Early Look

Tuesday, August 18, 2026

U.S. stock futures, particularly technology stocks (QQQ), retreated overnight as long-term borrowing costs from the United States to Japan and Germany rose to their highest levels in decades as Brent oil prices rose back above $90 a barrel, fanning inflation worries as U.S.-Iran peace hopes faded. Oil prices rose for a third session Monday as prospects receded for a deal to end the Middle East war, with Iran saying it would adopt a more offensive stance and the U.S. ruling out extending a ceasefire deal, heightening worries about energy supply. The 30-year yield climbs above 5.32% (new 19 year highs) while the benchmark 10-year tops 4.73% adding to fears. Wall Street is coming off modest losses as energy (XLE) was a leader Monday as WTI and Brent settled up 2.6% and 2.7%, respectively, and both chips (SOX) and metals outperformed…but consumer staples, REITs, large cap tech, travel and leisure were among the biggest losers. Today, housing data is on tap, with housing starts, building permits and pending home sales on the docket as well as Industrial production and import/export prices. In Asian markets, The Nikkei Index tumbled -1,759 points or 2.54% to settle at 67,460, the Shanghai Index rose 7 points to 3,990, and the Hang Seng Index advanced 17 points to 25,471. In Europe, the German DAX is down -87 points to 26,251, while the FTSE 100 is up a few points to 10,722.

• The Dow Jones Industrial Average fell -272.51 points, or 0.51%, to 53,460.02
• The Nasdaq Composite dropped -84.25 points, or 0.32%, to 26,644.91
• The Russell 2000 Index declined -10.88 points, or 0.35% to 3,057.53

• 8:30 AM ET                   Housing Starts M/M for July…est. 1.35M
• 8:30 AM ET                   Building Permits M/M for July…est. 1.37M
• 8:30 AM ET                   Import Prices M/M for July…est. +0.1%
• 8:30 AM ET                   Export Prices M/M for July…est. +0.2%
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for July…est. +0.3%
• 9:15 AM ET                   Capacity Utilization for July…est. 76.3%
• 10:00 AM ET                 Pending Home Sales M/M for July…est. +0.3%
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AUNA JKHY KEYS LZB MRCY SQM TOL ZTO

• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20
• Rosenblatt 6th Annual Age of AI Tech Virtual Summit, 8/17-8/18
• Seaport Global 15th Annual Summer Investor Virtual Conference, 8/18-8/19

• Britain's labor market cooled further in Q2, marked by slowing earnings growth in the private sector. Private sector regular earnings rose by 2.8% in annual terms during the three months to June, marking the weakest growth since the three months to October 2020.
• U.S. June net overall capital flow +$133.5B vs +$131.5B in May (vs. prior +$132.2B); U.S. June net long-term flow (ex-swaps/other) +$172.7B vs +$231.2B in May; U.S. June net official capital flow +$48.4B vs (-$39.9B in May); Japan's U.S. Treasury holdings $1.117 trln in June vs $1.143 trln in May and China holdings $633B in June vs $659B in May.

• Amer Sports (AS) Q2 revenue rose 32% y/y to $1.63B topping est. $1.54B, while adjusted EPS for Q2 rose $0.18; raises full-year 2026 revenue growth guidance to about 24% and now sees 2026 gross margin at 60.5–61.0% and operating margin at 14.2–14.5%; said strong Q2 revenue growth was driven by Technical Apparel, Outdoor Performance, and Ball & Racquet (Wilson Tennis 360).
• Costco (COST) plans to soon rollout Costco-branded Medicare plans, working with SCAN Group, Anna the Wall Street Journal reports. The two companies would start selling their jointly named Medicare Advantage in two states and a Medicare supplement in a third state.

• Flexsteel Industries (FLXS) says consumer demand for furniture remains pressured by macroeconomic uncertainty related to ongoing conflict in Middle East; Q4 adj EPS $1.33 vs est $1.09 on revs $115.365Mm vs est $109.66Mm, gr mgn 30%; guides Q1 revs $111-115Mm vs est $106.8Mm.
• Kaiser Aluminum (KALU) announced a leadership transition, with the Board of Directors appointing Fred Stephan as Chief Executive Officer and President, effective November 1, 2026, as part of its long-term succession planning process.
• Targa Resources (TRGP) said it signed new 20-year fee-based agreements with Exxon Mobil (XOM) to provide integrated natural-gas gathering, processing, and downstream services in the Permian Basin and plans to build three new processing plants in the region.

• Aon Plc (AON) CFO Edmund Reese will transition from his role as EVP and CFO effective immediately, to pursue opportunities outside the firm. Aon appointed Nadin Virani as Interim CFO, effective immediately, and Reese will serve as senior advisor to Aon President and CEO Greg Case, through August 16, 2027
• XP Inc. (XP) Q2 adjusted net profit R$1.38B vs. est. R$1.37B; gross revenue R$5.06B, +8% YoY; total client assets R$2.2T; 11.79Mm Class A Treasury shares to be cancelled.

• Duos Technology Group (DUOT) Q2 EPS $1.35 vs est $0.66; revenue $6.18Mm vs est $4.9Mm, +30% YoY; operating Income $49k; FY revenue guidance over $50Mm vs est $55.5Mm; 25 MW deployed target reaffirmed.
• Fabrinet (FN) Q4 adj EPS $4.10 vs. est. $3.82; Q4 revs rose 45% y/y to a record $1.316B vs. est. $1.275B and adj net income $149.1M vs. est. $138.7M; guides Q1 revs $1.375-$1.42B vs. est. $1.321B and EPS $4.10-$4.25 vs. est. $3.98.
• Meta (META) will face off against attorneys general from several states in an Oakland, Calif., courtroom Tuesday as part of a major lawsuit alleging that the company violated child safety and consumer protection laws and harmed children's mental health.
• Xiaomi (XIACY) said it expects memory price increase to slow down in 2H

Mid-Morning Look

Tuesday, August 18, 2026

U.S. stock markets open lower as the names that were higher on Monday such as semiconductors (SOX), data centers and precious metals are seeing early weakness, while defensive sectors such as Consumer Staples, Healthcare and REITs are rallying in another sector rotation, and Energy outperforms as oil prices hit highest levels in weeks. Global bond yields surged to multi-decade highs as expiring U.S.-Iran ceasefire talks collapse, pushing oil prices higher and stoking fresh inflation fears. President Trump said on social media today, "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All Water mines have been removed or detonated.” A day after the PHLX Semi Index (SOX) topped its 50dma resistance of roughly 12585, the index falls notable this morning -5.2% to below 12,000 in strong pullback for semis/AI space. At the same time, investors rotate back into software names and some hyperscalers which fell Monday.

Higher oil and rising Treasury yields the past few sessions is what is moving markets lower (after the S&P 500, Dow Jones Industrial Average and the Russell 2000 hit record highs recently) as front month Brent crude oil rose 2.5% on Monday to $91 per barrel, highest since July 24 though only minimal gains today despite reports of another attack on a ship near Oman. WTI is tracking higher around $85 per barrel after the squeeze yesterday on reports that Iran has seized a UAE-owned tanker in the Strait. President Trump’s threat to attack Oman added to concerns along with data showing shipping has slowed dramatically in the Strait of Hormuz with fewer ships passing through. The 30-yr hit fresh 19 year highs above 5.34% this morning and the 10-yr above 4.74% but have since pulled back off highs and edged lower.

• Import prices fell (-0.4%) in July, versus +0.1% expected while July export prices fell (-1.3%) vs. consensus +0.2% and vs June (-0.7%). July y/y import prices rose +5.9% (down from +7.1%), while export prices rose +8.2% (down from +10.2% m/m). U.S. July non-petroleum import prices +0.3%, year-over-year +4.5% and July Petroleum import prices (-7.5%) vs June (-4.3%).
• July Industrial Capacity Utilization reported at 76.3% (in line with expected) while June was revised up to 76.2% from 76.1%; Manufacturing capacity utilization: 76.0% (up from 75.7% in June, +30 bps). July Industrial Output +0.2% (vs. consensus +0.3%) vs June +0.3%.
• July Pending Home sales -2.2% from July 2025 while U.S. July Pending Home sales index -2.3% (consensus +0.3%) to 71.2.
• The US Treasury International Capital report for June showed total net TIC flows of $133.5B (prior: $131.5B) and net long-term flows of $172.7B (prior: $231.2B). The headline was broadly stable month-on-month, but the $60bn deceleration in long-term flows was the standout.
• Total foreign holdings of US treasury fell $72.1B in June — the largest single-month decline since March's $134.4B plunge and the second largest of 2026.

• In REITs: Keybanc changes in Retail REITs, upgrading AKR to Overweight from Sector Weight ($25 PT) and downgrading KRG to Sector Weight from Overweight. AKR's YTD underperformance (+3.4%, -1,480 bps vs. Shopping Center REITs and -1,520 bps vs. the RMS) has created an attractive entry point as visibility improves around several earnings growth drivers. REXR agreed to sell a portfolio of 22 industrial properties to an affiliate of EQT Real Estate for about $1.2 billion, part of its $2 billion plan to dispose of non-core assets and recycle capital.

• AS +3%; Q2 revenue rose 32% y/y to $1.63B topping est. $1.54B, while adjusted EPS for Q2 rose $0.18; raises full-year 2026 revenue growth guidance to about 24% and now sees 2026 gross margin at 60.5–61.0% and operating margin at 14.2–14.5%.
• BBWI +5%; upgraded to Buy at Citigroup saying believes the combination of a Q2 EPS beat, positive tone about recent product launches, and potential upside to estimates from energy prices/tariff refunds, along with a depressed stock price creates a very attractive risk/reward.
• DUOL +5%; was upgraded to Buy from Neutral at DA Davidson with $160 tgt saying the company’s product enhancements, marketing changes and continued monetization improvements are underappreciated by investors as sees a long runway for growth in coming years.
• FLXS +13%; says consumer demand for furniture remains pressured by macroeconomic uncertainty related to ongoing conflict in Middle East; Q4 adj EPS $1.33 vs est $1.09 on revs $115.365Mm vs est $109.66Mm, gr mgn 30%; guides Q1 revs $111-115Mm vs est $106.8Mm.
• HAE +14%; disclosed a non-exclusive agreement in which CSL Pharma may utilize the company sNExSys PCS devices with Persona PLUS technology and related disposables in the US.
• TRGP +6%; shares were strong after the company announced a major expansion of its strategic relationship with XOM in the Permian Basin. Goldman Sachs said views the agreements as a significant positive for Targa's long-term growth outlook.
• WEAV +31%; as Francisco Partners announced that FP has entered into a definitive agreement to acquire Weave, at an aggregate equity valuation of approximately $650M. Under the terms of the agreement, Weave stockholders will receive $7.40 per share in cash

• BIDU -8%; after Q2 revs fell -4% y/y to RMB31.33B vs. est. RMB31.96; said Q2 revenue from AI Cloud Infra rose 50% y/y, driven by mounting demand for public cloud-based AI computing; Q2 revs from AI applications increased 3% y/y; online marketing services segment revs of 13.1B yuan down -19% y/y.
• DCGO -25%; 2Q revenue/EBITDA below consensus while 2026 revenue guidance maintained, though EBITDA loss increased. Continues to target breakeven EBITDA exiting 2026.
• FN -18%; quarterly results beat on top and bottom line, largely on DCI strength while Datacom and HPC missed estimates again in FQ4 according to Barclay’s; new capacity on track and new programs ramping to fuel growth in FY27 and beyond.
• KLAR -20%; announces planned CFO/CMO transitions, Q2 results better ww/smaller net profit loss y/y of -$9M, revs rose 27% to $1.04B (est. $994M) and GMV rose 18% to $36.6B but lowers FY26 revenue view $4.08B-$4.16B from over $4.34B (est. $4.42B) and sees FY GMV $149B-$151B, down from prior view of greater than $155B.

Closing Recap

Tuesday, August 18, 2026

U.S. stocks ended lower for a third consecutive day, as the tech heavy Nasdaq Composite underperformed, dragged down by a sell-off in semiconductors as the SOX fell as much as 6% this morning, back below key technical levels after jumping the day prior while Smallcaps also faltered. The combination of a run in Treasury yields to multi year highs coupled with oil prices at multi week highs was enough to damage broader markets with light volumes in August summer trading. Chances of a Fed rate hike at the September meeting have dwindled in recent days following several weaker economic data reports including a decline in monthly jobs, weaker retail sales and cooler CPI/PPI inflation, yet, the 30-year Treasury yield touched 5.3371%, highest level since 2007 this morning before paring back. The Nasdaq fell over 1% as Treasury yields pressure rate-sensitive technology stocks, as data center, semis and AI names tumbled. Attention turns back to retailers tomorrow morning with earnings from Target (TGT), Lowe’s (LOW), and TJ Maxx (TJX). Precious metals fell, Bitcoin bounced, the dollar was flattish, oil rose and Treasury yields ended lower.

• Import prices fell (-0.4%) in July, versus +0.1% expected while July export prices fell (-1.3%) vs. consensus +0.2% and vs June (-0.7%). July y/y import prices rose +5.9% (down from +7.1%), while export prices rose +8.2% (down from +10.2% m/m). U.S. July non-petroleum import prices +0.3%, year-over-year +4.5% and July Petroleum import prices (-7.5%) vs June (-4.3%).
• July Industrial Capacity Utilization reported at 76.3% (in line with expected) while June was revised up to 76.2% from 76.1%; Manufacturing capacity utilization: 76.0% (up from 75.7% in June, +30 bps). July Industrial Output +0.2% (vs. consensus +0.3%) vs June +0.3%.
• July Pending Home sales -2.2% from July 2025 while U.S. July Pending Home sales index -2.3% (est. +0.3%) to 71.2.
• The US Treasury International Capital report for June showed total net TIC flows of $133.5B (prior: $131.5B) and net long-term flows of $172.7B (prior: $231.2B). The headline was broadly stable month-on-month, but the $60bn deceleration in long-term flows was the standout.
• Total foreign holdings of US treasury fell $72.1B in June — the largest single-month decline since March's $134.4B plunge and the second largest of 2026.

• Oil prices were slightly higher, gaining for a third straight session, with WTI crude oil rising $0.44 or 0.52% to settle at $84.94 per barrel and Brent crude edges higher $0.15 or 0.17% to $91.02 per barrel as prospects for a U.S.-Iranian peace deal dimmed after Tehran said it would adopt a more offensive stance and Washington ruled out extending a ceasefire deal.

• Sporting Goods retail: AS Q2 revenue rose 32% y/y to $1.63B topping est. $1.54B, while adjusted EPS for Q2 rose $0.18; raises full-year 2026 revenue growth guidance to about 24% and now sees 2026 gross margin at 60.5–61.0% and operating margin at 14.2–14.5%; said strong Q2 revenue growth was driven by Technical Apparel, Outdoor Performance, and Ball & Racquet (Wilson Tennis 360).
• Apparel Retail: ANF was downgraded at Raymond James to Market Perform from Outperform citing valuation with the shares up 25% since the Q1 results as the firm sees a balanced risk/reward with the stock around $105; expects Abercrombie same-store sales to remain mixed. Beaten up retailers LULU and NKE saw notable gains today – still big decliners on year (LULU down -42% YTD and NKE -36.5% YTD).
• Hardline/Warehouse retail: COST plans to soon rollout Costco-branded Medicare plans, working with SCAN Group, the Wall Street Journal reports. The two companies would start selling their jointly named Medicare Advantage in two states and a Medicare supplement in a third state. TGT reports tomorrow morning.
• Specialty Retail: BBWI was upgraded to Buy at Citigroup saying believes the combination of a Q2 EPS beat, positive tone about recent product launches, and potential upside to estimates from energy prices/tariff refunds, along with a depressed stock price creates a very attractive risk/reward.

• Auto sector: ATHM was downgraded to Underperform at Bank America saying the company is facing significant earnings pressure from auto industry headwinds and its business transition, and notes Autohome has weaker financials and higher industry risk vs other China online vertical platforms.  CVNA shares were notably weaker as the WSJ reported worries swirling that a federal investigation into one of its investors, Mark Walter, could lead to the billionaire selling his stake of the used car retailer.

• Utility/Solar sector: NEE extends its winning streak to 8 days (approaching its 50dma of $87.15); UGI shares jumped after the WSJ reported late morning that the natural gas and electricity distributor recently received a roughly $9B takeover offer from KKR. https://tinyurl.com/y3kv6t62
• Machinery & Equipment: TAYD Q4 sales fell sharply y/y to $8.95M due to delayed customer orders (est. $12.8M) as Q4 net income and EPS declined from prior year, reflecting lower sales volume; ended FY26 with record $52.8M firm order backlog, led by Aerospace/Defense. IR shares remain weak, falling for a 9th straight day as dips below its 200dma support $81.95.
• Industrial Metals sector: FLXS says consumer demand for furniture remains pressured by macroeconomic uncertainty related to ongoing conflict in Middle East; Q4 adj EPS $1.33 vs est $1.09 on revs $115.365Mm vs est $109.66Mm, gr mgn 30%; guides Q1 revs $111-115Mm vs est $106.8Mm.

• Brokers & Banks: GS said it will buy commercial real estate investor LCN Capital Partners for as much as $410M, paying about $260M upfront for LCN, with a further potential payout of up to $150M tied to future performance targets and service commitments (about 80% will be paid in stock)
• Crypto sector: Bitcoin and Ethereum have seen gains the last few days with Bitcoin rising to $65,750; The SEC today proposed new rules that would create "a clear and fit-for-purpose framework for certain investment contracts involving crypto assets," according to a news release.
• Lending sector: U.S. auto loan delinquency 90+ days past due near 23-year high as debt reaches $1.713 Trillion (name sin auto lending to watch CVNA, OMF, ALLY, CACC).
• Insurance sector: AON announced CFO Edmund Resse is leaving after 2 years to pursue opportunities outside AON. Nadin Virani Global head of Corp planning and analytics will serve interim CFO; affirmed FY'26 guide targeting 70-80bps adj margin expansion with mid-single digit + organic growth.
• In REITs: Keybanc changes in Retail REITs, upgrading AKR to Overweight from Sector Weight ($25 PT) and downgrading KRG to Sector Weight from Overweight. AKR's YTD underperformance (+3.4%, -1,480 bps vs. Shopping Center REITs and -1,520 bps vs. the RMS) has created an attractive entry point as visibility improves around several earnings growth drivers. REXR agreed to sell a portfolio of 22 industrial properties to an affiliate of EQT Real Estate for about $1.2 billion, part of its $2 billion plan to dispose of non-core assets and recycle capital.

• BMRN said it has agreed to acquire privately held drug developer Alesta Therapeutics to gain access to ALE1, an experimental treatment for the rare genetic disorder hypophosphatasia; will pay $275M upfront and up to $215M in added payments tied to certain development and regulatory milestones.
• Healthcare Services: DCGO 2Q revenue/EBITDA below consensus while 2026 revenue guidance maintained, though EBITDA loss increased. Continues to target breakeven EBITDA exiting 2026.
• Dental sector: Piper noted ALGN Clear aligner volumes measured across Piper's data set of several hundred U.S. orthodontic offices declined 8.2% Y/y in July while teens were also down a similar amount (7.2%) and underperformed B&W by the widest margin of the year (8 points).
• Medical Equipment sector: HAE disclosed a non-exclusive agreement in which CSL Pharma may utilize the company’s sNExSys PCS devices with Persona PLUS technology and related disposables in the US.

• Internet/Online services; BIDU shares fell after Q2 revs fell -4% y/y to RMB31.33B vs. est. RMB31.96; said Q2 revenue from AI Cloud Infra rose 50% y/y, driven by mounting demand for public cloud-based AI computing; Revenue from AI Applications increased 3% y/y, reflecting only modest expansion; online marketing services segment reported total revenue of 13.1B yuan in Q2, down -19% y/y. DUOL was upgraded to Buy at Davidson with $160 tgt saying the company’s product enhancements, marketing changes and continued monetization improvements are underappreciated by investors as sees a long runway for growth in coming years.
• Media Sector: The WSJ reported DIS ABC has sued the Federal Communications Commission (FCC) alleging the agency's efforts to challenge its Broadcast licenses and regulate its talk show "The View" are illegal and an effort to quash speech the Trump administration finds objectionable.

• Opticals, Photonics & Networking: FN quarterly results beat on top and bottom line, largely on DCI strength but shares tumbled as Datacom and HPC missed estimates again in FQ4; new capacity on track and new programs ramping to fuel growth in FY27 and beyond; now has four 10% customers, up from two y/y; shares of the optical sector, which has surged massively recently (AAOI, COHR, LITE, CIEN) saw a notable pullback today.
• Software sector: a rebound for the group after broad weakness on Monday; WEAV shares jumped after Francisco Partners announced that FP has entered into a definitive agreement to acquire Weave, at an aggregate equity valuation of approximately $650M. Under the terms of the agreement, Weave stockholders will receive $7.40 per share in cash.
• Handhelds & Telecom: Xiaomi (XIACY) Q2 Revenue fell -6.1% y/y to RMB108.92B vs. RMB115.96B; Q2 Gross Profit RMB21.61B vs. RMB26.10B y/y; Q2 basic EPS RMB0.37 vs. RMB0.46 y/y and H1 Revenue RMB208.06B vs. RMB227.25B y/y; said expects memory price increase to slow down in 2H; Q2 Smartphone revenue fell -7.5% y/y to RMB42.12B, while IoT and lifestyle products revenue declined 19.2% to RMB31.28B; Smart EV, AI and other new initiatives revenue increased 17.1% y/y.

Street Recommendations

Tuesday, August 18, 2026

• CRWD Barclays raised the firm's price target on CrowdStrike to $235 from $169 and keeps an Overweight rating on the shares ahead of the Q2 report on August 26. The firm models CrowdStrike's new net annual recurring revenue of $285M, and sees an upside case of $300M-plus based on its "strong" channel checks. Crowdstrike will hold an analyst day at Fal.Con, "which could create a follow-through catalyst" for the shares, the analyst tells investors in a research note.
• FN Barclays raised the firm's price target on Fabrinet to $739 from $702 and keeps an Overweight rating on the shares. The company posted a solid quarter, beating on sales and earnings, largely on data center strength, the analyst tells investors in a research note. However, the firm says Fabrinet's datacom and high performance compute missed estimates again in fiscal Q4. It believes the company's new capacity is on track and new programs are ramping to drive growth in fiscal 2027 and beyond.
• VEEV Barclays raised the firm's price target on Veeva to $275 from $235 and keeps an Overweight rating on the shares ahead of the earnings report on August 26. The firm models 13%-14% normalized billings growth off an easier Crossix compare relative to Q1. Veeva's fiscal year guide "seems beatable," the analyst tells investors in a research note.
• LEU Barclays initiated coverage of Centrus Energy with an Equal Weight rating and $207 price target. Th e company has historically been a broker of enriched nuclear fuel and uranium, selling foreign produced enriched uranium to American utilities looking to restock their power plants, and is now working its way towards enriching uranium itself, the analyst tells investors in a research note. Barclays says Centrus has a $2.4B backlog of enriched uranium and is the only company in the U.S. with the ability to commercially enrich high assay low enriched uranium.

• ATHM BofA analyst Miranda Zhuang downgraded Autohome to Underperform from Neutral with a price target of $19, down from $20.20. The company is facing "significant" earnings pressure from auto industry headwinds and its business transition, the analyst tells investors in a research note. The firm says Autohome has weaker financials and higher industry risk versus the other other China online vertical platforms. It sees the company's adjusted net profit declining 39% in 2026 and has lower visibility on Autohome's long-term growth.
• NVDA BofA analyst Vivek Arya sees a "compelling" valuation for Nvidia at current share levels. The shares are trading at a 34%-50% free cash flow discount even when including the risks of its rising vendor financing, the analyst tells investors in a research note. The firm believes Nvidia's "off-balance-sheet risk matters but resists easy valuation." The shares at current levels "could be overstating the risks and creating a compelling opportunity," contends BofA. It expects Nvidia to provide more disclosure around its off balance sheet commitments on the August 26 earnings. The firm reiterates a Buy rating on the shares with a $350 price target.
• COLD BofA analyst Samir Khanal upgraded Americold Realty Trust to Neutral from Underperform with a price target of $16, up from $15. Americold's Q2 results showed improvement in physical occupancy and throughput and increased its FY26 AFFO per share guidance by 4c at the midpoint, driven by first half outperformance and continued positive trends, the analyst tells investors in a research note. While fundamentals are stabilizing, demand remains soft, the firm says.
• ARGX BofA analyst Tazeen Ahmad raised the firm's price target on Argenx to $1,136 from $1,088 and keeps a Buy rating on the shares. Argenx's positive Phase 3 ALKIVIA results de-risk efgartigimod's potential in myositis, with statistical significance in the INM subgroup supporting an 80% likelihood of success and $3.4B potential peak INM sales, while Sjogren's data in 2H27 and empasiprubart's MMN readout in Q4 are the next major catalysts, the analyst tells investors in a research note.
• ZS BofA raised the firm's price target on Zscaler to $210 from $175 and keeps a Buy rating on the shares. Zscaler's outlook benefits from a more favorable valuation framework for AI-enabled security platforms and confidence in durable growth as enterprises adopt Zero Trust, cloud-native security, and AI-driven workflows, with its position across network transformation, data protection, and secure access reinforcing its strategic importance, the analyst tells investors in a research note.
• S BofA raised the firm's price target on SentinelOne to $26 from $22 and keeps a Buy rating on the shares. SentinelOne's outlook is improving on broader AI-security multiple expansion, stronger execution, and its evolution into a broader platform, with Data, AI, and Cloud already contributing roughly half of annual recurring revenue and record net new ARR, improving large-customer trends, and progress toward profitable growth supporting the longer-term thesis, the analyst tells investors in a research note.
• FERG BofA lowered the firm's price target on Ferguson to $315 from $325 and keeps a Buy rating on the shares. Ferguson offers positive earnings momentum, including volume outperformance, positive pricing and margin trends driven by inflation, upside from acquisitions and large cash returns to shareholders, the analyst tells investors in a research note.
• HAE BofA analyst Travis Steed raised the firm's price target on Haemonetics to $120 from $100 and keeps a Buy rating on the shares. CSL Plastma's transition of select U.S. plasma centers to the latest-generation Haemonetics platform is a bullish productivity and efficiency catalyst, reinforcing Haemonetics' competitive and technology differentiation and potentially creating upside to Street estimates, the analyst tells investors in a research note.
• HASI BofA lowered the firm's price target on HASI to $45 from $49 and keeps a Buy rating on the shares. HASI delivered a Q2 EPS beat and raised 2028 adjusted EPS guidance, with strong deployment, more than 11% new asset yields, wider investment margins, lower debt costs, and improved capital efficiency driving 31% year over year 1H26 adjusted earnings growth and ROE above 15%, the analyst tells investors in a research note.

• LUNR Canaccord lowered the firm's price target on Intuitive Machines to $39 from $41 and keeps a Buy rating on the shares. The firm updated its model after Management reiterated its FY26 expectations, continuing to aim for midpoint revenue of $950M and a positive Adj. EBITDA.
• SBET Canaccord analyst Joseph Vafi lowered the firm's price target on SharpLink Gaming to $8 from $19 and keeps a Buy rating on the shares. The firm said despite what's been a relatively difficult H1 for ETH, SharpLink continues to move along nicely, taking solid and differentiated strategic steps to move the company forward. Canaccord lowered its target to reflect a conservative move from its current mNAV to 1x mNAV.

• AMGN Cantor Fitzgerald raised the firm's price target on Amgen to $400 from $350 and keeps a Neutral rating on the shares. The revised estimates better capture Amgen's near-term commercial outlook and largely support the recent share-price move, but the key question is whether a relatively narrow 2H26 late-stage pipeline, centered on Sjogren's and EoE, can sustain further momentum, the analyst tells investors in a research note.

• DT Citi raised the firm's price target on Dynatrace to $65 from $62 and keeps a Buy rating on the shares. Citi also added an "upside 90-day catalyst watch" on Dynatrace. Citi sees "lots to like" following the stock's recent underperformance. Dynatrace is on a path back to 20% annual recurring revenue growth and its investor day post the Q2 report amid activist involvement should be a catalyst for the shares, the analyst tells investors in a research note.
• EYPT Citi lowered the firm's price target on EyePoint to $17 from $35 and keeps a Buy rating on the shares. The firm sees greater risk for the LUCIA stud given LUGANO's endpoint miss. However, Citi still sees a possible path forward for EyePoint in wet age-related macular degeneration.
• NTAP Citi analyst Asiya Merchant raised the firm's price target on NetApp to $209 from $150 and keeps a Neutral rating on the shares ahead of the earnings report on September 2. The company is well positioned due to improving enterprise storage spend, the analyst tells investors in a research note. However, Citi sees a full valuation at current share levels.
• CRM Citi raised the firm's price target on Salesforce to $204 from $187 and keeps a Neutral rating on the shares ahead of the Q2 earnings report. Citi's partner fieldwork remained mix on Salesforce but improved modestly from Q1, the analyst tells investors in a research note. The firm upped its Q2 sales estimates to match consensus on its better channel checks.

• C
• PBF Goldman Sachs raised the firm's price target on PBF Energy to $81 from $71 and keeps a Neutral rating on the shares. The firm's outlook remains constructive given strong leverage to refining margins and continued deleveraging, with net debt-to-capital reduced to about 15% in Q2, though valuation and operational execution remain key considerations, the analyst tells investors in a research note.

• OKTA Jefferies raised the firm's price target on Okta to $170 from $140 and keeps a Buy rating on the shares as part of an earnings preview. The firm expects Okta to beat its Q2 remaining performance obligation guidance of $2.51B by 2%. The shares have re-rated but remain attractive, the analyst tells investors in a research note. Jefferies sees high investor expectations into Okta's quarter.

• AMX JPMorgan upgraded America Movil to Overweight from Neutral with a price target of $32, up from $30. The company's operating trends are "very solid," the analyst tells investors in a research note. The firm says America Movil's prepaid mobile has accelerated for five consecutive quarters, suggesting a better competitive backdrop than broader consumer indicators would imply and easing concerns around Walmex's Bait.
• TIGO JPMorgan analyst Marcelo Santos downgraded Millicom to Neutral from Overweight with a price target of $105, up from $100. The firm cites increased expectations for the downgrade. Consensus estimates have mostly incorporated Millicom's consolidation benefits expected from the Colombian consolidation, the analyst tells investors in a research note. JPMorgan would wait would for more visibility on the company's Chilean operations and potential acquisitions in Peru or Venezuela before buying the shares.
• FN JPMorgan raised the firm's price target on Fabrinet to $695 from $680 and keeps a Neutral rating on the shares post the fiscal Q4 report. The company's soft datacom and high performance compute belies its accelerating revenue growth outlook, the analyst tells investors in a research note.

• AKR KeyBanc last night upgraded Acadia Realty Trust to Overweight from Sector Weight with a $25 price target. The stock's underperformance year-to-date versus the shopping center real estate investment trust group has created an attractive entry point, the analyst tells investors in a research note. The firm sees improving visibility for Acadia around several of its earnings growth drivers, including a growing signed not open pipeline, additional Street and Urban lease-up, City Point value creation, and continued capital deployment.

• FSLR Morgan Stanley raised the firm's price target on First Solar to $323 from $245 and keeps an Overweight rating on the shares. The bullish Section 232 tariff outcome improves pricing power and visibility, supporting higher long-term EPS estimates and a higher price target, with accelerating bookings, stronger price realization from 2028 onward, and renewed order visibility providing further upside, the analyst tells investors in a research note.
• LTH Morgan Stanley analyst Stephen Grambling raised the firm's price target on Life Time Group to $53 from $39 and keeps an Overweight rating on the shares. Life Time delivered Q2 results above expectations on membership growth, comps, and margins, supporting a higher price target and valuation multiple given its potential to sustain 15%-16% EBITDA growth over the next three years, the analyst tells investors in a research note.
• PLNT Morgan Stanley raised the firm's price target on Planet Fitness to $51 from $47 and keeps an Equal Weight rating on the shares. Planet Fitness estimates rise on the Q2 beat, share repurchases, and equipment revenue, but visibility into pricing and volume remains limited given the planned $10 national promotion in Q3 and a year-end marketing reset, the analyst tells investors in a research note.

• MDB Stifel raised the firm's price target on MongoDB to $475 from $435 and keeps a Buy rating on the shares. Off-calendar software companies are expected to post strong Q2 results,but recent outperformance may already reflect much of the upside, the analyst tells investors in a research note.
• SNOW Stifel analyst Brad Reback raised the firm's price target on Snowflake to $350 from $300 and keeps a Buy rating on the shares. Off-calendar software companies are expected to post strong Q2 results,but recent outperformance may already reflect much of the upside, the analyst tells investors in a research note.

• TNL Susquehanna initiated coverage of Travel + Leisure with a Positive rating and $95 price target.
• VAC Susquehanna analyst Christopher Stathoulopoulos initiated coverage of Marriott Vacations with a Neutral rating and $110 price target.

• ARGX Truist analyst Danielle Brill raised the firm's price target on Argenx to $1,095 from $1,030 and keeps a Buy rating on the shares. The firm is boosting its price target to reflect the company's positive phase 3 top-line results with efgar in myositis. The data support an expedited approval in IMNM, or immune-mediated necrotizing myopathy, and while the timing of a DM approval remains dependent on regulatory discussions, the firm is increasingly confident that efgar will ultimately be successfully developed in this myositis subtype as well, the analyst tells investors in a research note.

• NCLH UBS raised the firm's price target on Norwegian Cruise Line to $20 from $17 and keeps a Neutral rating on the shares. Norwegian Cruise Line is attributing recent weakness primarily to execution, particularly at the Norwegian brand, and is resetting expectations for a longer turnaround, with its revised pricing strategy unlikely to produce visible benefits until 2H27 and 1H27 yields still expected to decline, the analyst tells investors in a research note.
• CTVA UBS analyst Joshua Spector lowered the firm's price target on Corteva to $85 from $89 and keeps a Neutral rating on the shares. Corteva has a more favorable setup into its September 15 investor days and October 1 spin, with the post-earnings reset lowering expectations and creating greater potential for upside surprises despite a potentially slower-growth 2027, the analyst tells investors in a research note.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• 10:00 AM ET NAHB Housing Market Index for August
• 4:00 PM ET                    Net Long-term TIC Flows for June

• Earnings After the Close: DCGO FLXS FN XP YALA

• Rosenblatt 6th Annual Age of AI Tech Virtual Summit, 8/17-8/18

• 8:30 AM ET                   Housing Starts M/M for July
• 8:30 AM ET                   Building Permits M/M for July
• 8:30 AM ET                   Import Prices M/M for July
• 8:30 AM ET                   Export Prices M/M for July
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for July
• 9:15 AM ET                   Capacity Utilization for July
• 10:00 AM ET                 Pending Home Sales M/M for July
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AUNA JKHY KEYS LZB MRCY SQM TOL ZTO

• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20
• Rosenblatt 6th Annual Age of AI Tech Virtual Summit, 8/17-8/18
• Seaport Global 15th Annual Summer Investor Virtual Conference, 8/18-8/19

• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year bonds

• Earnings After the Close: ARAY BILL ALVO BULL COTY NDSN TLX UFI WOLF

• Needham 7th Annual Virtual Semiconductor & Semicap 1x1 Conference, 8/19-8/20
• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20
• Seaport Global 15th Annual Summer Investor Virtual Conference, 8/18-8/19

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for August
• 10:00 AM ET                 Leading Indicators M/M for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: FLO FLUX ICG OSIS ROST

• Needham 7th Annual Virtual Semiconductor & Semicap 1x1 Conference, 8/19-8/20
• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20

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

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