Early Look

Thursday, April 16, 2026

U.S. futures are looking higher, with new record highs on tap for the S&P 500, Nasdaq and Semiconductor Index (SOX) as investors hold on to hope for peace in the Middle East and seem poised to build the recent winning streak that has been primarily led by technology stocks. The benchmark S&P 500 (SPX) closed at a fresh record high of 7,022.93 points, ending +0.8% on Wednesday while the heavy-tech Nasdaq Composite also ended at the record of 24,016.02 points, +1.6%, marking an amazing 11-day winning streak, the longest since 2020. Reports surfaced that the U.S. and Iran may have made significant progress towards a framework agreement to end the war, but overall, market momentum has remained to the upside after the 10% pullback off highs seen in March. Of note regarding the market 11 day rally to record highs, @jasongoepfert noted on “X”, The S&P closed at a record high for the 1st time in a month. Less than 5% of its stocks came along with it. That's among the worst participation since 1928. It's actually the 3rd-lowest ever, next to March 2000 and November 2020.” Global markets are also surging as in Asian markets, The Nikkei Index closed at a new record high, rising 2.4%, or 1,384 points to 59,518.34, above the all-time peak of 58,850.27 marked on Feb. 27. The Nikkei is just 0.8% away from the 60,000 milestone eyed by investors. The Shanghai Index gained 28 points to 4,055, and the Hang Seng Index advanced 446 points to 26,394. In Europe, the German DAX is up 114 points to 24,180, while the FTSE 100 is up 48 points to 10,608. Regarding Iran, mediators push for further talks and an extension of the cease-fire between the U.S. and Iran. After a first round of talks in Pakistan, the two countries agreed in principle to meet but haven't decided on a date or venue. The US and Iran are considering a two-week ceasefire extension according to reports. Oil prices are higher around.  

• The Dow Jones Industrial Average fell -72.27 points, or 0.15%, to 48,463.72
• The Nasdaq Composite jumped 376.93 points, or 1.59%, to 24,016.02
• The Russell 2000 Index advanced 7.99 points, or 0.30% to 2,713.66

• 8:30 AM ET                   Continuing Claims…est. 1.81M
• 8:30 AM ET                   Philly Fed Business Index for April…est. 10.0 (prior 18.1)
• 9:15 AM ET                   Industrial Production M/M for March…est. +0.1%
• 9:15 AM ET                   Capacity Utilization for March…est. 76.3%
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AA FNB INDB LAKE NFLX SFNC

• Pepsi Co (PEP) Q1 core EPS $1.61 tops consensus $1.58 while revs rose 8.5% y/y to $19.44B, consensus $18.94B; Volumes rose in the North America foods business, driven by the recent price cuts; North America foods category volume grew 2% in the reported three-month period, compared with a 1% drop in the fourth quarter; affirms fiscal 2026 guidance, expecting organic revenue growth of 2-4%.

• JB Hunt (JBHT) Q1 EPS $1.49 tops consensus $1.44; Q1 revs rose 5% y/y to $3.06B vs. consensus $2.95B; Q1 net income $141.6M vs. est. $136.6M; Q1 Operating income for the current quarter increased 16% to $207M; Intermodal volume increased 3% over the same period in 2025; Q1 Segment gross revenue increased 2% for the current quarter versus the prior-year period primarily driven by the 3% increase in loads.
• PPG Industries (PPG) said expects Q1 to exceed previous guidance as sees adj EPS $1.83 vs. est. $1.71; announces global price increase of up to 20% already in progress; expects Q2 organic sales and adj EPS flat to low single-digit growth year over year.
• Voyager Technologies (VOYG) said it has signed an order with NASA for the seventh Private Astronaut Mission to the International Space Station, launching no earlier than 2028. The seventh private astronaut mission, called VOYG-1, supports NASA's strategy to transition low-Earth orbit operations to the private sector.
• Nuclear (SMR, NNE, OKLO) and uranium companies are set to extend this week’s rally after the White House released rules for establishing a National Initiative for American Space Nuclear Power.

• KeyCorp (KEY) Q1 EPS $0.44 vs. est. $0.41; Q1 revs $1.95B vs. est. $1.94B; Q1 CET1 ratio 11.4%; sees FY26 revs up 7%, sees FY26 net interest income up 9%-10%; sees FY26 average loans up 2% - 4%.
• SL Green Realty (SLG) reports Q1 FFO $0.84 vs. consensus $1.06 as revs rose 5.5% y/y to $253.08M; Manhattan same-store office occupancy increased to 94.4% as of March 31; reaffirms its previously announced 2026 FFO guidance range of FFO of $4.40 to $4.70 per share, with a midpoint of $4.55 per share vs consensus of $4.58.
• Verisk (VRSK) said U.S. insurance claims declined in 2025, helped by a quiet hurricane season. Homeowners' claims were down 19% y/y to 5.27M in 2025, while commercial property claims dropped to 710,000 from 910,000 in 2023, according to Verisk’s annual Insurance Claims Trends Report. Personal auto claims declined to 31.6 million in 2025, extending a fall from a 2022 peak of 34.4 million, while commercial auto claims slipped 5% to 1.84 million, even though the commercial auto claim volume remained 14% above 2021 levels.

• CareDx (CDNA) announced that it has entered into a definitive agreement to divest its Lab Products business to EuroBio Scientific for cash consideration of $170M; guides prelim Q1 revenue roughly $118M, above consensus $102.49M and prelim Q1 Testing Service Volume roughly 54,900, up 17% y/y.
• Nkarta (NKTX) announced that it has reached agreement with the FDA on key changes to the ongoing Ntrust-1 and Ntrust-2 clinical trials.
• QuidelOrtho (QDEL) guided Q1 revenue $615M-$620M, below consensus $679.59M saying the prelim unaudited revenue was primarily driven by a weaker respiratory season, with U.S. Influenza-like Illness visits down by approximately 30% y/y, along with slower China distributor sales that the company believes is related to the proposed China National Health Security Administration reimbursement rate reductions.
• Savara (SVRA) announced that the FDA has extended the review period for the molgramostim BLA in autoimmune PAP by three months.

• Google (GOOGL) should allow third-party search engines access to data, the European Commission said, including ⁠that of artificial intelligence chatbots with search functionalities.
• Quantum computing shares (IONQ, RGTI, QBTS, QMCO) are on track to extend gains for a third consecutive session after Nvidia unveiled a suite of new open-source AI models aimed at accelerating progress within quantum computing.

Mid-Morning Look

Thursday, April 16, 2026

U.S. stocks with a little pullback following a massive “V” shaped stock market bounce the last two weeks as the S&P 500 and Nasdaq each hit fresh intraday record highs before pulling back slightly. The trend looked to continue overnight with Nasdaq 100 futures and outpacing gains for their counterparts on the S&P 500 after optimism surrounding the sector got a boost after TSM raised its revenue outlook for 2026. The Nasdaq (QQQ) comes into Thursday riding an eleven day winning streak, its longest such streak since 2020 behind a massive run in tech (4 day spike in software, semis hit all time highs this week and Mag 7 been leading). At the same time, no real resolution the last few days between the U.S. and Iran related to a peace, uranium and Strait of Hormuz deal with markets optimistic that something will be reached soon ahead of the 2-week cease fire deal expiry next Tuesday. Both sides are considering a further two-week extension to allow technical talks on the core sticking points, namely reopening Hormuz and Iran's nuclear enrichment. Mediators are working to set up those talks, likely back in Pakistan next week according to two Pakistani officials. The Dollar index (DXY) is higher but comes into the day down 8 straight days. Earnigns season kicked off this week with big banks/brokers, JPM, C, WFC, GS and today SCHW which posted mixed results, while tonight NFLX reports in the TMT sector. Dow Transports back to all time highs, helped by JBHT after earnings results. Economic data today mixed with improved jobless claims, a big surge in Philly manufacturing but weaker industrial production.

• Philadelphia Fed business conditions April 26.7 well above consensus 10.0 and March 18.1; Philadelphia Fed new orders index April surged to 33.0 vs March 8.6, while employment index fell to -5.1 vs March 0.8; inflation reading rose as prices paid index April 59.3 vs March 44.7; six-month business conditions April 40.8 vs March 40.0.
• March Industrial Production declined (-0.5%) M/M vs. +0.1% consensus and +0.7% prior as March capacity use rate 75.7% below consensus 76.3% and vs Feb 76.1% (previous 76.3%).

• In Optical sector: JP Morgan downgraded shares of GLW raise tgt to $175 from $115) and FN (raise tgt to $700 from $530) to Neutral from Overweight, taking a more cautious view on optical companies into earnings saying current valuations require investors dial forward to 2028 earnings, and believes visibility into earnings into 2028 needs to improve further to support material upside to the current share prices. The firm said they choose to remain Overweight on CIEN, LITE and COHR as the inflection in earnings in calendar 2028 from Scale-across opportunities and Scale-up opportunities provide greater visibility into calendar 2028 earnings. Bank America raised its tgt on CIEN to $550 and increased ests to reflect strong position inside and outside the data center.
• In Brokers & Exchanges: SCHW Q1 adj EPS $1.43 vs. consensus $1.39 on revs $6.48B, vs. est. $6.51; Q1 total net new assets $139.9B, vs est. $123.49B; Q1 trading revenue increased 20% y/y due to record engagement; Q1 net interest revenue $3.14B, vs. est. $3.2B and net interest margin (NIM) 2.88%, vs. est. 2.94%; did not provide specific guidance for the current qtr or full yr in its press release. COIN shares slipped early after SCHW said Schwab Crypto will roll out to retail clients in the coming weeks, giving direct access to spot bitcoin and ethereum trading, priced at 75 basis points.

• CDNA +23%; announced that it has entered into a definitive agreement to divest its Lab Products business to EuroBio Scientific for cash consideration of $170M; guides prelim Q1 revenue roughly $118M, above consensus $102.49M and prelim Q1 Testing Service Volume roughly 54,900, up 17% y/y.
• HIMS +6%; adding to yesterday’s 13% advance after HHS Health Secretary Robert F. Kennedy Jr. said the FDA is seeking to remove 12 peptides from Category 2 restrictions.
• JBHT +6%; reported EPS of $1.49, above consensus' $1.44 estimate and revs rose 4.6% y/y to $3.06B, above $2.99B estimate with better EBIT of $207M and operating margin was 6.8%, a 70 bp improvement y/y; Revenue beat by $63M, driven by better volume across business segments.
• ONTO +4%; after guides Q1 revenue view to $292M from $275M-$285M vs. consensus $280.34M.
• PPG +5%; after saying expects Q1 to exceed previous guidance as sees adj EPS $1.83 vs. est. $1.71; announces global price increase of up to 20% already in progress; expects Q2 organic sales and adj EPS flat to low single-digit growth year over year.
• VOYG +4%; after saying it has signed an order with NASA for the seventh Private Astronaut Mission to the International Space Station, launching no earlier than 2028. The seventh private astronaut mission, called VOYG-1, supports NASA's strategy to transition low-Earth orbit operations to the private sector.

• FLUT -3%; was double downgraded to Sell from Buy at Citigroup, open a negative catalyst watch, and remove from the European Focus List, reducing its SOTP-based TP to £68 (from £158) saying the firms revised valuation is based on FY27e EBITDA multiples.
• HIVE -13%; after announced private offering of $75M 0% exchangeable notes due 2031.
• IIIN -14%; after Q2 sales rose 7.5% Y/y to $172.7M, missing the $178.2M and EPS $0.27 below consensus $0.64 saying winter weather disruptions led to shipment declines, with delayed projects expected to recover and sees ongoing inflationary pressures, including higher energy and Freight costs.
• JKS -15%; after reported a lower gross margin and wider net Income losses in Q4 compared to the previous quarter; Q4 EPS (RMB7.16) vs. (RMB2.32) last year and Q4 revenue RMB17.51B vs. RMB20.65B last year.
• QDEL -31%; shares tumbled after guided Q1 revenue $615M-$620M, below consensus $679.59M saying the prelim unaudited revenue was primarily driven by a weaker respiratory season, with U.S. Influenza-like Illness visits down by approximately 30% y/y.
• SCHW -4%;  Q1 adj EPS $1.43 vs. consensus $1.39 on revs $6.48B, vs. est. $6.51; Q1 total net new assets $139.9B, vs est. $123.49B; Q1 trading revenue increased 20% y/y due to record engagement; Q1 net interest revenue $3.14B, vs. est. $3.2B and net interest margin (NIM) 2.88%, vs. est. 2.94%.

Closing Recap

Thursday, April 16, 2026

Another day, another “buy the dip” moment following an apparent breakthrough on peace deals in the Middle East, giving Wall Street another boost, while investors remain bullish after the first week of quarterly earnings and the S&P 500 and Nasdaq hit new intraday/closing highs. President Trump noted on Truth Social, "I just had excellent conversations with the Highly Respected President Joseph Aoun, of Lebanon, and Prime Minister Bibi Netanyahu, of Israel. These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST.” Those comments gave stocks another boost. Outside of the macro, stock prices had already rebounded off morning losses as the same sectors continue to lead: Technology (XLY) now up over 6% on week and 14% this month, Consumer Discretionary (XLY) +4.3% on week and 8% for month and Communications (XLC) up 4% on week and about 7% for the month. @Barchart noted on X, “Nasdaq on track for its 12th consecutive green day, its longest winning streak since July 2009. There have only been two other streaks this long in Nasdaq 100 history.” The US dollar index (DXY) snapped an 8-day losing streak today and yields pushed higher along with oil. Dow Transports hit new all-time highs after JBHT earnings boosted the trucking sector; semiconductors (SOX) hit new all-time highs with AMD, NVDA extending winning streaks to double-digit days. Momentum has been overwhelmingly positive and to the upside as Wall Street has again bought the dip, overlooking unresolved issues n the Middle East as shipping channels remain closed, inflation data has become elevated, and commodity prices have stayed higher with the focus on earnings growth hopes into quarterly results. Attention turns to Netflix earnings tonight in the media sector. Global markets are surged as the Nikkei Index closed at a new record high, rising 2.4%, or 1,384 points to 59,518.34, above the all-time peak of 58,850.27 marked on Feb. 27. The Nikkei is just 0.8% away from the 60,000 milestone eyed by investors. The Shanghai Index gained 28 points to 4,055, and the Hang Seng Index advanced 446 points to 26,394. In an interesting stats, @AlmanacTrader noted on X, “Can April's strong start take the market higher? S&P 500 up 7.57% 1st 10 trading days of April — 2nd best April start since 1950. When April starts this strong the rest of the year was higher 20 of 24 years, 83.3%, avg. +10.8%. Full year positive 22 of 24, 91.7%, avg. +16.2%.” The S&P 500 is on track for its best month since November 2023 and the Nasdaq Comp is on track for its best month since July 2022 with no let up in the market rally!

• Philadelphia Fed business conditions April 26.7 well above consensus 10.0 and March 18.1; Philadelphia Fed new orders index April surged to 33.0 vs March 8.6, while employment index fell to -5.1 vs March 0.8; inflation reading rose as prices paid index April 59.3 vs March 44.7; six-month business conditions April 40.8 vs March 40.0.
• March Industrial Production declined (-0.5%) M/M vs. +0.1% consensus and +0.7% prior as March capacity use rate 75.7% below consensus 76.3% and vs Feb 76.1% (previous 76.3%).
• China Q1 GDP came in at 5.0% YoY (est. 4.8%, prev. 4.5%), the fastest pace in three quarters and comfortably within the 4.5% to 5% target range, QoQ growth was 1.3% (est. 1.4%, prev. 1.2%). China Industrial output rose 5.7% in March (est. 5.3%), partly reflecting strength in Ai-related manufacturing. Infrastructure investment grew 8.9% YTD. China's new and existing home prices continued to fall in March but at a slower pace, with new home prices down 0.21% MoM (prev. -0.28%) and existing home prices down 0.24% MoM (prev. -0.43%).

• June gold slips -$15.30, or -0.32%, to settle at $4,808.30 an ounce while May silver prices declined -$0.92, or -1.15%, to settle at $78.71 an ounce as the dollar recovers from 8 day losing streak.

• In Casino & Gaming: FLUT was double downgraded to Sell from Buy at Citigroup, open a negative catalyst watch, and remove from the European Focus List, reducing its SOTP-based TP to £68 (from £158) saying the firms revised valuation is based on FY27e EBITDA multiples.
• In Leisure Products: shares of PII rebounded after tumbling yesterday after saying they see no impact from tariff policy changes on guidance (recall yesterday PII shares tumbled in sympathy with DOO after withdrawing its financial outlook for the 2027 fiscal year, saying it faces a C$500M ($363M) hit from recent changes by the Trump administration to its tariffs.

• In Solar: JKS shares pressured after reported a lower gross margin and wider net income losses in Q4 compared to the previous quarter; Q4 EPS (RMB7.16) vs. (RMB2.32) last year and Q4 revenue RMB17.51B vs. RMB20.65B last year.
• In Transports: Dow Transports moved back near record highs helped by earnings as JBHT reported EPS of $1.49, above consensus' $1.44 estimate and revs rose 4.6% y/y to $3.06B, above $2.99B estimate with better EBIT of $207M and operating margin was 6.8%, a 70 bp improvement y/y; Revenue beat by $63M, driven by better volume across business segments.
• Industrials remained weak as Wells Fargo noted Section 232 replaces IEEPA with net impact skewing neutral to negative across our coverage; risk is concentrated in companies that benefited from USMCA exemptions. The firm said DE sees the impact as net neutral; Companies that have noted some level of USMCA qualification include: TEX, CAT and PCAR.
• In Aerospace & Defense: VOYG said it has signed an order with NASA for the seventh Private Astronaut Mission to the International Space Station, launching no earlier than 2028. The seventh private astronaut mission, called VOYG-1, supports NASA's strategy to transition low-Earth orbit operations to the private sector.

• In Trust Banks: BK Q1 adj EPS $2.25 vs. consensus $1.93; Q1 revs $5.41B vs. est. $5.18B; Q1 fee revs $3.77B, up 11%, reflecting higher client activity, net new business, higher foreign exchange rev; Q1 CET1 capital ratio 11%; net interest income (NII) surged 18% to $1.37 billion, boosted by higher yields on the reinvestment of matured assets; Q1 ROE rose to 29.3% in the quarter from 24.2% a year ago.
• In Regional Banks: KEY Q1 EPS $0.44 vs. est. $0.41; Q1 revs $1.95B vs. est. $1.94B; Q1 CET1 ratio 11.4%; sees FY26 revs up 7%, sees FY26 net interest income up 9%-10%; sees FY26 average loans up 2% - 4%.  USB reported slightly better EPS on in-line revs.

• In FinTech/Payments: PYPL was downgraded from Outperform to Neutral at Mizuho and lowers tgt to $50 from $60 and lowering Venmo/branded checkout growth expectations as they believe PayPal/Venmo face the most direct substitution risk as X targets the same P2P and wallet entry points, with longer-term risk to pressure branded checkout via native Social commerce. FLYW was upgraded Flywire to Buy from Neutral at BTIG saying views the stock's risk/reward as attractive at current levels.

• HIMS adds to prior day gains after the FDA called for an outside advisory panel to reconsider whether compounding pharmacies should be allowed to make a spate of controversial peptides it previously moved to restrict. The first meetings will be in July, and a later one will be held before February 2027.
• LLY said its GLP-1 pill Foundayo showed non-inferiority compared with insulin glargine in a cardiovascular outcomes trial of people with diabetes and obesity; said it will submit Foundayo to the FDA as a treatment for type 2 diabetes by the end of the second quarter.
• NKTX announced that it has reached agreement with the FDA on key changes to the ongoing Ntrust-1 and Ntrust-2 clinical trials.
• RHHBY said it is initiating a late stage study for its gene therapy Elevidys following feedback from the European drug regulator.
• Psychedelic drug makers ATAI, DFTX, jumped midday after CBS News reported The White House is drafting an executive order that would signal the Trump administration's willingness to further U.S. research into a drug called ibogaine. A psychedelic used in some countries to treat post-traumatic stress disorder is expected to get a closer examination from the federal government on its safety and effectiveness https://tinyurl.com/ye2693xy
• Also, the FDA is considering approving testosterone replacement therapy to treat low sex drive in men whose bodies do not produce enough of the hormone for no known reason, according to a federal notice. Currently, testosterone therapy is only approved for men with low hormone levels linked to a known structural or genetic cause. The proposed move would expand use to a broader group of men with low testosterone levels.

• In Medical Research: CDNA announced that it has entered into a definitive agreement to divest its Lab Products business to EuroBio Scientific for cash consideration of $170M; guides prelim Q1 revenue roughly $118M, above consensus $102.49M and prelim Q1 Testing Service Volume roughly 54,900, up 17% y/y.
• CRO & Life Science sector under pressure today (CRL, IQV, FTRE, TMO) after OpenAI announced a new series of AI models built to help life sciences researchers work faster.

• In Metals & Mining: IIIN shares tumbled after Q2 sales rose 7.5% y/y to $172.7M, missing the $178.2M and EPS $0.27 below consensus $0.64 saying winter weather disruptions led to shipment declines, with delayed projects expected to recover and sees ongoing inflationary pressures, including higher energy and freight costs.
• In Paper & Packaging: RBC Capital previewed the sector ahead of earnings, downgraded shares of Canfor (CFPZF) to Sector Perform (from OP) saying they maintain their preference for the containerboard names heading into Q126 reporting, with recent share price softness in CAS and IP in particular creating attractive setups from current levels. Lumber price momentum off the lows of late last year is encouraging, although RBC's top ideas in the space remain large and liquid North American-focused names (WFG, WY) with undemanding valuations, reflecting demand uncertainty. In the US likes IP, WY and SW.

• In Semiconductors: TSM reported better results as Q1 revs rose 40.6% y/y to $35.9B, and were up 6.4% q/q; Q1 gross margin for Q1 was 66.2%, operating margin was 58.1%, and net profit margin was 50.5%; sees Q2 revenue at $39-$40.2B vs $30.1B y/y; Full-year revenue in U.S. dollar terms would grow more than 30%, compared with prior view of close to 30%, while capex would be at the high end of its earlier guidance of $52B-$56B.
• Semi equipment: AEHR shares jumped after saying received a record $41M production order from its lead hyperscale customer for package-level burn-in of custom AI processor ASICs used in data center training and inference. The company said 2H fiscal bookings are now above $92M, topping their prior $60M to $80M outlook; ONTO guides Q1 revenue view to $292M from $275M-$285M vs. consensus $280.34M.
• JP Morgan downgraded QCOM to Neutral and is also placing Qualcomm on Negative Catalyst Watch  on both near-term headwinds, as well as the higher competitive landscape that the company will have to contend with in relation to its datacenter CPU and NPU aspirations following recent announcements from Nvidia and Arm leaving upside to the valuation multiple more contingent on longer-term execution.
• In AI/Data Center: Anthropic said that its latest model, Claude Opus 4.7, is now generally available. "Opus 4.7 is a notable improvement on Opus 4.6 in advanced software engineering, with particular gains on the most difficult tasks. Users report being able to hand off their hardest coding work-the kind that previously needed close supervision-to Opus 4.7 with confidence. GOOGL and Pentagon discuss classified Ai deal as company rebuilds military ties, The Information reported as the parties are discussing a deal that would permit all lawful uses of Google’s Ai.
• In Internet/Social Media/Telco: GOOGL should allow third-party search engines access to data, the European Commission said, including ⁠that of artificial intelligence chatbots with search functionalities. NN shares jumped after being upgraded to Outperform at Oppenheimer saying believes the FCC Notice of Proposed Rule Making (NPRM) approval of NN's Re-banding is imminent; company will receive an additional 1MHz of spectrum giving it contiguous 15MHz (5.1B MHz-POPs) in the lower 900MHz band.

• In Storage: JP Morgan downgraded NTAP to Neutral from Overweight and lowered tgt to $110 from $125 on concerns around muted earnings growth in FY27E in conjunction with the uncertainty around gross margin delivery through the year moderating the valuation multiple for the shares in addition to modest downside to sell-side earnings expectations.
• In Memory and HDD stocks: STX was placed on positive catalyst watch as sees HDD as a product market set up for more overwhelming positives into this earnings season, with the benefit of modest price increases delivering revenue / exabyte upside.
• Quantum computing shares (IONQ, RGTI, QBTS, QMCO) upside momentum continued early, extending gains for a third consecutive session after NVDA recently unveiled a suite of new open-source AI models aimed at accelerating progress within quantum computing.
• Security Software: OKTA was upgraded to Outperform at Raymond James with $85 tgt, noting shares have dropped from $200 in fiscal 2023 to $60 today as the company's net retention revenue decelerated from over 120% to 106% due to downsized renewals from COVID cohorts that overprovisioned. Believes AI has the potential for a significant total addressable market increase for Okta's core market due to agents in the workforce.

Street Recommendations

Thursday, April 16, 2026

• KMX Barclays lowered the firm's price target on CarMax to $26 from $28 and keeps an Underweight rating on the shares. The company's Q4 report shows "some early signs of progress," the analyst tells investors in a research note.
• CHH Barclays analyst Brandt Montour raised the firm's price target on Choice Hotels to $112 from $101 and keeps an Underweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Strong U.S. RevPAR momentum will override international weakness in the near-term, the analyst tells investors in a research note. Barclays believes a positive earnings revision cycle for the sector appears intact for 2026.
• HLT Barclays raised the firm's price target on Hilton to $363 from $350 and keeps an Overweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Strong U.S. RevPAR momentum will override international weakness in the near-term, the analyst tells investors in a research note. Barclays believes a positive earnings revision cycle for the sector appears intact for 2026.
• H Barclays analyst Brandt Montour lowered the firm's price target on Hyatt to $197 from $200 and keeps an Overweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Strong U.S. RevPAR momentum will override international weakness in the near-term, the analyst tells investors in a research note. Barclays believes a positive earnings revision cycle for the sector appears intact for 2026.
• MAR Barclays raised the firm's price target on Marriott to $372 from $356 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Strong U.S. RevPAR momentum will override international weakness in the near-term, the analyst tells investors in a research note. Barclays believes a positive earnings revision cycle for the sector appears intact for 2026.
• WH Barclays raised the firm's price target on Wyndham Hotels to $104 from $98 and keeps an Overweight rating on the shares. The firm adjusted targets in the lodging group as part of a Q1 preview. Strong U.S. RevPAR momentum will override international weakness in the near-term, the analyst tells investors in a research note. Barclays believes a positive earnings revision cycle for the sector appears intact for 2026.
• JBHT Barclays raised the firm's price target on J.B. Hunt to $235 from $200 and keeps an Equal Weight rating on the shares following the Q1 report. The firm says favorable management commentary on the freight economy and positively accelerating intermodal volume trends set up for a potentially strong 2026 for J.B. Hunt.
• MS Barclays analyst Jason Goldberg raised the firm's price target on Morgan Stanley to $230 from $219 and keeps an Overweight rating on the shares following the Q1 report. The company's trading and wealth management were ahead of expectations, the analyst tells investors in a research note.

• JD Bernstein analyst Robin Zhu raised the firm's price target on JD.com to $36 from $34 and keeps an Outperform rating on the shares. JD's renewed focus on profits should leave more room to run, the firm says. The company's profits continue to look solid in spite of ongoing top-line headwinds lapping high electronics comparable sales.

• PGR BMO Capital raised the firm's price target on Progressive to $221 from $208 and keeps a Market Perform rating on the shares following the company's March earnings release. Progressive's expected productivity benefits should play out over the course of the next three years and keep its combined ratio from deteriorating as much as it has in prior soft pricing power cycles, the analyst tells investors in a research note.
• SNAP BMO Capital analyst Brian Pitz raised the firm's price target on Snap to $15 from $13 and keeps an Outperform rating on the shares. The forum is citing the company's announcement of a restructuring impacting 16% of its headcount while noting that Snap remains a compelling long-term growth platform given its differentiated privacy in messaging and augmented reality, the analyst tells investors in a research note.

• CIEN BofA raised the firm's price target on Ciena to $550 from $355 and keeps a Buy rating on the shares. With backlog up $2B last quarter to $7B total and Hyperscaler capex expected to grow an impressive 65% year-over-year in 2026, the firm sees "no signs of slowdown in the demand environment," the analyst tells investors.
• RL BofA raised the firm's price target on Ralph Lauren to $450 from $400 and keeps a Buy rating on the shares. The key debate on Ralph Lauren is whether growth ahead justifies buying in at a valuation "well above peer and historical levels," according to the analyst, who says "yes." The firm sees a long horizon on margin-accretive growth opportunities supporting potential for earnings and valuation upside, the analyst tells investors.
• HIMS BofA raised the firm's price target on Hims & Hers to $25 from $21 and keeps a Neutral rating on the shares after the FDA took a procedural step to start evaluating several wellness peptides that are currently restricted under FDA guidance. While the firm notes this is only "an initial small step and not a final approval or bulks-list addition," the official step toward reevaluating these peptides is "incrementally positive" for Hims as it creates optionality around new potential revenue streams and can help the company repurpose GLP-1 capacity toward other peptides, according to the firm.
• ASND BofA analyst Tazeen Ahmad raised the firm's price target on Ascendis Pharma to $292 from $262 and keeps a Buy rating on the shares. A physician survey conducted in Q1 continued to highlight bullish long-term signals for the Yorvipath launch, with respondents estimating up to 52% of their patients could be on Yorvipath at peak, the analyst tells investors.

• HSIC BTIG initiated coverage of Henry Schein with a Neutral rating and no price target. The firm says Henry Schein is a dental market leader both in the U.S. and Internationally. While the company's scale is vast, the business is mature, the analyst tells investors in a research note. BTIG sees the dental market as highly competitive and considers the company's low- to mid-single-digit growth as "modest."
• DKS BTIG analyst Robert Drbul initiated coverage of Dick's Sporting with a Buy rating and $300 price target. The firm is "impressed" by the progress made evolving Dick's Sporting Goods from a retail box into the largest omni-channel sports retailer in the U.S. While Dick's is integrating its $2.5B acquisition of Foot Locker, the firm expects a continued laser focus on the execution of its core Dick's business, which is "enjoying strong momentum," the analyst tells investors.

• NWL Canaccord raised the firm's price target on Newell Brands to $9 from $8 and keeps a Buy rating on the shares. The firm updated its estimates ahead of Q1 results after analyzing Circana sales, Semrush search data, and social media activity. Canaccord likes Newell's risk/reward setup heading into print given Sharpie and Graco have been doing well, Rubbermaid has been better, and even outdoor could be improving with Coleman's collapible cooler currently the number one release on Amazaon.

• CZR Citi raised the firm's price target on Caesars to $30 from $23 and keeps a Neutral rating on the shares. The firm adjusted targets in the gaming space as part of a Q1 preview. Citi expects a "mixed bag" of results with "signs of life" for Las Vegas Strip and lighter numbers for the regionals.
• DKNG Citi analyst James Hardiman lowered the firm's price target on DraftKings to $29 from $32 and keeps a Buy rating on the shares. The firm adjusted targets in the gaming space as part of a Q1 preview. Citi expects a "mixed bag" of results with "signs of life" for Las Vegas Strip and lighter numbers for the regionals.
• CE Citi analyst Patrick Cunningham raised the firm's price target on Celanese to $84 from $81 and keeps a Buy rating on the shares. The firm adjusted targets in the commodity chemicals as part of a Q1 preview. Citi reiterates Celanese as its top pick given the company's "value capture "in acetyls amid the feedstock supply shortage.
• EMN Citi lowered the firm's price target on Eastman Chemical to $83 from $84 and keeps a Buy rating on the shares. The firm adjusted targets in the commodity chemicals as part of a Q1 preview. Citi reiterates Celanese as its top pick given the company's "value capture "in acetyls amid the feedstock supply shortage.
• OLN Citi raised the firm's price target on Olin to $30 from $26 and keeps a Neutral rating on the shares. The firm adjusted targets in the commodity chemicals as part of a Q1 preview. Citi reiterates Celanese as its top pick given the company's "value capture "in acetyls amid the feedstock supply shortage.

• DELL Goldman Sachs raised the firm's price target on Dell Technologies to $215 from $195 and keeps a Buy rating on the shares. Despite elevated expectations following strong stock performance, Dell remains well positioned for further upside to earnings, driven by AI server demand and a relative advantage in securing DRAM supply, the analyst tells investors in a research note.
• CRDO Goldman Sachs analyst James Schneider raised the firm's price target on Credo Technology to $170 from $150 and keeps a Buy rating on the shares. Credo's acquisition of DustPhotonics is expected to accelerate its expansion into optical networking and strengthen confidence in its diversification beyond copper-based AECs, with improved visibility toward its $500M optical revenue target by FY27, the analyst tells investors in a research note.

• HLNE JPMorgan analyst Kenneth Worthington upgraded Hamilton Lane to Overweight from Neutral with an unchanged price target of $166. The recent selloff in some alternative asset managers due to fears around private credit and the potential adverse impact of AI disintermediation may be overblown, the analyst tells investors in a research note. The firm says the 21% selloff in Hamilton Lane is unwarranted given the company's limited exposure to the private credit market. Recent wealth flows show sustained strength through January for Hamilton, adds JPMorgan.
• TWO JPMorgan downgraded Two Harbors to Underweight from Neutral with a price target of $11, down from $12.50. The firm sees limited share upside relative to the proposed $10.80 per share all-cash acquisition by CrossCountry Mortgage. The analyst expects the shares to trade close to the deal price.
• MDU JPMorgan analyst Aidan Kelly initiated coverage of MDU Resources with a Neutral rating and $22 price target. MDU now operates as a pure-play regulated energy delivery company with direct exposure to infrastructure driven growth across the U.S. Northwest, the analyst tells investors in a research note. The firm sees limited room for multiple expansion, saying MDU's double-digit premium valuation already reflects its growth trajectory.
• ALLO JPMorgan upgraded Allogene Therapeutics to Neutral from Underweight without a price target. The firm cites valuation for the upgrade with the shares down 50% from the one-year peak since Monday's ALPHA3 update.
• GLW JPMorgan downgraded Corning to Neutral from Overweight with a price target of $175, up from $115. The firm is taking a more cautious view on optical companies into earnings. Current valuations require investors "dial forward" to 2028 earnings, the analyst tells investors in a research note. JPMorgan believes visibility into earnings into 2028 needs to improve further to support material upside to the current share prices.
• FN JPMorgan analyst Samik Chatterjee downgraded Fabrinet to Neutral from Overweight with a price target of $700, up from $530. The firm is taking a more cautious view on optical companies into earnings. Current valuations require investors "dial forward" to 2028 earnings, the analyst tells investors in a research note. JPMorgan believes visibility into earnings into 2028 needs to improve further to support material upside to the current share prices.
• NTAP JPMorgan downgraded NetApp to Neutral from Overweight with a price target of $110, down from $125. The firm cites concerns around "muted" earnings growth for the company in fiscal 2027 for the downgrade. NetApp's gross margins are at risk of moderating, creating challenges to the valuation multiple in addition to modest downside to sell-side earnings expectations, the analyst tells investors in a research note.
• QCOM JPMorgan analyst Samik Chatterjee downgraded Qualcomm to Neutral from Overweight with a price target of $140, down from $185. JPMorgan also placed the shares on "negative catalyst watch." It sees downside risk to Qualcomm's near-term estimates due to concerns across its handset business. The firm expects a low double-digit decline in smartphone shipments in 2026. The analyst cites Qualcomm's slow diversification progress and lack of near-term catalysts for the stock to rerate for the downgrade.
• CDW JPMorgan analyst Samik Chatterjee placed a "positive catalyst watch" on CDW while keeping a Neutral rating on the name with a $160 price target. The firm adjusted ratings and targets in the hardware and networking group as part of a Q1 preview. JPMorgan expects AI infrastructure investments across server, switches, copper interconnects and optical to drive upside to AI-levered suppliers in Q1. JPMorgan downgraded four names and opened "positive catalyst watches'" on CDW and Seagate.

• TRU Mizuho initiated coverage of TransUnion with a Neutral rating and $80 price target. The firm says the company has a portfolio of high-quality data and analytics assets. It sees "more balanced" near-term growth for TransUnion as its consumer lending and insurance end market activity normalizes after a period of above-trend growth.
• FICO Mizuho analyst Sean Kennedy initiated coverage of FICO with an Outperform rating and $1,416 price target. The market is overestimating FICO's VantageScore competitive risk in mortgage with the shares down significantly year-to-date, the analyst tells investors in a research note. The firm says the company has dominate market share and is positioned to benefit meaningfully from a refinancing recovery should mortgage rates fall. It expects "robust" free cash flow generation and significant share repurchases from FICO.
• EFX Mizuho initiated coverage of Equifax with an Outperform rating and $222 price target. The firm views the company's Workforce Solutions business as a "key pillar" of its growth. The unit meaningfully expands Equifax's exposure within the credit ecosystem and is supported by both "cyclical upside and structurally resilient growth," the analyst tells investors in a research note.

• VVX Morgan Stanley assumed coverage of V2X with an Equal Weight rating and $74 price target. The firm, which is constructive on V2X's position as a defense pureplay, sees high revenue visibility, tailwinds from defense spending, and insulation from AI disruption. However, its Equal Weight rating reflects what it views as a balanced risk-reward.

• ACRS Oppenheimer initiated coverage of Aclaris Therapeutics with an Outperform rating and $10 price target. The firm sees a large commercial opportunity for the company's immune-modulating portfolio assets. The price target reflects ATI-052 across atopic dermatitis and asthma, while Aclaris' other assets have the potential to contribute substantially as they mature, the analyst tells investors in a research note. Opco anticipates a catalyst-rich year ahead for Aclaris as preclinical and clinical results are announced.

• EQH Raymond James double upgraded Equitable Holdings to Strong Buy from Market Perform with a $58 price target. The firm cites its favorable outlook for the company's merger with Corebridge Financial for the upgrade. Raymond James likes the combined company's distribution strength, in-house asset management, and product manufacturing capabilities. It believes the new company can produce $1B or more of synergies, well above the $500M target. Raymond James also sees little risk of sales cannibalization given the limited overlap between Equitable and Corebridge.

• MTB RBC Capital analyst Gerard Cassidy raised the firm's price target on M&T Bank to $225 from $220 and keeps an Outperform rating on the shares after its better than expected Q1 results. The bank "through-the-cycle" outperforms on credit, which is increasingly a topic of conversation among investors given the uncertain economic and geopolitical environment, the analyst tells investors in a research note, and its management knows that in order to create long-term shareholder value, it must avoid credit bubbles by adhering to strong underwriting standards, the analyst tells investors in a research note.
• KNTK RBC Capital raised the firm's price target on Kinetik Holdings to $50 from $49 and keeps an Outperform rating on the shares ahead of its Q1 results on May 6th. Waha price related curtailments remain a headwind, but the firm believes marketing benefits and higher overall commodity prices can help offset this, the analyst tells investors in a research note. The firm is also adjusting its model to reflect its higher commodity price forecasts.
• ESTC RBC Capital lowered the firm's price target on Elastic to $70 from $80 but keeps an Outperform rating on the shares after the firm's meetings with the company's management team. The firm is reducing its price target on peer multiple compression, however its takeaway is positive about Elastic's position in the infrastructure stack within the AI era, the analyst tells investors in a research note. While investor questions remain around SaaS app AI disruption, RBC believes infrastructure vendors such as Elastic that are close to data, offer flexible deployment, as well as consumption pricing are well positioned for AI, the firm added.
• ASML RBC Capital analyst Srini Pajjuri raised the firm's price target on ASML to $1,700 from $1,625 and keeps an Outperform rating on the shares. The company's Q1 results were better than expected but its Q2 outlook was below consensus as China demand is tracking below the firm's projections, the analyst tells investors in a research note. RBC adds however that it is boosting its FY26 EPS view to $10.54 from $8.89 and expects revenue momentum to sustain through 2027/28 driven by GenAI, Memory tightness, and growing Foundry competition.

• MPWR Stifel raised the firm's price target on Monolithic Power to $1,500 from $1,300 and keeps a Buy rating on the shares. The firm continues to believe volatility in AI-levered names presents buying opportunities for "long-term investors focused on picking clear technological innovators," the analyst tells investors in a preview for the analog, connectivity and processors semi group. Broadly speaking, premium valuations for AI-levered names are justified given the clear secular growth in the segment, the analyst added.
• MRVL Stifel analyst Tore Svanberg raised the firm's price target on Marvell to $140 from $120 and keeps a Buy rating on the shares. The firm continues to believe volatility in AI-levered names presents buying opportunities for "long-term investors focused on picking clear technological innovators," the analyst tells investors in a preview for the analog, connectivity and processors semi group. Broadly speaking, premium valuations for AI-levered names are justified given the clear secular growth in the segment, the analyst added.
• MTSI Stifel raised the firm's price target on Macom to $300 from $255 and keeps a Buy rating on the shares. The firm continues to believe volatility in AI-levered names presents buying opportunities for "long-term investors focused on picking clear technological innovators," the analyst tells investors in a preview for the analog, connectivity and processors semi group. Broadly speaking, premium valuations for AI-levered names are justified given the clear secular growth in the segment, the analyst added.
• POWI Stifel raised the firm's price target on Power Integrations to $62 from $56 and keeps a Buy rating on the shares. The firm continues to believe volatility in AI-levered names presents buying opportunities for "long-term investors focused on picking clear technological innovators," the analyst tells investors in a preview for the analog, connectivity and processors semi group. Broadly speaking, premium valuations for AI-levered names are justified given the clear secular growth in the segment, the analyst added.
• SITM Stifel analyst Tore Svanberg raised the firm's price target on SiTime to $500 from $450 and keeps a Buy rating on the shares. The firm continues to believe volatility in AI-levered names presents buying opportunities for "long-term investors focused on picking clear technological innovators," the analyst tells investors in a preview for the analog, connectivity and processors semi group. Broadly speaking, premium valuations for AI-levered names are justified given the clear secular growth in the segment, the analyst added.
• ARCB Stifel raised the firm's price target on ArcBest to $116 from $94 and keeps a Buy rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.
• FWRD Stifel analyst J. Bruce Chan lowered the firm's price target on Forward Air to $30 from $31 and keeps a Buy rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.
• ODFL Stifel raised the firm's price target on Old Dominion to $228 from $217 and keeps a Buy rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.
• SAIA Stifel analyst J. Bruce Chan raised the firm's price target on Saia to $381 from $352 and keeps a Hold rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.
• TFII Stifel raised the firm's price target on TFI International to $117 from $116 and keeps a Hold rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.
• XPO Stifel raised the firm's price target on XPO to $232 from $206 and keeps a Buy rating on the shares. The firm expects overall Q1 less-than-truckload earnings to be slightly better than expected, but likely mixed by carrier as volume growth remains slow, the analyst tells investors in a preview for the group.

• WYNN Susquehanna analyst Joseph Stauff lowered the firm's price target on Wynn Resorts to $127 from $133 and keeps a Positive rating on the shares. The firm thinks the baseline remains most sensitive to its Macau-based ops which is roughly 47% of the value and Las Vegas which is roughly 37% in the near term, with a potential higher revaluation hinging on the opening of its new UAE-based casino originally estimated in March 2027.

• GTLB UBS downgraded GitLab to Neutral from Buy with a price target of $24, down from $44, after assuming coverage of the name. Overall check feedback suggests a mixed demand outlook with no evidence of a growth inflection and only modest customer interest in Duo Agent Platform to date, the analyst tells investors in a research note. Without a clear path to AI-driven upward estimate revisions, the AI disruption narrative will be tough to bend in the near-term and UBS says it prefers to remain on the sidelines for now.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: A LOT FBK

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for March
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for March
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for March
• 8:30 AM ET PPI core – Ex: Food & Energy Y/Y for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: EQBK MAMA SURG

• Jefferies Private Growth Conference 4/14

• 8:30 AM ET NY Empire Fed Manufacturing for April
• 8:30 AM ET                   Import Prices M/M for March
• 8:30 AM ET                   Export Prices M/M for March
• 10:00 AM ET NAHB Housing Market Index for April
• 10:30 AM ET                 Weekly DOE Inventory Data
• 4:00 PM ET                    Net Long-term TIC Flows for February

• Earnings After the Close: GSBC HOMB JBHT MIND NKLR SLG

• China Retail Sales, industrial Output for March
• China Q2 GDP

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for April
• 9:15 AM ET                   Industrial Production M/M for March
• 9:15 AM ET                   Capacity Utilization for March
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AA FNB INDB LAKE NFLX SFNC

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