Early Look

Tuesday, September 1, 2026

U.S. futures are sliding along with global stock markets, as another recent surge in Treasury yields, coupled with a further bounce in oil prices has markets on edge about rising inflation concerns. Wall Street kicks off one of the most historically weak trading months of the year lower after closing August with gains as the S&P 500 gained 2.62%, the Nasdaq climbed 3.93% (after falling -3.2% in July and -2.8% in June), and the Dow climbed 1.34%. A moderately busy day of economic data ahead and a few notable earnings results (DELL, MDT, PANW, MDB), but otherwise is likely to be quiet in this final trading week of the summer ahead of the long Labor Day holiday weekend. In Asian markets, The Nikkei Index fell -96 points to 66,215, the Shanghai Index dipped -6 points to 3,979, and the Hang Seng Index declined -237 points to 25,329. In Europe, the German DAX is down -237 points to 26,020, while the FTSE 100 falls -84 points to 10,739. Gold fell more than 1% to $4,430 an ounce, falling a third day, pressured by elevated U.S. Treasury yields, while markets awaited key U.S. labor market data for fresh signals on the Federal Reserve's monetary policy outlook. Meanwhile U.S. Treasury yields rose to their highest since January 2025, with the 10-year yield approaching 4.8%, as rising tensions in the Middle East stoked inflation worries (lifting oil), and triggered a global bond selloff. Investors now turn their focus to the ADP employment report due on Wednesday and the nonfarm payrolls data on Friday for further economic policy clues. While stocks are pointing lower after slipping on Monday as well, fear still remains a non-factor for Wall Street as the CBOE Volatility index (VIX) closed below the 15 level yesterday for its lowest monthly close since November 2024 – though is up 6% this morning to 15.84.

• The Dow Jones Industrial Average fell -374.09 points, or 0.59%, to 53,185.90
• The Nasdaq Composite slipped -31.53 points, or 0.19%, to 26,370.89
• The Russell 2000 Index declined -15.93 points, or 0.54% to 2,956.44

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, Aug-final…prior 53.5
• 10:00 AM ET                 Construction Spending M/M for July…est. 0.0%
• 10:00 AM ET ISM Manufacturing PMI for August…est. 55.2 (prior 55.6)
• 10:00 AM ET                 JOLTs Job Openings for July…est. 7.3M (prior 7.359M)
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: CRDO DELL GTLB MDB PANW SPWH ZEPP

• Russia downgraded oil output forecast for this year to a 17-year low and revised fuel exports outlook for 2026 and 2027 due to the war with Ukraine, according to a government draft forecast seen by Reuters. The forecasts, which are expected to be finalized at the end of September and are used in drafting the budget, reduced oil production estimates for 2026-2029 by between 16 million and 20 million tons compared to the previous outlook published in May.

• Magna International (MGA) is investing an additional $35M in Yuma Energy, increasing its stake from the 51% it took when the battery-swapping joint venture was formed, TechCrunch reported.
• Nio Inc. (NIO) posted 35,836 vehicle deliveries in August, marking a 14.5% y/y increase but representing a second consecutive monthly decline; the Onvo sub-brand experienced a sharp 46.4% y/y decline and dropped 13.2% compared to July figures. Analyst projections for Q2 point to revenues of $4.95 billion alongside an adjusted per-share loss of $0.02.
• Macau gross gaming revenue fell (-1.2%) y/y in August to 21.9B patacas ($2.7B), according to data from the Gaming Inspection and Coordination Bureau. However, the GGR tally was up 8.1% from the level seen in July. For the first eight months of 2026, Macau GGR is up 3.7% y/y to 169.1B patacas ($19.2B) - watch casinos WYNN, LVS, MGM, MLCO.
• Regis Corp (RGS) Q4 FY2026 Consolidated REV $56M, down $4.40M from Q4 FY2025; Q4 FY2026 ADJ diluted EPS $1.04 vs $0.74 Q4 FY2025; reducing our cost of debt remains priority.
• Retail giants including M&S and Tesco warn PM over Budget tax raid. Britain's biggest supermarket chains and the shopworkers' union Usdaw have told Andy Burnham that a rates hike for larger stores would "severely impact investment [and] employment" in a letter obtained by Sky News.
• XPENG (XPEV) delivered 39,107 vehicles in August 2026, up 4% y/y. In August, XPENG Robotaxi business validation gained further progress. The Company secured a permit to conduct remote testing of intelligent connected vehicles in Guangzhou, allowing road trials without an onboard safety operator on designated Level 1, 2 and 3 test roads across the city.

• Mirion Technologies (MIR) board approves $250M share repurchase program.

• GSK Plc (GSK) said a phase 2 probe of its mRNA flu vaccine candidate showed positive results and that phase 3 trials will start this month; said its flu vaccine candidate showed higher immune responses against all flu types compared with currently licensed vaccines.
• Medtronic (MDT) Q1 adj EPS $1.45 vs. est. $1.39; Q1 revs $9.76B vs. est. $9.55B; guides FY27 ADJ EPS $5.94 to $6.00 vs est. $5.95 and sees FY27 organic rev growth 7.25% to 7.75%; guides outlook FY27 adj revs about $38.9B to $39.2B vs est. $38.83B.
• Novartis (NVS) announced that its oral BTK inhibitor remibrutinib met primary endpoints in two Phase III trials (REMODEL-1 and REMODEL-2) for relapsing multiple sclerosis. Remibrutinib significantly reduced annualized relapse rates compared to teriflunomide and demonstrated superiority across key secondary metrics.
• PMV Pharmaceuticals (PMVP) announced updated interim ovarian cancer data from the Phase 2 pivotal portion of the PYNNACLE clinical trial. The multicenter, single-arm, registrational Phase 2 trial is assessing rezatapopt as monotherapy at a dose of 2000 mg once-daily in patients with TP53 Y220C advanced solid tumors.
• Simcere Pharmaceutical signed a licensing agreement with Roche (RHHBY), granting the Swiss pharmaceutical company exclusive global rights to develop, manufacture and commercialize SIM0660, an antibody targeting B-cell cancers. As per deal terms, Simcere is eligible to receive $75 million of upfront payment and up to $1.46 billion in milestone payments.
• Tempus AI (TEM) was upgraded to Overweight from Neutral at Piper Sandler and raised the tgt to $76 from $56 saying the pending acquisition of Personalis (PSNL) gives Tempus ownership of a differentiated tumor-informed molecular residual disease platform. Piper adds that the positive INTerpath-001 readout increases the strategic value of Personalis' and Tempus AI's role as the tumor sequencing provider for potentially a new therapeutic class.

• Akamai (AKAM) upgraded to Overweight at Piper Sandler saying the Compute segment is about to show a material inflection and should show an acceleration as Akamai can show it is benefitting from AI builds and the pipeline is robust.
• Charter Communications (CHTR) announced that Jessica Fischer will step down from her current position as the company's CFO on October 15, to relocate for another professional opportunity. The company will begin a comprehensive search for her replacement immediately.
• Chinese memory-chip maker CXMT has started producing small quantities of HBM3E, an advanced memory used in AI chips, The Information reported. CXMT plans to expand production in 2027, while Alibaba's T-Head and Cambricon Technologies are testing the memory for potential use in products as early as next year.

Mid-Morning Look

Tuesday, September 01, 2026

U.S. stocks are lower to kick off the new month, adding to the prior day declines as the S&P 500 falls to its lowest level since August 4th as the Iran War escalates and US Treasury Yields surge to highest levels since early 2025 and Brent Crude oil prices are now nearing $93/barrel. Coming into the new month, the S&P 500 has made 27 new highs in 2026 so far and held up well amid a constant rotation of market leaders on a week-to-week basis. Today, while technology (XLK) is weak, investors rotate into energy (XLE), healthcare (XLV) and consumer staples (XLP). Brent crude oil prices surge above $92/barrel after two oil tankers are struck in the Strait of Hormuz. Treasury yields the early story as the two-year treasury yield reaches highest level since January 2025 and the 10-yr came close to 4.8% before pulling back. The CBOE Volatility index (VIX) closed below the 15 level yesterday for its lowest monthly close since November 2024 – though hit highs around 16 this morning. Some earnings in tech space tonight with DELL, PANW, and MDB expected to report then jobs data center stage with ADP tomorrow an nonfarm Friday. U.S> stocks still down on the day, but paring losses as Treasury yields ease off highs.

• U.S. JOLTS job openings rose to 7.271M in July from 7.182M in June but below consensus 7.300M.
• July construction spending declined -0.5% vs. consensus unchanged to $2.158 trln, vs June unchanged (prev -0.1%); July private construction spending -0.5%, public spending -0.2%.
• The ISM Manufacturing PMI fell to 54.6 in August from July's near four-year high of 55.6, but below market expectations of 55.2. ISM U.S. manufacturing prices paid index 71.1 in August (consensus 70.5) vs 71.1 in July; employment index 51.2 in August (consensus 53.0) vs 52.8 in July; U.S. manufacturing new orders index 53.7 in August vs 56.7 in July.

• Lodging sector: PK was upgraded Park to Outperform at BMO Capital and raised tgt to $18 from $14, positive on the portfolio transformation strategy and sees a still healthy demand backdrop noting Park has one of the sector's best growth setups into 2027. BMO Capital downgraded XHR to Market Perform from Outperform saying the company has fewer differentiated catalysts relative to peers in 2027 following a strong 2026 and sees risk/reward balanced.
• E&P & Equipment sector: CRK said it plans to sell stakes in its Haynesville shale assets and related midstream business to Azerbaijan's SOCAR for $1.65 billion in cash. TDW was upgraded to Buy from Neutral at BTIG with a $120 price target after meeting with management as expects a tightening offshore support vessel market over the next two years, which it says should drive pricing higher. Tidewater's fleet should add $300M in EBITDA over that two year period.

• CRK +6%; amid rally in oil stocks and after said it plans to sell stakes in its Haynesville shale assets and related midstream business to Azerbaijan's SOCAR for $1.65 billion in cash.
• GPRO +78%; is merging with privately held Starman Optical in a $285M recapitalization deal. GoPro shareholders will receive $1.14/share in cash and retain ~10% of the combined company, while ~$92M of GoPro debt will be repaid at closing.
• HOOD +2%; was upgraded to Overweight at Morgan Stanley and raised the tgt to $150 from $124 as sees increasing evidence that Robinhood's broader product capabilities are improving the economics of its installed customer base, supporting more assets per customer.
• MDT +1%; after the company raised the lower end of FY27 adj. EPS to $5.94 from $5.90 and lifts organic revenue growth target to 7.25%-7.75% from 6.75%-7.25% saying demand for heart devices used in complex cardiovascular procedures drove the forecast increase.
• NVS +6%; said its oral BTK inhibitor remibrutinib met primary endpoints in two Phase III trials for relapsing MS; Remibrutinib significantly reduced annualized relapse rates compared to teriflunomide and demonstrated superiority across key secondary metrics.
• TEM +1%; was upgraded to Overweight at Piper and raised the tgt to $76 from $56 saying the pending acquisition of PSNL gives Tempus ownership of a differentiated tumor-informed molecular residual disease platform.

• AMD -3%; as semiconductors pulling back and leading tech lower though still up broadly on the year; shares of ARM, MRVL, INTC, SMCI, others down on the day.
• MYGN -7%; downgraded to Underweight at Piper saying they don’t believe the business model can grow or cut its way to profitability, leaving divestiture of assets as the most credible path to value
• NIO -4%; posted 35,836 vehicle deliveries in August, marking a 14.5% y/y increase but representing a second consecutive monthly decline; the Onvo sub-brand experienced a sharp 46.4% y/y decline and dropped 13.2% compared to July figures.
• PMVP -4%; as announced ~22.1M shares and pre-funded warrants to buy 19.9M shares priced at $1.21, matching their last close, for ~$50.8M gross proceeds.

Closing Recap

Tuesday, September 01, 2026

U.S. stocks opened lower overnight, adding to the prior day losses and starting the month of September (historically the worst month for U.S. stocks) on a down note as another surge in oil prices kept inflation fears a dominant concern following the hawkish comments by Fed Chairman Warsh last week about rates. Oil prices jumped over 5% after an Axios report that the U.S. was carrying out fresh strikes on Iranian targets around strait of Hormuz today. President Trump said this afternoon “if Iran retaliates for this very justified attack, they will be hit again at a much harder and higher level.” Iran later said their Armed Forces have launched a military operation in response to U.S. strikes as American bases and interests across the region will be targeted with missiles and drones. The headlines dominated this afternoons trading sending oil prices surging and stock markets lower on uncertainty. While markets were heavy the last few days, it comes on the heels of a strong August and the S&P 500 (SPX) only a little more than 2% off its all-time highs, with several sectors up double digit % this year. The Volatility index (VIX) closed below the 15 level yesterday for its lowest monthly close since November 2024, but rose as high as 16.80 today before paring gains late day but ending above the 16 level.

• U.S. JOLTS job openings rose to 7.271M in July from 7.182M in June but below consensus 7.300M. The number and rate of layoffs and discharges were little changed at 1.7 million and 1%. The quit rate changed little at 3.1 million and 1.9% over the month.
• July construction spending declined -0.5% vs. consensus unchanged to $2.158 trln (around 3 year lows), vs June unchanged (prev -0.1%); July private construction spending -0.5%.
• Dallas Fed Texas service sector revenue index 6.6 in August vs 9.5 in July and Dallas Fed Texas service sector index of general business activity outlook 4.2 in August vs 6.6 in July.
• The ISM Manufacturing PMI fell to 54.6 in August from July's near four-year high of 55.6, but below market expectations of 55.2. ISM U.S. manufacturing prices paid index 71.1 in August (consensus 70.5) vs 71.1 in July; employment index 51.2 in August (consensus 53.0) vs 52.8 in July; U.S. manufacturing new orders index 53.7 in August vs 56.7 in July.

• December gold prices fell -$85.10, or -1.90%, at $4,396.40 an ounce while December silver falls -$1.62, or -2.42%, to settle at $65.37 an ounce as elevated Treasury yields and a stronger U.S. dollar weighed on prices, while breaking back below key technical levels. Gold had hit a more than three-month high last week before sliding over 3% on Friday, after U.S. Federal Reserve Chair Kevin Warsh warned of having more "work to do" if inflation does not cool down to the central bank's 2% target. Traders added to bets on a September rate hike after Warsh's comments.

• Casinos & Gaming sector (WYNN, LVS, MGM, MLCO): Macau gross gaming revenue fell (-1.2%) y/y in August to 21.9B patacas ($2.7B), according to data from the Gaming Inspection and Coordination Bureau. However, the GGR tally was up 8.1% from the level seen in July. For the first eight months of 2026, Macau GGR is up 3.7% y/y to 169.1B patacas ($19.2B).
• Lodging sector: PK was upgraded Park to Outperform at BMO Capital and raised tgt to $18 from $14, positive on the portfolio transformation strategy and sees a still healthy demand backdrop noting Park has one of the sector's best growth setups into 2027. BMO Capital downgraded XHR to Market Perform from Outperform saying the company has fewer differentiated catalysts relative to peers in 2027 following a strong 2026 and sees risk/reward balanced.

• Utility sector: After tumbling on Monday on legislation, Bank of America downgraded California Utilities PCG and EIX after the California legislature advanced a Bill that didn't offer the electricity providers as much wildfire Protection as hoped. PG&E tumbled 20% and Edison International sank 23% on Monday. Also, Jefferies upgraded SRE  to Buy from Hold saying shares have de-rated to ~14% P/E discount to Electric peers on TX Transmission CAPEX risks and CA legislation failure and the firm generally believes SRE's TX CAPEX will remain intact, although 765kv delays are likely.

• ALMS said its experimental drug failed to meet the main goal of a mid-stage trial in patients with a chronic autoimmune disease called systemic lupus erythematosus.
• CAPR was upgraded to Overweight from Neutral at Piper after the FDA last week extended the action date for deramiocel to November 22; notes acceptance for review of a major amendment and extension of an FDA action date is standard and does not guarantee deramiocel approval.
• EBS receives an order worth about $24M from the U.S. Biomedical Advanced Research and Development Authority to supply its Cyfendus vaccine for anthrax preparedness.
• GSK said a phase 2 probe of its mRNA flu vaccine candidate showed positive results and that phase 3 trials will start this month; said its flu vaccine candidate showed higher immune responses against all flu types compared with currently licensed vaccines.
• NVS said its oral BTK inhibitor remibrutinib met primary endpoints in two Phase III trials (REMODEL-1 and 2) for relapsing MS; Remibrutinib significantly reduced annualized relapse rates compared to teriflunomide and demonstrated superiority across key secondary metrics.
• PMVP announced updated interim ovarian cancer data from the Phase 2 pivotal portion of the PYNNACLE clinical trial. Also announced ~22.1M shares and pre-funded warrants to buy 19.9M shares priced at $1.21, matching their last close, for ~$50.8M gross proceeds.

• MedTech sector: MDT shares rose after the company raised the lower end of FY27 adj. EPS to $5.94 from $5.90 and lifts organic revenue growth target to 7.25%-7.75% from 6.75%-7.25% saying demand for heart devices used in complex cardiovascular procedures drove the forecast increase (also posted Q1 adj EPS and revenue beat #9.76B vs. est. $9.55B).

• Data center sector: HUT shares active after the WSJ reported Anthropic has signed a cloud-computing deal worth $35B with NVDA backed Lambda for a Texas data center, and the data center is being developed by HUT and has a capacity of about 350 MW.
• Content Delivery sector: AKAM was upgraded to Overweight at Piper saying the Compute segment is about to show a material inflection and should show an acceleration as Akamai can show it is benefitting from AI builds and the pipeline is robust.
• Cable & Telecom sector: CHTR announced that Jessica Fischer will step down from her current position as the company's CFO on October 15, to relocate for another professional opportunity. The company will begin a comprehensive search for her replacement immediately
• Hardware & Components: GPRO is merging with privately held Starman Optical in a $285M recapitalization deal. GoPro shareholders will receive $1.14/share in cash and retain ~10% of the combined company, while ~$92M of GoPro debt will be repaid at closing. The combined company will remain Nasdaq-listed and plans to expand beyond consumer cameras.
• Quantum sector: IONQ partnered with QC Ware to demonstrate a hybrid quantum-classical drug-discovery workflow using IonQ Forte via Amazon Braket. Test modeled the cytochrome P450nor heme active site, calculating electrostatic interaction energy within 0.5 kcal/mol.

Street Recommendations

Tuesday, September 1, 2026

• XHR BMO Capital analyst Ari Klein downgraded Xenia Hotels to Market Perform from Outperform with a price target of $20.50, down from $22. The firm says the company has "fewer differentiated catalysts" relative to peers in 2027 following a strong 2026. While lodging fundamentals remain healthy, Xenia's weaker flow-through has limited its margin expansion, the analyst tells investors in a research note. BMO sees the company posting 2027 EBITDA slightly below consensus estimates. It sees a balanced risk/reward at current share levels.

• LYG BofA upgraded Lloyds Banking to Buy from Neutral with a price target of 140 GBp, up from 130 GBp. The firm believes competition is increasing for the UK banks. In this environment, BofA prefers quality and upgraded Lloyds while downgrading Barclays.
• PCG BofA analyst Ross Fowler downgraded PG&E to Neutral from Buy with a price target of $13, down from $24. California bill SB 492 fails to address the wildfire financing risks facing utilities, the analyst tells investors in a research note. The firm says the bill addresses survivor priorities while leaving PG&E's central financing and liability concerns unresolved. BofA points out that PG&E's $73B capital plan and 9% earnings growth outlook for 2027 to 2030 were premised on a constructive legislative outcome.
• EIX BofA analyst Ross Fowler downgraded Edison International to Neutral from Buy with a price target of $51, down from $81. A "once-in-a-generation reform opportunity" falls short of expectations and leaves a less compelling risk-reward, the analyst tells investors. SB 492 advances survivor protections while leaving utility risk largely unchanged and with wildfire risk elevated and no policy clarity likely for another year, uncertainty should continue to weigh on the shares, the analyst added.
• TKR BofA analyst Michael Feniger upgraded Timken to Buy from Neutral with a price target of $135, up from $129. Shares are down 17% post Q2 results, notes the analyst, who believes this "sets up an entry point into a multi-year transformation story." The new management strategy is "refreshing after years of too much M&A," says the analyst, who sees this supporting higher margins, volumes closer to a trough than peak and strong free cash flow.
• MSFT BofA analyst Tal Liani raised the firm's price target on Microsoft to $600 from $500 and keeps a Buy rating on the shares. Microsoft's fiscal Q4 results provided further validation of its AI strategy, with Azure growth accelerating to 43% and projected to grow 45% in Q1 of FY27, the analyst tells investors. The firm remains constructive on the company's long-term positioning across AI infrastructure, models and applications and applies a higher multiple to reflect accelerating cloud growth and improved visibility into investment returns.

• ACRS Canaccord analyst Edward Nash initiated coverage of Aclaris Therapeutics with a Buy rating and $10 price target. The firm views Aclaris as a "catalyst-rich" immunology and inflammatory company nearing patient data that could help determine the value of its pipeline. The stock's valuation is concentrated on Aclaris' four U.S. opportunities: ATI-052 in asthma and atopic dermatitis, bosakitug in atopic dermatitis, and modzatinib in lichen planus, the analyst tells investors in a research note. Canaccord sees the company's second half of 2026 as catalysts rich. The atopic dermatitis and asthma indications put Aclaris "at the gate of a sizeable market," contends the firm.

• TEAM Citi raised the firm's price target on Atlassian to $225 from $170 and keeps a Buy rating on the shares. The company's earnings print and recent management commentary indicate "encouraging metrics," the analyst tells investors in a research note. Citi has higher conviction in Atlassian being an AI winner.
• ADBE Citi analyst Tyler Radke raised the firm's price target on Adobe to $301 from $228 and keeps a Neutral rating on the shares. The firm sees an "achievable set-up" for the company into the fiscal Q3 earnings report. Citi sees potential for a Q3 beat and guidance raise, but says Adobe has greater estimate risk into fiscal 2027.
• AMZN Citi recommends using the weakness in Amazon.com shares after the Federal Trade Commission and 22 states filed a lawsuit alleging Amazon's advertising practices overcharged advertisers by $20B as a buying opportunity. The firm believes advertisers continue to spend more on Amazon based on results while AI demand trends at Amazon Web Services are accelerating. Amazon remains Citi's top pick with a Buy rating and $350 price target. The stock closed Monday down 2.5% to $259.77.
• KR Citi analyst Paul Lejuez lowered the firm's price target on Kroger (KR) to $57 from $61 and keeps a Neutral rating on the shares. Citi also added a "downside 30-day catalyst watch" on Kroger. The firm sees Kroger reporting inline Q2 results but says management may take a more conservative second half of the year view amid industry pressures. Walmart's (WMT) $3B tariff refund is being invested in grocery prices to drive further market share gains, the analyst tells investors in a research note.

• IBKR Goldman Sachs analysts removed Interactive Brokers from the firm's US Conviction List as part of its monthly update. Goldman keeps a Buy rating on the shares.

• ENB Jefferies lowered the firm's price target on Enbridge to C$70 from C$79 and keeps a Hold rating on the shares. The recent selloff "captures fundamental changes" in the company's competitive position, the analyst tells investors in a research note. Jefferies says Enbridge's rate base faces headwinds absent an MLO2.
• BAH Jefferies resumed coverage of Booz Allen with a Hold rating and $80 price target. The company's s growth has slowed from 11.6% in fiscal 2023 through 2025 to 3.2%, weighing on the stock's multiple amid AI disruption, the analyst tells investors in a research note. The firm says the key debate for Booz Allen is the growth rates of its higher-margin defense technology products.
• SRE Jefferies upgraded Sempra Energy to Buy from Hold with a price target of $97, down from $101. Shares have de-rated sharply on Texas transmission capex risks and California legislation failure, notes the analyst, who believes Sempra's investment plan will likely remain intact despite the opposition to transmission and data centers. Shares are overly discounted and should re-rate to a smaller discount in the next twelve months, the analyst tells investors.

• TEM Piper Sandler upgraded Tempus AI to Overweight from Neutral with a price target of $76, up from $56. The pending acquisition of Personalis (PSNL) gives Tempus ownership of a differentiated tumor-informed molecular residual disease platform, the analyst tells investors in a research note. Piper adds that the positive INTerpath-001 readout increases the strategic value of Personalis' and Tempus AI's role as the tumor sequencing provider for potentially a new therapeutic class
• CAPR Piper Sandler analyst Edward Tenthoff upgraded Capricor Therapeutics to Overweight from Neutral with a price target of $25, up from $2. The FDA last week extended the action date for deramiocel to November 22, the analyst tells investors in a research note. The firm says acceptance for review of a major amendment and extension of an FDA action date is standard procedure and does not guarantee deramiocel approval. However, Piper believes the stock's downside risk versus the upside reward on potential approval still favors owning Capricor shares into the event.
• AON Piper Sandler analyst Paul Newsome lowered the firm's price target on Aon plc to $349 from $391 and keeps a Neutral rating on the shares following its announced acquisition of USI. The firm thinks it will take time for Aon to demonstrate the needed synergies that are required to make the transaction work financially. In the meantime, the elimination of stock repurchases and the potential for execution risk will likely make Aon's shares look relatively less attractive versus its peers and potentially weigh on the valuation multiple, Piper adds.

• XNCR Raymond James raised the firm's price target on Xencor to $46 from $40 and keeps a Strong Buy rating on the shares ahead of the company's planned presentation of dose expansion results for XmAb819 for the treatment of clear cell renal cell carcinoma during ESMO 2026 in October. The dose expansion data will inform the go-forward pivotal strategy for XmAb819, notes the analyst, who says ccRCC represents "a meaningful market opportunity."

• MTD RBC Capital initiated coverage of Mettler-Toledo with a Sector Perform rating and $1,515 price target. The firm says the neutral rating balances Mettler's business quality with its "mixed opportunity set" and risk to its long-range plan. RBC is not confident the company's organic sales growth acceleration will differentiate to the upside versus companies more exposed to any biomedical research inflection.
• USAC RBC Capital raised the firm's price target on USA Compression to $31 from $30 and keeps a Sector Perform rating on the shares. The firm is updating its estimates following recent earnings, and expects higher lube oil costs to compress gross margins in the second half of the year, the analyst tells investors in a research note. The tight natural gas compression market should support strong fleet utilization and create growth opportunities, the firm added.

• HUBS TD Cowen raised the firm's price target on HubSpot to $285 from $220 and keeps a Hold rating on the shares ahead of the analyst day on September 17. Coming off a "weak" Q2 report and guide-down, HubSpot should give updates on new AI pricing efforts and traction with go-to-market selling motions, the analyst tells investors in a research note.
• ORCL TD Cowen lowered the firm's price target on Oracle to $240 from $300 and keeps a Buy rating on the shares ahead of the company's analyst day on October 28. The firm expects the focus will be on cloud. Oracle will likely issued updated fiscal 2030 targets, the analyst tells investors in a research note.
• LPLA TD Cowen analyst Bill Katz raised the firm's price target on LPL Financial to $377 from $372 and keeps a Hold rating on the shares. The firm remains cautious on retail broker/dealers citing "uneven" client cash growth prospects and elevated recruitment costs. These will likely temper earnings growth, the analyst tells investors in a research note.
• RJF TD Cowen lowered the firm's price target on Raymond James to $160 from $161 and keeps a Hold rating on the shares. The firm remains cautious on retail broker/dealers citing "uneven" client cash growth prospects and elevated recruitment costs. These will likely temper earnings growth, the analyst tells investors in a research note.

• RJF Truist analyst David Smith initiated coverage of Raymond James with a Hold rating and $188 price target. The company has excess capital, but capital return beyond the announced $400M-$500M per quarter range is unlikely for now, the analyst tells investors in a research note. In addition, Raymond James' "long awaited" investment bank reacceleration "could take a while," the analyst tells investors in a research note.
• BILL Truist raised the firm's price target on Bill to $52 from $44 and keeps a Hold rating on the shares. The firm is updating its model after the company's Q4 results, noting that while its revenue forecasts are a little changed, its adjusted EBIT estimate increases meaningfully due to the timing of reduction-in-force savings, the analyst tells investors in a research note. Truist adds that its new price target on BIll reflects a 20x forward earnings multiple.
• CRWD Truist analyst Junaid Siddiqui raised the firm's price target on CrowdStrike to $300 from $245 and keeps a Buy rating on the shares, updating the firm's model with preview for Fal.Con 2026. The firm notes that it expects to come away constructive if the management can demonstrate that AI is expanding both the size and duration of the growth opportunity, with AI Detection and Response, Flex, Identity, Cloud and SIEM collectively supporting a higher long-term Net New Annualized Recurring Revenue framework, the analyst tells investors in a research note.
• SAIC Truist raised the firm's price target on SAIC to $130 from $110 and keeps a Hold rating on the shares after its Q2 earnings beat. The firm notes it is intrigued by the company's impressive 5% organic revenue growth, but remains cautious on its ability to sustain elevated rates of organic growth given historical challenges maintaining recompete contracts, the analyst tells investors in a research note. SAIC should trade inline to the group average EBITDA multiple given lower margins, leverage and recompete performance, the firm added.

• ASMB UBS initiated coverage of Assembly Biosciences with a Buy rating and $52 price target. The company has a "de-risked" antiviral platform, anchored by Gilead's development of the herpes simplex virus franchise, and upside from its wholly owned liver disease portfolio, the analyst tells investors in a research note. UBS believes GS-1179 can address the high unmet need in recurrent genital herpes, saying the Phase 2 outcome is de-risked by the Phase 1b data demonstrating a superior profile.
• NIQ UBS raised the firm's price target on NIQ Global to $25 from $17 and keeps a Buy rating on the shares to reflect increased monetization opportunities and productivity gains as well as its improving capital structure. Despite recent strength, the stock is "still discounting lingering, albeit what we consider unfounded, concerns around potential AI disintermediation/disruption," the analyst tells investors.
• MOD UBS notes Modine shares are down "a lot" over the last three months, directionally consistent with other industrial companies with disproportionate exposure to AI infrastructure end markets, but the firm sees potential for meaningful recovery progressing to year-end and has confidence in the company's ability to make meaningful progress in its supply chain challenges. The firm, which also has confidence in the sequential increase in revenue expected in Q2, argues that the recent selloff "creates a compelling buying opportunity" and it keeps a Buy rating and $355 price target on Modine shares.
• HTGC UBS upgraded Hercules Capital to Buy from Neutral with a price target of $18.50, up from $15.50, coming out of earnings for the business development company group. The firm doesn't believe the market is giving "an appropriate level of credit" to Hercules for its better than average ROE profile, the analyst tells investors.

• DK Wells Fargo analyst Sam Margolin raised the firm's price target on Delek US to $82 from $59 and keeps an Overweight rating on the shares. The firm notes that the EPA has issued 2026 Small Refinery Exemptions to the Renewable Volume Obligation. The EPA issued SREs totaling 1.76B gallons. For 2027, Wells continues to model SREs for only Tyler and Big Spring and apply a 50% probability to that less favorable outcome vs 2026. Further, the firm highlights that this week reps from major refiners as well as fuel retailers will meet at the White House to discuss consumer relief strategies.
• DINO Wells Fargo raised the firm's price target on HF Sinclair to $93 from $67 and keeps an Equal Weight rating on the shares. The firm notes that the EPA has issued 2026 Small Refinery Exemptions to the Renewable Volume Obligation. The EPA issued SREs totaling 1.76B gallons. For 2027, Wells continues to model SREs for only Tyler and Big Spring and apply a 50% probability to that less favorable outcome vs 2026. Further, the firm highlights that this week reps from major refiners as well as fuel retailers will meet at the White House to discuss consumer relief strategies.
• MPC Wells Fargo raised the firm's price target on Marathon Petroleum to $400 from $359 and keeps an Overweight rating on the shares. The firm notes that the EPA has issued 2026 Small Refinery Exemptions to the Renewable Volume Obligation. The EPA issued SREs totaling 1.76B gallons. For 2027, Wells continues to model SREs for only Tyler and Big Spring and apply a 50% probability to that less favorable outcome vs 2026. Further, the firm highlights that this week reps from major refiners as well as fuel retailers will meet at the White House to discuss consumer relief strategies.
• PSX Wells Fargo raised the firm's price target on Phillips 66 to $335 from $239 and keeps an Overweight rating on the shares. The firm notes that the EPA has issued 2026 Small Refinery Exemptions to the Renewable Volume Obligation. The EPA issued SREs totaling 1.76B gallons. For 2027, Wells continues to model SREs for only Tyler and Big Spring and apply a 50% probability to that less favorable outcome vs 2026. Further, the firm highlights that this week reps from major refiners as well as fuel retailers will meet at the White House to discuss consumer relief strategies.
• VLO Wells Fargo raised the firm's price target on Valero to $389 from $356 and keeps an Overweight rating on the shares. The firm notes that the EPA has issued 2026 Small Refinery Exemptions to the Renewable Volume Obligation. The EPA issued SREs totaling 1.76B gallons. For 2027, Wells continues to model SREs for only Tyler and Big Spring and apply a 50% probability to that less favorable outcome vs 2026. Further, the firm highlights that this week reps from major refiners as well as fuel retailers will meet at the White House to discuss consumer relief strategies.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:30 AM ET                 Dallas Fed Manufacturing for August

• Earnings After the Close: CANG

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, Aug-final
• 10:00 AM ET                 Construction Spending M/M for July
• 10:00 AM ET ISM Manufacturing PMI for August
• 10:00 AM ET                 JOLTs Job Openings for July
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: CRDO DELL GTLB MDB PANW SPWH ZEPP

• 8:15 AM ET ADP Private Payrolls for August
• 10:00 AM ET                 Durable Goods Orders M/M for July
• 10:00 AM ET                 Factory orders M/M for July
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: AGX AI AVGO CHPT FIVE GOLD HPE MTRK NTAP NTSK PHR PVH SNOW TLYS WOOF

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   International Trade for July
• 8:30 AM ET                   Nonfarm productivity for Q2
• 8:30 AM ET                   Unit Labor Costs for Q2
• 9:45 AM ET S&P Global Composite PMI, Aug-final
• 9:45 AM ET S&P Global Services PMI, Aug-final
• 10:00 AM ET ISM Non-Manufacturing PMI for August
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AMBA AOUT ASAN BBCP CURV DOCU EGAN GWRE IOT LULU MAMA NX OXM PATH PL SWBI ZS

• 8:30 AM ET                   Private Payrolls for August
• 8:30 AM ET                   Manufacturing Payrolls for August
• 8:30 AM ET                   Unemployment Rate for August
• 8:30 AM ET                   Average Hourly Earnings M/M for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data