Early Look

Tuesday, March 17, 2026

U.S. futures dip following Monday’s rally as oil prices resume their march higher after Iran set a massive natural gas field in the United Arab Emirates (UAE) ablaze as it steps up attacks on key energy sites. The drone attack on the Shah field, close to the UAE’s border with Saudi Arabia, marks the first time Iran has damaged an oil or gas upstream facility in the country during the war. The United Arab Emirates briefly closed its airspace on Tuesday in response to incoming missile and drone threats from Iran. Brent rallied above $103 a barrel, after slipping almost 3% on Monday, while West Texas Intermediate was around $97.Wall Street ended broadly higher on Monday on optimism that the U.S. will be able to open the Strait of Hormuz and ease pressure on oil prices. Oil prices slid about 3% on Monday after some vessels sailed through the critical Strait of Hormuz, even as U.S. allies rebuffed President Donald Trump's call for help in unblocking the strait. The other focus this week are central banks as the Federal Reserve is expected to keep rates unchanged when it concludes its two-day meeting on Wednesday, and traders will be watching any comments from Chair Powell over how high oil prices will impact monetary policy in the coming months. Overnight, the Reserve Bank of Australia raised rates by 25 bps in a split decision, while the Bank of Japan, bank of England and ECB all meet later this week. In Asian markets, The Nikkei Index fell -50 points to 53,700, the Shanghai Index fell -34 points to 4,049, and the Hang Seng Index rose 34 points to 25,868. In Europe, the German DAX is up 13 points to 23,577, while the FTSE 100 is up 57 points to 10,374.

• The Dow Jones Industrial Average rose 387.94 points, or 0.83%, to 46,946.61
• The Nasdaq Composite jumped 268.82 points, or 1.22%, to 22,374.18
• The Russell 2000 Index advanced -23.24 points, or 0.94% to 2,503.29

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Pending Home Sales M/M for February
• 1:00 PM ET US Treasury to sell $16B in 20-year auction
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOBS CBUS DOCU HQY IZEA KMTS LULU NN NRGV OKLO QFIN SCOR TRVI TTAM ZTO

• Bank America 2026 Automotive Summit, 3/17
• Bank America Global Industrials Conference, 3/17-3/19
• Keybanc Virtual Healthcare Forum, 3/17-3/18
• Oppenheimer 36th Annual Healthcare MedTech & Services Conference, 3/16-3/19
• Piper 26^th Annual Energy Conference, 3/16-3/18, in Las Vegas, NV

• Amazon (AMZN) is rolling out one-hour and three-hour delivery in some Parts of the U.S. The company is speeding up deliveries even further after investing significant money and resources to make same-day Shipping the standard.
• Bally's (BALY) guides prelim Q4 revs $746.2M vs. est. $688.4M and Q4 ADJ Ebitda $160M.
• Delta Airlines (DAL) raises revenue guidance on accelerated demand trends in March; CEO ed Bastian: looking at somewhere around three points of higher revenue growth above what we guided for originally in quarter - CNBC
• India antitrust body probes fragrance makers Givaudan (GVDNY), Firmenich and International Flavors & Fragrances (IFF) for anti-poaching pacts, documents show, Reuters reports.
• Lyft (LYFT) announced it will use NVIDIA AI to enhance the company's machine learning systems across its global operations. The work spans across AI-driven mobility services Lyft continues to invest in
• Nvidia (NVDA) announced that Nvidia Drive Hyperion platform adoption is growing, including with global automakers BYD (BYDDF), Geely (GELYF), Isuzu (ISUZY) and Nissan (NSANY), as well as mobility providers.
• Uber (UBER) expanded its autonomous vehicle partnership with Nvidia to launch a global fleet of Nvidia software-driven autonomous vehicles across 28 cities globally by 2028.

• The US Navy and the General Services Administration awarded a contract worth up to $71 million to Gecko Robotics to use its wall-climbing robots – Bloomberg.

• Lemonade (LMND) was upgraded to overweight from equal weight at Morgan Stanley, noting that the insurer is an early stage winner as autonomous vehicles transform the auto insurance industry.

• DocGo (DCGO) Q4 revs fell y/y to $74.9M but topped est. $70.4M and Q4 ADJ EBITDA $-11.3M vs. est. $-9.7M; guides FY adj EBITDA loss ((-5M-$-10M) improved from prior view of loss (-15M-$25M) and raises 2026 revenue to $290M-$310M from prior $280M-$300M due to customer expansions, improved EMS hiring rates and efficiency initiatives; initiated a formal process to explore strategic alternatives to maximize shareholder value.
• Greenwich LifeSciences (GLSI) said its experimental drug GLSI-100 cut the risk of breast cancer coming back in an ongoing late‑stage study; the annual cancer return rate was under 1% in 250 patients who completed the primary injections; adds annual cancer return rate was about 4% a year in a similar group treated with standard drug Kadcyla in an earlier study.
• Rhythm Pharmaceuticals (RYTM) announces topline results from phase 3 emanate trial saying it does not meet primary endpoints; no new safety signals observed with setmelanotide in emanate trial; Four sub-studies did not meet pre-specified primary endpoints.
• Tandem Diabetes Care (TNDM) was upgraded to Overweight from Neutral at Piper citing improved pharmacy pricing benefits and growing international direct market opportunities; says there is meaningful upside to revenue estimates over the next three years, which will push stock higher.

• Alibaba (BABA) is planning to release an agentic AI service for companies, with an announcement for the product to be made as soon as this week, Bloomberg reports, citing people familiar with the matter. Additionally, the company intends to gradually integrate other services with the agent, including Taobao and Alipay.
• Nvidia (NVDA) with several announcements last night at its GTC 2026 conference: announced the Nvidia NemoClaw stack for the OpenClaw agent platform - which lets users install Nvidia Nemotron models and the newly announced Nvidia OpenShell runtime in a single command.
• Coherent (COHR), Lumentum (LITE), Ciena (CIEN) shares are lower as companies that develop data center optical components, fall in premarket trading after Nvidia CEO Jensen Huang’s comments that copper wires remain important in server racks.
• Comtech (CMTL) Q2 adjusted EBITDA $9.1M vs. $2.9M last year and Q2 revenue $106.8; Q2 net bookings of $175M and achieved a book-to-bill ratio of 1.64x, increased backlog to $732M and maintained our revenue visibility at approximately $1.1B.
• Dell Inc. (DELL) total workforce declined by about 10%, or 11,000 employees, in fiscal 2026, it said on Monday, a sign that the AI server maker is limiting external hiring to reduce costs. The company spent $569M in severance payments in this period, compared with $693M a year ago, its annual report showed.
• IBM Corp. (IBM) announces expanded collaboration with Nvidia to advance ai for the enterprise; IBM plans to offer Nvidia Blackwell ultra GPUs on IBM cloud in early Q2’26.
• ChatGPT-maker OpenAI's top executives are finalizing plans for a major strategy shift to refocus the company around coding and business users, the Wall Street Journal reported on Monday. Fidji Simo, chief of applications at OpenAI, previewed the changes to employees in an all-hands meeting, telling them that leaders including CEO Sam Altman and chief research officer Mark Chen were actively looking at which areas to deprioritize.
• Semtech (SMTC) Q4 EPS $0.44 vs. est. $0.43 on revs $274.4M vs. est. $273.2M; reported Q4 GAAP gross margin of 50.4% and Non-GAAP adjusted gross margin of 51.6%; sees Q1 EPS $0.42-$0.48 vs. consensus $0.43 and revs $278M-$288M, vs. consensus $272.6M

Mid-Morning Look

Tuesday, March 17, 2026

U.S. stocks bounce from overnight losses, extending yesterday’s rally after falling for a third straight week last Friday. Tech space strong behind many NVDA partnerships revealed at its GTC Conference last night and energy stocks rallying with energy prices as oil jumps. After leading markets lower last week, the S&P 500 financials (XLF) outperforms early behind strength in big banks, regionals, and brokers. For a second day all eleven S&P sectors open higher as major averages climb despite the price of oil jumping overnight on reports a large gas field in the United Arab Emirates (UAE) was set ablaze after a drone strike and a vital oil port was halted again, piling pressure on energy markets and supply with each day that the Iran war goes on. In futures, oil rebounded after the first drop in almost a week, as Iran pressed on with attacks and Israel said it killed senior Iranian officials. Today marks a change where stocks rallied despite oil prices being higher. Economic data was stronger with monthly pending home sales data. In central bank news, the Reserve Bank of Australia raised rates by 25bps last night in a tight vote, while the FOMC 2-day meeting concludes tomorrow where no rate change is expected. The ECB, BOE and BOJ are also still this week. So far, much like yesterday, all the market action was in the overnight and pre-open trading before chopping around the rest of the day.

• In Industrials: HON said the Middle East conflict could hit the company’s first-quarter revenue by a high-single-digit percentage; CEO said at BOFA conference that it remains confident in its 2026 forecast, viewing the disruptions as a "tactical issue" rather than demand-driven. DOV was upgraded to Overweight at Wells Fargo as expect shares to screen attractive within short-cycle for accelerating organic growth that's under way and typical short-cycle relative outperformance as the expansion advances.

• DAL +4%; said expects Q1 profit within its initial forecast range but raised its revenue expectations, amid high jet fuel prices due to the conflict in the Middle East; now expects Q1 revenue to grow at a high- single-digit percentage, compared with its earlier forecast of 5% to 7%.
• FUN +8%; after Reuters reported activist investor Jana Partners wants theme park operator Six Flags Entertainment to explore a sale and immediately appoint a new head of its board of directors, according to a letter reviewed by Reuters.
• JHG +3%; after VCTR submitted a revised $8.6 billion offer for JHG increasing its effort to block the take-private deal with Trian and General Catalyst. Under the revised proposal, Victory is now offering $40 in cash and 0.25 of its shares for each Janus share vs its earlier offer of $30 in cash and 0.35 of its shares.
• LIDR +35%; as announced it is joining the NVIDIA Halos AI Systems Inspection Lab. NVIDIA is the first company in the world to establish an ANSI National Accreditation Board (ANAB)-accredited AI Systems Inspection Lab, integrating functional safety, cybersecurity, AI, and regulations into a unified safety framework.
• LMND +13%; was upgraded to overweight from equal weight at Morgan Stanley, noting that the insurer is an early stage winner as autonomous vehicles transform the auto insurance industry.
• OKLO +3%; after receives U.S. Department of Energy approval for Nuclear Safety Design Agreement for OKLO's first reactor, the Aurora powerhouse at Idaho National Laboratory. OKLO says it has immediately requested DOE to commence review of its Preliminary Documented Safety Analysis.
• QCOM +2%; plans to buy back another $20 billion worth of shares and is raising its quarterly cash dividend.
• SEI +15%; making new all-time highs after announced it is acquiring 900 MW of gas turbines with deliveries from 2026-29.
• TNDM +11%; upgraded to Overweight from Neutral at Piper citing improved pharmacy pricing benefits and growing international direct market opportunities; says there is meaningful upside to revenue estimates over the next three years, which will push stock higher.
• UBER +4%; expanded its autonomous vehicle partnership with Nvidia to launch a global fleet of Nvidia software-driven autonomous vehicles across 28 cities globally by 2028.

• ASO -7%; shares slide early after guides FY26 adjusted EPS $6.10-$6.60, below consensus $6.52 and sees revenue $6.175B-$6.355B, also shy of the consensus $6.46B.
• COHR -2%; Optical and photonic stocks were weaker (AAOI, CIEN, COHR, LITE) after NVDA CEO Jensen Huang’s comments that copper wires remain important in server racks, while seen as positive for APH, CRDO.
• NBIS -11%; after it unveils planned offering of $3.75 billion worth of convertible bonds in two series saying the proceeds will be used to fund construction and build-out of its data centers, among other purposes.
• RYTM -2%; announced that all four sub studies of Imcivree's Phase 3 EMANATE trial in specific MC4R pathway gene variants missed their primary endpoints
• STLD -1%; said it expects Q1 2026 Steel operations profitability higher than Q4 2025; guided Q1 EPS $2.73-$2.77 below the consensus $3.22 while saying Q1 earnings from the company's metals recycling operations are expected to be higher than Q4 but shipments are expected to be somewhat lower in the quarter.

Closing Recap

Monday, March 16, 2026

After holding strong gains of roughly 1% all day following a jump in futures overnight, major U.S. averages finished higher as all eleven S&P 11 sectors finished closed in positive territory, with the S&P and Nasdaq composite both rising around 1%. Futures for Brent crude, the international benchmark, retreated back toward $100 after briefly pushing past $105 a barrel earlier. WTI crude futures fell about 5% as Wall Street parses every headline related to the Middle East tensions. Nvidia (NVDA) shares were higher into its GTC Conference today, getting a late day spike as CEO Huang said he sees at least $1T of revenue through 2027, but shares later slipped back. President Trump spent the weekend working on building a coalition of countries to escort ships through the Strait of Hormuz, but U.S. allies appear noncommittal so far. The President said the U.S. spared oil facilities in its bombardment of Kharg Island, Iran's key export hub, on Friday, but warned he would reconsider that decision if Iran doesn't open Hormuz. While the war with Iran and further comments from Nvidia at its GTC conference this week will be watched, interest-rate decisions from the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England are next potential catalysts. Monster week of central bank meetings with the RBA Policy Announcement (cash rate increase of 25bps to 4.10% is forecast) on Tuesday; on Wednesday, the FOMC Policy Announcement and Press Conference, as well as Bank of Canada Policy Announcement. On Thursday, the Bank of England (BoE), Bank of Japan (BoJ) – no change expected, but hawkish tone is and European Central Bank (ECB) headline with other players including Sweden’s Riksbank Policy Announcement and the Switzerland decision.

• Industrial Production for February rose +0.2% (vs. consensus +0.1%) and vs Jan +0.7% as Feb mining output +0.8% (Jan +0.9%), Utilities output -0.6% (Jan +0.1%). February capacity use rate 76.3% (consensus 76.2%) vs Jan 76.3% (previous 76.2%). Feb manufacturing output +0.2% (consensus +0.1%) vs Jan +0.8% (previous +0.6%).
• NAHB March index of current single-family home sales 42 versus 41 in February (previous 41); March NAHB Housing market index 38 (consensus 37) versus revised 37 in February (previous 36). March index of home sales over next six months 49 versus revised 47 in February (previous 46).

• US Treasury yields fell notably this morning as US oil futures declined further, with the 10-year yield last down 6 bps at 4.22% while the dollar index (DXY) slides back under the 100 level and Bitcoin prices jumps 3% arounde $74,000 as investor risk appetite rising early. Treasury yields moved lower to start the week as traders weighed the course of the Iran conflict and anticipated the Fed's March interest-rate decision on Wednesday. A decision to hold rates steady is widely expected. But the Fed's forward-looking dot plot could offer new signals about how Fed officials are thinking about the balance between a fragile labor market and inflation risks
• Crypto assets jumped as Bitcoin advanced to nearly a six-week high as investors returned to riskier assets on optimism that market turmoil tied to the Middle East conflict may be starting to ease. Bitcoin climbed about 4% to $74,512, the highest since Feb. 4 before paring some of the gains (still down around 40% from a record high reached in October), while Ethereum gained over 8% topping $2,300, a 6-week peak.

• In Retailers: LULU shares came into Monday with 11 day losing streak, closing at fresh 52-week lows Friday (lowest levels since Covid), but rebounded ahead of earnings tomorrow. Overall, a bounce in consumer discretionary names as oil prices eased slightly, boosting spending hopes.
• In Electric Vehicles: BYDDF shares jumped after saying late Friday that its Brazil factory has received export orders totaling 100,000 vehicles for Argentina and Mexico, executives said on Friday, as the company expands its Latin American operations. The orders comprise 50,000 vehicles each for Argentina and Mexico

• In Aerospace & Defense: RDW said it had been awarded a prime contract from Belgium’s armed forces to build and delivery the country’s first national security satellite; VOYG was awarded a follow-on contract under NASA's Expendable Launch Vehicle Integrated Support 3, or ELVIS 3, program through prime contractor a.i. solutions. The US Army has awarded Anduril Industries a contract with a total value of as much as $20B to buy the Defense startup’s software, hardware and services that the Defense Department said would speed delivery of technology to soldiers, Bloomberg reported late Friday.
• In Chemicals: ECL was upgraded to Buy from Hold at Berenberg and raised tgt to $326 after Ecolab announced on Thursday 12 March that it will increase prices across all products, services and geographies by 10-14%; says this move has a clear precedent in March 2022, following the energy price spike caused by the war in Ukraine. CE announces global price increases across the acetyls chain/price increases effective immediately or as contracts allow

• In Crypto: Bitcoin hits 5-week highs above $74,000; MSTR reported acquiring 22,337 bitcoin for approximately $1.57B at an average purchase price of $70,194 between March 9 and March 15; BMNR shares rise after Ethereum hits 5-week highs nearing $2,300.
• In Stablecoins: CRCL upgraded at Clear Street to Buy and raised tgt to $136 citing five catalysts driving USDC market cap and adoption despite a roughly 44% drawdown in broader crypto markets, namely tokenization, prediction markets; conflicts in the Middle East; the convergence of agentic AI and programmable stablecoins.
• In Brokers & Exchanges: Goldman Sachs raises EPS estimates across its Exchange / Market Structure coverage by mid-single digits for 2026 to reflect current market conditions and higher likelihood of more elevated volumes over the near-term, with ICE, NDAQ and MRX presenting the most compelling near-term upside, in its view.
• In Consumer Lending: OMF shares fell after being sued by 12 U.S. state attorneys general, who accused the subprime lender of tacking on hidden add-on products to loans to extract hundreds of millions of dollars in junk fees from consumers, New Jersey Attorney General Jennifer Davenport said on Monday in a press release.
• In REITs: PSA agreed to acquire NSA in an all-stock deal with exchange ratio of 0.14, representing an implied offer price of $41.68, in total deal valued at $5.63B; the deal will expand its footprint, adding more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico.

• COGT said the FDA accepted to review its experimental drug Bezuclastinib for treating patients with non‑advanced systemic mastocytosis; said it has received a target action date of December 30 for Bezuclastinib.
• CTMX shares jumped as reported preliminary results from an early-stage study of an antibody-drug conjugate treatment for advanced colon cancer.
• GPCR reports positive topline data from phase 2 ACCESS II trial with once-daily oral small molecule GLP-1 receptor agonist, Aleniglipron; said it oral obesity drug aleniglipron delivered up to 16.3% weight loss when compared with a placebo after 44 weeks of treatment in a mid‑stage study; analysts have previously estimated that weight loss of up to 16% would make Structure's aleniglipron competitive with other pills. At 36 weeks, the drug had shown weight loss of up to 15.3% at the 240 mg dose.
• LLY announces positive topline results from Phase 3 ADorable-1 trial of EBGLYSS in pediatric patients with moderate-to-severe AD; 63% of patients achieved meaningful skin improvement (EASI-75) and 44% achieved clear or almost clear skin (IGA 0,1) at Week 16.
• NEO said Medicare will now cover its PanTracer LBx blood test; the test looks for genetic changes linked to cancer, helping doctors pick treatments and clinical trials; PanTracer LBx checks more than 500 genes and delivers results in about seven days.
• TXG shares fell primary trigger appears to be Ark Invest, led by Cathie Wood, dumping a significant stake—over 473,000 shares across its ETFs like ARKK and ARKG in recent days, including notable sells on March 12 and 13
• Jefferies launched coverage on 13 biotech stocks, assuming coverage of eleven names and initiating on two saying their top picks include INSM, COGT and RVMD. INSM has a strong track record of success in respiratory with a trifecta of assets: Brinsupri in bronchiectasis, Arikayce in infectious lung disease and phase III stage TPIP in pulmonary hypertension and fibrosis. Said believe COGT has one of the cleanest late-stage biotech setups as the company is seeking FDA approval for lead asset Bezuclastinib in three indications in ‘26. For RVMD, constructive on the phase III RASolute302 readout for multi-RAS daraxonrasib in 2L pancreatic cancer expected in 1H26.

• Data Centers/AI Infrastructure: NBIS shares surged after receiving its second major contract in 2 weeks after signs a new AI infrastructure agreement with META for up to ~$27B; NBIS will provide $12 billion of dedicated capacity across multiple locations, based on one of the first large-scale deployments of the NVDA Vera Rubin platform. META has committed to purchase additional available compute capacity across certain upcoming Nebius clusters up to a total of $15B over a five year period. CRWV have partnered with BCE to develop and operate Canada's largest "purpose-built AI data center." Other HPC/data center names IREN, WULF, CRWV also rallied today.
• Software stocks were mostly higher with rebounds in names like ADBE, CRM, TWLO after recent weakness; ADBE was downgraded to Hold from Buy at Argus post earnings after Adobe reported a 12% growth in operating income in Q1 and the company continues to innovate leveraging generative AI innovations rapidly across its product set, though its results were overshadowed by the announcement that 18-year CEO Narayan has decided to step down; security names CRWD, OKTA, ZS were weaker.

Street Recommendations

Tuesday, March 17, 2026

• MKTX Argus downgraded MarketAxess to Hold from Buy with no price target. Given that the company is a fixed-income exchange operator, the firm feels the recent move higher in rates and rate outlook will lower trading volumes, especially in the U.S. However, the firm adds that it expects the company's market share to remain strong.

• PTC Barclays reinstated coverage of PTC with an Overweight rating and $180 price target following the closing of the ThingWorx and Kepware divestiture. PTC's underlying growth has gone up by 0.5 points and its free cash flow will have a $70M headwind in fiscal 2027 related to the early close, the analyst tells investors in a research note.

• MYPS Benchmark analyst Mike Hickey downgraded Playstudios to Hold from Speculative Buy.

• SPGI BMO Capital analyst Jeffrey Silber raised the firm's price target on S&P Global to $495 from $482 and keeps an Outperform rating on the shares. February billed issuance rose 22% year over year, compared to January's 3% y/y increase, the analyst tells investors in a research note.
• TLS BMO Capital analyst Keith Bachman lowered the firm's price target on Telos to $5 from $8 and keeps a Market Perform rating on the shares. Telos delivered a solid quarter with revenue ahead of expectations, driven by strong Security Solutions growth, particularly better-than-expected performance in Telos ID, and FY26 guidance was roughly in-line with expectations with new awards representing upside amid some government timing uncertainty, the analyst tells investors in a research note.

• NVDA BofA analyst Vivek Arya maintains its Buy rating and $300 price target on its "top AI pick" Nvidia following the kickoff of the company's flagship GTC conference, noting that highlights include $1.0T-plus in data center sales visibility for calendar 2025-27, up from prior visibility for sales of $500B-plus for calendar 2025-26. Following the keynote, the firm sees continued Nvidia leadership in AI, backed by its broadening full-stack end-to-end pipeline, extreme co-design with customers, and supply assurance.

• DFLI Canaccord lowered the firm's price target on Dragonfly Energy to $3.25 from $22.50 and keeps a Buy rating on the shares. The firm said while December-quarter results were in line, 1Q26 guidance was relatively weak. They Dragonfly executed a series of pivotal financings that effectively stabilized its capital structure. However, in light of the implied burn rate for 1Q26, they are keeping a watchful eye on the company's liquidity position. The target change is to reflect 10:1 stock split and their revenue/profitability assumptions based on continued weakness.

• WRBY Citi raised the firm's price target on Warby Parker to $24 from $18 and keeps a Neutral rating on the shares. After meeting with management and the Q4 report, Citi says now is the time to start building sales from AI glasses into Warby's estimates. The firm expects the Warby Parker/Google AI glasses will launch in the second half of 2026.
• RYTM Citi lowered the firm's price target on Rhythm Pharmaceuticals to $131 from $136 and keeps a Buy rating on the shares after the company announced the four sub-studies in the Phase 3 EMANATE trial did not show statistical significance. Citi sees the news as "disappointing" but says the positive trends in two of the four genetic subtypes offer a potential path forward for a future study with one of Rhythm's next-generation MCR4 agonists, bivamelagon or RM-718.
• TMUS Citi analyst Michael Rollins raised the firm's price target on T-Mobile to $225 from $220 and keeps a Neutral rating on the shares. The firm sees the company reporting inline Q1 results. It assigns the shares a better multiple for T-Mobile's growth prospects.
• NVDA Citi says the keynote by Nvidia CEO Jensen Huang yesterday "checked all the boxes." The company is seeing an inflection in inference and expects its data center sales to reach $1 trillion in 2025 through 2027, the analyst tells investors in a research note. Citi says this is in-line with investor expectations but above the Street's $950B estimate. However, the number has "tens of billions upside" given the $1 trillion does not include language processing units, central processing unit standalone, and Hopper sales, contends the firm. Citi has a Buy rating on Nvidia with a $300 price target.

• OPAL Goldman Sachs raised the firm's price target on Opal Fuels to $2.40 from $2.10 and keeps a Sell rating on the shares.

• JNJ HSBC analyst Morten Herholdt raised the firm's price target on Johnson & Johnson to $280 from $265 and keeps a Buy rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.
• PFE HSBC raised the firm's price target on Pfizer to $32 from $29 and keeps a Buy rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.
• NVS HSBC raised the firm's price target on Novartis to CHF 95 from CHF 89 and keeps a Reduce rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.
• BIIB HSBC analyst Morten Herholdt raised the firm's price target on Biogen to $150 from $143 and keeps a Reduce rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.
• BMY HSBC raised the firm's price target on Bristol Myers to $60 from $53 and keeps a Hold rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.
• NVO HSBC lowered the firm's price target on Novo Nordisk to DKK 280 from DKK 350 and keeps a Hold rating on the shares. The firm says the uncertain macro backdrop, rising geopolitical risk, and lower exposure to AI disruption risks could attract investors to healthcare and drive outperformance in the coming quarter.

• CYTK JPMorgan raised the firm's price target on Cytokinetics to $75 from $74 and keeps an Overweight rating on the shares. JPMorgan also added Cytokinetics to its Analyst Focus List as a growth idea and placed the shares on "Positive Catalyst Watch." The company's near-term outlook is favorable following the recent approval of Myqorzo for the treatment of adult patients with symptomatic obstructive hypertrophic cardiomyopathy, the analyst tells investors in a research note. The firm says early signs in the marketplace appearing strong. In addition, Cytokinetics "may be on the precipice" of non-obstructive hypertrophic cardiomyopathy data that could be "transformative" for the Myqorzo launch, adds JPMorgan.
• EWTX JPMorgan raised the firm's price target on Edgewise Therapeutics to $45 from $34 and keeps an Overweight rating on the shares. JPMorgan also added Edgewise to its Analyst Focus List as a growth idea. The firm remains positive on the shares in anticipation of a number of catalysts across the pipeline, particularly renewed interest in EDG-7500. The full 12 week data in Q2 will be meaningful for the fundamental view on EDG-7500, the analyst tells investors in a research note. JPMorgan increasingly likes the setup for Edgewise in 2026.

• AGRO Morgan Stanley upgraded Adecoagro to Equal Weight from Underweight with a price target of $13, up from $9.50. The company's operational challenges in Q4 are likely a non-event given Adecoagro's continuous harvest system, the analyst tells investors in a research note. The firm believes investor focus should remain on the "transformational impact" of the Profertil acquisition and current urea pricing dynamics on the company's 2026 free cash flow generation. Morgan Stanley believes Profertil introduces "significant" operating leverage for Adecoagro, which should continue to drive the share price performance.
• DLTR Morgan Stanley lowered the firm's price target on Dollar Tree to $126 from $146 and keeps an Equal Weight rating on the shares. Despite improving performance through the Holidays and better prospects for operating leverage, the firm notes that the 2026 outlook implies a deceleration in comps and says "traffic remains a work in progress."
• RYTM Morgan Stanley analyst Michael Ulz lowered the firm's price target on Rhythm Pharmaceuticals to $136 from $150 and keeps an Overweight rating on the shares. Though the Phase 3 EMANATE trial evaluating setmelanotide in patients with obesity associated with heterozygous variants in MC4R-pathway genes missed the primary endpoint, the firm notes expectations were low and says data suggests potential in two substudies.

• DLTR Piper Sandler raised the firm's price target on Dollar Tree to $116 from $114 and keeps a Neutral rating on the shares following a solid Q4 print and in-line 2026 guidance. The firm remains on the sidelines as valuation seems appropriate for Dollar Tree EPS growth target in the mid-teens.
• CRSP Piper Sandler raised the firm's price target on Crispr Therapeutics to $110 from $105 and keeps an Overweight rating on the shares. The firm notes the company issued $600M note due in March 2031 convertible at $76.56 per share with an effective coupon of 1.73%. Piper estimates Crispr now holds pro forma cash of $2.56B.

• EPR Raymond James downgraded EPR Properties to Outperform from Strong Buy with a price target of $60, down from $62. The firm sees less upside in the shares following the 30% rally since the beginning of 2025. The shares offer less room for additional external growth given EPR's activity in 2026 and higher cost of capital, the analyst tells investors in a research note. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names.
• EPRT Raymond James upgraded Essential Properties Realty Trust to Strong Buy from Outperform with a price target of $37, up from $35. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names. The firm cites Essential's low cost of capital, wide investment spreads, capital runway, diverse tenant roster with minimal credit issues, and "sector-leading growth" for the upgrade.
• PINE Raymond James analyst RJ Milligan upgraded Alpine Income Property to Strong Buy from Outperform with an unchanged price target of $22. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names. The firm names Alpine its top value pick. The shares are trading under 10-times with an attractive 6% dividend yield, the analyst tells investors in a research note.
• WPC Raymond James upgraded W.P. Carey to Outperform from Market Perform with a $76 price target. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names. W.P. Carey's "re-loaded" balance sheet should support investment volume upside in 2026, the analyst tells investors in a research note. The firm says the company's "attractive" investment spreads and low cost of capital for the upgrade.
• NTST Raymond James downgraded Netstreit to Outperform from Strong Buy with a price target of $22, up from $21. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names. The firm cites valuation for the downgrade of Netstreit. It sees less upside with the shares up 40% since the beginning of 2025.
• NNN Raymond James analyst RJ Milligan downgraded NNN REIT to Market Perform from Outperform without a price target. Raymond James adjusted ratings in the net lease real estate investment trust group given the year-to-date performance in several names. NNN offers lower growth in 2026 relative to peers along with a higher cost of capital, the analyst tells investors in a research note. It believes the shares are now longer "too cheap to ignore" after rallying 15% in 2026.

• GSHD RBC Capital analyst Rowland Mayor resumed coverage of Goosehead Insurance with a Sector Perform rating and $49 price target. While shares are undervalued and AI fears are overblown, RBC Capital expects certain margin and growth headwinds to limit performance in the near-term, the analyst tells investors in a research note.
• RYTM RBC Capital lowered the firm's price target on Rhythm Pharmaceuticals to $130 from $140 and keeps an Outperform rating on the shares. Rhythm's Phase III rare obesity basket study failed to meet the primary endpoint of statistically significant reduction in BMI in its four genetic cohorts, the analyst tells investors in a research note. Management noted learnings from EMANATE may offer a path forward down the road and plan to revisit these genetic variants in alternative studies with next-generation MC4R agonists, the firm says.

• SAIC Stifel lowered the firm's price target on SAIC to $120 from $128 and keeps a Buy rating on the shares. SAIC's Q4 results and FY27 outlook were inline with their February preannouncement, but the firm "liked what we heard from new full-time CEO Jim Reagan," the analyst tells investors in a post-earnings note.
• SMTC Stifel analyst Tore Svanberg raised the firm's price target on Semtech to $98 from $90 and keeps a Buy rating on the shares. Q4 results were "another notch in the right direction" as Semtech continues to position itself towards favorable long-term secular trends, while simultaneously continuing its balance sheet improvement, the analyst tells investors.

• CRGY Wells Fargo raised the firm's price target on Crescent Energy to $14 from $13 and keeps an Overweight rating on the shares. With the post-Vital Energy framework established, the investment focus shifts toward execution, production trajectory, and capital efficiency, the firm argues. Crescent Royalties introduces a differentiated, capital-light source of potential value uplift, Wells adds.

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

• 9:15 AM ET                   Industrial Production M/M for February
• 9:15 AM ET                   Capacity Utilization for February
• 10:00 AM ET NAHB Housing Market Index for March

• Earnings After the Close: AGRO AREN CATX DCGO GETY KLTR LIDR NGS PLBY SMTC TBRG ZEPP

• Oppenheimer 36th Annual Healthcare MedTech & Services Conference, 3/16-3/19
• Piper 26^th Annual Energy Conference, 3/16-3/18, in Las Vegas, NV

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Pending Home Sales M/M for February
• 1:00 PM ET US Treasury to sell $16B in 20-year auction
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOBS CBUS DOCU HQY IZEA KMTS LULU NN NRGV OKLO QFIN SCOR TRVI TTAM ZTO

• Bank America 2026 Automotive Summit, 3/17
• Bank America Global Industrials Conference, 3/17-3/19
• Keybanc Virtual Healthcare Forum, 3/17-3/18
• Oppenheimer 36th Annual Healthcare MedTech & Services Conference, 3/16-3/19
• Piper 26^th Annual Energy Conference, 3/16-3/18, in Las Vegas, NV

• 8:30 AM ET                   Producer Price Index (PPI) Headline M/M for February
• 8:30 AM ET                   Producer Price Index (PPI) Headline Y/Y for February
• 8:30 AM ET PPI core - Ex: Food & energy M/M for February
• 8:30 AM ET PPI core - Ex: Food & energy Y/Y for February
• 10:00 AM ET                 Durable Goods orders M/M for January
• 10:00 AM ET                 Factory Orders M/M for January
• 10:30 AM ET                 Weekly DOE Inventory Data
• 2:00 PM ET FOMC Interest rate Meeting – no change is expected
• 4:00 PM ET                    Net Long-term TIC flows for January

• Earnings After the Close: ALVO DLO FIVE HYPR MU RCAT USIO

• Keybanc Virtual Healthcare Forum, 3/17-3/18
• Oppenheimer 36th Annual Healthcare MedTech & Services Conference, 3/16-3/19
• Piper 26^th Annual Energy Conference, 3/16-3/18, in Las Vegas, NV
• Sidoti Smallcap Conference, 3/8-3/19 (virtual)

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for March
• 10:00 AM ET                 New Home Sales M/M for January
• 10:00 AM ET                 Wholesale Inventory M/M for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: CURV ECOR ETON FDX GEMI GRWG IDN NYXH PL SCHL YSS

• Goldman Sachs Inaugural Intermountain Health Tech Conference, 3/19-3/20, in Park City, Utah
• Oppenheimer 36th Annual Healthcare MedTech & Services Conference, 3/16-3/19
• Sidoti Smallcap Conference, 3/8-3/19 (virtual)

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