Early Look

Wednesday, April 8, 2026

U.S. futures and global markets soar overnight after President Trump last night announced a ceasefire between the U.S., Iran and Israel saying in a social media post, “This will be a double ​sided CEASEFIRE!" Iran said it would halt its attacks if attacks against it stopped, and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces, according to a statement ​by Foreign Minister Abbas Araqchi. Oil prices fell -20% below $96 per barrel after the agreed two-week ceasefire with Iran, subject to the immediate and safe reopening of the Strait of Hormuz. Trump said the U.S. had received a 10-point proposal from Iran, which he called a workable basis to negotiate, and said the ⁠parties were ​very far along on reaching a definitive agreement for long-term ​peace. Gains are strong across the board overnight with some of the biggest gains coming in consumer space and travel as oil prices tumble while at the same time, energy stocks are seeing the biggest declines. Following a late day rally on Tuesday, the S&P 500 and Nasdaq made it a 5^th straight day of gains. In Asian markets, The Nikkei Index spikes 2,878 points or 5.39% to 56,308, the Shanghai Index jumps 104 points to 3,995, and the Hang Seng Index surges 776 points or 3.09% to 25,893. In Europe, the German DAX surges 1,043 points or 4.55% to 23,964, while the FTSE 100 rises 269 points to 10,617. Volatility easing with the VIX index down -20% holding just above the 20 level, or lowest levels in about a month. Treasury 10-year yield falls 5 bps to 4.24%, gold rises to $4,800 and silver up 5% with Bitcoin up 3% above $71K.

• The Dow Jones Industrial Average fell -85.42 points, or 0..18%, to 46,584.46
• The Nasdaq Composite gained 21.51 points, or 0.10%, to 22,017.85
• The Russell 2000 Index advanced 4.30 points, or 0.17% to 2,544.95

• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: APLD PCYO PSMT RGP STZ

• Stifel Virtual Targeted Oncology Forum, 4/8-4/9 (virtual)

• Iran agreed to the cease-fire. Foreign Minister Abbas Araghchi said in a statement that "for a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations."
• Iran and Oman will be allowed to charge for Hormuz passage during the cease-fire, AP reported.
• Trump said that negotiations will be based on Iran's 10-point plan. U.S.-Iran talks reportedly will begin on Friday..

• Ford (F) recalls more than 400,000 trucks and SUVs because windshield wipers can fail per Reuters.
• Kura Sushi (KRUS) Q2 adj EPS ($0.04) vs est ($0.16), adj EBITDA $5.5Mm vs est $3.61Mm on sales $80Mm vs est $77.6Mm; guides FY sales $333-335Mm vs est $331.57Mm.
• Levi Strauss (LEVI) Q1 adj EPS $0.42 tops consensus $0.37; Q1 revs $1.7Bvs. $1.65B; said delivered very strong financial performance in the first quarter driven by broad-based growth across channels, regions and categories; raises FY26 adjusted EPS view to $1.42-$1.48 from $1.40-$1.46 (est.) and low end of organic growth rev view.

• Maersk (AMKBY) said the two-week ceasefire agreed between the U.S. and Iran could open some opportunities for vessels in the Strait of Hormuz, but did not yet provide enough security certainty to resume normal operations.
• Scorpio Tankers (STNG) announces $300M convertible senior notes offering.
• Shell Inc. (SHEL) cut its Q1 gas production outlook while signaling a surge in oil trading profit and a dent to short-term liquidity; Q1 LNG production was expected to be about 7.6-8M metric tons vs. prior view 7.5-8M; said Q1 integrated gas production was expected to be about 880K-920K barrels of oil equivalent per day, vs prior view 920-980K boed.

• GoPro (GPRO) said its Board approved a restructuring plan in order to reduce operating costs and drive stronger operating leverage; the restructuring plan is anticipated to entail a global reduction in force of approximately 145 employees, representing approximately 23% of workforce.
• Hyperscale Data (GPUS) sees Q1 revenue $43M-$45M, or about an increase of approximately 72%-80% compared to revenue of approximately $25M for the first quarter of 2025. The anticipated increase in revenue was driven by the company's Gresham Worldwide and Ault Lending subsidiaries
• Super Micro Computer Inc (SMCI) initiates internal review of global trade compliance program; appoints Deanna Luna as acting chief compliance officer.
• United Microelectronics Corp. (UMC) said that its net sales climbed 4.9 percent to NT$20.83B in March from NT$19.86B in the same month last year; said that from the period from January to March, total revenues touched NT$61.04B, up 5.5 percent from NT$57.86B a year ago.

Mid-Morning Look

Wednesday, April 08, 2026

U.S. stocks surge as Wall Street breathed a sigh of relief after the US and Iran agreed to a two-week ceasefire, announced just ahead of President Trump’s deadline of 8:00 pm et last night. Global stock markets rally, looking to make it a 6^th straight day of gains for the S&P 500 and Nasdaq after closing out the month of March with big declines. Oil and gas prices plunged in tandem with falling bond yields and the dollar weakened broadly against its peers. The agreement between the US/Iran/Israel is conditional on safe passage through the Strait of Hormuz, with Iran confirming transit can resume for two weeks under coordination with its armed forces. President Trump said a 10-point Iranian proposal forms a workable basis for talks, adding the sides are “very far along” on a broader agreement. Delegations from the United States and Iran will be arriving in Pakistan for talks on Friday, Pakistan's Prime Minister Shehbaz Sharif said on Wednesday. Equity sectors are broadly higher with outperformance in travel, technology, metals and consumer discretionary while energy and chemicals stocks post material losses. Global bond yields are materially lower as traders scale back central bank hike bets globally. Precious metals are gaining, with gold and silver rising and Bitcoin added 3% back above $71K. Next up for markets, PCE core inflation data tomorrow and CPI on Friday.

President Trump said on social media platform Truth Social this morning, “"The United States will work closely with Iran, which we have determined has gone through what will be a very productive Regime Change! There will be no enrichment of Uranium, and the United States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear “Dust.” It is now, and has been, under very exacting Satellite Surveillance (Space Force!). Nothing has been touched from the date of attack. We are, and will be, talking Tariff and Sanctions relief with Iran. Many of the 15 points have already been agreed to. Thank you for your attention to this matter. President Donald J. Trump"

• Roth Capital downgraded FANG, MGY, MTDR, PR, SM, TALO all to Neutral from Buy as the firm thinks oil prices are near the peak with a potential Iran ceasefire in the works and a number of oil-focused E&P stocks have run hard over the past several weeks on the strength of the commodity. Roth doesn't see lasting damage to key Middle East oil infrastructure, and it expects a lot more oil can start transiting the Strait of Hormuz soon. Roth thinks near-term oil prices of ~$100 per bbl are likely to fade going forward.
• Airlines among the biggest outperformers today, helped by the massive slide in oil prices after the announced two week cease fire between the U.S./Iran/Israel as well as better earnings from DAL as Q1 adj EPS $0.64 vs. est $0.57 and revs $14.2B vs. est. $14.01B though sees Q2 adj EPS $1.00-$1.50 vs. est. $1.41 and revs up low teens % and said it was too early to update its full-year outlook, citing uncertainty caused by a run-up in jet fuel prices.
• Chemical stocks were mixed to weaker; shares of fertilizer companies (CF, MOS, NTR, IPI), which have surged the last month since the Strait of Hormuz was closed to shippers raising supply concerns are seeing a pullback today after the US and Iran reached a cease fire, allowing ships to pass thru the Straight for 2 weeks. Shares of other chemical names like DOW and LYB also seeing weakness. In earnings, RPM rises as Q3 EPS/sales topped consensus $0.57/$1.61B in sales vs. est. $0.35/$1.55B) as higher prices helped to offset weak do-it-yourself demand amid a slow housing market while reiterated its Q4 sales guidance of mid-single-digit growth.

• BBBY +15%; said it is acquiring Lumber Liquidators, Cabinets To Go, and other F9 Brand assets to expand its national home services platform marking a major move into home improvement and renovation space as deal valued at nearly $150M including $37M cash and 16M shares at $7.00.
• CCL +14%; as cruise stocks and leisure plays getting big relief bounce (RCL, NCLH, VIK) as energy prices tumble on 2 week cease fire headlines with Iran and the U.S.
• DAL +7%; Airlines among the biggest outperformers today, helped by the massive slide in oil prices after the announced two week cease fire between the U.S./Iran/Israel as well as better earnings from DAL as Q1 adj EPS $0.64 vs. est $0.57 and revs $14.2B vs. est. $14.01B though sees Q2 adj EPS $1.00-$1.50 vs. est. $1.41.
• LEVI +13%; posted a Q1 beat and FY guide raise driven by broad-based growth across channels, regions and categories; raises FY26 adjusted EPS view to $1.42-$1.48 from $1.40-$1.46 (est.) and low end of organic growth rev view to 4.5%-5.5% from 4%-5%.
• RPM +10%; Q3 EPS/sales topped consensus $0.57/$1.61B in sales vs. est. $0.35/$1.55B) as higher prices helped to offset weak do-it-yourself demand amid a slow housing market while reiterated its Q4 sales guidance of mid-single-digit growth.
• U +4%; shares gained after extending multi-year partnership with META to power next generation VR experiences

• CF -11%; shares of fertilizer companies (CF, MOS, NTR, IPI), which have surged the last month since the Strait of Hormuz was closed to shippers raising supply concerns are seeing a pullback today after the US and Iran reached a cease fire, allowing ships to pass thru the Straight for 2 weeks.
• GBX -2%; shares slumped after results as Q2 revs $587.5M on EPS $0.47 and gross margins 11.8% while guides FY26 EPS $3.00-$3.50 below est. $4.08 and revs $2.4B-$2.5B vs. est. $2.89B.
• INSM -3%; announced that the Phase 2b CEDAR study, which evaluated brensocatib in adult patients with moderate to severe hidradenitis suppurativa, or HS, did not meet its primary or secondary efficacy endpoints in either the 10 mg or 40 mg treatment arms. Brensocatib was well tolerated, with no new safety signals identified.
• KRUS -8%; reported strong Q2 top- and bottom-line upside while FY26 guidance was raised though issued relatively conservative 2H26 implied comp sales expectations (reflecting potential effects of the Iran war/higher gas prices), and unexpected CFO transition news.
• XOM -5%; along with CVX, COP, OXY and others as energy stocks fall with oil and gas prices due to the ceasefire.

Closing Recap

Tuesday, April 07, 2026

U.S. stocks spent the entire day in negative territory until the final minutes, as the deadline set by U.S. President Trump for Iran to open the Strait of Hormuz drew closer with little sign an agreement could be reached. Trump has given Iran until 8 p.m. EDT in Washington - 3:30 a.m. in Tehran - to end its blockade of Gulf oil, or he has said the U.S. military will destroy every bridge and power plant in Iran. Iran said it would retaliate against U.S. allies in the Gulf. Tensions remain high heading into tonight, but the S&P 500 managed a modest gain to extend its winning streak to five days. Headlines were fluid all day as trikes on Iran intensified, but Iran showed no sign of accepting Trump's ultimatum to open the Strait by the end of Tuesday. The U.S. president said in an earlier post on Truth Social, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will. However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World. 47 years of extortion, corruption, and death, will finally end. God Bless the Great People of Iran!" Stocks got a late day pop on reports that Iran's U.N. ambassador notes U.N. Secretary-general's personal Envoy currently en route to Tehran for discussions.  Also, The Prime Minister of Pakistan has called on the Islamic Republic to open the Strait of Hormuz for two weeks as a gesture of goodwill. He also urged all parties involved to establish a comprehensive ceasefire for two weeks so that diplomacy can achieve a definitive end to the war with Iran. Both sides have a near-term out if they can come up with his compromise…we shall see.

Outside of the constant flow of headlines out of Iran and the White House, markets also prepare for the start of earnings season next week, as well as key inflation data later this week with core PCE data on Thursday and then consumer prices index (CPI) inflation data on Friday. Data today out of NY Fed showed rising inflation expectations while Durable Goods orders data showed declines in February. In stock movers, Energy (XLE) was the best S&P leader today as oil prices jumped further early (WTI topped $117 per barrel before paring gains), along with Healthcare (XLV) behind strength in managed care stocks (UNH, HUM, CVS, CNC) on new CMS pricing headlines. Hefty losses for Consumer Staples (XLP), Consumer Discretionary (XLY) both down over -1% while other sectors were mostly higher on hopes of a ceasefire.

• NY Fed: March year ahead expected inflation 3.4% versus 3% in February while March three-year ahead expected inflation 3.1% versus 3% in February but March five-year ahead expected inflation unchanged at 3%. March year ahead expected house price climb 3.3% versus February’s 3%.
• European final PMIs were broadly steady but showed an uninspiring services backdrop. The Euro area held at 50.2 (composite 50.7), with Germany coming in a tad lower at 50.9 and France improving from the flash to 48.8. Spain remained relatively firm (services 53.3), while Italy lagged (48.8), slipping back into contraction. The UK printed 50.5 vs the flash 51.2 (composite 50.3 vs flash 51.0).

• U.S. Treasury yields edged slightly higher, with the 10-yr yield to 4.341% as a deadline set by U.S. President Trump for Iran to open the Strait of Hormuz drew closer with little sign an agreement could be reached. The yield on the 30-year bond rose 2.7 basis points to 4.918% near biggest daily climb since March 27.
• Not much doing in precious metals markets as June gold was unchanged at $4,684.70 an ounce while May silver falls -$0.86, or -1.18%, to settle at $71.99, as caution prevailed in the market ahead of U.S. President Donald Trump's looming deadline for Iran to reopen the Strait of Hormuz or risk devastating attacks on its infrastructure.

• In Restaurants: WING was upgraded to Buy at Citigroup with lower tgt of $230 from $286 saying they do not see an immediate solution for a same-store-sales rebound, but easing compares and the company's self-help actions could bring a rebound in the second half of 2026 (shares were raised at Piper, Raymond James last week).

• In Building Products: Truist noted on March 30th, Johns Manville and Certainteed announced price increases on their insulation and wallboard products, respectively. Truist suspects that others will follow given the growing raw material inflation threat in all businesses. The wallboard increase is particularly large at 20%+ but the industry has a history of announcements of this Magnitude with limited realization. Polyiso will most likely see substantial raw material inflation without significant relief from oil. Relevant names in Truist's coverage include CSL, OC and EXP.

• Auto Retail (KMX, CVNA): The Manheim Used Vehicle Value Index (MUVVI) rose to 215.3, reflecting a 6.2% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) compared to March 2025. The March index is up 1.4% month over month. The long-term average monthly move for March is flat. Non-adjusted wholesale vehicle prices are now up 5.7% year over year, and up 4.2% against February. The long-term average monthly move in non-adjusted values is an increase of 3.4% in March.
• In Ride hailing/Food Delivery: UBER is using AMZN custom chips to speed up Computing and train artificial Intelligence models, the Cloud giant said on Tuesday, as they seek advanced hardware to handle growing digital workloads. The deal expands their existing Cloud partnership by enabling Uber to use Amazon’s AWS Graviton chips to support smoother rides and deliveries and Trainium processors to train Ai models that power apps. In car rental, CAR shares surged again for 5^th straight advance and now up around 140% the last 3 weeks to highest levels since May 2022

• In utilities/Solar: ENPH said expects Q1 fiscal 2026 GAAP gross margin to fall about 6.7 percentage points versus prior guidance as outlook hit reflects March 31, 2026 sale of advanced manufacturing production tax credits tied to 2025 eligible U.S. component production. U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195B kilowatt-hours (kWh) in 2025 to 4,244B kWh in 2026 and 4,381B kWh in 2027. Demand is surging due in large part to data Centers dedicated to artificial Intelligence and Cryptocurrency. The EIA forecasts power sales in 2026 will rise to 1,520B kWh for residential consumers, 1,528B kWh for commercial customers and 1,053B kWh for industrial customers.
• In Trucking/Freight: ODFL was upgraded to Equal weight from Underweight at Wells Fargo and raises tgt to $200 from $165 saying the co is well positioned to outperform, supported by improving LTL tonnage, positive manufacturing demand signals, and resilience to high fuel prices. Adds trucking supply and demand has turned favorable for the first time since 2022. In airlines, DAL will raise checked bag fees by $10 on domestic and select short-haul international routes for tickets bought starting April 8. A first checked bag will now cost $45, a second $55, and a third bag $200.
• In Aerospace & Defense: RKLB was upgraded to Market Outperform from Market Perform at Citizens and establish an $85 price target on Rocket Lab Corporation, as the company's launch, Defense space systems, and a clearer path toward higher-value space services shift the risk/reward meaningfully in Rocket Lab's favor, coupled with a favorable geopolitical and funding environment for the space economy.

• In Exchanges/Brokers: TW reports record March 2026 total trading volume of $87.0 trillion and record average daily volume of $3.8 trillion as March 2026 ADV up 41.8% y/y to $3.8 trillion; Q1 2026 trading volume $214.3 trillion, adv $3.3 trillion, up 31.4% YoY; MKTX record total credit ADV and strong growth in total rates ADV in both periods; record total portfolio trading ADV of $2.3 billion in March, up 48% and record U.S. high-grade, emerging markets, Eurobonds and municipal bonds ADV in Q126.

• BIIB said it will book about $34M of pretax acquired in-process R&D, upfront and milestone expenses in the first quarter that will clip reported and adjusted per-share earnings by about -$0.19; said the expenses include costs incurred in connection with collaboration and license agreements.
• BIIB also said it has signed a collaboration and license agreement with Alloy Therapeutics to use its proprietary AntiClastic ASO platform for developing next-generation antisense therapeutics.
• GILD has agreed to acquire Tubulis for $3.15B in cash, with up to $1.85B in additional contingent payments; total potential deal value: $5B. Tubulis focuses on next-generation antibody-drug conjugate (ADC) technology.
• GLSI said new late-stage trial data shows its experimental breast cancer drug GLSI-100 works regardless of a key genetic marker, widening the pool of eligible patients; says early data shows an about 80% cut in cancer returning in patients without the marker, similar to earlier results.
• HALO announces global collaboration and license agreement with VRTX Hypercon™ technology; Vertex to make $15M upfront payment to Halozyme; Vertex licenses HALO Hypercon technology for up to three drug targets.
• NGEN said the FDA agreed on the design of a late-stage study for its experimental drug for spinal cord injury, NVG-291, that aims to improve hand movement in people with chronic paralysis of all four limbs.
• ORGO said a randomized controlled trial of 170 patients in a diabetic foot ulcer trial achieved its primary endpoint.
• PLSE enrolls first patients in nanopulse-af ide pivotal clinical study evaluating nPULSE™ cardiac catheter system for atrial fibrillation.

• Life Science Tools and Diagnostics Q126 preview at Citigroup: the broker said following the most recent sell off in the group driven partially by Ai along with softer Q1 guides, Citi is seeing interest modestly pick back up. CROs were the most impacted by Ai fears, with IQV at the center given combined software and clinical research. Citi believes a Central focus this reporting season will be on Q2 guidance ranges, with investors likely to push back on any Q2 guidance below the Street leading to sharper 2H ramps. Citi downgrades BIO to Neutral from Buy, add positive catalyst watches to GH, NTRA and TMO.
• In Insulin sector: Citigroup downgraded PODD to Neutral from Buy (tgt to $230 from $338) ahead of the Q1 report citing increasing patch pump competition for the downgrade as believes it will be difficult for Insulet shares to outperform with new patch pumps hitting the market in 2027. The firm added an upside 90-day catalyst watch on TNDM (stays Neutral rated) as believes the company's Q1 report will show continued progress on its reimbursement strategy which could be a "short squeeze" post the print.

• Media Sector: Pershing Square has proposed a combination with Universal Music Group (UMG.AG, UNVGY) that would move the listing into a US-based acquisition vehicle. It’s a deal that Bill Ackman’s fund said values the world’s biggest music label at a 78% premium to its last closing price; PSKY shares outperformed as increases authorized Class B common stock to 7B shares on April 7, 2026.

• In Opticals: AAOI shares active as B Riley noted today sees significant downside risks to this $324M pipeline. 1) Qualification hurdles as these remain "prequal" orders; AAOI has historically struggled with the rigorous qualification cycles required by hyperscalers. 2) Bloomberg recently reported that nearly 50% of planned U.S. data Centers face delays due to Grid constraints; it believes ORCL's aggressive build-out is particularly vulnerable.
• In Software, Hardware & Components: AAPL shares fell on reports the company is facing unexpected engineering setbacks during the test production phase of its first foldable iPhone, which could delay mass production and shipments by several months, per Nikkei Asia. However, Bloomberg later reported Apple’s foldable iPhone remains on track for September debut. Bloomberg reported PIMOC is in discussions with Bank of America (BAC) to help provide about $14B of debt financing to construct a massive ORCL data center in Michigan.
• In Cyber security: Anthropic on Tuesday released a preview of its new frontier model, Mythos, which it says will be used by a small coterie of partner organizations for cybersecurity work. In a previously leaked memo, the AI startup called the model one of its “most powerful” yet. The model’s limited debut is part of a new security initiative, dubbed Project Glasswing, in which more than 40 partner organizations will deploy the model for the purposes of “defensive security work” and to secure critical software, Anthropic said. Shares of cyber stocks CHKP, ZS, S, OKTA among movers on the headlines).

• ASML shares slipped early after U.S. lawmakers proposed a law that would add further semiconductor export curbs on China. The restrictions would target ASML’s deep ultraviolet (DUV) lithography machine, which Chinese companies have so far been able to access.
• AVGO shares rose early after signs long-term deal with GOOGL to develop and supply future generations of custom AI chips and other components for the company's next-generation AI racks through 2031; AVGO also signed a deal with Anthropic to provide the AI startup access to about 3.5 gigawatts of AI computing capacity drawing on Google's AI processors, starting in 2027
• INTC joined the Terafab project with @SpaceX, @xAI, and @Tesla to help refactor silicon fab technology. Our ability to design, fabricate, and package ultra-high-performance chips at scale will help accelerate Terafab's aim to produce 1 TW/year of compute to power future advances in AI and robotics.

Street Recommendations

Wednesday, April 8, 2026

• ASO Barclays analyst Adrienne Yih raised the firm's price target on Academy Sports to $55 from $49 and keeps an Equal Weight rating on the shares following the investor day. The company introduced its targets for the next five years and updated its Q1 sales and comp guidance above consensus, the analyst tells investors in a research note.
• CPRI Barclays lowered the firm's price target on Capri Holdings to $24 from $32 and keeps an Overweight rating on the shares. The firm says its handbag promotions tracker shows a "clean promotional backdrop" for the quarter. Capri's full line with outlet pricing materially improved, the analyst tells investors in a research note.
• ENPH Barclays lowered the firm's price target on Enphase Energy to $31 from $35 and keeps an Underweight rating on the shares ahead of the Q1 report. European solar has seen limited near-term uplift from the Iran tensions, unlike 2022's gas-driven price shock, as current electric prices remain well below crisis peaks, the analyst tells investors in a research note. Barclays says solar demand is "still likely mild."
• SEDG Barclays raised the firm's price target on SolarEdge to $41 from $39 and keeps an Equal Weight rating on the shares ahead of the Q1 report. European solar has seen limited near-term uplift from the Iran tensions, unlike 2022's gas-driven price shock, as current electric prices remain well below crisis peaks, the analyst tells investors in a research note. Barclays says solar demand is "still likely mild."
• VSAT Barclays upgraded ViaSat to Equal Weight from Underweight with a price target of $49, up from $23. The company's core satellite business, which represents over 85% of its EBITDA, is structurally threatened by new low orbit earth players, the analyst tells investors in a research note. However, Barclays believes free cash flow break-even is "now in sight" for ViaSat while the last launch of a key satellite is coming soon. In addition, the conclusion of the company's strategic review could lead to the disposal of its defense business, says the firm. It thinks ViaSat could benefit from the growing interest for spectrum "as it holds a large portfolio which it may be able to monetize."

• HIMS BofA analyst Allen Lutz lowered the firm's price target on Hims & Hers to $21 from $23 and keeps a Neutral rating on the shares. The firm, which estimates GLP-1 EBITDA contributions could decrease 50% this year, sees downside revision risk to 2026 consensus EBITDA estimates.
• DELL BofA analyst Wamsi Mohan raised the firm's price target on Dell Technologies to $205 from $172 and keeps a Buy rating on the shares after having hosted CEO Michael Dell as part of the firm's "View from the Top" CEO Call series. The call strengthened the firm's view that Dell can compound EPS growth and free cash flow through the AI cycle due to their differentiated ability to deliver at scale, the analyst tells investors.

• BMY Cantor Fitzgerald raised the firm's price target on Bristol Myers to $54 from $45 and keeps a Neutral rating on the shares. The firm does not expect the Q1 earnings season to "dramatically reinvigorate" the large-cap pharma sector. Cantor says Bristol's second half of 2026 catalysts around admilparant, milvexian and Cobenfy matter more than a "primarily legacy-driven beat" in Q1.

• CLH Citi analyst Bryan Burgmeier upgraded Clean Harbors to Buy from Neutral with a price target of $346, up from $302. The firm believes stronger chemicals production in the U.S. will make up for lost production in the Middle East. This could lead to more hazardous waste disposal opportunities for Clean Harbors, the analyst tells investors in a research note. Citi sees potential upside to the company's guidance and believes the stock is not pricing in the chemicals upside.
• RELX Citi upgraded Relx to Buy from Neutral with a price target of 2,870 GBp, down from 3,325 GBp. The firm cites valuation for the upgrade with the shares down 17% year-to-date. The firm believes Relx's AI concerns are overdone.
• PYPL Citi raised the firm's price target on PayPal to $48 from $42 and keeps a Neutral rating on the shares. After meeting with management, the firm believes PayPal will focus on fixing its branded checkout. Branded volumes seem to have stabilized in Q1, likely accelerating back towards 2%, the analyst tells investors in a research note. Citi cites PayPal's current business stabilization for the target boost.
• APH Citi lowered the firm's price target on Amphenol to $170 from $180 and keeps a Buy rating on the shares. The firm says the copper interconnect names have seen multiple compression as the shift towards optical interconnect gains momentum. The selloff in Amphenol offers an "attractive setup" given the "constructive" data center commentary during Q1, the analyst tells investors in a research note.
• TEL Citi lowered the firm's price target on TE Connectivity to $250 from $290 and keeps a Buy rating on the shares. The firm says the copper interconnect names have seen multiple compression as the shift towards optical interconnect gains momentum. Data center demand and improving industrials provide partial offsets to the mixed auto backdrop in the near term for TE, the analyst tells investors in a research note.

• FCNCA Deutsche Bank downgraded First Citizens to Hold from Buy with a $2,154 price target.

• ELV Evercore ISI analyst Elizabeth Anderson initiated coverage of Elevance Health with an In Line rating and $345 price target. Elevance is a diversified managed care company with "resilient" earnings in the current environment, the analyst tells investors in a research note. The firm thinks the company can meet or exceed its 2026 guidance, but sees downside risk to 2027 estimates. There is a "meaningful likelihood" the One Big Beautiful Bill work requirements could lead to "another wave of rate-acuity mismatch" in Medicaid, contends Evercore.

• OKE Jefferies raised the firm's price target on Oneok to $100 from $98 and keeps a Buy rating on the shares. The firm continue to see the market as complacent on right-tail risk and views the stock as "a levered way to express a crude-led macro upside."

• CNK JPMorgan analyst David Karnovsky raised the firm's price target on Cinemark to $35 from $31 and keeps an Overweight rating on the shares ahead of the Q1 report. The firm upped its 2026 box office outlook and Cinemark's estimates to reflect better Q1 results and "strong tracking" on upcoming films.
• PARR JPMorgan raised the firm's price target on Par Pacific to $77 from $48 and keeps an Overweight rating on the shares as part of a Q1 earnings preview. The firm believes the refiners will see "significant tailwinds" from the increase in cracks post the Iran conflict in Q2 and beyond. Parr is set to benefit from "significant tightness" in the Singapore market given its Hawaii exposure, the analyst tells investors in a research note. JPMorgan cites recent strip cracks for target increase.

• PWP Keefe Bruyette upgraded Perella Weinberg Partners to Outperform from Market Perform with a price target of $21, down from $23. The firm adjusted ratings in the asset managers and solutions providers space as part of a Q1 preview. Keefe prefers advisors with above-average exposure to large-cap and strategic mergers and acquisitions. Advisors most active in the large-cap strategic portion of the market are best positioned to generate stronger announcement activity, the analyst tells investors in a research note.
• LAZ Keefe Bruyette downgraded Lazard to Market Perform from Outperform with a price target of $47, down from $62. The firm adjusted ratings in the asset managers and solutions providers space as part of a Q1 preview. Keefe prefers advisors with above-average exposure to large-cap and strategic mergers and acquisitions. Advisors most active in the large-cap strategic portion of the market are best positioned to generate stronger announcement activity, the analyst tells investors in a research note. Keefe sees more limited comp leverage at Lazard.

• CZR Morgan Stanley analyst Stephen Grambling raised the firm's price target on Caesars to $34 from $32 and keeps an Equal Weight rating on the shares. Q1 demand trends have improved, but data is mixed by sub-segment, the analyst tells investors in a preview for the casino gaming group. The firm expects few misses and for most companies to stay relatively conservative with outlooks, the analyst added.
• MGM Morgan Stanley raised the firm's price target on MGM Resorts to $35 from $34 and keeps an Underweight rating on the shares. Q1 demand trends have improved, but data is mixed by sub-segment, the analyst tells investors in a preview for the casino gaming group. The firm expects few misses and for most companies to stay relatively conservative with outlooks, the analyst added.
• PENN Morgan Stanley raised the firm's price target on Penn Entertainment to $16 from $15 and keeps an Equal Weight rating on the shares. Q1 demand trends have improved, but data is mixed by sub-segment, the analyst tells investors in a preview for the casino gaming group. The firm expects few misses and for most companies to stay relatively conservative with outlooks, the analyst added.
• LVS Morgan Stanley analyst Stephen Grambling raised the firm's price target on Las Vegas Sands to $67 from $66 and keeps an Equal Weight rating on the shares. Q1 demand trends have improved, but data is mixed by sub-segment, the analyst tells investors in a preview for the casino gaming group. The firm expects few misses and for most companies to stay relatively conservative with outlooks, the analyst added.
• SRAD Morgan Stanley raised the firm's price target on Sportradar to $25 from $24 and keeps an Equal Weight rating on the shares. Q1 demand trends have improved, but data is mixed by sub-segment, the analyst tells investors in a preview for the casino gaming group. The firm expects few misses and for most companies to stay relatively conservative with outlooks, the analyst added.

• CL Piper Sandler lowered the firm's price target on Colgate-Palmolive to $92 from $96 and keeps an Overweight rating on the shares. The firm notes the company's exposure to higher resin and other oil derivative costs is about 9% of COGS, a figure that could go higher if oil costs remain elevated.
• PG Piper Sandler lowered the firm's price target on Procter & Gamble to $142 from $150 and keeps a Neutral rating on the shares. The firm notes the company's exposure to higher resin and other oil derivative costs is more modest compared to its HPC peers at a mid-single digit percentage of COGS.
• PARR Piper Sandler raised the firm's price target on Par Pacific to $72 from $63 and keeps an Overweight rating on the shares. The firm is updating its estimates for Par Pacific based on a combination of quarter-end mark-to-market on commodity pricing, as well as modest adjustments to operating assumptions. Piper expects Q2 to be especially strong.
• PSX Piper Sandler analyst Ryan Todd raised the firm's price target on Phillips 66 to $177 from $168 and keeps a Neutral rating on the shares. The firm updates its estimates for Phillips based on a combination of their recent trading statement, quarter-end mark-to-market on commodity pricing, as well as modest adjustments to operating assumptions. Piper continues to see tailwinds to 2026 earnings and remains bullish on the outlook for the U.S. refiners.

• ABG Stephens lowered the firm's price target on Asbury Automotive to $254 from $277 and keeps an Overweight rating on the shares ahead of the company announcing Q1 results on April 28. Q1 was "a tough quarter" for the six public franchised auto dealers, notes the analyst, who believes the challenging environment will be "most pronounced" for Asbury.

• LECO Stifel lowered the firm's price target on Lincoln Electric to $264 from $300 and keeps a Hold rating on the shares. After having surveyed 55 North American welding and cutting distributors, the firm reports that results for Q1 sales and inventory were slightly below expectations from its prior survey conducted at the end of Q4.
• IBM Stifel analyst David Grossman lowered the firm's price target on IBM to $290 from $340 and keeps a Buy rating on the shares. The firm made tweaks to its 2026 estimates prior to the company's Q1 report to reflect potential headwinds from the Gulf conflict to software and services growth as well as the Confluent acquisition closing ahead of schedule.

• WING TD Cowen analyst Andrew Charles lowered the firm's price target on Wingstop to $175 from $285 and keeps a Hold rating on the shares. Following channel checks, the firm reduced its Q1 same-store-sales estimate to down 6.5% from down 4.0%, below the consensus estimate of down 4.7%. TD sees risk of incremental negative news for Wingstop, including a lowered 2026 same-store-sales outlook.
• FRPT TD Cowen upgraded Freshpet to Buy from Hold with an unchanged price target of $80. The firm says the company's competitive threats "lack teeth." Freshpet's year-to-date retail sales growth of 13% is better than expected and the company's 7%-10% outlook, the analyst tells investors in a research note. TD believes concerns about increased competition from Costco's new private label entry and Farmer's Dog expansion on Walmart.com will prove overdone. Freshpet has "sufficient scale and competitive advantages to withstand threats like these," the firm contends.
• VITL TD Cowen downgraded Vital Farms to Hold from Buy with a price target of $16, down from $25. The slowdown in Vital's retail sales trends has caused the stock's valuation multiple to contract and its short interest remains elevated, the analyst tells investors in a research note. However, TD downgrades the shares pending clarity on whether the causes of the slowdown are transitory or longer-lasting in nature. It cites Vital's decelerating growth for the downgrade.

• ZION Truist analyst David Smith raised the firm's price target on Zions Bancorp to $64 from $63 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 for SMID-cap banks. The firm has increased its FY27 net interest income estimate by 2% from its prior model to reflect the higher rate outlook, the analyst tells investors in a research note.
• WAL Truist lowered the firm's price target on Western Alliance to $90 from $98 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 for SMID-cap banks. The firm has reduced its estimates to reflect the net charge-offs and coincident security gains taken in Q1 in addition to the higher rate outlook, also noting that it has increased its net charge off view to 30bps per quarter to increase uncertainty around credit, the analyst tells investors in a research note.
• EWBC Truist analyst David Smith lowered the firm's price target on East West Bancorp to $120 from $121 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 for SMID-cap banks. The firm has revised its model forecasts on a slightly higher net interest income outlook in FY27 with a larger balance sheet, the analyst tells investors in a research note.
• WBS Truist lowered the firm's price target on Webster Financial to $72 from $74 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 for SMID-cap banks. The firm has increased its net interest income outlook slightly in FY27 to reflect the higher rate environment, the analyst tells investors in a research note.

• MU UBS raised the firm's price target on Micron to $535 from $510 and keeps a Buy rating on the shares. Despite sentiment around memory that has "turned very negative" post Micron's gross margin guidance, the firm says its latest industry checks point to continued strengthening in pricing for both DRAM and NAND and it continues to believe the market is in the midst of a super-cycle that will "likely defy traditional analytical norms for the stock." Growing evidence that memory companies are willingly trading some near-term upside for longer-term visibility and by extension, more stable earnings, margins, and ROE across the cycle, strengthens the firm's conviction in the durability of this upcycle, the analyst added.
• LEVI UBS analyst Jay Sole raised the firm's price target on Levi Strauss to $34 from $33 and keeps a Buy rating on the shares. Following the company's Q1 report, the firm says Levi Strauss is "undergoing a transformation into a global, multi-channel, lifestyle brand for both men and women" and it sees this transformation fueling mid-single digit revenue growth at a mid-teens percentage margin over time.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:00 AM ET ISM Non-Manufacturing PMI for March

• Earnings After the Close: None

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 AM ET US Treasury to sell $58B in seven year notes
• 3:00 PM ET                    Consumer Credit for February
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEHR GBX KRUS LEVI PXED SKIL

• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: APLD PCYO PSMT RGP STZ

• Stifel Virtual Targeted Oncology Forum, 4/8-4/9 (virtual)

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for February
• 8:30 AM ET                   Personal Spending M/M for February
• 8:30 AM ET PCE Price Index M/M for February
• 8:30 AM ET PCE Price Index Y/Y for February
• 8:30 AM ET                   Core PCE Price Index M/M for February
• 8:30 AM ET                   Core PCE Price Index Y/Y for February
• 8:30 AM ET                   Gross Domestic Product (GDP) Final for Q4
• 8:30 AM ET GDP Price Deflator for Q4-final
• 8:30 AM ET                   Personal Spending for Q4-final
• 8:30 AM ET PCE Prices Q4-final
• 8:30 AM ET                   Core PCE Prices Q4-final
• 10:00 AM ET                 Wholesale Inventory M/m for February
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE crop report for April
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: CLIR SLP WDFC

• Piper MedTech Bus Tour in Boston 4/9
• Stifel Virtual Targeted Oncology Forum, 4/8-4/9 (virtual)
• China PPI Y/Y for March, CPI Y/Y for March and CPI M/M for March

• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for March
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for March
• 8:30 AM ET CPI core – Ex: Food & Energy Y/Y for March
• 10:00 AM ET                 Factory Orders M/M for February
• 10:00 AM ET                 Durable Goods Orders M/M for February
• 10:00 AM ET                 University of Michigan Confidence, April-prelim
• 10:00 AM Et                  University of Michigan 1-yr and 5-yr inflation expectations, April-prelim
• 11:00 AM ET                 Cleveland Fed CPI for March
• 2:00 PM ET                    Federal Budget for March
• 1:00 PM ET                    Baker Hughes Weekly rig count data

.