Early Look

Tuesday, February 17, 2026

U.S. futures are looking lower as traders return from the 3 day Presidents weekend holiday, adding to last week’s stock market declines where the S&P 500 fell -1.39%, the Nasdaq declined -2.1%, and the Dow fell -1.23%. Stocks slumped last week driven by AI disruption fears while softer headline CPI data lifted bonds and small caps while Mega cap drag kept indices mixed on Friday. Amazon (AMZN) extended its losing streak to 9 days, the longest since 2006 (and is looking lower this morning) while mega-Cap Tech has fallen for 4 days straight to the lowest since September 2025. On Friday, the tech-heavy Nasdaq Composite booked a fifth straight weekly drop for its longest losing streak since 2022. The Dow and S&P 500 have now fallen in four of the past five weeks. Treasury yields dropped as markets price in a higher chance of three Fed rate cuts this year following the cooler CPI data Friday. The 10-year yield fell 15bps last week to 4.055%, the lowest since November and the 2-yr slipped 8.5bps to 3.409%, the lowest since September. The CBOE Volatility index (VIX) ended Friday above the 20 level. In Asian markets, The Nikkei Index declined -239 points to 56,566, the Shanghai Index rose 138 points to 26,705, and the Hang Seng Index was closed. In Europe, the German DAX is up 38 points to 24,838, while the FTSE 100 is up 31 points to 10,505. Investors will look for further insight into inflation this week with the release of the Personal Consumption Expenditures index, scheduled for release Friday. Minutes from the Fed’s latest policy meeting are due Wednesday.

• The Dow Jones Industrial Average rose 48.95 points, or 0.10%, to 49.500.93
• The Nasdaq Composite dropped -50.48 points, or 0.22%, to 22,546.67
• The Russell 2000 Index advanced 30.87 points, or 1.18% to 2,646.70

• 8:30 AM ET NY Empire Manufacturing for February
• 10:00 AM ET                 Employment Trends for January
• 10:00 AM ET NAHB Housing Market Index for February

• Earnings After the Close: ACLS ANDE ATRC BBNX BELFA CDNS CE CHCT CNVS CSR CZR DVN EQT ESI ESRT EXE FE GKOS GNK GSHD GSM HALO HCKT HL HUN IAG IOSP JELD KVUE LESL LZB MCY MED MKSI NNE PANW PBI QMCO QUAD RBA ROG RSG RSI RUSHA SMWB TCMD TFII TOL TRAK USNA WTTR

• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• Activist Elliott Investment Management has built a more than 10% stake in Norwegian Cruise Line (NCLH), and plans to push for changes to turn the struggling cruise-ship operator around, according to people familiar with the matter, the WSJ reports. Elliott is planning to engage with the company to try to help fix its underperformance https://tinyurl.com/bde4czar
• Activist investor Starboard Value plans to push for a shake-up of Tripadvisor's (TRIP) board, The Wall Street Journal reported on Monday citing people familiar with the matter. Starboard's stake now represents more than 9% of the travel-site operator, the WSJ reported. https://tinyurl.com/35h4kunt
• General Mills (GIS) says it expects fiscal 2026 organic net sales down 1.5 to 2% vs prior guidance range of down 1% to up 1%; expects FY adj operating profit and FY adj EPS down 16 to 20%; expects about 25% increase in net sales from new products in fiscal 2026.

• Avista (AVA) filed an annual rate adjustment with the Idaho Public Utilities Commission that would increase overall electric revenues by $25.2 million, effective May 1.
• Valero Energy (VLO) plans to buy as much as 6.5 million barrels of Venezuela crude in March for its Gulf Coast refineries, Reuters reports, citing unidentified people.

• Kennedy Wilson (KW) enters into agreement to be acquired by consortium led by William McMorrow and Fairfax Financial (FFH) in proposed deal for $10.90 per share in cash. Fairfax has committed to provide consortium with funding up to an aggregate amount of $1.65B

• Disc Medicine Inc. (IRON) shares fell late Friday after he FDA rejected its experimental compound bitopertin, a treatment for a rare genetic disorder that causes severe sensitivity to light, just months after it received a voucher intended to speed US reviews for breakthrough treatments.
• Teva (TEVA) and Sanofi (SNY) announced positive results from the RELIEVE UCCD long-term extension study of duvakitug, an investigational human monoclonal antibody targeting TL1A, which showed durable clinical and endoscopic efficacy maintained over 44 weeks in patients with ulcerative colitis, or UC, and Crohn's disease, or CD, that initially responded to the induction phase.

• LP Building Solutions (LPX) Q4 adjusted EPS $0.03 vs. est. loss (-$0.02); Q4 revenue $567M vs. est. $588.91M; sees 2026 adjusted EBITDA $430M vs. $436M in 2025 and sees 2026 siding net sales up 2% year-over-year to $1.7B
• ZIM Integrated Shipping (ZIM) said that German shipping company Hapag-Lloyd (HPGLY) agreed to acquire it for $35/share in cash, representing a 58% premium to ZIM's stock price on February 13 and an equity value of ~$4.2B. The deal will require the consent of the state of Israel, ZIM (ZIM) shareholders and regulators.

• Micron (MU) is spending $50B in Boise to more than double the size of its 450-acre campus, including the construction of two new chip factories, The Wall Street Journal reports. The first factory's silicon wafers are expected to roll off the factory line in mid-2027. Each factory will be 600,000 square feet – WSJ.
• Warner Bros Discovery (WBD) is considering reopening sales talks with Paramount Skydance (PSKY) after receiving its most recent amended offer, Bloomberg reported, citing people with knowledge of the matter. Warner's board is discussing whether Paramount could offer a superior deal that could bring a second bidding war with Netflix (NFLX), https://tinyurl.com/3b8y477u

Mid-Morning Look

Tuesday, February 17, 2026

U.S. stocks are seeing early weakness, adding to last week declines as AI impact concerns and momentum selling pressure are pressuring technology shares again today, though seeing broad selling in materials (XLB -2%) and Energy (XLE) which are two of the big sector winners in 2026 thus far behind sharp declines in precious metals prices. Precious metals broadly lower with March silver -6.9% at $72.60 as precious metals broadly lower and April gold prices dropped over -3% or $165 to $4,880 an ounce. Potential peace news with the U.S. and Iran, as well as broader commodity weakness and a strong dollar all played a part on the momentum selling pressure. The CBE Volatility Index (VIX) hit one weeks around 22.30. Stocks got a boost after reports Iran's foreign minister said they reached an understanding on main principles with the U.S. noting there has been good developments compared to last round and the two parties will work on potential agreement documents and exchange them – but have since seen a pullback. A big week ahead with PCE inflation data, the biggest consumer retail sector conference taking place this week (CAGNY) and several Fed speakers a week removed from strong jobs data and a cooler CPI inflation report. In stock news, of the 379 S&P 500 companies reported thus far vs 384 LY, seeing a 77% beat vs 77% LY and avg beat 9% vs 28% LY, avg miss -30% vs -11% LY, per Reuters. Another busy week of earnings coming up with WMT headlining. Stocks slumped last week driven by AI disruption fears as the tech-heavy Nasdaq Composite booked a fifth straight weekly drop Friday for its longest losing streak since 2022 while the Dow and S&P 500 have now fallen in four of the past five weeks.

• February NAHB Housing market index declined to 36 (consensus 38) versus 37 in January; NAHB February index of current single-family home sales 41 versus 41 in January; index of prospective buyers 22 versus revised 24 in January and index of home sales over next six months 46 versus 49 in January (previous 49).

• In Food Sector: The Consumer Analyst Group of New York (CAGNY) kicks off today for consumer stocks. Some companies issuing guidance ahead of conference: Wells Fargo noted that Into CAGNY this week, Consumer Staples seeing the best start vs the S&P 500 ever. Think of this: through 30 days of trading, Staples has outperformed the market +15.7ppts (+15.6% vs -0.1%). Going back to 1990, there's only been one year when Staples was more than 5ppts vs the market (2016, +6.9ppts). lots of updated coming this week from the sector.
• IT Services & Consulting: INFY announced a collaboration to develop custom artificial-intelligence agents with Anthropic, the developer of the Claude large-language model. India is hosting an AI summit this week, with OpenAI CEO Sam Altman and Alphabet CEO Sundar Pichai among the executives set to attend. ACN was upgraded from Equal Weight to Overweight at Wells Fargo saying they have increased confidence in F2H CC revs growth acceleration given 2 consecutive quarters of improved bookings growth, positive incremental discretionary spending commentary from peers, and easier comps.
• In Utilities: DTE posted Q4 adj EPS of $1.65 above consensus of $1.52 and operating profit climbed to $1.5B from $1.4B y/y while saying they will provide 1.4 gigawatts of power for ORCL's facility after getting approval from the Michigan Public Service Commission (the deal is DTE's first with a hyperscale data center, the company said). ES was upgraded from Equal Weight to Overweight at Wells Fargo saying they think the Mosaic pieces are coming together with or without the Aquarion sale. PacifiCorp, a utility owned by Berkshire Hathaway, is selling wind, natural gas generation and distribution assets and infrastructure in central and southern Washington state to POR for $1.9 billion, citing liquidity concerns.

• FISV +4%; shares rose after the WSJ reported that Activist investor Jana Partners has built a stake in Fiserv and is pushing for changes to boost the payments company's underperforming stock, according to people familiar with the matter. Fiserv had a market value of about $32B as of Friday. https://tinyurl.com/y3f7mk5n
• KW +9%; shares jumped after enters into agreement to be acquired by consortium led by William McMorrow and FFH in proposed deal for $10.90 per share in cash. Fairfax has committed to provide consortium with funding up to an aggregate amount of $1.65B.
• MASI +34%; shares jumped after DHR confirmed reports from overnight that they will acquire MASI in a deal at $9.9B, paying $180 per share in cash, a nearly 40% premium to Friday. https://tinyurl.com/5dru6skw
• NCLH +7%; Activist Elliott Investment Management has built a more than 10% stake in NCLH and plans to push for changes, according to people familiar with the matter, the WSJ reports. Elliott is planning to engage with the company to try to help fix its underperformance https://tinyurl.com/bde4czar  
• TRIP +7%; Activist investor Starboard Value plans to push for a shake-up of Tripadvisor's (TRIP) board, The Wall Street Journal reported on Monday citing people familiar with the matter. Starboard's stake now represents more than 9% of the travel-site operator, the WSJ reported. https://tinyurl.com/35h4kunt  
• ZIM +31%; shares jumped after saying German shipping company Hapag-Lloyd (HPGLY) agreed to acquire it for $35/share in cash, representing a 58% premium to ZIM's stock price on February 13 and an equity value of ~$4.2B. The deal will require the consent of the state of Israel, ZIM (ZIM) shareholders and regulators.

• GIS -6%; cut its annual net sales, profit forecast ahead of CAGNY conference, hurt by weaker consumer sentiment; guides FY2026 net sales to down 1.5% to 2%, compared to the previous range of down 1% to up 1% and also sees annual adjusted EPS to be down 16% to 20% in constant currency vs previous range of down 10% to 15%.
• GPC -11%; after missing Q4 estimates and setting full-year guidance below expectations; also said it will spin off its auto parts unit into a separate company, months after it reached a settlement with activist investor Elliott Investment Management.
• NEM -6%; as precious metals miners (AG, CDE, AEM, GOLD, HL, PAAS, WPM, etc.) are broadly lower as gold and silver prices slipped for the second straight day
• OCUL -26%; said its experimental eye disease drug was more effective in helping patients maintain their vision compared to REGN’s approved treatment Eylea in a late-stage trial; but shares sank pre-market after the control group performed better than expected.
• VMC -7%; shares fell as both Q4 adj EPS and revs missed consensus estimates (Q4 EPS of $1.70 vs. est. $2.11 and revs $1.91B vs. est. $1.96B).

Closing Recap

Friday, February 13, 2026

U.S. stocks opened flattish with the S&P 500 (SPX) dipping below 6,800 early morning before finding its footing and rallying as high as 6,881 this afternoon before a late day dip pared gains, holding above its 100dma support of roughly 6,812. The S&P has tested and bounced off its 100dma at least four times since November, but with the VIX holding above the 20 level going into the long 3-day Presidents Day holiday weekend, markets watching those lines closely. Sentiment got a boost as January CPI provided a relief rally that partially recovered Thursday's losses and raised expectations of Fed rate cut expectations. January CPI rose +0.2% (below +0.3% est.), y/y +2.4% (below +2.5% est.) and in-line core CPI. The data helped rebound precious metals and bonds as Treasury yields slid across the board, but mostly on the short end. Bitcoin bounced back above $68K after lows around 65K this week though remains down roughly 48% from October ATHs. Other highlights this week was a Dow Jones Industrial Average record high, strong nonfarm payrolls, AI disruption fears expanded into freight, financials, private equity, and media this while remains a headwind for software. Transport Avg tumbled 6% on Thursday after hitting record highs earlier this week. The 10-year yield falls 0.150 bps this week to 4.055%, the lowest since November. The two-year slips 0.085 bps to 3.409%, the lowest since September.

Defensive utilities (XLU) rose for a 7th straight day and are up 7% this month (and for the week). The Great Rotation of 2026 gained pace this week with four main leaders: Energy (+21% YTD), Materials (+17% YTD), Industrials (+12% YTD), and Staples (+15% YTD) the four pillars, while Financials, Technology, Communications, and Consumer Discretionary are the year's laggards. We are nearly 75% through earnings season and of the 371 S&P 500 companies reporting thus far, we have seen a 77% beat vs 78% Last year (per Reuters) with the avg beat 10% vs 28% LY, avg miss -32% vs -11% LY and average yr/yr earnings growth 12% vs 16% Last year.

Foreign markets remain strong as Britain's FTSE 100 locked in a third straight week of gains on Friday, as corporate takeovers and expectations of monetary policy easing helped counter global concerns about AI's disruptive potential on a swathe of industries. The blue‑chip FTSE 100 rose 0.4%, hovering below record highs touched on Thursday. The FTSE 250 mid‑cap index gained 0.5%, securing its first weekly rise after two consecutive weeks of losses. Asian markets pulled back overnight from recent record highs for the Nikkei in Japan.

Watch seasonality: @Bluekurtic noted on X, “The market enters the second half of February next week. Seasonally the worst two week stretch of the year for the S&P 500, tied with the second half of September. Since 1950, #SP500 has been positive only 44.7% of the time in the second half of February.” 2), Also, @AlmanacTrader noted on X, “Longer-term weakness returning on Tuesday after Presidents’ Day. S&P 500 has been down 6 of the last 8 Tuesdays. Since 1990, avg losses range from –0.56% for NASDAQ to –0.27% for DJIA.”

• Reports indicated that OPEC+ is leaning towards a resumption in oil output increases from April, three OPEC+ sources said per Reuters, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations. Eight OPEC+ producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman - meet on March 1.
• Precious metal prices end higher on Friday as April gold settles +$97.90/oz, or +1.98%, at $5,046.30 while March Silver settles +$2.28/oz, or +3.02%, at $77.96. Gold gained 1.4% for the week and has finished higher in 8 out of the past 10 weeks. For silver, up 1.5% for the week, breaking a two-week losing streak, up 11 of last 15 weeks.

• In Auto Suppliers: MGA shares rise after Q4 EBIT $814M beat consensus $739M, driven by margin and rev; beat driven by operational excellence, some tariff recovery and guides '26 EBIT midpoint $2.69B beat vs cons $2.47B, upside on margin and rev. '26 FCF midpoint $1.7B ahead of consensus $1.5B.
• In Auto Retail: AAP shares up early after results as Q4 sales light but EBIT margin better, with some help below the line. Strong execution in 2025 overall and 2026 guidance incl. meaningful margin expansion again; Comps of +1.1% are disappointing, implying negative low single digit volume and moderating vs. +3.0% in Q3

• In Discount Retail: DLTR downgraded to Underperform from Neutral with $95 PT as believe current valuation and earnings expectations may be too elevated given that DLTR: 1) lacks investments and focus on offering a compelling digital strategy, which may limit top line growth over time; and 2) may have potentially underappreciated dis-synergies which adds risk to margin expansion goals.
• In Restaurants: BROS Q4 print and FY26 guidance was above consensus where nearly every metric came in well ahead of consensus and FY26 came in better than feared while negative included EBITDA margins guided to down ~60 bps y/y; WEN declines after US comps fell (-11.3%) in quarter, down from +4.1% growth y/y (which compared to MCD US comp +6.8%) and forecasts annual profit below estimates, as sees 2026 adjusted EPS of $0.56-$0.60 vs. consensus of $0.86 citing muted traffic. MCD was upgraded to Buy from Hold at Argus saying with value menus and sales promotions, is well positioned to attract budget-conscious consumers.

• In Casino & Gaming: WYNN missed quarterly adjusted profit estimate on weak Las Vegas business as Q4 adj EPS $1.17 misses the $1.48 consensus and Q4 adjusted Property EBITDAR $568.8M, down -$50.3M compared to Adjusted Property EBITDAR of $619.1M Y/y along with margin deterioration in Macau and Vegas. DKNG reported better than expected Q4 adj. EBITDA results, ahead of consensus but the guidance for '26E is weighing on shares, particularly the revenue guide for '26E; Q425 Revenue/Adj EBITDA were 0%/26% above consensus, driven by a 2% beat on core OSB while 2026E guidance was 8%/20% below Revenue/Adj EBITDA
• In Cruise Sector: NCLH was downgraded to Neutral from Overweight at JP Morgan and cut tgt to $20 after the company announced that Harry Sommer, its CEO and director, departed and resigned from the board on February 12 as part of a strategic leadership change.
• Food/Ride Delivery: CART shares rise after Q4 beat on GTV/EBITDA, and a strong Q1 guide as GTV 3% ahead of the Street, and 14% y/y GTV growth was the strongest in three years; Q4 adj. EBITDA of $303M was 4% above Street, while margins improved +200bps y/y and Q1 GTV/adj EBITDA midpoint guide was 2%/3% above est.
• Leisure Products: CALY shares declined after annual net revenue and adjusted Ebitda guidance missed consensus estimates and guided Q1 sales $635M to $665M vs. est. $659.8M

• In Energy: The U.S. eased sanctions on Venezuela's energy sector on Friday, issuing two general licenses that allow global energy companies to resume oil and gas operations in the OPEC member and for other companies to negotiate contracts on investments in new energy operations. The Treasury Department's Office of Foreign Assets Control issued a general license allowing CVX, BP, SHEL, REPYY and Eni to resume oil and gas operations in Venezuela. Those companies still have offices in the country.

• In Crypto: COIN reported Q4 revenue and profit that missed consensus driven by lower Transaction and Subscription & Services revenue while EPS of $0.66 missed estimates by $0.20; Q4 transaction revenue tumbled to $982.7M, from $1.56B y/y, largely driven by a more than 45% drop in consumer transaction revenue; Q4 Stablecoin revenue rose to $364.1M from $225.9M.
• In FinTech: UPST was downgraded to Underperform with $20 tgt at Citizens saying its primarily valuation based, as the introduction of the three-year medium-term guidance provides them with greater clarity into the earnings power of the business at scale. Meanwhile Goldman Sachs upgraded to Neutral from Sell with a $35 price target after shares have underperformed and it now sees a more balanced risk reward.
• Payments: TOST posted Q4 revenue of $1.63B vs. est $1,62B; though FY26 recurring gross payment growth guidance of 21% was 70 basis points shy of consensus, and EBITDA met despite a 150 point hardware headwind and ramping product and go to market investments.

• IRON shares tumbled late day after the FDA said they had completed their review of this application, as amended, and have determined that we cannot approve this application in its present form.
• MRK was upgraded to Buy from Hold at Deutsche Bank and raise PT to $150 from $115 as believe the market is currently undervaluing MRK, largely due to Keytruda's looming patent Cliff. Firm’s analysis indicates a clear path for MRK to navigate this transition effectively.
• MRNA Q4 revs of $678M topped the consensus of $626M saying sales were primarily driven by Moderna's COVID-19 vaccine franchise and reported a narrower quarterly loss of $2.11 per share from last year's loss of $2.91 per share.
• RARE strategic restructuring announced as focus shifts to Ph3 Angelman study; reported 4Q total revenue of $207mn (in-line with the January pre-announcement range and above prior Visible Alpha Consensus Data of $196mn), inclusive of Crysvita and Dojolvi sales of $145mn and $32mn.
• VRTX was upgraded from Perform to Outperform at Oppenheimer with $540 tgt after earnings, reflecting its refreshed view on the setup progressing into 2026; optimistic about povetacicept and inaxaplin, as both hold blockbuster potential and could establish a dominant renal franchise to diversify VRTX's l-t revenue streams.
• In Insulin sector: DXCM reported full Q4 results, which beat on the top and bottom lines and reiterated its financial guidance for ’26 that was provided a few weeks ago as expects to generate sales in the range of $5.16-$5.25B (up 11%-13%) on the top line.

• Steel makers declined (CLF, NUE, STLD) following news President Trump rolled back some tariffs on metals, which include Steel and aluminium goods. Financial Times reported that the Trump administration is reviewing a list of products affected by the levies and plans to exempt some items, halt the expansion of lists and instead launch more targeted National Security probes into specific goods.
• In Metals & Mining: Precious metals miners saw gains as gold and silver saw modest rebounds: AEM delivered relatively in-line earnings. 2026-28 guidance is consistent at 3.3-3.5Moz while growth into the early 2030s is targeted at 20-30%; HL shares also rallied behind better earnings and a bounce in precious metal prices. FCX upgraded to Buy at Argus, but most industrial metal stocks were down today.

• In Social media: PINS was downgraded by at least three Wall Street firms following a disappointing quarterly miss and lower guidance and increasing its spending outlook; revenue growth decelerating from 17% Y/Y ex-FX in Q2 to 16% in Q3 to 13% in Q4 to 9-10% in Q1.
• China Tech sector: BIDU, BABA shares volatile after reports the U.S. adds some companies to Defense department's list of firms allegedly aiding Chinese military-federal register. U.S. adds companies including Alibaba, 360 Security technology, Baidu, BYD Corp to Defense department's list.

• Software: FROG posted solid Q4 results, exceeding all guided metrics (revenue, billings, and operating margin) driven by sustained cloud consumption with Cloud growth of 42% y/yr materially outperforming implied guidance of 29% and the 2026 guide was set above expectations. TWLO delivered solid 4Q results with revenue (+14% YoY/+12% organic), Non-GAAP operating margin (18.7%), Non-GAAP EPS ($1.33), and FCF ($256.1M) all above consensus, but sub-10% organic growth outlook weighed on sentiment. PCOR posted Q4 results driven by a revenue beat, Re-accelerating growth, and better than expected operating margins and FCF.
• Optical sector: Jefferies said they are out with a new Optical Model with forecasts for units, ASPs and revenue across Cloud, Telecom and Enterprise following substantially higher CAPEX guides from major hyperscalers. The firm believes that Ai-driven infrastructure buildouts support a durable multi-year demand Cycle, with Ai-only transceiver spend approaching $50B by 2028. Tight supply and faster technology transitions are driving higher ASPs and margin expansion, particularly as the industry shifts from 50G to 100G and 200G. These Dynamics benefit LITE and COHR given leverage to InP lasers and high-speed Optics and improving visibility.
• Cybersecurity: Deutsche Bank’s channel partner survey said suggests a mixed quarter for the off-cycle Cyber companies within its coverage. CRWD was the only off-cycle company with sequentially improving net partner outperformance and was only second to PANW on this metric as the vendors saw strength across their respective platforms. RBRK also appears to have had a solid quarter despite a sequential decline in net partner outperformance. Otherwise, DBAB's results once again suggest pockets of easing momentum across Cyber as all other off-cycle vendors it covers saw a q/q decline with NTSK and OKTA seeing the greatest downtick. ZS was upgraded to Outperform at Bernstein citing valuation saying Zscaler is the cheapest cybersecurity vendor.

Street Recommendations

Tuesday, February 17, 2026

• MRNA Bernstein raised the firm's price target on Moderna to $45 from $35 and keeps a Market Perform rating on the shares following quarterly results. Despite the whiplash of FDA RTF last week for mRNA-1010, the stock held up well, the firm notes, recognition that a highly shorted stock with less-bad news on the horizon is enough of a catalyst.
• WEN Bernstein lowered the firm's price target on Wendy's to $9 from $10 and keeps a Market Perform rating on the shares. The firm says Wendy's Q4 2025 print and soft guidance for FY26 represents a telegraphed low point for the brand.

• AEP BMO Capital analyst James Thalacker raised the firm's price target on American Electric to $136 from $125 and keeps a Market Perform rating on the shares. The firm cites the company's Q4 earnings beat while noting that its growth outlook is supported by an investment program focused on supply and transmission, which should underpin a premium valuation over time as management continues to execute, the analyst tells investors in a research note.
• ES BMO Capital raised the firm's price target on Eversource to $79 from $75 and keeps a Market Perform rating on the shares after its Q4 results and guidance. The stock's outperformance on the day was primarily due to YTD underperformance as well as limited equity added to the financing plan, the analyst tells investors in a research note.

• LBRT BofA analyst Saurabh Pant upgraded Liberty Energy to Buy from Neutral with a price target of $31, up from $20. Liberty is making good progress - both commercial/operational and financing - in building its Power business targeting 3 GW by year-end 2029, notes the analyst, who sees the company going from 100% O&G/Completions to 50%/50% O&G/Power by 2030.
• VRT BofA raised the firm's price target on Vertiv to $277 from $250 and keeps a Buy rating on the shares. While acknowledging "quite a few large orders" falling into Q4, CEO Gio Albertazzi said on the Q4 call that "the pipeline has not been depleted," notes the analyst, who contends that the pre-construction pipeline of U.S. projects supports the view that orders could grow again in 2026.

• CCSI BTIG raised the firm's price target on Consensus Cloud to $40 from $37 and keeps a Buy rating on the shares. The firm is positive on the company's ability to pay down debt, grow Corporate revenue, and continue to show resilience in a challenging operating environment, the analyst tells investors in a research note.
• HQY BTIG lowered the firm's price target on HealthEquity to $110 from $130 and keeps a Buy rating on the shares. Shares have come under pressur due to the "AI-fear" sell-off as some investors believe that AI may disrupt the Health Savings Account market, but the firm believes that it takes decades to develop systems that can properly adjudicate claims, and the healthcare industry is enormously complex, the analyst tells investors in a research note. HealthEquity should benefit from about 7M bronze plan members that become eligible for HSAs, lives moving from Silver to Bronze due to the expiration of enhanced subsidies, and a healthy labor market, the firm adds.

• VRTX Canaccord raised the firm's price target on Vertex Pharmaceuticals to $441 from $411 and keeps a Hold rating on the shares. The firm updated its model following Q4 rsults after they delivered its familiar top and bottom ine beat, though Trikafta revenue came in slightly below consensus and Alyftrek slightly above.
• ALNY Canaccord analyst Whitney Ijem lowered the firm's price target on Alnylam to $429 from $415 and keeps a Buy rating on the shares. The firm updated its model following Q4 results which was largely uneventful following its January preannouncement of a slight top- and bottom- line miss. But the bigger picture is that the Amvuttra launch in TTR is going really well and longer term they continue to see upside versus. the company's and Street's estimates.

• ADI Cantor Fitzgerald raised the firm's price target on Analog Devices to $400 from $350 and keeps an Overweight rating on the shares. Analog Devices should post a modest beat and solid raise as a gradual broad-based recovery is bolstered by preferential exposure and pricing tailwinds, the analyst tells investors in a research note.
• SBRA Cantor Fitzgerald analyst Richard Anderson raised the firm's price target on Sabra Health Care to $21 from $20 and keeps a Neutral rating on the shares. While the company issued 2026 FFO guidance that narrowly missed consensus estimates for 2026, this should be easily recoverable over the course of the year, the analyst tells investors in a research note.
• CTRE Cantor Fitzgerald raised the firm's price target on CareTrust REIT to $42 from $37 and keeps a Neutral rating on the shares. While the company issued 2026 FFO guidance that narrowly missed consensus estimates for 2026, this should be easily recoverable over the course of the year, the analyst tells investors in a research note.

• CGEM Citi initiated coverage of Cullinan Therapeutics with a Buy rating and $33 price target. The firm says the company is advancing a pipeline of T-cell engagers across autoimmune and oncology settings. Cullinan is entering a "catalyst-rich" 2026, the analyst tells investors in a research note. Citi sees a favorable risk/reward into the upcoming CLN-978 readouts.
• LBRT Citi raised the firm's price target on Liberty Energy to $32 from $21 and keeps a Buy rating on the shares. The firm believes the company's growth target of 3GW of capacity by 2029 is beatable due to hyperscaler spending increases and the rising importance of residential utility bill affordability.
• AVGO Citi analyst Atif Malik lowered the firm's price target on Broadcom to $458 from $480 and keeps a Buy rating on the shares head of the earnings report on March 4. The firm believes concerns around gross margin, tensor processing unit competition, and software sales exposure risk are now mostly priced into Broadcom shares. Citi sees the stock outperforming in the second half of 2026 on better demand visibility.
• NTAP Citi analyst Asiya Merchant lowered the firm's price target on NetApp to $110 from $125 and keeps a Neutral rating on the shares. The firm adjusted targets in the hardware and storage group ahead of the Q4 reports. Commentary around end demand continues to be mixed, the analyst tells investors in a research note.
• PSTG Citi lowered the firm's price target on Pure Storage to $90 from $105 and keeps a Buy rating on the shares. The firm adjusted targets in the hardware and storage group ahead of the Q4 reports. Commentary around end demand continues to be mixed, the analyst tells investors in a research note.

• HWM Goldman Sachs lowered the firm's price target on Howmet Aerospace to $228 from $257 and keeps a Buy rating on the shares. Howmet's Q4 results beat consensus estimates across the board, and its 2026 guidance largely brackets consensus, though Howmet's initial guidance has proven to be conservative over the years, the analyst tells investors in a research note. Howmet's end markets have durable medium to long-term growth, and the company continues to take share while expanding margins, Goldman adds.

• TGT Guggenheim raised the firm's price target on Target to $125 from $110 and keeps a Buy rating on the shares. The firm, and the Street, model a Q1 same-store sales inflection to 0%-1%, which is "not a Herculean ask against a negative 7.5% two-year compare," says the analyst, whose raised price target is based on the firm's above-consensus 2026 EPS forecast.
• DG Guggenheim raised the firm's price target on Dollar General to $165 from $140 and keeps a Buy rating on the shares. The recent, pronounced step-up in top-line momentum, though "potentially unsustainable," may be shifting the narrative to an early stage "duration" turnaround from a shrink-driven, tactical margin recovery, the analyst tells investors.
• GLTO Guggenheim raised the firm's price target on Galecto to $40 from $36 and keeps a Buy rating on the shares. The firm, which is updating its model following the company's recent financing, which it says "showed high demand and produced minimal dilution for a preclinical biotech equity raise," notes that Galecto now has about $600M to pursue development of what the firm considers to be "one of the more interesting opportunities in oncology."

• FHTX Jefferies lowered the firm's price target on Foghorn Therapeutics (FHTX) to $12 from $14 and keeps a Buy rating on the shares while taking over lead coverage of the stock. FHD-909, Foghorn's lead clinical asset partnered with Eli Lilly (LLY), has topline Phase 1 dose-escalation data along with a go/no-go decision on dose-expansion expected mid-2026 and the firm could see a 80% higher or 40% lower move on that data, the analyst tells investors.
• WMB Jefferies raised the firm's price target on Williams to $81 from $78 and keeps a Buy rating on the shares following a "strong" analyst day update. The firm, which expects Williams to deliver a 12%-13% EBITDA compound annual growth rate through FY30, views Williams as able to continue its 10%-plus EBITDA trajectory beyond 2030.

• AVAV JPMorgan initiated coverage of AeroVironment with an Overweight rating and $320 price target. The company is well positioned to post mid-teens growth given its exposure to "fast-growing areas" within defense, both domestically and internationally, including drones, counter-drone systems, and space, the analyst tells investors in a research note. The firm says AeroVironment is also one of the more experienced defense companies that could benefit from from Department of Defense efforts to expand the industrial base and adopt a more commercial approach.
• RVMD JPMorgan placed Revolution Medicines on the firm's "Positive Catalyst Watch" List ahead of the RASolute 302 second-line pancreatic ductal adenocarcinoma readout in the first half of 2026. The firm has "high conviction" heading into the readout based on daraxonrasib's performance compared to the chemo benchmark. It sees median overall survival of 9-10 months with a hazard ratio ranging from mid-0.6 to low-0.7 as a win scenario. JPMorgan keeps an Overweight rating on Revolution Medicines.
• DKNG JPMorgan lowered the firm's price target on DraftKings to $32 from $41 and keeps an Overweight rating on the shares. The company's Q4 beat was overshadowed by its "disciplined" fiscal 2026 revenue guidance that investors are interpreting more as a tacit admission of industry growth concerns than a beatable target, the analyst tells investors in a research note. JPMorgan sees additional clarity into DraftKings' growth optionality at its investor day on March 2.
• YELP JPMorgan lowered the firm's price target on Yelp to $22 from $30 and keeps a Neutral rating on the shares. The company reported a "modest" Q4 beat, but its 2026 outlook was well below expectations, the analyst tells investors in a research note. The firm says macro pressures on restaurant and retailer advertising budgets have "started to bleed more into services spend."

• ZS KeyBanc lowered the firm's price target on Zscaler to $250 from $300 given lower peer valuation multiples, while keeping an Overweight rating on the shares. The firm says that checks worsened quarter-over-quarter and were the weakest among its large-cap peers. KeyBanc believes there could be some share shift in the channel occurring as Zscaler expands the number of North America distributors it works with. The firm retains its positive view on Zscaler given its view of SASE well positioned to help organizations secure employee usage of AI, the market for cloud network security modernization remains early, and SASE a potential beneficiary to replace the 2021/2022 firewall cohort coming up for refresh.

• HOOD Mizuho lowered the firm's price target on Robinhood (HOOD) to $135 from $172 and keeps an Outperform rating on the shares. The firm cites lower bitcoin prices for the target cut. The company's fundamentals are under pressure as the "crypto winter" continued to take its toll on profits in Q4, the analyst tells investors in a research note. Mizuho believes Robinhood remains better positioned than Coinbase (COIN).
• CRWD Mizuho lowered the firm's price target on CrowdStrike to $490 from $540 and keeps a Neutral rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• GTLB Mizuho analyst Gregg Moskowitz lowered the firm's price target on GitLab to $37 from $47 and keeps a Neutral rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• OKTA Mizuho lowered the firm's price target on Okta to $100 from $110 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• PANW Mizuho analyst Gregg Moskowitz lowered the firm's price target on Palo Alto Networks to $205 from $220 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• CRM Mizuho lowered the firm's price target on Salesforce to $280 from $340 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• SNOW Mizuho lowered the firm's price target on Snowflake to $220 from $285 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.
• ZS Mizuho analyst Gregg Moskowitz lowered the firm's price target on Zscaler to $265 from $310 and keeps an Outperform rating on the shares. The firm reduced price targets across the enterprise software group citing the material recent multiple compression in the sector. However, it sees some "uncommonly attractive investments in software for those investors who can afford to be somewhat patient." Mizuho contends, "Due to AI disruption fears, sentiment across software is nothing short of horrible at the moment." However, its quarterly software checks were solid overall.

• VEEV Morgan Stanley upgraded Veeva to Equal Weight from Underweight with a price target of $205, down from $222. The firm cites valuation for the upgrade with the shares down 45% from its high last October. The "pendulum has swung too far from overenthusiasm to extreme pessimism," the analyst tells investors in a research note. Morgan Stanley says Veeva's competitive risks are now better understood.

• EVER Raymond James analyst C. Gregory Peters lowered the firm's price target on EverQuote to $18 from $30 and keeps an Outperform rating on the shares. Insurance brokers and insurance-related technology stocks are down about 22% year-to-date amid AI displacement concerns, though stable credit spreads, short interest, and management guidance suggest no meaningful deterioration in fundamentals, the analyst tells investors in a research note. While organic growth and margin expansion may moderate in 2026, multiyear AI infrastructure investment and strong hyperscaler capex should support premium growth, with large-cap brokers still positioned to outpace the broader market and potentially accelerate share repurchases if valuations remain compressed, the firm says.
• HQY Raymond James lowered the firm's price target on HealthEquity to $100 from $120 and keeps a Strong Buy rating on the shares. Insurance brokers and insurance-related technology stocks are down about 22% year-to-date amid AI displacement concerns, though stable credit spreads, short interest, and management guidance suggest no meaningful deterioration in fundamentals, the analyst tells investors in a research note. While organic growth and margin expansion may moderate in 2026, multiyear AI infrastructure investment and strong hyperscaler capex should support premium growth, with large-cap brokers still positioned to outpace the broader market and potentially accelerate share repurchases if valuations remain compressed, the firm says.
• VRSK Raymond James lowered the firm's price target on Verisk Analytics to $215 from $300 and keeps an Outperform rating on the shares. Insurance brokers and insurance-related technology stocks are down about 22% year-to-date amid AI displacement concerns, though stable credit spreads, short interest, and management guidance suggest no meaningful deterioration in fundamentals, the analyst tells investors in a research note. While organic growth and margin expansion may moderate in 2026, multiyear AI infrastructure investment and strong hyperscaler capex should support premium growth, with large-cap brokers still positioned to outpace the broader market and potentially accelerate share repurchases if valuations remain compressed, the firm says.

• APA Stephens raised the firm's price target on APA Corp. to $24 from $23 and keeps an Equal Weight rating on the shares. The firm, which anticipates "a slight beat" in Q4, notes that its EBITDA and cash flow per share estimates are 2% and 1% above consensus, respectively.

• EBAY UBS analyst Stephen Ju lowered the firm's price target on eBay to $93 from $95 and keeps a Neutral rating on the shares. Ahead of eBay's February 18 Q4 report, the firm's GMV estimates remain largely unchanged at $20.8B, with potential upside to guidance driven by C2C and focus categories, while FX is expected to provide a meaningful tailwind in 1Q26, the analyst tells investors in a research note. For 2026, forecasts align with management's outlook for modest positive GMV and revenue growth despite tougher comps, continued reinvestment in initiatives like eBay Live and vehicles, flat aggregate take rates, and higher headcount to support expansion, the firm says.
• HWM UBS raised the firm's price target on Howmet Aerospace to $260 from $228 and keeps a Neutral rating on the shares. Record EBITDA margins continue at Howmet Aerospace, driven by pricing power, content growth, and volume gains despite rising headcount and operational complexity, the analyst tells investors in a research note. Accelerating Aerospace production, strong spares demand, and growing gas turbine power exposure are expected to sustain top-line momentum and support further margin expansion, the firm says.
• WMB UBS raised the firm's price target on Williams to $89 from $78 and keeps a Buy rating on the shares. Roughly $7.3B of power generation backlog positions Williams Companies as one of the best-levered midstream operators to rising natural gas demand from power generation and data centers through its Power Innovation business, the analyst tells investors in a research note. The company expects this backlog to generate about $1.4B in annual EBITDA by 2029, with roughly 1.9 GW of projects in execution by 2028 and a broader opportunity set totaling around 6 GW, UBS says.

• JKHY Wells Fargo upgraded Jack Henry to Overweight from Equal Weight with a price target of $196, up from $181. The firm cites increasing confidence in 2027 revenue growth acceleration, upside potential to 2027/2028 estimates, robust competitive position, overblown AI fears, and attractive valuation. Wells is adding it to its "Fab 5" of Fintech.
• IR Wells Fargo analyst Joseph O'Dea raised the firm's price target on Ingersoll-Rand to $110 from $92 and keeps an Overweight rating on the shares. The firm considers Ingersoll-Rand a little later cycle within its short-cycle group. Two quarters of organic order growth and one month of PMI over 50 are encouraging, Wells adds. The flat to up 2% organic guide is low growth, but a prudent starting point that Wells thinks favors upside risk.
• JPM Wells Fargo analyst Mike Mayo lowered the firm's price target on JPMorgan to $350 from $360 and keeps an Overweight rating on the shares. The firm says JPMorgan's investor update should reaffirm that Goliath is Winning and the company is willing and able to press their advantages for even more market share gains. Wells' big question is the degree that JPMorgan can better reassure that higher spending will pay off.
• TSLX Wells Fargo analyst Finian P. O'Shea lowered the firm's price target on Sixth Street to $20 from $22 and keeps an Overweight rating on the shares. The firm says Sixth Street's vanilla venture into CLO Equity may really show how hard it is to find attractive returns in direct lending. The "Varsity" playbook more likely includes Growth Equity, Wells adds.
• ES Wells Fargo analyst Shahriar Pourreza upgraded Eversource to Overweight from Equal Weight with a price target of $78, up from $71. The firm argues that, in its base case, the stock screens as inexpensive and the broader mosaic is improving even without the Aquarion sale. In the bull case, the valuation looks even more compelling, Wells adds. While the firm's estimates reflect the base case, it notes that the bull case is becoming increasingly plausible.

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

• 8:30 AM ET NY Empire Manufacturing for February
• 10:00 AM ET                 Employment Trends for January
• 10:00 AM ET NAHB Housing Market Index for February

• Earnings After the Close: ACLS ANDE ATRC BBNX BELFA CDNS CE CHCT CNVS CSR CZR DVN EQT ESI ESRT EXE FE GKOS GNK GSHD GSM HALO HCKT HL HUN IAG IOSP JELD KVUE LESL LZB MCY MED MKSI NNE PANW PBI QMCO QUAD RBA ROG RSG RSI RUSHA SMWB TCMD TFII TOL TRAK USNA WTTR

• 8:30 AM ET                   Housing Starts M/M for December
• 8:30 AM ET                   Building Permits M/M for December
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for January
• 9:15 AM ET                   Capacity Utilization M/M for January
• 1:00 PM ET US Treasury to sell $13B in 20-year notes
• 4:00 PM ET                    Net Long Term TIC Flows for December
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AGI AMPL AWK AWR BHC BKD BKNG BNL BORR CAKE CAR CDE CF CLW COKE CRH CVI CVNA CWAN CYH DASH EBAY EIX EQX FIG FSM HLF HST INVH JACK JXN KALU KGC LOPE MAC MCW MMLP NDSN NTR NXDR OGS OII OTF OXY PAAS RDN RELY RGLD RS SB TAP TBI TK TNK TPL TROX TS UAN WES WH

• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Survey for February
• 8:30 AM ET                   Advance Goods Trade Balance for December
• 8:30 AM ET                   International Trade for December
• 10:00 AM ET                 Pending Home Sales M/M for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET                 Weekly EIA/DOE Inventory Data

• Earnings After the Close: ACH AKAM ALRM AMH AMN ARD AXTI CARG CC CENX CTO CWST DBX ED EGO EIG EXR FG FIVN FND FNF GH GLPI HG HHH HLIT ICUI INDI IRTC JAKK LNT LYV LZ NEM OLED ONTO OPEN PK PLSE PTCT RIG RMAX RNG RYI SEM SFM ST TNDM TXRH VICR WEAV WK WSC

• B Riley 3^rd Annual Semiconductor Bus Tour, 2/19 in Phoenix, CA
• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• 8:30 AM ET                   Personal Spending M/M for December
• 8:30 AM ET PCE Price Index M/M for December
• 8:30 AM ET PCE Price Index Y/Y for December
• 8:30 AM ET                   Core PCE Price Index M/M for December
• 8:30 AM ET                   Core PCE Price Index Y/Y for December
• 8:30 AM ET                   Gross Domestic Product (GDP) Q4 advance reading
• 8:30 AM ET GDP Consumer Spending for Q4
• 8:30 AM ET GDP Price Deflator for Q4-advance
• 9:45 AM ET S&P Global Manufacturing PMI, flash-Feb
• 9:45 AM ET S&P Global Services PMI, flash-Feb
• 9:45 AM ET S&P Global Composite PMI, flash-Feb
• 10:00 AM ET                 University of Michigan Sentiment, Feb-final
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 10:00 AM ET                 New Home Sales M/M for December
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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