1.00-$1.60 helped from $150M tariff refunds received Q2 and sees FY26 annual net sales to be flat to a fall of 1.5% compared with its previous range of flat or a decline 2%.
• Food sector: SJM raises FY27 adjusted EPS view to $10.50-$11.00 from $9.75-$10.25 (est. $10.05) and boosted FY27 revenue growth view to (2%)-(1%) from (4%)-(3%), consensus $8.77B following a Q1 EPS/sales/operating income beat.

• Auto sector: LI Q2 revs fell -15% y/y to RMB25.7B citing lower deliveries and product mix, while attributed sequential gross margin improvement to the launch of the all-new Li L9; expects Q3 deliveries between 95K-100K vehicles and sees Q3 revenue between RMB26.6B and RMB28.0B.

• Defense sector: LHX was downgraded to Hold from Buy at Jefferies in resumption of coverage saying uncertainty is building at L3Harris with a leadership change and unclear path for the Missile Solutions initial public offering; thinks shares are stalled for now. HEI Q3 EPS above consensus while EBITDA of $415M came in well above $378M est. as strong demand across key end markets drove the sales beat, while absorption benefits, favorable mix, and cost control drove stronger margins.
• Solar/Alternative energy: JKS shares fell after reports Q2 EPS loss (-$0.49) on revs $1.82B, missing the consensus $2.08B and announced that Mr. Xiande Li has resigned as the Chief Executive Officer of the Company, effective August 26, 2026. SEDG was upgraded to Buy at UBS and raised tgt to $42 saying the co is a key beneficiary of the U.S. FCC ban on new inverter model imports, and anticipate the ban will create a supply-constrained U.S. market driving both share gains/pricing power.

• Asset Managers: Vanguard Group has struck a roughly $4B deal to acquire Fintech platform Altruist to further its push into financial advice, people familiar with the matter said, the WSJ reported. Altruist, founded in 2018, is an Upstart competitor to Charles Schwab and Fidelity Investments. VCTR to acquire first Eagle investments, creating a $571B diversified global asset manager. The deal is valued at $7B; $4.40B cash, $2B equity, $575M notes assumed and will assume $575M of first Eagle's existing 7.25% Senior secured notes due 2032

• BHVN entered into a licensing agreement with South Korean drug maker SK Biopharmaceuticals for Biohaven's epilepsy drug platform, including Opakalim, for up to $795M.
• SMMT partner Akeso announced positive topline results from the randomized Phase III HARMONi-GI1 study (AK112-309) evaluating ivonescimab plus chemotherapy compared with durvalumab plus chemotherapy; HARMONi-GI1 beat the 1L Btc standard.
• SYRE shares fell after the company’s experimental drug fails to meet threshold for monotherapy development in rheumatoid arthritis.

• Health Insurance: TRUP was downgraded to Neutral at Piper and cut tgt to $32 from $45 saying the company is facing a dual-threat macro environment due to a contraction in U.S. puppy vet visits and an aging COVID cohort that should ultimately have very expensive care.
• Medical Equipment: NEOG was upgraded to Overweight from Neutral at Piper saying the company has posted several consecutive quarters of improving performance, with food safety growth recently accelerating; sees Neogen's new management has improved adjusted EBITDA margins, positive free cash flow, and restored product availability.

• AI Sector: Reuters reported China's Moonshot Ai is negotiating revenue-sharing agreements with Microsoft, Amazon and Alphabet's Google Hat would allow the U.S. Cloud giants to Host its blockbuster Kimi K3 model, three people familiar with the talks said.

• Hardware & Storage: BOX reported better Q2 results, with revenue modestly ahead of consensus, Non-GAAP operating margin ~90 bps ahead, billings nicely ahead, and Non-GAAP EPS in-line while NRR inflection (106% vs 105% QoQ), Enterprise Advanced momentum helped. NTNX and HPQ earnings results expected tonight after the close.
• Robotics sector: XPEV robotics unit, valued at over $6.3B, will begin mass producing its Iron humanoid robot this year, reported the WSJ. XPeng Co-President Brian Gu expects the robot's hardware gross margin to exceed 50%, surpassing the EV segment's 12.1% second-quarter margin.
• Semiconductor sector: NVDA earnings results tonight with major implications for semis and AI sector. SMTC rallied after reported Q2 revenue/EPS above consensus  and upbeat guidance with commentary pointing towards a strong FY28E anchored by the company's Data Center and LoRa subsegments. SMTC sees Q3 EPS $1.02-$1.08 above est. $0.73/revs $405M-$415M vs. est. $359.9M.

Street Recommendations

Wednesday, August 26, 2026

• INTU Barclays lowered the firm's price target on Intuit to $408 from $443 and keeps an Overweight rating on the shares following the fiscal Q4 report. The company seems to have the same issues for both of its two main business segments, the analyst tells investors in a research note. Barclays says "unsatisfying growth" in the low end unit creates issue for later upsell opportunities. This needs fixing, but will take time, contends Barclays.
• MDB Barclays raised the firm's price target on MongoDB to $460 from $387 and keeps an Overweight rating on the shares ahead of the Q2 report. The firm sees expectations driving a "healthy beat and raise" quarter for the company's key Atlas segment. However, elevated investor sentiment into the earnings report will limit short-term upside in the shares, the analyst tells investors in a research note.
• NCNO Barclays analyst Saket Kalia raised the firm's price target on nCino to $23 from $22 and keeps an Overweight rating on the shares. The company reported better Q2 subscription revenue, driven by the non-mortgage portion of the business growing 12% year-over-year, the analyst tells investors in a research note.
• XPEV Barclays lowered the firm's price target on XPeng to $14 from $15 and keeps an Underweight rating on the shares. The company's Q3 guidance is lower than expected due to supply chain disruptions but L03 demand looks robust, the analyst tells investors in a research note. Barclays cites its lowered estimates for the target cut.

• ZM Bernstein analyst Peter Weed raised the firm's price target on Zoom Communications to $108 from $103 and keeps a Market Perform rating on the shares. Zoom's Q2 continued stable constant currency growth in the high 4% range and near the best it's seen in several years, the firm notes.

• ESLT BofA lowered the firm's price target on Elbit Systems to $960 from $1,075 and keeps a Buy rating on the shares. The firm believes the company's response to demand signals, namely amplified R&D and capex investment, position it to capture incremental orders and execute on the growing backlog, but lowered its price target to reflect revaluation dynamics across defense tech peers.
• DKS BofA analyst Robert Ohmes lowered the firm's price target on Dick's Sporting to $200 from $245 and keeps a Buy rating on the shares. The company made a small cut to Dick's operating margin and a meaningful cut to total EPS guidance, driven by Foot Locker's struggle with legacy products and lack of newness, notes the analyst, who thinks continued strength at core Dick's will drive multiple expansion.
• ESTC BofA analyst Koji Ikeda raised the firm's price target on Elastic to $90 from $70 and keeps a Neutral rating on the shares ahead of the company reporting fiscal Q1 earnings on Thursday, August 27. Shares are up 30% over the last month, raising the bar into earnings, notes the analyst, who does not expect Elastic to miss its sales-led subscription revenue guidance, but also does not expect enough acceleration to convince investors that AI is becoming a material growth driver.

• BOX Citi analyst Steven Enders raised the firm's price target on Box to $40 from $37 and keeps a Buy rating on the shares following the Q2 report. The firm says the company's business continues to accelerate. It sees further upside in the shares as Box's agentic automation, security, and governance use cases pick up.
• ZYME Citi raised the firm's price target on Zymeworks to $38 from $37 and keeps a Buy rating on the shares after the company and its partners received FDA approval for both the Ziihera triplet and doublet. Citi attributes the selloff in the shares as profit taking and sees a buying opportunity at current share levels.
• SNOW Citi raised the firm's price target on Snowflake to $395 from $320 and keeps a Buy rating on the shares. The firm sees elevated expectations into the Q2 report given the recent share rally. Citi's checks with Snowflake partners indicate momentum with CoCo and an uptick in migration, especially across financial services. The firm cites software market multiple expansion for the target boost.

• TJX Jefferies downgraded TJX to Hold from Buy with a price target of $145, down from $180. The firm says the company's Marmaxx slowdown "looks more significant" than a typical merchandising miss. TJX is implementing process changes with direct CEO involvement, suggesting the issue is material, the analyst tells investors in a research note. Jefferies says that history suggests these fixes can take time. It expects TJX shares to stay range-bound.
• LHX Jefferies downgraded L3Harris Technologies to Hold from Buy with a $315 price target after resuming coverage of the name. The firm says uncertainty is building at L3Harris with a leadership change and unclear path for the Missile Solutions initial public offering. The shares are "stalled for now," the analyst tells investors in a research note.

• INTU JPMorgan downgraded Intuit to Neutral from Overweight with a price target of $331, down from $605, following the fiscal Q4 report. The company's AI "disruption risks" are extending beyond TurboTax to the QuickBooks business, the analyst tells investors in a research note. The firm says the lower pace of new customer additions across QuickBooks and TurboTax DIY is driving lower growth expectations and higher investments. Intuit's valuation multiple could remain pressured until investors "get more comfort around execution to mitigate disruptions," contends JPMorgan.
• ZM JPMorgan raised the firm's price target on Zoom Communications to $110 from $90 and keeps a Neutral rating on the shares. The firm views the company's Q2 report as "robust," led by strong growth in enterprise revenue. However, Zoom's online revenues grew only 0.6% year-over-year and customer acquisition challenges are leading the company to moderate its expectations for online revenue growth for the year, the analyst tells investors in a research note.
• AMRX JPMorgan resumed coverage of Amneal Pharmaceuticals with an Overweight rating and price target of $22, up from $18, following a period of restriction. The firm views the company as well positioned to generate sustained high-single-digit sales growth with a diversified base that includes complex generic launches, biosimilars, and Crexont. Affordable medicines growth is accelerating, the analyst tells investors in a research note.
• DKS JPMorgan lowered the firm's price target on Dick's Sporting to $188 from $245 and keeps an Overweight rating on the shares. The firm views the shares as oversold following the post-earnings pullback. Dick's remains bullish on its core business and the broader footwear category, the analyst tells investors in a research note. While Foot Locker's turnaround has been pushed back a year, JPMorgan remains optimistic that Dick's shares experience some recovery moving through the back to school shift.
• REPL JPMorgan raised the firm's price target on Replimune to $21 from $20 and keeps an Overweight rating on the shares. The firm says key opinion leader commentary supports a "clear unmet need" in PD-1 refractory melanoma and a significant role for Replimune's Tudriqev in the treatment paradigm.

• CHWY Morgan Stanley analyst Nathan Feather lowered the firm's price target on Chewy to $37 from $42 and keeps an Overweight rating on the shares. The firm is "tactically neutral on earnings" as it expects a largely in-line print, albeit with "a downwards skew" as it thinks Chewy may call out increased investments going forward to try and reaccelerate growth, the analyst tells investors in a Q2 preview.
• ZM Morgan Stanley raised the firm's price target on Zoom Communications to $107 from $105 and keeps an Equal Weight rating on the shares. Q2 results, with record Enterprise growth and strong bookings supported by broader product adoption, strengthens the platform-extension thesis, but "not yet the growth/profitability algorithm needed for a re-rating," the analyst tells investors.
• VIPS Morgan Stanley lowered the firm's price target on Vipshop to $16 from $18 and keeps an Equal Weight rating on the shares. Weak consumption is likely to continue weighing on revenue growth in the second half, says the analyst, who believes investors need to see the signs of revenue growth back to positive territory before turning more positive.
• INTU Morgan Stanley lowered the firm's price target on Intuit to $315 from $335 and keeps an Equal Weight rating on the shares. FY26 results were "solid," but , FY27 guidance was below expectations on the top line and management attributed the weaker revenue outlook to a deliberate reset toward customer acquisition and market share, the analyst tells investors. While these lowered bars give the company flexibility while it shifts attention back to customer growth, the "burden of proof remains high" as investors wait for evidence FY27 marks a trough, the analyst added.

• APP Needham lowered the firm's price target on AppLovin to $475 from $500 and keeps a Buy rating on the shares. The firm is rebalancing its historical splits between Games and Consumer, resulting in lower adjusted EBITDA estimates in FY26 and FY27 by 4.5% and 3.3%, the analyst tells investors in a research note. Despite the rebalance, the firm continues to see the opportunity for AppLovin to significantly scale its Consumer business, although Needham remains disappointed by the delay in Gen AI creative and lead gen model, the analyst added.

• NEOG Piper Sandler upgraded Neogen to Overweight from Neutral with a price target of $14, up from $13. The company has posted several consecutive quarters of improving performance, with food safety growth recently accelerating, the analyst tells investors in a research note. Piper sees Neogen's new management has improved adjusted EBITDA margins, positive free cash flow, and restored product availability. In addition, the progressing manufacturing facility transition "removes a major overhang," says the firm. It believes Neogen has moved beyond the stabilization phase of its turnaround and is entering a period of more sustainable profitable growth.
• ASB Piper Sandler analyst Nathan Race assumed coverage of Associated Banc-Corp with a Neutral rating and $34 price target given slightly lower comparative profitability outlook. The firm nevertheless views Associated Banc-Corp as an attractive long-term holding as the fruits of management's multi-year strategic enhancements that began a few years ago should drive consistently solid future mid-single-digit organic balance sheet and EPS growth. Piper would become more constructive to the extent visibility improves on prospects for above average organic balance sheet and core fee income growth to drive potential upside to our slightly above consensus estimates.
• INTU Piper Sandler raised the firm's price target on Intuit to $290 from $250 and keeps an Underweight rating on the shares. The firm notes the company reported good 4Q results, but the initial FY27 revenue growth midpoint of 9.1% year-over-year was well below consensus of 11.1% year-over-year due to TurboTax DIY challenges, Desktop comps, Credit Karma prudence, and slower QBO growth.

• AXGN Truist initiated coverage of AxoGen with a Buy rating and $60 price target. The firm views AxoGen as a "unique high-growth" peripheral nerve repair company, marketing the first and only biologic allograft within a portfolio of nerve repair products. The company is exposed to a large, barely penetrated total addressable market of $5B and should be capable of supporting double-digit growth across a wide set of procedures, the analyst tells investors in a research note. Truist sees further room for the shares to move higher.
• DKS Truist analyst Joseph Civello downgraded Dick's Sporting to Hold from Buy with a price target of $135, down from $270. The company meaningfully lowered its fiscal 2026 guidance due to deteriorating trends in its footwear business, the analyst tells investors in a research note. Truist believes further investments in Foot Locker and House of Sport will likely drive incremental earnings pressure at Dick's. The company appears increasingly exposed to Nike with limited visibility into the product improvements needed for the brand's turnaround, contends the firm.

• SEDG UBS upgraded SolarEdge to Buy from Neutral with a price target of $42, up from $36. The company is a key beneficiary of the Federal Communications Commission ban on new inverter model imports, the analyst tells investors in a research note. UBS believes the ban will create a supply constrained U.S. market, driving both share gains and potential pricing power for SolarEdge. The firm increased its EBITDA estimates for SolarEdge and finds the stock's current valuation as attractive given the company's reaccelerating earnings growth.
• M UBS raised the firm's price target on Macy's to $10 from $9 and keeps a Sell rating on the shares. Macy's Q2 sales trends look better than expected, prompting a 4c EPS estimate increase to 36c and likely FY26 guidance of $2.10-$2.30, but with expectations already aligned, limited impact on sentiment is anticipated, the analyst tells investors in a research note.
• SMTC UBS raised the firm's price target on Semtech to $230 from $225 and keeps a Buy rating on the shares. Semtech delivered a strong quarter and outlook, driven by 160%+ year-over-year data center growth and continued LoRa momentum, with data center revenue potentially exceeding $200M per quarter by 1Q28 and supporting significant margin expansion, the analyst tells investors in a research note.
• BOX UBS analyst Taylor McGinnis raised the firm's price target on Box to $37 from $29 and keeps a Neutral rating on the shares. Box delivered accelerating growth, with 11% revenue growth, 16% billings growth, and 106% net recurring revenue, while Enterprise Advanced and AI-driven demand support potential upside despite conservative 2H27 guidance, the analyst tells investors in a research note. The firm seeks additional evidence that the recent momentum can be sustained through 2H27 and FY28.
• DELL UBS analyst David Vogt raised the firm's price target on Dell Technologies to $455 from $440 and keeps a Neutral rating on the shares. In an earnings preview note for the U.S. enterprise hardware and networking sector, the firm said that strong server and storage demand may persist near term, but price-driven risks remain, the analyst tells investors in a research note.

• INTU Wells Fargo lowered the firm's price target on Intuit to $300 from $360 and keeps an Equal Weight rating on the shares. Despite low bar, the company's Q4 left investors with "more to chew on" given initial FY27 Turbo Tax guide of about 2%-3%, the firm says. Long-term growth targets also came down in both major segments, adding fuel to the AI bear case and questions around high-teens EPS CAGR, says Wells.
• ARGX Wells Fargo analyst Derek Archila raised the firm's price target on Argenx to $1,415 from $1,350 and keeps an Overweight rating on the shares. The firm says Argenx is re-rating toward its $100B market cap call as it expands Vyvgart's indication set and moves toward a multi-product company. Empa's Q4 Phase 3 readout in multifocal motor neuropathy is the next step and Wells believes the probability of success is decent, with chronic inflammatory demyelinating polyneuropathy read-through.

• SPCX Wolfe Research says SpaceX's announcement of Spaceport Louisiana along with last week's White House executive order on launch regulatory relief are "bullish indicators for one of the biggest external constraints on SpaceX's ambitions." The Louisiana news "paves the way to alleviate the most obvious external constraint to the company's full and rapid reuse vision for Starship," the analyst tells investors in a research note. Wolfe says a successful orbital Starship Flight 14 in early September is the next catalyst for SpaceX shares. The firm keeps an Outperform rating on the stock with a $175 price target.
• HRMY Wolfe Research analyst Rudy Li initiated coverage of Harmony Biosciences with an Outperform rating and $60 price target. The firm believes the company's Wakix base business of can justify the stock's current valuation. BP-205 remains underappreciated as an emerging orexin play for sleep and broad central nervous system indications, the analyst tells investors in a research note. Wolfe says Harmony has established itself as a key player in the sleep space with its lead asset Wakix. While investors are debating the ongoing intellectual property litigation and competitive threat from orexin agonists, Wolfe expects the Wakix franchise to remain resilient, says the analyst.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: PICS TUYA

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for June
• 9:00 AM ET                   CaseShiller 20-city index M/M for June
• 10:00 AM ET                 New Home Sales M/M for July
• 10:00 AM ET                 Consumer Confidence for August
• 10:00 AM ET                 Richmond Fed Index for August
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOX ELMD HEI INTU JOYY NCNO NOAH QFIN SMTC STRT ZM

• Jefferies Semis, IT Hardware & Comm Tech Conference, 8/25-8/26 in Chicago, IL
• Piper 2026 Chicago Summer Trading Tour, 8/24-8/25 (virtual)
• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Personal Income M/M for July
• 8:30 AM ET                   Personal Spending M/M for July
• 8:30 AM ET PCE Price Index M/M for July
• 8:30 AM ET PCE Price Index Y/Y for July
• 8:30 AM ET                   Core PCE Price Index M/M for July
• 8:30 AM ET                   Core PCE Price Index Y/Y for July
• 8:30 AM ET                   Gross Domestic Product (GDP) for Q2, 2^nd estimate
• 8:30 AM ET GDP Consumer Spending for Q2, 2nd estimate
• 8:30 AM ET GDP Price deflator for Q2, 2nd estimate
• 8:30 AM ET PCE headline prices for Q2, 2nd estimate
• 8:30 AM ET                   Core PCE headline prices for Q2, 2nd estimate
• 10:00 AM ET                 Dallas Fed PCE for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A AVAT CRM CRWD HPQ LTRX NTNX NVDA OKTA OOMA P SNPS STDN URBN VEEV

• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Advance Goods Trade Balance for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET KC Fed Manufacturing for August
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ADSK AFRM BBAR ESTC FINV GAP IREN KTCC MRVL PD RBRK S ULTA WDAY

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