Early Look

Friday, August 21, 2026

After sliding again on Thursday, the Nasdaq 100 (QQQ) is looking at a strong bounce this morning along with the S&P 500 and Dow Jones Industrial average as U.S. Treasury Secretary Scott Bessent said a U.S. Treasury buyback could increase even further, the day after he announced plans to double them in an effort to tame spiking yields. Wall Street slid again on Thursday in a broad selloff that gathered momentum as the closing bell approached with the Dow and Russell 2000 leading the downside. Higher Treasury yields have pressured equities the last few weeks as the long end reversed much of Wednesday's post-buyback rally. Retail was hit Thursday as Wal-Mart (WMT) weighed heavily on the Dow after disappointing comparable sales and weaker profit guidance as Consumer Staples and Consumer Discretionary were the weakest sectors. Energy outperformed as crude rallied on renewed US-Iran tensions and reports of potential escalation involving Saudi Arabia. Oil prices hold steady near multi-week highs as WTI crude has risen well over 6%this past week, as the likelihood of a near-term resolution to the U.S.-Iran stalemate faded following retaliatory threats from Trump. The Nasdaq 100 (QQQ) fell for a 5^th straight day on Thursday as software, large cap tech declined while semis (SOX) bounced. The last time the QQQ’s fell for 6 straight days was 7/22-7/29, which was the last down day in July before markets surged back to all-time highs by mid-August for the S&P 500, Dow and Russell 2000. In Asian markets, The Nikkei Index fell -200 points to 66,016, the Shanghai Index edged higher one point to 3,905, and the Hang Seng Index jumped 310 points to 26,009. In Europe, the German DAX is up 34 points to 26,017, while the FTSE 100 rises a few points to 10,752. Meanwhile precious metals are soaring this week, and Bitcoin bulls are back as the price of bitcoin is up about 18% over the last 2days, scaling as high as $79,455 overnight but back down around $78K now. Bitcoin prices hadn't traded above the $70,000 level since late May prior to this latest push. All three main U.S. indexes were on track for weekly losses of about 2%, with the S&P 500 and the tech-heavy Nasdaq set to snap a three-week winning streak.

• The Dow Jones Industrial Average fell -697.72 points, or 1.31%, to 52,765.33
• The Nasdaq Composite dropped -263.93 points, or 1.00%, to 26,067.17
• The Russell 2000 Index declined -40.50 points, or 1.34% to 2,992.44

• 9:45 AM ET S&P Global Services PMI, Aug-flash
• 9:45 AM ET S&P Global Composite PMI, Aug-flash
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Germany's private-sector activity remained in expansion in August, with the flash Composite PMI easing to 51.0 from 51.3 in July, a two-month low. The slowdown was driven by services, with the Services PMI falling to 48.5 from 49.8, a three-month low and back in contraction territory.
• Bond markets are steady early Friday, but long-term yields are set to close the week at levels not seen in over a decade after investors shrugged off an emergency intervention by the Treasury Department. In the U.S., 30-year Treasury yield came down to around 5.23% on Friday from a nearly 20-year closing high at 5.311% on Monday. Early Wednesday, Treasury Secretary Scott Bessent said the department would step up purchases of government bonds as part of its existing buyback program. He said Treasury would double long-term debt buybacks from a maximum of $2 billion to at least $4 billion per operation between September and November.

• Flowers Foods (FLO) Q2 adj. EPS $0.21 vs. est. $0.22; sales $1.19B vs. est. $1.23B; adj. EBITDA $111.3Mm vs est $118.34Mm; FY sales guidance $5.07B-$5.142B vs. est. $5.17B; FY adj. EBITDA guidance $453M.
• Ross Stores (ROST) Q2 EPS $2.66 vs. est. $1.94; sales $6.26B vs. est. $6.16B; EBIT $1.10B vs est $804.04Mm; Q3 EPS guidance $1.75-$1.83 vs. est. $1.73; Q4 EPS guidance $2.17-$2.26 vs. est. $2.13; FY EPS guidance $8.61-$8.77 vs. est. $7.80.
• Tesla (TSLA) will recall 1,956,713 China-made Model Y vehicles, according to China’s market regulator; the recall affects vehicles manufactured in China; the announcement comes from China’s State Administration for Market Regulation.

• OSI Systems (OSIS) Q4 adj. EPS $3.78 vs. est. $3.77; revenue $484.1Mm vs. est. $529.7Mm; gross profit $168.0Mm; operating Income $73.9Mm vs est $87.98Mm; FY revenue guidance $1.875B-$1.930B vs. est. $1.94B; FY adj. EPS guidance $11.13-$11.49 vs. est. $11.44; added 1.0Mm shares authorized for repurchase.

• Aveanna Healthcare (AVAH) announces offering of 15M shares of common stock for holders; priced at $11.75 per share

• Broadcom (AVGO) targets over $60B in latest AI debt deal, Bloomberg reported last night.
• Nvidia Corp. (NVDA) is in early discussions with the Korean AI chip designer Rebellions about possible collaborations, including a technical partnership, an investment or perhaps even an acquisition, according to people familiar with the matter – Bloomberg.
• Samsung Electronics (SSNLF) has approved a 2026 shareholder return plan of approximately KRW 90T to KRW 110T ($65.1B to $79.52B), following rival SK Hynix’s KRW 40T share buyback plan announced earlier this week.
• Spotify Technology (SPOT) announced that its Board of Directors has approved an increase in its share repurchase program by an additional $1.5 billion.
• A New Jersey tee has withdrawn her test-case lawsuit alleging that Meta (META), Google (GOOGL), and Snap (SNAP) deliberately designed social media platforms to foster addiction and contributed to her depression and self-harm – Reuters.

Mid-Morning Look

Friday, August 21, 2026

U.S. stocks are bouncing the tail end of the week, but major averages are still on track for weekly declines as a surge in Treasury yields and oil prices has dampened sentiment and kept inflation concerns real. The story today was the extended spike in Bitcoin and precious metals as Treasury Bessent’s bond market intervention weighs on the U.S. dollar, with the euro rising above the 1.17 level for the first time since May. Bitcoin also at its best levels since May and gold and silver prices on track for big weekly advances. @Bluekurtic noted on X, “Today, Bitcoin has a chance to do something it has done only 4 other times. Gain 5% each day for 3 consecutive days. The last time was in 2023, when $BTC gained 45% over the next 3 months.” Meanwhile, gold is heading toward a weekly gain of nearly 5% after rebounding from its second-quarter slump. U.S. Treasury Secretary Scott Bessent said Thursday a U.S. Treasury buyback could increase even further, the day after he announced plans to double them, raising the cap from $2 billion to at least $4 billion per operation in an effort to tame spiking yields. The change, which will apply to the 10-year to 20-year sector and the 20-year to 30-year sector, will be effective Sept. 9 through Nov. 4. Bitcoin has jumped close to 25% this week and was trading near $78,000 early Friday after US Treasury touted larger long-end buybacks. Materials, Financials, Healthcare early notable leaders while Tech and Utilities are edging lower.

• Food Sector: for names like TSN, President Trump said this morning on a Truth Social post that he concluded a deal to substantially lower price of ground beef. Trump on tariffs: for next 90 days, United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff. Have a commitment that this beef will be sold at 25% below current market prices. LMB was downgraded to Underweight from Neutral at JP Morgan, concerned by the Q2 earnings report, saying the 22% revenue growth was almost entirely acquisition-led, while gross margin compressed. FLO shares slipped after Q2 top/bottom line miss and cuts FY EPS and revenue outlooks; cuts FY26 adjusted EPS view to $0.75-$0.86 from prior $0.80-$0.90 (est. $0.83) and revs to $5.07B-$5.142B from $5.163B-$5.267B.
• Ride hailing/Food delivery sector: Robotaxis are headed to Nevada. On Thursday, state regulators granted permits to TSLA, UBER and GOOGL’s Waymo to operate robotaxi services in the state. The Nevada Transportation Authority voted unanimously to allow the three tech companies in Clark County, which includes Las Vegas. Zoox, owned by AMZN, already operates a paid robotaxi service on the Las Vegas Strip, with a permit to run up to 100 vehicles that lack steering wheels and pedals. Tesla received approval for up to 5,000 robotaxis, while Waymo and Uber both got permits for up to 1,000 vehicles.

• BJ +4%; reported Q2 adj EPS $1.36 that tops consensus $1.17 on revs $6.23B, vs. est. $5.94B, while Q2 comp club sales increased by 11.9% y/y; comp club sales ex: gasoline sales, increased by 3.1% y/y; outlook FY comp club sales; raises FY26 adjusted EPS view to $4.60-$4.80 from $4.40-$4.60.
• MRNA +16%; volatility continues after surging 177% on Wednesday after cancer vaccine headlines and then falling -23.5% yesterday on profit taking.
• MSTR +5%; shares of crypto levered names COIN, HOOD, CRCL, BLSH along with other plays BMNR, IBIT, etc. have rallied this week as Bitcoin has rallied as much as 25% on the week, scaling as high as $79,455 overnight but has since pared gains.
• OI +11%; after Citigroup upgraded to Buy as expects estimates have bottomed after a series of negative revisions, and the low-end of '26 EBITDA guidance looks derisked citing conservative assumptions for 2H vol recovery, stabilizing net price in Europe, and resolved headwinds.
• ROST +2%; strong Q2 results, driven by 10% comps and better gross margins, along with improving monthly momentum and a strong August; updated second-half outlook came in ahead of consensus forecasts on the top and bottom lines.

• FLO -1%; shares declined after both Q2 top/bottom line miss and cuts FY EPS and revenue outlooks; cuts FY26 adjusted EPS view to $0.75-$0.86 from prior $0.80-$0.90 (est. $0.83) and revs to $5.07B-$5.142B from $5.163B-$5.267B.
• OSIS -7%; as Q4 revs $484.1M misses est. $529.7Mm; operating Income $73.9Mm vs est $87.98Mm; FY revenue guidance $1.875B-$1.930B vs. est. $1.94B; FY adj. EPS guidance $11.13-$11.49 vs. est. $11.44.
• WMT -1%; adding to prior day decline after comp results and sales growth missed estimates.

Closing Recap

Friday, August 21, 2026

U.S. stocks pushed higher this morning with the S&P 500 (SPX) rising to around 7,700 but failed to pick up steam, as stocks slipped and pared gains closing out a quiet summer Friday. While stocks closed higher today (breadth positive with 9 sectors rising to 2 falling), Wall Street still ended the week lower (first weekly loss since the end of July) as a combination of higher Treasury yields, rising oil and inflation concerns remain in the forefront of Wall Street investors. Bond yields are holding near their highest levels in years despite the efforts of Treasury Secretary Scott Bessent to contain borrowing costs. Bessent said Thursday a U.S. Treasury buyback could increase even further, the day after he announced plans to double them, raising the cap from $2 billion to at least $4 billion per operation in an effort to tame spiking yields. The change, which will apply to the 10-year to 20-year sector and the 20-year to 30-year sector, will be effective Sept. 9 through Nov. 4. While stocks didn’t do much today, precious metals (gold/silver) and Bitcoin saw sizeable gains the last few days post the Treasury comments. Bitcoin briefly neared $80,000 early this morning before paring gains but rose over 20% this week. Coming up, the Fed's Jackson Hole Symposium (Aug 27-29) and Nvidia's (NVDA) second quarter earnings are next week along with other key tech names Salesforce (CRM) and CrowdStrike (CRWD) in software, and Marvell (MRVL) in semis, the biggest highlights for Wall Street. The QQQ snapped its 5-day losing streak on Friday but for the week, the S&P 500 fell 1.43%, the Nasdaq declined -2.05%, and the Dow fell -0.85%.

• UK Composite PMI Flash actual 52.5 (Forecast 51.6, Previous 52.2); UK Services PMI Flash Actual 52.8 (Forecast 51.8, Previous 52.1); UK Manufacturing PMI Flash Actual 51.5 (Forecast 51.5, Previous 51.9).
• Germany's private-sector activity remained in expansion in August, with the flash Composite PMI easing to 51.0 from 51.3 in July, a two-month low. The slowdown was driven by services, with the Services PMI falling to 48.5 from 49.8, a three-month low and back in contraction territory

• U.S. WTI crude oil futures settle at $87.06/bbl, up $0.23, or 0.26% while Brent Crude futures settle at $94.39/bbl, up 61 cents, or 0.65%, both rising on the week. WTI crude gained $5.59 per barrel, or 6.86% to $87.06 this week its largest one week net and percentage gain since the week ending July 24, 2026 (now up 11.36% the last 2 weeks) and up five of the past seven weeks as Iran situation remains. WTI crude also closed higher for a sixth consecutive session, longest win streak since March 9, 2026, when the market rose for seven straight sessions (also remains up 11 of the past 12 sessions).

• Off Price Retailers: ROST the latest this week to report earnings in the space, as shares rallied behind its strong Q2 results, driven by 10% comps and better gross margins, along with improving monthly momentum and a strong August; updated second-half outlook came in ahead of consensus forecasts on the top and bottom lines.
• Food Sector: for names like TSN, President Trump said this morning on a Truth Social post that he concluded a deal to substantially lower price of ground beef. Trump on tariffs: for next 90 days, United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff. Have a commitment that this beef will be sold at 25% below current market prices. LMB was downgraded to Underweight from Neutral at JP Morgan, concerned by the Q2 earnings report, saying the 22% revenue growth was almost entirely acquisition-led, while gross margin compressed. FLO shares slipped after Q2 top/bottom line miss and cuts FY EPS and revenue outlooks; cuts FY26 adjusted EPS view to $0.75-$0.86 from prior $0.80-$0.90 (est. $0.83) and revs to $5.07B-$5.142B from $5.163B-$5.267B.

• Utility sector: the Utility sector (XLU) was down over 2% in the S&P 500, the lone standout to the downside in the index (DUK, AEP, SP, NEE) as the fact Treasury yields have failed to drop the last few days despite the US Treasury buyback news could be partially wearing on dividend paying sectors/at the same time more rotation into riskier assets like Bitcoin and havens Life Precious metals (and out of defensives).
• Paper & Packaging: OI shares rallied after Citigroup upgraded to Buy as expects estimates have bottomed after a series of negative revisions, and the low-end of '26 EBITDA guidance looks derisked citing conservative assumptions for 2H vol recovery, stabilizing net price in Europe, and resolved headwinds.
• Transport sector: FDX, UPS and Polar Air Cargo Worldwide Inc. will provide delivery services for U.S. agencies under a deal negotiated by an interagency team of the Department of Defense and executive agency representatives. While FedEx and UPS will get $2.7B each, Polar Air's award is a tenth of that— $272M, for agreements running from Oct. 1, 2026, to Sept. 30, 2030.

• Asset managers: Bloomberg reported IVZ is cutting management fees by 20% for investors in a $12.7 billion real estate fund, as the firm grapples with a backlog of redemption requests.

• GOSS announced up to $250M structured private placement, including $150M of committed capital, to fund seralutinib through potential FDA approval; proceeds expected to fund operations into 2028; $25M funded at initial closing, $125M upon FDA NDA Acceptance.
• MRNA shares fell more than 20% Thursday, following Wednesday’s extraordinary surge after the company and MRK announced that their personalized mRNA cancer vaccine had succeeded in a Phase 3 melanoma study – was likely in part because investors took their profits after the spike.
• Medical Equipment sector: ABT agreed to pay $670M to settle a high-profile lawsuit and claims made on behalf of thousands of others related to allegations that its formula for babies born prematurely causes a dangerous intestinal disease. The settlement comes after an appeals court upheld a $495M judgment against Abbott in the high-profile case earlier this year.
• Defense sector: OSIS shares fell as Q4 revs $484.1Mm misses est. $529.7Mm; operating Income $73.9Mm vs est $87.98Mm; FY revenue guidance $1.875B-$1.930B vs. est. $1.94B; FY adj. EPS guidance $11.13-$11.49 vs. est. $11.44

• Data Center sector: Goldman Sachs raised its U.S. data center construction spending outlook, now forecasting spending of $67bn in 2026 and $87bn in 2027, reflecting 35% and 30% growth, respectively. The updated view is driven by accelerating construction spending, record levels of project starts and announcements, rising hyperscaler capex forecasts, and growing evidence of returns on AI-related investment, all of which continue to support a multi-year runway for data center infrastructure spending.
• Social media sector: a New Jersey tee has withdrawn her test-case lawsuit alleging that META, GOOGL and SNAP deliberately designed social media platforms to foster addiction and contributed to her depression and self-harm.

• MU CEO Sanjay Mehrotra said on Thursday that AI has dramatically changed the memory business. “Today there is no AI without memory. AI systems need more memory. They need higher performance memory. They need lower power memory,” Mehrotra said on CNBC’s “Mad Money.”
• NVDA is reportedly in advanced talks to invest several hundred million dollars in data-center power developer Cloverleaf Infrastructure, the WSJ reported. Cloverleaf secures reliable electricity and powered land for major data-center projects, with over 10 gigawatts in its pipeline. The potential deal would expand Nvidia’s push into AI infrastructure, helping secure future data-center capacity for its chips.

Street Recommendations

Friday, August 21, 2026

• BMO Barclays raised the firm's price target on Bank of Montreal to C$240 from C$203 and keeps an Underweight rating on the shares. The firm adjusted targets in the Canadian bank space as part of a fiscal Q3 earnings preview. Barclays expects Canadian bank earnings to remain "relatively stable" from Q2. It expects modest balance sheet growth, higher net interest income aided by day count, lower fees and stable expenses, benign credit quality and active share repurchases.
• BNS Barclays analyst Brian Morton raised the firm's price target on Scotiabank to C$130 from C$110 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the Canadian bank space as part of a fiscal Q3 earnings preview. Barclays expects Canadian bank earnings to remain "relatively stable" from Q2. It expects modest balance sheet growth, higher net interest income aided by day count, lower fees and stable expenses, benign credit quality and active share repurchases.
• CM Barclays raised the firm's price target on CIBC to C$170 from C$144 and keeps an Overweight rating on the shares. The firm adjusted targets in the Canadian bank space as part of a fiscal Q3 earnings preview. Barclays expects Canadian bank earnings to remain "relatively stable" from Q2. It expects modest balance sheet growth, higher net interest income aided by day count, lower fees and stable expenses, benign credit quality and active share repurchases.
• RY Barclays analyst Brian Morton raised the firm's price target on Royal Bank of Canada to C$300 from C$260 and keeps an Overweight rating on the shares. The firm adjusted targets in the Canadian bank space as part of a fiscal Q3 earnings preview. Barclays expects Canadian bank earnings to remain "relatively stable" from Q2. It expects modest balance sheet growth, higher net interest income aided by day count, lower fees and stable expenses, benign credit quality and active share repurchases.
• TD Barclays raised the firm's price target on TD Bank to C$164 from C$140 and keeps an Underweight rating on the shares. The firm adjusted targets in the Canadian bank space as part of a fiscal Q3 earnings preview. Barclays expects Canadian bank earnings to remain "relatively stable" from Q2. It expects modest balance sheet growth, higher net interest income aided by day count, lower fees and stable expenses, benign credit quality and active share repurchases.
• HIMS Barclays lowered the firm's price target on Hims & Hers to $35 from $39 and keeps an Overweight rating on the shares. The firm updated the company's model to reflect higher revenue driven by acquisitions and "impressive growth" in new categories. However, Hims & Hers' investment in its growth initiatives is likely to weigh on near-term profitability, the analyst tells investors in a research note.
• ROST Barclays analyst Adrienne Yih raised the firm's price target on Ross Stores to $298 from $260 and keeps an Overweight rating on the shares. The company's Q2 comp sales growth of 10% beat the consensus estimate of 7.6% as its "short-term execution gap versus peers remains wide," the analyst tells investors in a research note. The firm says Ross' strong trends have continued into Q3.

• ROST Bernstein analyst Aneesha Sherman raised the firm's price target on Ross Stores to $240 from $230 and keeps a Market Perform rating on the shares. The firm notes Ross rounded out a strong four quarters of elevated comparable sales from new marketing, merch and store changes, guiding for another strong two quarters in the second half of the year. Bernstein models a lingering benefit of share gains and better execution, keeping earnings growth around 9% through 2028 from above-algo comp and accelerated new store growth.

• WMT BofA lowered the firm's price target on Walmart to $126 from $144 and keeps a Buy rating on the shares. Despite disappointing 2.6% U.S. comp growth and a negative stock reaction, the pullback offers an attractive entry point into a secular share gainer, with underlying trends suggesting Walmart remains on track to gain market share and improve long-term profitability, the analyst tells investors in a research note.
• DE BofA raised the firm's price target on Deere to $667 from $607.50 and keeps a Neutral rating on the shares. Deere's strong Q3 results and raised FY net income guidance support an EPS trough and significant upside from an agricultural recovery, though weak non-U.S. markets, pricing pressure, and tepid farmer capex may constrain the recovery's torque, the analyst tells investors in a research note.
• ROST BofA analyst Lorraine Hutchinson raised the firm's price target on Ross Stores to $265 from $255 and keeps a Buy rating on the shares. Ross Stores' strong Q2 results, driven by 10% comps and better gross margins, along with improving monthly momentum and a strong August, reinforce expectations for continued comp and earnings growth, the analyst tells investors in a research note.

• WMT BTIG lowered the firm's price target on Walmart to $140 from $145 but keeps a Buy rating on the shares. The company's U.S. comps of 2.6% was below the firm's 3.9%, as comp growth was reduced by approximately 125 bps from Maximum Fair Price-related pharmacy deflation, the analyst tells investors in a research note. BTIG adds however that membership and other income increased 11.2%, driven by 17% growth in global membership fee revenue, including double-digit Walmart+ growth, record Q2 net additions, and continued strength in international membership programs.

• WMT Citi lowered the firm's price target on Walmart to $132 from $147 and keeps a Buy rating on the shares. The firm attributes the post-earnings selloff to Walmart's high valuation multiple. Citi believes the company could continue to win market share as it invests in price.
• TOL Citi analyst Anthony Pettinari raised the firm's price target on Toll Brothers to $179 from $176 and keeps a Buy rating on the shares post the fiscal Q3 earnings report. The firm reduced estimates for Toll's fiscal Q4 but believes luxury home demand remains resilient.
• AAP Citi lowered the firm's price target on Advance Auto Parts to $45 from $57 and keeps a Neutral rating on the shares. The company's same-store-sales stepped down in Q2 and the pickup needed to hit the fiscal sales guidance "looks aggressive," the analyst tells investors in a research note.

• WMT Guggenheim analyst John Heinbockel lowered the firm's price target on Walmart to $130 from $135 and keeps a Buy rating on the shares. Near-term sales deceleration and a premium valuation drove rare S&P 500 underperformance, creating an improved risk/reward profile as healthy share gains and rapidly growing high-margin advertising and membership businesses support a likely recovery in early 2027, the analyst tells investors in a research note.

• TX HSBC analyst Jonathan Brandt last night downgraded Ternium to Hold from Buy with a price target of $55, up from $53. The firm cites improving margins in the near term for the target. However, the benefits from price hikes, improving demand and profitability appear mostly priced into Ternium shares, the analyst tells investors in a research note.

• BWMN JPMorgan analyst Tomohiko Sano downgraded Bowman Consulting to Underweight from Neutral with a price target of $43, up from $40. The new price target represents 0% upside from the proposed acquisition by Bernhard Capital Partners, the analyst tells investors in a research note. The firm says that while there is an ongoing go-shop period, it does not anticipate a higher bid and believes the acquisition will be executed at the current $43 bid.
• LMB JPMorgan analyst Tomohiko Sano downgraded Limbach to Underweight from Neutral with a price target of $50, down from $60. The firm is concerned by the Q2 earnings report, saying the 22% revenue growth was almost entirely acquisition-led, while gross margin compressed. Limbach's "healthy" bookings and "sturdy" balance sheet are "no longer sufficient to offset a deteriorating earnings trajectory and unproven data center economics," the analyst tells investors in a research note. As such, JPMorgan sees limited near-term catalysts for Limbach shares.
• NKTR JPMorgan analyst Jessica Fye reinstated coverage of Nektar with a Neutral rating and $65 price target. The company is entering a "trial execution phase for rezpeg" with a "replenished" balance sheet, the analyst tells investors in a research note. However, JPMorgan sees more interesting opportunities elsewhere in its coverage.
• STOK JPMorgan analyst Jessica Fye reinstated coverage of Stoke Therapeutics with an Overweight rating and $40 price target. The firm sees a high probability of success for zorevunersen's Phase III EMPEROR trial in Dravet on its primary endpoint of seizure reduction.
• IMCR JPMorgan analyst Jessica Fye reinstated coverage of Immunocore with an Overweight rating and $50 price target. The firm thinks Kimmtrak offers a "solid foundation" that is still growing in its current setting, with opportunities for upside into the Phase III readouts likely starting next year.
• AMRN JPMorgan analyst Jessica Fye reinstated coverage of Amarin with an Underweight rating and $13 price target. The firm does not see significant downside from current levels, but believes Amarin's U.S. business is under ongoing pressure, which is offsetting the international growth. As such, it expects the stock performance to lag peers.
• EBS JPMorgan reinstated coverage of Emergent BioSolutions with an Underweight rating and no price target. The company is in a transition phase, with the recent setback from increasing competition in the naloxone market "presenting another challenge to work through that clouds the outlook," the analyst tells investors in a research note.
• WMT JPMorgan lowered the firm's price target on Walmart to $125 from $137 and keeps an Overweight rating on the shares. The firm sees a "good time to buy" Walmart following the post-earnings selloff. The "wash out" is done as "bears got their price and trends should improve while alternate profit pools accelerated," the analyst tells investors in a research note. JPMorgan believes the short case in Walmart now "feels greedy."

• TD Keefe Bruyette resumed coverage of TD Bank with a Market Perform rating and C$180 price target. Keefe resumed coverage of the Canadian banking sector with a market weight stance. The firm is "constructive on the fundamentals" of Canadian banks citing their scale in the Canadian market and strategies penetrating the U.S. market. However, stock valuations "overall appear full," with the group up 34% year-to-date and trading over three multiples above their historical valuations, the analyst tells investors in a research note.
• BMO Keefe Bruyette resumed coverage of Bank of Montreal with an Outperform rating and C$295 price target. Keefe resumed coverage of the Canadian banking sector with a market weight stance. The firm is "constructive on the fundamentals" of Canadian banks citing their scale in the Canadian market and strategies penetrating the U.S. market. However, stock valuations "overall appear full," with the group up 34% year-to-date and trading over three multiples above their historical valuations, the analyst tells investors in a research note.
• CM Keefe Bruyette resumed coverage of CIBC with a Market Perform rating and C$186 price target. Keefe resumed coverage of the Canadian banking sector with a market weight stance. The firm is "constructive on the fundamentals" of Canadian banks citing their scale in the Canadian market and strategies penetrating the U.S. market. However, stock valuations "overall appear full," with the group up 34% year-to-date and trading over three multiples above their historical valuations, the analyst tells investors in a research note.
• BNS Keefe Bruyette analyst David Konrad resumed coverage of Scotiabank with an Outperform rating and C$148 price target. Keefe resumed coverage of the Canadian banking sector with a market weight stance. The firm is "constructive on the fundamentals" of Canadian banks citing their scale in the Canadian market and strategies penetrating the U.S. market. However, stock valuations "overall appear full," with the group up 34% year-to-date and trading over three multiples above their historical valuations, the analyst tells investors in a research note.
• HRZN Keefe Bruyette lowered the firm's price target on Horizon Technology to $4.50 from $5 and keeps a Market Perform rating on the shares. Horizon reported a "weak" quarter driven by the writedown of Shengrow due to its failure to raise funding, the analyst tells investors in a research note.

• CRWD KeyBanc analyst Eric Heath raised the firm's price target on CrowdStrike to $240 from $234 and keeps an Overweight rating on the shares. Ahead of July quarter security earnings, the firm remains constructive on cybersecurity spending, though the broader spending inflection appears deferred beyond the July quarter. KeyBanc's recent conversations with CISOs continues to suggest roughly 20% of organizations are already spending incrementally post-Mythos. Among those that are, the near-term urgency is mostly centered on CTEM, patching, pen-testing, segmentation, DIY code-scanning harnesses, and headcount.
• OKTA KeyBanc analyst Eric Heath raised the firm's price target on Okta to $180 from $175 and keeps an Overweight rating on the shares. Ahead of July quarter security earnings, the firm remains constructive on cybersecurity spending, though the broader spending inflection appears deferred beyond the July quarter. KeyBanc's recent conversations with CISOs continues to suggest roughly 20% of organizations are already spending incrementally post-Mythos. Among those that are, the near-term urgency is mostly centered on CTEM, patching, pen-testing, segmentation, DIY code-scanning harnesses, and headcount.
• ZS KeyBanc raised the firm's price target on Zscaler to $210 from $185 and keeps an Overweight rating on the shares. Ahead of July quarter security earnings, the firm remains constructive on cybersecurity spending, though the broader spending inflection appears deferred beyond the July quarter. KeyBanc's recent conversations with CISOs continues to suggest roughly 20% of organizations are already spending incrementally post-Mythos. Among those that are, the near-term urgency is mostly centered on CTEM, patching, pen-testing, segmentation, DIY code-scanning harnesses, and headcount.

• ORCL Mizuho says that according to the government contract award news, the Department of Veterans Affairs increased the ceiling on its Oracle Health electronic health record modernization contract by $17B to nearly $27B. The VA also added three optional one-year periods that could extend the contract through May 2031, the analyst tells investors in a research note. Mizuho views the announcement positively, saying it materially increases Oracle Health's long-term revenue opportunity and further validates the successful turnaround of Cerner following significant implementation challenges. It reiterates an Outperform rating on Oracle.

• FTAI Morgan Stanley analyst Kristine Liwag raised the firm's price target on FTAI Aviation to $360 from $319 and keeps an Overweight rating on the shares. FTAI's growth outlook remains compelling, with Power's $450M 2027 adjusted EBITDA target, AP share gains, and SCI's asset-light ramp providing multiple avenues for upside, the analyst tells investors in a research note.

• WMT Piper Sandler lowered the firm's price target on Walmart to $128 from $137 and keeps an Overweight rating on the shares following Q2 results that beat across all key metrics but saw comparable sales weakness in the U.S. WMT segment. To the positive, full year guidance was raised as the company's high margin revenue streams are all accelerating. Importantly, tariff refunds are neutral to the year as all refund benefits are being reinvested in price and offsetting inflationary costs, adds Piper.

• ROST Truist raised the firm's price target on Ross Stores to $310 from $290 and keeps a Buy rating on the shares. The company reported a solid Q2 earnings beat and provided an updated second-half outlook that came in ahead of consensus forecasts on the top and bottom lines, the analyst tells investors in a research note. Trends remain strong across merchandise categories and customer demographics while sequentially accelerating through the quarter, the firm added.
• SLDB Truist analyst Danielle Brill assumed coverage of Solid Biosciences with a Buy rating with a price target of $20, up from $16. SGT-003, the company's lead gene therapy for Duchenne muscular dystrophy, is the company's primary value driver, with additional upside optionality from pipeline assets, including SGT-212 in Friedreich's ataxia and SGT-501 in catecholaminergic polymorphic ventricular tachycardia, the analyst tells investors in a research note. The emerging favorable safety profile, coupled with management's disciplined and methodical development strategy, strengthens SGT-003's overall evidentiary package and positions Solid Biosciences favorably as it prepares to engage the FDA regarding a potential accelerated approval pathway in Q4, the firm added.
• WMT Truist analyst Scot Ciccarelli lowered the firm's price target on Walmart to $114 from $140 and keeps a Buy rating on the shares. The company's Q2 U.S. comps of 2.6% were below expectations but heavily impacted by contraction in its health and wellness segment, the analyst tells investors in a research note. This wasn't the beat and raise quarter that investors have become accustomed to from Walmart, but the company continue to gain share, is further widening price gaps and rapidly growing their higher-margin alternate revenue streams, the firm added.

• ROST UBS raised the firm's price target on Ross Stores to $239 from $232 and keeps a Neutral rating on the shares. Ross Stores' Q2 results reinforce expectations for sustained outperformance versus department-store peers, with an 8% five-year EPS CAGR supporting a roughly 27x P/E, though the market appears to already share this optimistic view, the analyst tells investors in a research note.
• AAP UBS analyst Michael Lasser lowered the firm's price target on Advance Auto Parts to $47 from $65 and keeps a Neutral rating on the shares. Advance Auto Parts is making tangible progress on margins, expenses, free cash flow, and its balance sheet, but persistent uncertainty around DIY demand and the need for sustained execution keep the outlook cautious, the analyst tells investors in a research note.

• POR Wells Fargo upgraded Portland General Electric to Overweight from Equal Weight with a price target of $58, up from $51. The firm sees the holding company converting Washington state and request for proposal opportunities into a funded 7.9% annual earnings growth through 2030. Portland General's continued load growth fundamentals present opportunities on future generation request for proposals above current plan, the analyst tells investors in a research note. In addition, Wells believes the company's near-term regulatory data points in Oregon are constructive.
• WMT Wells Fargo lowered the firm's price target on Walmart to $120 from $140 and keeps an Overweight rating on the shares. The firm sees Walmart as a best-in-class model with a durable competitive moat, but notes that slower second-quarter comparable-sales growth challenges the prevailing valuation framework at roughly 35-times earnings. Management is pushing the bigger picture, but Wells expects a "period of digestion" ahead. The stock's setup, it adds, hinges on a return to high-single-digit-plus EBIT growth once refund headwinds subside.
• ROST Wells Fargo raised the firm's price target on Ross Stores to $248 from $245 and keeps an Equal Weight rating on the shares. While Q2 print itself was strong, what stood out to the firm was more management's tone on their call - exuding confidence that there is more to come and tough compares won't stop them.
• AAP Wells Fargo lowered the firm's price target on Advance Auto Parts to $50 from $60 and keeps an Equal Weight rating on the shares. The firm notes Q2 comparable sales missed, EBIT fell about 20bps short and the second half of the year outlook requires 2-3pts of two-year acceleration. All in, Q2 was not Advance Auto Parts' best print, and despite free cash flow inflection and progress on initiatives, the bull case is on pause, says Wells.

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