Early Look

Wednesday, April 1, 2026

After one of the best days for Wall Street in nearly a year, U.S. futures are holding gains overnight as President Donald Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz. Trump indicated that it was possible that Iran could still reach a deal with the US during that timeframe but said an agreement with Tehran was not necessary for the war to end. Stocks pushed higher Tuesday as optimism mounted that the war in the Middle East is nearing a conclusion, pulling Brent briefly below $100 a barrel and lifting bonds. The dollar posted its biggest drop in a week. All three major U.S. indexes rallied after the Wall Street Journal reported on Monday that U.S. President Donald Trump told aides he was willing to end the military campaign against Iran, even if the Strait of Hormuz remained largely closed. The month-long conflict has left the S&P 500 and the Dow with their deepest quarterly declines since 2022 as investors worry that a wave of higher fuel costs could hurt demand for goods and services, while forcing the U.S. Federal Reserve to raise interest rates to contain inflation. In Asian markets, The Nikkei Index surged 2,675 point or 5.24% to settle at 53,739, the Shanghai Index gained 56 points to 3,948, and the Hang Seng Index rose 505 points to 25,294. In Europe, the German DAX is jumping 450 points, or 2% to 23,133, while the FTSE 100 is up 170 points to 10,347.

Market totals after yesterday’s surge, for the month of March, the S&P 500 fell -5.1%, the Nasdaq declined -4.75%, and the Dow fell- 5.38% and for the quarter (and YTD thus far), the S&P 500 fell -4.63%, the Nasdaq declined -7.11%, and the Dow fell -3.58%. The market declines for month/quarter come despite the Dow Jones Industrials, S&P 500, and Nasdaq Composite all registering their biggest daily % gain since May 12^th of last year. The Dow snapped its 10-month streak of gains, and records biggest monthly % drop since September 2022 and S&P 500 records biggest monthly decline in a year. Energy was the clear outperformer in March and Q1 as @dailychartbook noted on “X”, that “Energy's "14-week winning streak is the longest on record, and the sector also clocked up 25 all-time highs so far this year, the most in a calendar year since 2007."

• The Dow Jones Industrial Average rose 1,125.37 points, or 2.49%, to 46,341.51
• The Nasdaq Composite spiked 795.99 points, or 3.83%, to 21,590.63
• The Russell 2000 Index advanced 82.67 points, or 3.42% to 2,496.68

• 8:15 AM ET ADP Private Payrolls data for March…est. 40K (prior 63k)
• 8:30 AM ET                   Retail Sales M/M for February…est. +0.5% (prior -0.2%)
• 8:30 AM ET                   Retail Sales – Ex Autos for February…est. +0.3% (prior flat)
• 9:45 AM ET S&P Global Manufacturing PMI, March-final…prior 52.4
• 10:00 AM ET ISM Manufacturing PMI for March…est. 52.5 (prior 52.4)
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: FC PENG

• President Donald Trump will deliver a speech on Wednesday at 9 p.m. Washington time to give an update about the war in Iran, White House Press Secretary Karoline Leavitt said.
• US Treasuries climbed on speculation that an imminent end to the war in Iran may pave the way for the Federal Reserve to start cutting interest rates again. The yield on two-year and 10-year government notes dropped as much as six basis points to 3.73% and 4.26%, respectively, as Brent futures fell below $100 a barrel.
• Federal Reserve Governor Michelle Bowman said eased capital requirements could encourage US banks to expand loans for small businesses. “Supporting credit for small businesses is critical to our economy,” Bowman said Tuesday in prepared remarks.

• Cal-Maine Foods (CALM) Q3 EPS $1.06 tops consensus $0.78 as revs fell -53% y/y to $667M but beats consensus $642.48M; Q3 conventional egg sales of $283.2M, down 72.1%; said materially lower conventional and specialty egg prices drove the sharp drop in sales and profits.
• Dave & Busters (PLAY) Q4 EPS loss (-$0.35) vs. est. $0.46 and revs fell -0.9% y/y to $529.6M vs. est. $554.9M; 4Q comparable store sales decreased (-3.3%); said sees increase in 2026 same-store sales, revs, adjusted EBITDA.
• PVH Corp. (PVH) Q4 adj EPS $3.82 above consensus $3.30 as revs $2.505B, consensus $2.43B; 2026 revenue projected to increase slightly, flat to increase slightly on a constant currency basis, compared to 2025; sees FY26 EPS $11.80-$12.10, vs. consensus $11.88 and sees FY26 revenue to increase "slightly" compared to FY25.
• RH Corp. (RH) shares slide on Q4 miss; Q4 EPS $1.53 missed consensus $2.22 and revs $842.6M vs. consensus $873.3M; sees Q1 revenue down 4% to down 2% vs. consensus $876.7M and sees Q1 adjusted EBITDA margin of 5.5%-6.5%; said Q4 & FY revenue impacted by about $30M due to higher than expected backorder & special order balances due to tariff related resourcing
• Sportsman's Warehouse (SPWH) Q4 adj EPS loss (-$0.10), in line with consensus on revs $334.86M, also in-line with consensus; Q4 same store sales decreased (-1.8%); said sees 2026 same-store sales between down 1% and up 2% and expects 2026 adjusted EBITDA of $30M-$36M.
• Wynn Resorts (WYNN), Melco Gaming (MLCO): Macau's gaming bureau reported March gross revenue from games of fortune in the region was up 15.0% year-over-year to 22.612B patacas.

• Li Auto (LI) announced that it delivered 41,053 vehicles in March 2026. As of March 31, 2026, Li Auto's cumulative deliveries reached 1,635,357.
• NIO Inc. (NIO) delivered 35,486 vehicles in March 2026, representing an increase of 136.0% y/y; delivered 83,465 vehicles in the first quarter of 2026, representing an increase of 98.3% y/y; Cumulative deliveries reached 1,081,057 as of March 31, 2026.
• Workhorse's (WKHS) Q4 revenue grew 64% y/y to $9.7M as delivered 65 vehicles in Q4, full-year deliveries more than doubled; Q4 operating loss widened in Q4, impacted by merger-related expenses; company targets $20M in annualized cost synergies from merger integration as it exits 2026.
• XPENG (XPEV) delivered a total of 27,415 vehicles, representing an 80% increase over the prior month. In the first quarter of 2026, XPENG delivered 62,682 vehicles.

• Bitcoin (BTC) rose above $68,000 on Wednesday, snapping a five-month losing streak. "BTC has never recorded 6 consecutive monthly declines in its 17-year history," Compass Point analyst noted.

• Galectin Therapeutics (GALT) files $200M mixed securities shelf.
• Omeros (OMER) Q4 net income of $86.5M, up from a year-ago loss as results include $237.6M gain from zaltenibart sale to Novo Nordisk (NVO); expects EMA decision on YARTEMLEA marketing authorization in mid-2026; says targets positive cash flow in 2027.
• ORIC Pharmaceuticals Inc. (ORIC) slides after announced a rinzimetostat program update as well as potential best-in-disease efficacy and safety data from a Phase 1b trial. JPMorgan said the small sample and short follow-up makes it unreasonable to expect clear efficacy differentiation at this stage.

• Disney (DIS) was upgraded to Outperform from Market Perform at Raymond James saying the current macro backdrop and Disney's international visitation headwinds provide an opportunity to invest at a very attractive valuation and believes Disney shares are historically cheap even.
• Microsoft (MSFT) ‌is on ‌track to ​invest $5.5 billion in cloud and ‌artificial ⁠intelligence infrastructure in ⁠Singapore through ​2029, ​the Wall ​Street ‌Journal reported.
• OpenAI completed the largest funding round in Silicon Valley history, raising $122 billion ahead of a blockbuster IPO expected by the end of the year. The deal came with an additional perk: greater access to individual investors. As part of the financing, OpenAI raised more than $3 billion from wealthy investors through banks and said it would be included in several exchange-traded funds managed by ARK Invest - WSJ reports

Mid-Morning Look

Wednesday, April 01, 2026

U.S. stocks add to the monster gains seen on Tuesday where the Dow Jones Industrials, S&P 500, and Nasdaq Composite all registered their biggest daily % gain since May 12^th of last year after President Trump told aides he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed. Those headline got stocks and bonds higher (yields lower), the dollar lower and  precious metals higher in broad based buying. This morning, more headlines from the President saying on Truth Social platform that “Iran’s New Regime President, much less Radicalized and far more intelligent than his predecessors, has just asked the United States of America for a CEASEFIRE! We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!” Donald Trump is set to speak at 9 p.m. in Washington, providing an update on the Middle East war. Outside of Iran headlines, monthly ADP private payroll data, Retail Sales and ISM Manufacturing came in better than expected. Rate stabilization another key reprieve for risk sentiment as Treasury yields fell sharply Tuesday, though posted big gains in the March overall. In stock news, Nike shares tumble on weaker revenue guidance and margins. Overall, optimism around a potential end to the war sent stocks soaring on Tuesday, the final trading day of March. St. Louis Federal Reserve President Alberto Musalem said on Wednesday he doesn't see a near-term need for the U.S. central bank to change its interest rate stance, as he warned of rising inflation risks tied to the war in the Middle East. Musalem said "the risks to the labor market and inflation both tilt in unfavorable directions, that is, toward a weaker labor market and greater persistence of above-target inflation."

• Feb Retail Sales Ex-autos +0.5% (above consensus +0.3%) vs Jan unchanged (prev unchanged); Feb gasoline sales +0.9% vs Jan -1.9%, Feb cars/parts sales +1.2% vs Jan -0.7%; Feb Retail Sales Ex-autos/gasoline +0.4% vs Jan +0.2% (prev +0.3%); Feb Retail Sales Ex-gasoline +0.6% vs Jan unchanged
• ISM U.S. manufacturing prices paid index 78.3 in March (consensus 73.0) vs 70.5 in February, ISM U.S. manufacturing activity index 52.7 in March (consensus 52.5) vs 52.4, ISM U.S. manufacturing new orders index 53.5 in March vs 55.8 and ISM U.S. manufacturing employment index 48.7 in March vs 48.8 in February.

• In Banks: HSBC Holdings upgraded shares of BAC and WFC to Buy from hold saying markets have quickly repriced higher downside macro risk and renewed credit concerns and multi-year ROE/ROTCE expansion now less clearly priced in for universals, creating opportunities. Citi (C) remains HSBC's Preferred Universal bank, followed by WFC and BAC and the firm stays constructive on Super-regionals (Buy ratings on USB, PNC, and TFC). FCNCA was downgraded to Neutral from Overweight at JPMorgan and cut tgt to $2,200 from $2,450 saying a lack of interest rate cuts this year is the exact opposite for what First Citizens' SVB franchise needs to show strong loan and deposit growth. Goldman Sachs added CFG, CSL to Regional Conviction List Directors' Cut and removed BAC, HSY.
• In Food Sector: CAG posted mixed Q3 results as revs beat while EPS of $0.39 narrowly missed while the packaged food company narrowed its fiscal-year outlook for FY26 adjusted EPS view to $1.70 from $1.70-$1.85 (est. $1.72) and sees FY26 Organic net sales growth near midpoint of (1)%-1% compared to fiscal 2025. BYND reported a drop in Q4 revenue and said it wouldn't file its annual report on time due to weaknesses in internal control over financial reporting. CALM Q3 earnings topped analysts' estimates as did revenue of $667 million, which beat expectations of $642.5 million.

• NCNO +8%; shares jumped as reported better Q4 revenue & margins through execution, and the standout is FY26 ACV at ~13% growth (organic + cFX) driven by multiple large deals. FY27 ACV guide implies ~10-11% growth, driving organic subscription revenue growth acceleration.
• OMER +19%; after results as Q4 net income of $86.5M, up from a year-ago loss as results include $237.6M gain from zaltenibart sale to Novo Nordisk (NVO); expects EMA decision on YARTEMLEA marketing authorization in mid-2026; says targets positive cash flow in 2027.
• PLAY +19%; adjusted Q4 EBITDA of $111M fell ~$18M below consensus, reflecting sales deleverage from -3.3% comp (missing -1.1% consensus including ~180bps weather headwind) and ~$9mm deferred revenue headwind, but said expects positive comps, revenue/EBITDA growth, and $100M+ FCF in 2026.
• PVH +12%; sales and gross margin delivery drives 4Q beat; 1Q guided below expectations.
• SHAZ +7%; shares rose after the company signed a $1.25B, five-year agreement to supply artificial-intelligence infrastructure for ESDS Software Solutions; said that it will deploy an 8K B300 cluster at one of its existing Australian data Centers.
• TH +30%; shares jumped after announced secured a multi-year contract worth more than $550M as the company will construct and provide hospitality services for a hyperscalers data center development in North Texas.

• NKE -13%; reported inline to better Q3 EPS/revs but gross margin declined 130bps Y/y to 40.2%, while guidance sent shares lower as sees Q4 sales falling between (-2% and 4%), with a low-single digit decline through the end of the year and China sales expected to decline -20% after falling -7% in Q3.
• ORIC -28%; presented Phase 1B combo data for lead program, rinzimetostat + darolutamide (BAYRY) in mCRPC as the topline efficacy metrics were in line with frontrunner, mevrometostat (PFE), and safety remained differentiated while Piper said stock weakness is driven primarily by questions raised by the swimmer plot.
• RH -18%; shares tumbled as reported a top and bottom line miss for Q4 (EPS $1.53/$842.6M below consensus of $2.22/$873.3M consensus) while guided 1Q and 2026 below expectations; said projected year revenue to increase slightly, flat to increase slightly on a constant currency basis, compared to 2025.
• TPB -21%; along with weakness in MO, PM after nicotine pouch products have yet to be cleared for sale in the United States despite a fast-track FDA scheme, as agency scientists hesitate to authorize them due to potential risks to new users, including children, three sources told Reuters.
• USO -3%; seeing weakness in energy sector (XLE) and stocks (XOM, CVX) on lower oil and ahead of Trump speech tonight updating on war with Iran.

Closing Recap

Tuesday, March 31, 2026

U.S. stock markets might have posted awful returns in March and negative returns for the quarter (Q1) to kick off the year…but it certainly ended on a positive note as major averages finished broadly higher amid hopes of a ceasefire with Iran. Stocks jumped overnight after the WSJ reported that President Trump told aides he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed. Those headline got stocks and bonds higher (yields lower), the dollar lower and  precious metals higher in broad based buying this morning following a 3-day losing streak on Wall Street. U.S. stocks later extended gains this afternoon (as oil prices fell) after reports IRNA reported Iran's President says ready to end war, seeks guarantees (per Bloomberg citing) headlines from the Islamic Republic News Agency, while other reports indicated Iran’s foreign minister has reiterated that any end to the war must include guarantees against future attacks and broader security assurances. Those headlines took major averages even higher as the S&P 500 jumped over +3% late for its best day since last May! Prior to the late day Iranian President comments, tech was a big leader this morning as Mag 7 stocks, that have lagged in recent weeks, took the lead with big jumps in META, GOOGL, AAPL, AMZN, TSLA, NVDA and MSFT as well as semiconductor rebounds off 3 month lows and software. Technology, Communications, Consumer Discretionary. Industrials, Financials and Healthcare all posted big gains on the day (but still posted monthly losses between 4% and 8% for most of those). Just how aggressive was that afternoon spike on the Iran headlines? Well, BTIG noted “At 12:41 ET today, that NYSE TICK Index hit +2329, the highest on record back to 1993. This index measures the number of NYSE securities trading on an uptick minus those trading on a downtick at any given time of day. For perspective, there are ~2400 stocks on the NYSE, which means nearly 100% of stocks traded on an uptick, simply unprecedented.” The CBOE Volatility index (VIX) slumped on the stock move. Next up tomorrow is the monthly ADP private payroll data (after weaker JOLTs job openings data this morning) and then later this week on Friday the nonfarm payroll report.

While today was a good one for Wall Street, U.S. stocks are down on the year, led by sharp declines in Financials (XLF) on private credit fears, technology (XLK) on Ai spending fears/profit taking, and Consumer Discretionary (XLY) with all three sectors down between -8%-10% on the quarter, while Energy (XLE) is the biggest gainer +36% in Q1 followed by an 10% gain in Materials (XLB) and 7% gain for Utilities (XLU). Gold prices have declined more than -11% this month, its steepest decline since October 2008. Prices are, however, up about 5% for the quarter, having scaled a record high of $5,594.82 on January 29 (but down -18.7% from records). The dollar posted its biggest monthly gain since July as have almost completely priced out any chance of a U.S. rate cut this year from about two cuts expected before the war, while bond yields are poised for the largest monthly rise since 2024. Healthcare/Biotech got a lift today behind two large M&A deals that boosted the industry (see details below BIIB/APLS and LLY/CNTA).

• March Consumer Confidence index 91.8 (consensus 88.0) vs Feb revised 91.0 (previous 91.2).
• U.S. JOLTS job openings 6.882M in Feb (consensus 6.918M) (January 7.24M). The U.S. hiring rate fell to 3.1% in February, the lowest since April 2020.
• The S&P Cotality Case-Shiller 20-City Home Price Index, which measures prices in the nation's largest metro areas, rose 1.18% in January from a year earlier and 0.16% from December.
• China’s official PMI survey for March outperformed slightly market expectations. Specifically, manufacturing PMI climbed to 50.4 from 49.0 previously, crossing the critical 50-point threshold for the first time this year. China’s Non-Manufacturing PMI edged up to 50.1 from 49.5 in February, a modest improvement.

• June gold prices rose $121.10 or 2.58% to settle at $4,678.60 an ounce, the last day of the month and quarter, while posting its steepest monthly decline since October 2008, as persistent inflation worries and expectations of higher interest rates due to the impact of the Iran war weighed on the metal. Gold finished down around -11% this month as the surge in energy prices intensified inflation concerns and prompted markets to reassess interest rate expectations. Spot silver rose as well today but was down 22% for the month (however both posted quarterly advances).

• The US dollar index (DXY) slipped on the day after weaker jobs JOLTs data but posted its best month since 2024 (rising around 2.5%), while bond yields slip on day but largest monthly rise since 2024. The dollar has been supported by the U.S. status as an energy exporter and by investors' flight to cash over the past month of conflict. The dollar posted gains of more than 2% against the Japanese yen, British pound and euro this month. The dollar index touched its highest since last May at 100.64 the day prior.

• In Food sector: MKC reported a top and bottom line Q1 beat while backed its outlook for the year on both EPS and revs while also struck a deal with UL to combine McCormick with Unilever’s Foods business (excluding India), creating a global flavor and condiments powerhouse with ~$20 billion in combined revenue.
• In Restaurants: SHAK was upgraded to Neutral from Underperform at Bank America and raised its target to $101 from $88 saying menu innovation and featured value are contributing to more stable same store traffic

• In Solar and Renewables: TE shares fell after reported a wider than expected Q4 loss per share and higher-than-expected expenses while maintaining 2026 production and sales guidance of 3.1-4.2 GW; CSIQ said its e‑STORAGE unit will deliver 420 megawatt-hour of battery energy storage systems across two UK projects for Drax Group.

• In Insurance: Goldman Sachs said sees casualty reserve positioning for P&C (re)insurers deteriorated at YE25 vs. YE24, with paid loss development patterns continuing to worsen despite slowing inflation, supporting the case for continued casualty price increases. However, elevated short-tail (property) reserve conservatism across the group reduces the risk of reserve development becoming an earnings headwind in 2026, as these releases are expected to largely offset adverse casualty development. Among individual names, AIG, CB, and HIG screen most favorably on reserves, while WRB, AXS, and ACGL face more medium-term risk if pressured casualty loss trends persist.
• In Financial Services: FDS reported a top and bottom line Q2 beat and raised its annual profit forecast to $17.25-$17.75 from $16.90-$17.60 prior and revs to $2.45B-$2.47B from prior $2.42B-$2.45B, driven by subscription growth and an increase in the number of corporate and wealth management clients; said client count rose to 9,101 at the end of Q2, a net increase of 98, driven by growth among corporate and wealth management clients.
• In Payments: Loop initiated coverage in sector, ranked its coverage over the next twelve months from most favorable to least, given the probability of expected stock performance as follows: XYZ, V, JKHY, MA (all four Buy rated), then FISV, PYPL and TOST (all Hold rated). The average one-year stock performance ending 3/27/26 among this group is -26.8% and YTD this group is down an average of 19.1% vs S&P500's being up 11.5% over the last year and down 7.0% YTD. The significant reset in both expectations and valuation has Loop lean with a positive bias regarding the group as a whole. A new beginning could materialize in the 2H26/2027, if investors believe once again that the stability in revenue growth, and thus EPS growth, for the space is dependable.

• 1) BIIB is acquiring APLS for $41 per share in cash plus a contingent value right (CVR), in a deal valued at approximately $5.6 billion, adding Syfovre ($587M revenue in 2025) and Empaveli (>$100M revenue) while strengthens Biogen’s eye disease and rare disease portfolio.
• 2) LLY announced a definitive agreement to acquire CNTA for $38.00 in cash per share in a deal valued at $7.8B, plus one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an aggregate of $9.00 subject to the achievement of three milestones.
• Drugmakers have delayed the launches of some medicines in Europe as the industry deals with U.S. pressure and pricing shifts from President trump, Reuters reported.
• AGIO said it will pursue accelerated approval for its oral therapy to treat sickle cell disease following a pre-supplemental New Drug Application meeting with the FDA.
• NVO further slashed the price of its popular diabetes and weight-loss drugs Ozempic and Wegovy by as much as 36% and 48% in India to better compete as local drugmakers flood the market with cheaper generics.
• PALI announced topline data from its Phase 1b clinical study evaluating PALI-2108, a once-daily oral PDE4 inhibitor prodrug designed to be selectively bioactivated in the ileum and colon, in patients with fibrostenotic Crohn's disease.
• PEPG shares tumble as announces topline results from lowest dose (5 mg/kg) MAD cohort in the ongoing phase 2 FREEDOM2 study demonstrating favorable safety, splicing and vHOT data; PGN-EDODM1 was generally well-tolerated with all adverse events mild or moderate and no serious adverse events reported while patients taking 5 mg/kg of PGN-EDODM1 showed a mean splicing correction of 7.3%, just above the 6.8% in placebo-treated.
• PRAX announced that the FDA has accepted for priority review its new drug application for relutrigine, for the treatment of SCN2A and SCN8A developmental and epileptic encephalopathies. The FDA has set a target action date under the Prescription Drug User Fee Act of September 2.
• SRRK resubmitted its biologics license application for apitegromab, a muscle-targeted therapy for children and adults with spinal muscular atrophy, to the US Food and Drug Administration.

• Medical Equipment: TXG was upgraded from Market Perform to Outperform at William Blair saying its upgrade thesis is centered on its role in enabling the high-resolution Biological insights needed to build decision-enabling models, but considers that execution (five consecutive top-line beats) and profitability have improved (at adjusted EBITDA breakeven) and single cell has stabilized.

• In Airlines: BMO Capital lowered estimates across its airline coverage universe (AAL, DAL, UAL, etc.) amid rapidly rising jet fuel prices. While demand is strong and airlines are quickly implementing fare increases, higher energy costs will weigh on profits, particularly those of more leveraged Carriers. There is very limited visibility into the coming quarters and BMO sees risk that realized fuel prices are above its current models which assume a gradual normalization of prices throughout the year.
• In Aerospace & Defense: BKSY was awarded a multi-year, sole source $99M U.S. government IDIQ contract for advanced, next Generation capabilities. The company received an initial $2M to accelerate the Design of an advanced large aperture Optical payload for Earth observation and space domain awareness platforms.

• In Chemicals: PRM upgraded to Buy from Neutral at UBS saying they see the stock sell off as overdone down 22% YTD as PRM has continued to execute well and deploy cash into accretive acquisitions. One of the main drivers of the sell-off was a large variable comp payment to management, which does persist through 2031.
• In Metals: Goldman Sachs raised its LME aluminium price forecast following further supply disruptions. They raised Q2 2026 LME aluminium price forecast to $3,450 per metric ton from $3,200 and lifted its 2026 annual average price forecast to $3,200 from $3,100 previously, and its 2027 average forecast to $2,750 from $2,700.

• In Data Centers: VRT was downgraded to Hold from Buy at Jefferies as views consensus out-year margin expectations as elevated, saying they include Vertiv reaching its long-term target a year early. NBIS plans to construct new 310 MW AI factory in Finland w/ first capacity expected to be available to customers in 2027; it will be one of Europe’s largest dedicated AI factories when fully deployed; CRWV closes landmark $8.5B financing facility, achieving first investment-grade rated GPU-backed financing
• In Software: SNOW shares slumped after Mike Gannon, Snowflake's current CRO, has decided to leave the company for personal reasons while appoints Snowflake veteran Jonathan Beaulier to position.

• AEHR shares jumped after announced it has received a follow-on purchase order from its lead silicon photonics customer for production wafer-level test and burn-in of silicon photonics integrated circuits used in data center optical interconnects and emerging optical I/O architectures for AI processors.
• MRVL shares jumped after NVDA said it had invested $2B in the company and Marvell will join its Ai ecosystem providing custom XPUs.
• WDC was upgraded to Outperform from Market Perform at Bernstein with a $340 price target (from $170) noting memory and hard disk drive stocks have sold off significantly on concerns around Google's TurboQuant report…but believes TurboQuant should have "zero impact" on hard disk drive demand and "negligible impact" on NAND demand as the selloff creates an attractive point for Western Digital (raised STX tgt to $620 from $500). , contends the firm. Bernstein says Western Digital's innovation day suggested a solid product roadmap.

Street Recommendations

Wednesday, April 1, 2026

• NCNO Barclays raised the firm's price target on nCino to $22 from $21 and keeps an Overweight rating on the shares. The firm says the company reported better Q4 revenue and margins. nCino is driving organic subscription revenue growth acceleration, the analyst tells investors in a research note.
• NKE Barclays lowered the firm's price target on Nike to $67 from $73 and keeps an Overweight rating on the shares following the fiscal Q3 report. The company reported a modest beat on sales and gross margin, while missing on EBIT, the analyst tells investors in a research note. The firm says the "big new message was the depth and slow speed of a very deliberate Greater China reset, likely to take four quarters to return to growth."
• AQN Barclays analyst Michael Lonegan initiated coverage of Algonquin Power with an Overweight rating and $7 price target. The stock in premarket trading is up 1% to $6.21. Algonquin is a "cheap compelling turnaround story" in the Canadian utilities group, the analyst tells investors in a research note. The firm says the stock's valuation is in line with its historical average despite the company's "materially" improved balance sheet and refocused pure-play regulated strategy. Following the sale of its non-regulated renewables business, Algonquin is now mostly a diversified regulated electric, gas, and water utility with exposure across 16 jurisdictions, contends Barclays.

• DDOG Benchmark initiated coverage of Datadog with a Buy rating and $150 price target. The company's AI-powered, unified real-time observability and security platform is well positioned to benefit from digital transformation, cloud migration, and agentic AI adoption, the analyst tells investors in a research note. As a top infrastructure pick, Datadog meets key SaaS investment criteria, including strong technology leadership, high AI defensibility, a $400B+ total addressable market, consistent profitable growth with beat-and-raise execution, Rule of 45+ targets, and supportive technical trends, the firm says.
• MSFT Benchmark initiated coverage of Microsoft with a Buy rating and $450 price target. Microsoft is positioned as a leading AI orchestration platform across enterprise and consumer markets, supported by its broad portfolio of software, collaboration tools, and cloud services, the analyst tells investors in a research note. The recent pullback from its October 2025 highs is viewed as a long-term buying opportunity, with AI-related capex concerns seen as shortsighted given strong demand visibility, contracted hardware capacity, and the company's strategic positioning for the AI supercycle, Benchmark adds.
• PLTR Benchmark analyst Yi Fu Lee initiated coverage of Palantir with a Hold rating. Palantir is recognized for its AI-powered automation platform delivering real-time decision support to government and commercial customers in Western markets, backed by strong fundamentals and leadership under CEO Alex Karp, the analyst tells investors in a research note. However, the current valuation appears to price in near- to mid-term perfection, requiring sustained 60%-70% annual revenue growth to avoid potential downside, Benchmark argues.
• PANW Benchmark initiated coverage of Palo Alto Networks with a Buy rating and $200 price target. Palo Alto Networks is an AI-driven cybersecurity leader delivering integrated platform solutions for superior protection, faster response, and lower costs, the analyst tells investors in a research note. As a core sector holding, it meets key SaaS investment criteria, including technology leadership, high AI defensibility, a $360B+ total addressable market, consistent beat-and-raise performance, and strong profitable growth targeting nearly Rule of 60 in FY2026E, the firm says.
• NOW Benchmark analyst Yi Fu Lee initiated coverage of ServiceNow with a Buy rating and $125 price target. ServiceNow is a cloud platform integrating AI, data, security, and automated workflows to drive productive enterprise collaboration and digital transformation, the analyst tells investors in a research note. The 45% market decline since January 2025 is seen as an opportunity, as the company is well positioned to benefit from the Agentic AI supercycle, with strong leadership under CEO Bill McDermott supporting long-term profitable growth, Benchmark adds.
• SNOW Benchmark initiated coverage of Snowflake with a Buy rating and $190 price target. Snowflake's unified AI Data Cloud platform positions it as a trusted custodian of enterprise data, powering generative AI and frontier LLM applications with high-quality, accurate information, the analyst tells investors in a research note. As a top infrastructure pick, it meets key SaaS investment criteria, including technology leadership, high AI defensibility, a $500B+ total addressable market, consistent beat-and-raise execution, and top-tier profitable growth targeting Rule of 50+, the firm says.

• RACE BofA lowered the firm's price target on Ferrari to EUR 350 from EUR 375 and keeps a Buy rating on the shares. The firm cites a contraction in sector multiples and higher risk premia, driven by the war in Iran, for its lower target, noting that it increased the premium as Ferrari's fundamentals are more resilient than peers.
• FWONK As previously reported, BofA upgraded Liberty Formula One to Buy from Neutral with an unchanged price target of $15. The firm believes there is a premium on highly durable and visible business models amid a volatile macro and geopolitical environment, says the analyst, who views live sports and Formula One, specifically, as being more insulated from broader concerns related to AI disintermediation across the media and entertainment ecosystem.

• RBLX BTIG lowered the firm's price target on Roblox to $122 from $141 but keeps a Buy rating on the shares. The firm is reducing its estimates to reflect the Russia ban and a slight sequential decline in total daily active users from the churn of low-and-no-spent active users onboarded during the spring and summer of 2025 viral hit cycle, the analyst tells investors in a research note. BTIG adds however that Roblox shares now trade at the lowest forward multiple seen since the firm started covering the stock in 2021.

• GNRC Canaccord raised the firm's price target on Generac to $300 from $275 and keeps a Buy rating on the shares. The firm updated its model following its investor day and came away seeing the company poised for sustaianable growth.
• RANI Canaccord lowered the firm's price target on Rani Therapeutics to $5 from $9 and keeps a Buy rating on the shares. The firm updated its model after the company reported financial results and business highlights for 4Q25 and FY2025. Rani initiated a Phase I clinical study in Australia for RT-114, the GLP-1/GLP-2 dual agonist, for the treatment of obesity. We estimate that the data will be reported in 2H26, given the Phase I trial size and design.

• BAK Citi upgraded Braskem to Neutral from Sell with a price target of R$10, up from R$8. The firm says higher petrochemical prices could help the company's cash flow and leverage.
• NKE Citi analyst Paul Lejuez lowered the firm's price target on Nike to $53 from $65 and keeps a Neutral rating on the shares. The company reported a fiscal Q3 earnings beat but the earnings call brought "disappointment" on the pace of Nike's around, the analyst tells investors in a research note. Citi sees a balanced risk/reward at current share levels.
• DOC Citi lowered the firm's price target on Healthpeak Properties to $17.50 from $18 and keeps a Neutral rating on the shares. Citi also opened an "upside 30-day catalyst watch" on Healthpeak. The firm sees the Janus Living initial public offering as highlighting the stock's "valuation gap."

• AVY Deutsche Bank initiated coverage of Avery Dennison with a Buy rating and $200 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• BALL Deutsche Bank analyst Hillary Cacanando initiated coverage of Ball Corp. with a Buy rating and $72 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• CCK Deutsche Bank initiated coverage of Crown Holdings with a Buy rating and $124 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• SLGN Deutsche Bank initiated coverage of Silgan Holdings with a Buy rating and $52 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• SON Deutsche Bank analyst Hillary Cacanando initiated coverage of Sonoco with a Buy rating and $63 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• IP Deutsche Bank initiated coverage of International Paper with a Hold rating and $38 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• PKG Deutsche Bank initiated coverage of Packaging Corp. with a Hold rating and $225 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.
• GPK Deutsche Bank analyst Hillary Cacanando initiated coverage of Graphic Packaging with a Hold rating and $9.60 price target. The firm launched coverage of the packaging sector, saying it is "navigating a complex and evolving economic landscape" in early 2026. Last year's headwinds of soft consumer demand and cost inflation are now compounded by higher oil prices and significant tariff-related pressures, creating a challenging backdrop for the industry, the analyst tells investors in a research note. Deutsche is "constructive on the rigid and flexible packaging group" and "cautious" on the fiber-based packaging group.

• MMYT Goldman Sachs analysts removed MakeMyTrip from its APAC Conviction List as part of a monthly update.
• WAT Goldman Sachs reinstated coverage of Waters with a Buy rating and $375 price target, representing 26% upside. The firm says the majority of the headwinds that impacted the company's Biosciences and Diagnostic business in Q1 are one-time in nature. The share selloff following the Q1 report "sets an attractive baseline for entry," the analyst tells investors in a research note.
• CFG Goldman Sachs analysts added Citizens Financial to the firm's US Conviction List as part of its monthly update. Goldman believes the bank should continue to benefit its "best-in-class return improvement story" and solid organic growth from its private bank. The firm has a Buy rating on the shares with a $76 price target.
• CSL Goldman Sachs analysts added Carlisle to the firm's US Conviction List as part of its monthly update. Goldman believes the company is positioned for positive sales inflection in 2026. The firm has a Buy rating on the shares with a $442 price target.
• BAC Goldman Sachs analysts removed Bank of America from the firm's US Conviction List as part of its monthly update.
• HSY Goldman Sachs analysts removed Hershey from the firm's US Conviction List as part of its monthly update.
• AGIO Goldman Sachs analyst Salveen Richter raised the firm's price target on Agios Pharmaceuticals to $32 from $28 and keeps a Neutral rating on the shares. Shares rose after announcing plans to seek accelerated FDA approval for mitapivat in sickle cell disease, following a pre-sNDA meeting, with the confirmatory trial protocol submitted and no expected impact on FY26 OpEx, the analyst tells investors in a research note. The update supports a positive regulatory outlook and a potential third commercial launch for mitapivat, the firm says.
• NKE Goldman Sachs downgraded Nike to Neutral from Buy with a price target of $52, down from $76. JPMorgan this morning also downgraded the shares. The stock in premarket trading is down 10% to $47.30. Goldman left the company's fiscal Q3 report "incrementally cautious" on the timeline of its recovery. Nike's momentum in sportswear "remains muted," its inventory reset actions are ongoing, and China remains under "particular pressure," the analyst tells investors in a research note. The firm believes "more patience will be needed" as Nike executes its strategic plan with macro headwinds pick up. As such, it sees a balanced risk/reward for the shares.
• RH Goldman Sachs lowered the firm's price target on RH to $101 from $144 and keeps a Sell rating on the shares. RH shares are down about 17% in pre-market trading, reflecting an earnings miss and guidance for FY26 and 1Q26 that fell short of expectations, the analyst tells investors in a research note.

• WFC HSBC upgraded Wells Fargo to Buy from Hold with a price target of $94, down from $104. The firm says markets have "quickly repriced" higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now "less clearly priced in" for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
• JPM HSBC lowered the firm's price target on JPMorgan to $288 from $319 and keeps a Hold rating on the shares. The firm says markets have "quickly repriced" higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now "less clearly priced in" for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
• C HSBC analyst Saul Martinez lowered the firm's price target on Citi to $130 from $139 and keeps a Buy rating on the shares. The firm says markets have "quickly repriced" higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now "less clearly priced in" for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
• MS HSBC lowered the firm's price target on Morgan Stanley to $153 from $175 and keeps a Hold rating on the shares. The firm says markets have "quickly repriced" higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now "less clearly priced in" for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
• GS HSBC lowered the firm's price target on Goldman Sachs to $729 from $802 and keeps a Reduce rating on the shares. The firm says markets have "quickly repriced" higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now "less clearly priced in" for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.

• FCNCA JPMorgan downgraded First Citizens to Neutral from Overweight with a price target of $2,200, down from $2,450. The firm says a lack of interest rate cuts this year is the "exact opposite" for what First Citizens' SVB franchise needs to show strong loan and deposit growth. The path to a sustained recovery in SVB client flows relies too much on a reacceleration in exit markets and innovation economy momentum, which have yet to materialize, the analyst tells investors in a research note.
• NKE JPMorgan downgraded Nike to Neutral from Overweight with a price target of $52, down from $86, following last night's fiscal Q3 earnings report. The stock in premarket trading is down 10%, or $5.41, to $47.41. JPMorgan says turnarounds "take time." It cut Nike's Q4, fiscal 2027 and 2028 earnings estimates below consensus. The analyst's model now incorporates flattish earnings year-over-year for the next nine months. JPMorgan's timeline for Nike to return to a 10% operating margin now extends to fiscal 2029 versus 2028 previously.
• RCI JPMorgan lowered the firm's price target on Rogers Communications to C$63 from C$65 and keeps an Overweight rating on the shares ahead of the Q1 report. The firm reduced Rogers' Q1 mobile phone adds estimate to 5,000, reflecting higher churn amid increased competitive intensity throughout the quarter and slower market growth.

• NCNO Keefe Bruyette lowered the firm's price target on nCino to $24 from $36 and keeps an Outperform rating on the shares. The firm sees growing proof points of nCino's ability to capture its share of the vertical AI opportunity in banking continuing to support upside, the analyst tells investors in a research note.

• TEAM KeyBanc lowered the firm's price target on Atlassian to $130 from $170 and keeps an Overweight rating on the shares. The firm recently spoke with the leadership team at one of Atlassian's largest Platinum Partners. The conversation highlighted solid migration demand, though appears to be stronger in 2027, and that recent channel compensation changes have led to some friction, but is being appropriately addressed.

• NWE Ladenburg analyst Paul Fremont upgraded NorthWestern Energy to Buy from Neutral with a price target of $75.50, up from $56. The firm cites valuation for the upgrade.

• RH Morgan Stanley analyst Simeon Gutman lowered the firm's price target on RH to $240 from $275 and keeps an Overweight rating on the shares. Execution and supply chain disruptions present near-term challenges, but the longer-term thesis rests on the company's ability to monetize inventory, generate positive free cash flow, and avoid external financing, says the analyst, who calls the company's ongoing improvement in cash generation "encouraging."

• NCNO Piper Sandler upgraded nCino to Overweight from Neutral with a price target of $22, down from $30. The firm views the company's Q4 repot as "healthy" and outlook "prudent." Piper is encouraged by nCino's execution at the end of fiscal 2026. The company is seeing positive developments, including "strong" early renewal activity and lighthouse wins internationally, the analyst tells investors in a research note. Piper now sees a "line of sight" into nCino's growth reacceleration.
• NKE Piper Sandler analyst Anna Andreeva lowered the firm's price target on Nike to $60 from $75 and keeps an Overweight rating on the shares. The firm notes the company's Q4 sales guide of down 4%-6% in current currency was well below the buyside with implied EPS range of 10c-15c roughly inline. Meanwhile, guide for flattish EPS for the next nine months came in significantly below expectations. Piper is disappointed in the pace of recovery but stays bullish on the name given the stock trading down after hours and Investor Day expected in the Fall.

• UNH Raymond James upgraded UnitedHealth to Outperform from Market Perform with a $330 price target. The firm believes the company's expense upside is greater than the Street expects following recent management comments. In addition, Raymond James sees margin improvement at Optum Health. It cites potential upside to earnings estimates over the next few years for the upgrade.
• APLS Raymond James analyst Ryan Deschner downgraded Apellis (APLS) to Market Perform from Outperform without a price target after the company entered into an agreement to be acquired by Biogen (BIIB) for $41.00 per share in cash at closing, or $5.6B. Apellis stockholders will also receive a contingent value right for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for Syfovre. The firm does not expect regulatory issues to impede the deal closing.

• FDS Stifel lowered the firm's price target on FactSet to $248 from $295 and keeps a Hold rating on the shares. The efforts the company has made over the last several years, together with some of the changes the new CEO has been making in the last few quarters, seem to be coming together to drive accelerated revenue growth, but the firm's "main question" is the trajectory of this revenue growth improvement, the analyst tells investors.
• MKC Stifel analyst Matthew Smith lowered the firm's price target on McCormick to $55 from $65 and keeps a Hold rating on the shares. The firm holds "a positive view of the strategic merits" of combining McCormick with the Unilever Foods business, but believes a multiple for the Unilever Foods business implied in the combination toward the higher end of its estimated range, along with the structure of the transaction and protracted close period, will weigh on the near-term valuation.

• CLS Susquehanna initiated coverage of Celestica with a Positive rating and $375 price target.
• SANM Susquehanna analyst Mehdi Hosseini initiated coverage of Sanmina with a Neutral rating and $135 price target.

• NKE Truist lowered the firm's price target on Nike to $57 from $69 and keeps a Buy rating on the shares. The stock fell about 9% after earnings, reflecting a softer outlook that includes meaningfully more pressure through the end of 2026 than the Street was previously forecasting, the analyst tells investors in a research note. Nike shares are expected to remain in the penalty box over the next few months, but with the bar now reset materially lower, further marketplace clean-up efforts being undertaken, and newness continuing to scale, the company should have a clean slate and meaningful upside opportunities to discuss during their analyst day in the fall, Truist adds.

• RACE UBS analyst Zuzanna Pusz lowered the firm's price target on Ferrari to $483 from $555 and keeps a Buy rating on the shares. The start of 2026 is expected to be Ferrari's weakest quarter, with deliveries projected to pick up from Q2, but the strong order book provides resilience against market shocks and supports guidance, the analyst tells investors in a research note.
• CEG UBS analyst William Appicelli lowered the firm's price target on Constellation Energy to $388 from $420 and keeps a Buy rating on the shares. While near-term clarity on PJM/FERC rules and share lockup expiries remain key overhangs, the company's 147 TWh of nuclear capacity, contracting strategy, and potential upside from future contracts, power prices, margin expansion, and capital allocation position it to benefit from robust data center-driven demand growth, with full EPS potential in the $19-$20 range by 2029, the analyst tells investors in a research note.

• AMD Wells Fargo added AMD to the firm's Q2 Tactical Ideas List. The firm sees a positive set-up into AMD's Q1 results, most notably driven by continued indications of strong EPYC server CPU demand plus additional GW-scale AI GPU announcements. July Accelerating AI event is likely to present a positive catalyst set-up ahead, Wells adds. The firm has an Overweight rating on the shares with a price target of $345.
• CSTM Wells Fargo analyst Timna Tanners added Constellium to the firm's Q2 Tactical Ideas List. The firm says the company is a beneficiary of particularly strong aluminum-scrap spreads, fueled by steep aluminum prices and regional premium strength in the U.S./Europe and steady scrap input costs. Further catalysts could come from aero supply chains begin to restock in the second half of the year and into 2027E; its recent shift to U.S. GAAP reporting and a U.S. primary listing fueling new index inclusion; and rerating from below-peer multiples as a result of points 1 and 2, Wells adds. The firm has an Overweight rating on the shares with a price target of $29.
• WM Wells Fargo added WM to the firm's Q2 Tactical Ideas List. The firm sees multiple drivers of margin upside in coming quarters. First, WM's per unit costs declined by 1.0% year-over-year in Q4 2025 amid strong cost control; normal seasonality off the base implies 100-plus bps of upside to the margin guidance. Second, recycled commodity prices are now set to be a tailwind, up 10%-plus year-to-date. Third, the industry passes through higher diesel costs with margin. Wells has an Overweight rating on the shares with a price target of $273.
• SRE Wells Fargo analyst Shahriar Pourreza added Sempra Energy to the firm's Q2 Tactical Ideas List. Coming off NDR post Q4 updates, the firm notes the story cleaned up after prior underperformance, now lining up catalysts to continue re-rating higher. Regulatory clarity, SIP sale credit review and Oncor load filings pave way for midyear updates, Wells adds. The firm has an Overweight rating on the shares with a price target of $115.
• CMI Wells Fargo added Cummins to the firm's Q2 Tactical Ideas List. The firm is a buyer of Cummins entering Q2, as it sees an under-supplied data center tier 1 market; potential announcement of a natural gas engine in May; $2 in incremental EPS from EPA27; and tight U.S. truck spot market utilization. Wells has an Overweight rating on the shares with a price target of $630.
• OLLI Wells Fargo analyst Edward Kelly added Ollie's Bargain Outlet to the firm's Q2 Tactical Ideas List. The firm says that the recent pullback in shares post Q3 EPS creates an attractive entry point. Choppy data is an overhang, but a couple of weeks is not a trend, management's tone remains positive, expect solid Q1 with "One Big Beautiful Bill" refunds, Wells adds. The firm believes the stock is too cheap for the growth outlook. Wells has an Overweight rating on the shares with a price target of $130.
• AXP Wells Fargo added American Express to the firm's Q2 Tactical Ideas List. The firm sees a Q1 revenue/EPS beat, as the U.S. Platinum refresh drives incremental card spend and new accounts. Wells believes strong affluent spend will enable AI job loss fears to fade. Stock trades at 15 times price-to-earnings on 2027 EPS, which the firm finds attractive for a mid-teens EPS grower. Wells has an Overweight rating on the shares with a price target of $425.
• GH Wells Fargo added Guardant Health to the firm's Q2 Tactical Ideas List. Following the recent pullback, the firm sees multiple catalysts not baked into the 2026 guide that could drive the stock higher over the next few months, including ACS guidelines, expanded coverage and new product launches. Wells has an Overweight rating on the shares with a price target of $125.
• BLD Wells Fargo analyst Sam Reid added TopBuild to the firm's Q2 Tactical Ideas List. The firm says TopBuild is in the penalty box post Q4 EPS. Wells disagrees and sees meaningful upside. Tight OEM capacity, potential for guide up on synergy capture amd quite realistic/conservative 2026 outlook set the stage for recovery, argues the firm. Wells has an Overweight rating on the shares with a price target of $525.

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: ARKO BLNE DMAC FTHM HQI INLX IVA LVLU PHR PRGS SGMO SPCE

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/m for January
• 9:00 AM ET                  CaseShiller 20 city index for January
• 9:45 AM ET                  Chicago PMI for March
• 10:00 AM ET                Consumer Confidence for March
• 10:00 AM ET                JOLTs Job Openings for February
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAUC BIRD BRFH BTBT CODX NCNO NKE NNDM PLAY PVH REKR RILY SPWH

• 8:15 AM ET ADP Private Payrolls data for March
• 8:30 AM ET                  Retail Sales M/M for February
• 8:30 AM ET                  Retail Sales – Ex Autos for February
• 9:45 AM ET S&P Global Manufacturing PMI, March-final
• 10:00 AM ET ISM Manufacturing PMI for March
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: FC PENG

• 8:30 AM ET                  Weekly Jobless Claims
• 8:30 AM ET                  Continuing Claims
• 8:30 AM ET                  International Trade for February
• 8:30 AM ET                  Goods Trade Balance for February
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: PRPO

• 8:30 AM ET                  Private Payrolls for March
• 8:30 AM ET                  Manufacturing Payrolls for March
• 8:30 AM ET                  Unemployment Rate for March
• 8:30 AM ET                  Average Hourly Earnings M/M for March
• 9:45 AM ET S&P Global Composite PMI, march-final
• 9:45 AM ET S&P Global Services PMI, March-final
• 10:00 AM ET ISM Non-Manufacturing PMI for March
• 1:00 PM ET                  Baker Hughes Weekly rig count data

.