Early Look

Tuesday, June 16, 2026

After another monster rally on Wall Street Monday pushed major averages to new all-time highs or close to it, markets await comments from the Fed tomorrow and further details of the US/Iran deal (expected Friday) that lifted market sentiment. Wall Street's main indexes rallied, with the Dow marking a record-high close after the U.S. and Iran struck a preliminary agreement to end the Iran war and reopen the Strait of Hormuz, leading to an easing of inflation fears as crude oil prices dropped. Overnight, U.S. President Trump said the Iran deal specifies that Iran will not have a nuclear weapon. "The only thing that really matters to me is Iran will never have a nuclear weapon, and it says it loud and clear," he told reporters at the G7 summit in France. "All hell will rain down" on Iran if the Iranian government intended to acquire a nuclear weapon, he added. Futures are mixed/little changed this morning a day after record highs for the Dow Jones Industrial Average, the Russell 2000 Index and the PHLX Semiconductor Index (SOX), while SpaceX (SPCX) surged 19% for a second straight day on Monday after its IPO priced at $135 last Thursday and shares are indicated higher yet again this morning by over 10% pre mkt.

WTI oil, the U.S. benchmark falls another 2.6% at $78.60 per barrel after tumbling just under -5% Monday, its lowest since early March. But it is still far above the pre-war prices around $65. The U.S.-Iran deal is expected to ease pressure on the Fed, which will hold its first meeting chaired by Trump appointee Kevin Warsh on Wednesday, to raise rates to curb inflation.

In central bank news, the Bank of Japan raised its overnight call rate by 25bps to 1.0% (a high since 1995) as was fully priced in. The vote was 7-1, with dove Asada preferring a steady hand and Governor Ueda absent. In Asian markets, The Nikkei Index rose 87 points to 69,404, the Shanghai Index dipped -4 points to 4,091, and the Hang Seng Index declined -348 points to 24,493. In Europe, the German DAX is up 180 points to 25,074, while the FTSE 100 rises 69 points to 10,500.

• The Dow Jones Industrial Average rose 468.77 points, or 0.92%, to 51,671.03
• The Nasdaq Composite surged 795.10 points, or 3.07%, to 26,683.94
• The Russell 2000 Index advanced 21.13 points, or 0.72% to 2,965.12

• 8:30 AM ET                   Housing Starts M/M for May…est. 1.43M
• 8:30 AM ET                   Building Permits M/M for May…est. 1.42M
• 8:30 AM ET                   Import Prices M/M for May…est. +1.0%
• 8:30 AM ET                   Export Prices M/M for May…est. +1.2%
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell $16B in 20-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: LZB YQ

• Goldman Sachs European Business Services, Transport, Leisure, Infra & Building Materials Conference, 6/16-6/17
• Jefferies Nantucket Consumer Conference, 6/16-6/17, in Nantucket, MA
• Truist 2026 MedTech Conference, 6/16, in Boston, MA
• Truist  2026 Truist Industrials & Services Conference, 6/16-6/17 in New York

• On the balance sheet, the Bank of Japan will keep trimming monthly JGB purchases by about JPY 200bn each quarter until the first quarter of 2027, then hold the pace at about JPY 2tn a month from April 2027, halting the active reduction it has run since 2024
• China retail sales fell for the first time in over three years and investment slumping, while industrial output picked up pace. China retail sales slid -0.6% in May, data showed, reversing April's 0.2% rise and below the estimated 0.0% in a Reuters poll. It was the first monthly fall since December 2022.
• China industrial output rose 4.5% in May from a year earlier, picking up from 4.1% growth in April and beating expectations of a 4.3% increase.
• China's housing market remained under pressure in May, with new-home prices falling 0.2% month-over-month and resale home prices declining 0.26%, marking the steepest drop in existing-home values in three months.
• Iran will unlock $300B reconstruction fund if it gives up uranium stockpile ‘; JD Vance said Iran will not receive immediate reconstruction funding under the war-ending agreement but could receive significant sanctions relief if it complies with the deal's terms.
• Qatar is to restore half of its LNG output a month after the Strait of Hormuz opens, with output to reach 80% of full output within two months.

• ConocoPhillips (COP) is set to sign a contract with Syria's new government to revive gas production, the Financial Times reported, citing two people familiar with the matter. ConocoPhillips and Novaterra Energy will develop existing gas fields and explore for new reserves.
• Exxon Mobil (XOM) upgraded to Buy from Neutral with $154 tgt saying they see limited fundamental downside at current levels and believes shares are pricing in long-term oil around $65/bbl. Firm argues the stock has not fully reflected the positive impact of recent geopolitical developments on oil markets.
• Oklo (OKLO) and Standard Nuclear, a reactor-agnostic producer of TRISO nuclear fuel, have entered a memorandum of understanding to explore commercial collaboration on nuclear fuel recycling and advanced fuel manufacturing.
• Olin Corp. (OLN) and Huntsman Corporation (HUN) have entered into a definitive agreement to combine in an all-stock merger of equals. Under the terms, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company. The merger will create a chemicals company with over $12 billion in annual revenue and is expected to generate over $400 million of identified cost synergies. he implied offer price of $13.85 per share is about 12.8% below Huntsman's last closing price.
• Palantir (PLTR) upgraded to Peer Perform (from underperform) after resuming coverage as believes the company's Artificial Intelligence Platform, ontology, and forward deployed engineers prove the company can turn AI interest into scaled enterprise adoption. However, Palantir's current valuation reflects much of its improved growth and margin outlook.
• Parsons (PSN) has been selected for the design oversight and construction oversight contracts on the estimated $1.1B-$1.4B design-build John A. Blatnik Bridge Project by the Minnesota and Wisconsin Departments of Transportation.

• Robinhood (HOOD) said it will cut 10% of its full-time workforce; estimates $20M in severance and benefits charges and $8M in share-based compensation; charges expected to be recognized in Q2.
• Rocket Companies (RKT) downgraded to Neutral from Buy at BTIG without a price target saying the rate environment has been more challenging in 2026 than initially expected.

• Camp4 Therapeutics (CAMP) upgraded to Overweight from Neutral at JPMorgan and raise tgt to $9 from $5 saying shares are undervalued on the potential for CMP-002 in SYNGAP1-related disorder.
• Ensign Group, Inc. (ENSG) increases stock repurchase authorization by $60M to $100M.
• Novo Nordisk (NVO) plans to seek Chinese regulatory approval for its weight-loss pill "very soon," CEO Mike Doustdar said Tuesday – Reuters.

• Applied Materials, Inc. (AMAT) introduced two new chipmaking systems designed to solve an emerging challenge in leading-edge semiconductor manufacturing: achieving precision processing in increasingly deep and narrow 3D structures.
• Domo Inc. (DOMO) said in February the co initiated a formal process to explore strategic alternatives to maximize shareholder value. The Board has concluded that pursuing a strategic transaction represents the best path to maximize value for shareholders; Q1 Adj EPS -$0.02 vs. est. -$0.07 (beat); rev $79.4Mm vs. est. $79.75Mm (slight miss); billings $60.4Mm; no guidance provided.
• Ericsson (ERIC) announces that Per Narvinger has been appointed President and CEO by the Board of Directors as Borje Ekholm has decided to step down as CEO of Ericsson.
• Nvidia (NVDA) raised $25B in high-grade bonds, up from a $20B target, amid strong $85B investor demand, marking its first debt issuance since 2021 and reflecting intense appetite for AI-linked credit as proceeds are expected to be used for refinancing and other corporate purpose - Bloomberg
• Qualcomm (QCOM) is in talks to acquire AI chip startup Tenstorrent for $8 billion to $10 billion, the Information reported on Monday, citing a person with direct knowledge of the deal. The talks are ongoing and the price could change, or the discussions could fall apart.
• Quantum Corporation (QMCO) has filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the fiscal year ended March 31.
• STMicroelectronics (STM) announces a $1.5B dual-tranche offering of new convertible bonds and the early redemption of its 2027 convertible bonds.

Mid-Morning Look

Tuesday, June 16, 2026

U.S. stocks stay near elevated levels, a day after the Dow Jones Industrial Average, Russell 2000 and PHLX Semiconductor Index (SOX) all closed at record highs while the Nasdaq surged 3% and the S&P 500 remains close to its all time bests. Global markets continue to trust that the situation in the Middle East is calming down but will want verification that any agreement is permanent. The current interim deal would extend the ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which Iran has effectively blocked since the U.S. and Israel attacked Iran in February. Negotiators would address difficult issues like the future of Iran's nuclear program during the next phase of talks, which is expected to take place in Switzerland on Friday after the formal signing of the framework deal. Vice President JD Vance and Iran's top negotiator Mohammad Baqer Qalibaf are expected to attend Friday's formal signing in Geneva. Oil prices have tumbled in recent days on the news while precious metals/crypto/stocks have jumped. The other story is the SpaceX (SPCX) IPO, which priced 555M shares last Thursday at $135 valued at 41.7 trillion and has surged the last 3 days to highs around $225 today with its mkt cap topping that of AMZN and MSFT in recent days above $2.7 trillion to become the 4^th largest company (option began trading today).

In central bank news, the Bank of Japan raised its policy rate to 1%, the highest since 1995, in a 7 to 1 vote, at the first meeting in its modern history held without the governor in the room (due to illness). Thirty years of effectively free money in the world’s third largest economy, repriced. Policymakers highlighted upside inflation risks from higher oil prices, firm wage growth and rising inflation expectations. Meanwhile the RBA held its policy rate at 4.35%. Meanwhile, US markets await the FOMC meeting tomorrow where no changes are expected but is the first meeting with new Chairman Kevin Warsh at the helm.

Oil prices fell about 4% to fresh three-month lows as markets weighed prospects for a resumption of supplies through the Strait of Hormuz alongside weaker physical demand and scant details on a preliminary deal to end the Iran war. WTI's intra-day nadir of $76.88 was the lowest since March 10. Before the war started on February 28, Brent and WTI futures were trading around $65-70 per barrel. Oil prices sank nearly 5% on Monday after U.S. President Donald Trump announced an interim deal to end the U.S.-Israeli war with Iran, though full details have not been released.

• May import prices rose +1.9% above consensus +1.0% and vs April +2.0%; May export prices +1.3% (consensus +1.2%) vs April +3.5% (prev +3.3%). May non-petroleum import prices +0.8%, y/y +3.8%.

• In REITs: Bank America with several changes as SKT was downgraded to Underperform from Neutral after having risen 15.1% over the past month and says it now sees more attractive risk/reward elsewhere in retail REITs; upgraded EXR to Neutral, more positive on operating trends for this peak leasing season; WPC upgraded to Neutral as believes warrants a higher multiple given its improved internal and external growth; HPP downgraded to Underperform citing valuation for the downgrade following the stock's recent rally and KRC upgraded to Buy saying leasing momentum is improving across Kilroy's markets, particularly in the San Francisco Bay area, with AI as the driving force.
• In Exchanges: CBOE shares pulled back again as the company along with CME faces perceived competitive risk of perpetual futures. Recall on May 29^th the CFTC approved Kalshi's BTCPERP (Bitcoin perpetual futures contract, no expiration) as the first true regulated perpetual on a U.S. exchange, plus relief for Coinbase to offer access to crypto perps via affiliates. Trading on Kalshi went live shortly after (early June). This shifted popular offshore-style perpetual futures (high-leverage, continuous trading) into a regulated U.S. framework for the first time, starting with Bitcoin

• LION +9%; after a report by Semafor said that NFLX lost a bidding war for ROKU to FOXA citing people involved in the sale process. Netflix is also one of a number of media companies interested in buying LION, but the company has not put in a formal indication of interest.
• MBLY +3%; after saying it would launch its own robotaxi service in the U.S. in 2027 - the company is planning to prepare an initial fleet of about 100 vehicles targeted for deployment in a major metropolitan U.S. market beginning in 2027.
• RXT +7%; and AMD sign definitive agreement for phased deployment of 30 MW of AMD AI Compute; RXT also to terminate about 15% of global workforce as estimates one-time expenses of $14M-$19M in 2026 for realignment.
• SPCX +13%; just three days removed from pricing 555M shares at $135 in its initial public offering, said it would acquire coding agent software operating firm Cursor for $60 billion.
• YUM +2%; enters into agreements to sell Pizza Hut for $2.7B to private equity firm LongRange Capital and approves incremental $4B share repurchase. Pizza hut in mainland China to be acquired by YUMC for a cash consideration of $1.2B.

• ERIC -3%; as  announces that Per Narvinger has been appointed President and CEO by the Board of Directors as Borje Ekholm has decided to step down as CEO of Ericsson.
• EWTX -2%; shares tumbled after announced top-line results from the 12-week Phase 2 Part D CIRRUS-HCM trial of EDG-7500 in obstructive (oHCM) and nonobstructive (nHCM) HCM.
• HUN -13%; and OLN have entered into a definitive agreement to combine in an all-stock merger of equals. Under the terms, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Implied offer price of $13.85 per share is about 12.8% below HUN prior close.
• NFLX -3%; on reports it missed out on ROKU acquisition to FOX.
• PLAY -3%; shares fell after results as Q1 adj EPS $0.22 misses the est. $0.60 on weaker revs $559.2Mm vs. est. $580.6Mm and comp store sales declined -5.4% y/y, below management's prior commentary, while Q2 trends remain negative at approximately -4% quarter-to-date.

Closing Recap

Tuesday, June 16, 2026

U.S. stocks finished mixed after massive gains on Monday, as the Dow Jones Industrial Average added to record high gains, while the Russell 2000 pulled back off its record highs and both the S&P 500 and Nasdaq declined late day to finish at the lows ahead of tomorrow’s first FOMC meeting with new Chairman Kevin Warsh where no rate changes are anticipated. Traders see the Fed holding rates through much of the year while seeing a roughly 42% chance of a 25-bps rate hike in December. Overnight, the Bank of Japan raised its policy rate to 1%, the highest since 1995 as policymakers highlighted upside inflation risks from higher oil prices, firm wage growth and rising inflation expectations but the yen was little changed. Oil prices a big story today, tumbling over 5% (more below), while the recent SpaceX (SPCX) IPO saw a third day of gains though slipped late day (also more below). The Dow Jones Industrial Average recorded another all-time high topping 52,000, as financials (XLF), and industrials (XLI) paced gains while technology (XLK) fell the most behind a pullback in semis (SOX) off record highs.

This afternoon came reports that a US-Iran framework agreement includes plans for a $300 billion private investment fund to support Iran’s economy, a source told Reuters. The fund would launch only after a final deal is signed, with no government money involved. More than half of the capital has reportedly already been committed by companies across the US, Gulf, Asia, South America and Africa. Meanwhile oil prices tumbled following a Wall Street Journal report that the U.S. would allow Iran to immediately begin selling oil and fuel under the memorandum of understanding. The signing of the interim peace deal between the US and Iran will take place on Friday near Lucerne in Switzerland, according to reports.

SpaceX (SPCX) surpassed both Amazon’s and Microsoft Corp. valuations (briefly) Tuesday, becoming the fourth biggest U.S. company by market capitalization as the stock surged again ahead of the open. Barron’s noted on fundamentals, Amazon posted revenue of $717B in 2025 to SpaceX’s $18.7B. The stock surged 20% Monday after Musk said the company could hit revenue of $1 trillion in a post on X over the weekend. The company also revealed it raised an extra $11 billion from its IPO after underwriters exercised an option to buy more shares. Shares hit intraday highs above $225 per share after pricing at $135 last Thursday but ended the day around $200 in a late day pullback.

• May import prices rose +1.9% above consensus +1.0% and vs April +2.0%; May export prices +1.3% (consensus +1.2%) vs April +3.5% (prev +3.3%). May non-petroleum import prices +0.8%, y/y +3.8%.

• August gold settles +$2.80/oz, or +0.06%, at $4,354.40 while July Silver settles -$0.17/oz, or -0.24%, at $70.01 an ounce, little changed after a big bounce Monday and ahead of the FOMC policy meeting today. Prices did not react favorably despite the sharp decline in oil prices. Cryptocurrency is paring yesterday's gains, driven in part by cutting risk ahead of the first FOMC meeting led by new Fed chair Kevin Warsh as Bitcoin fell around 1% under $66,000.
• Treasury yields fall further as oil prices slip another 5% today on hopes of normalized traffic in the Strait of Hormuz and ahead of a Fed rate decision. Details of an announced U.S.-Iran deal remain unknown, but the prospect of a regular supply of crude eases inflation fears. A cautious market, however, still prices in a Fed hike sometime this year, following tomorrow's expected hold. The Dollar Index (DXY) was little changed while the 10-year yield fell 4bps to 4.426%, the lowest in over a month

• In Autos/Ride Hailing: MBLY said it would launch its own robotaxi service in the U.S., putting the self-driving technology supplier in direct competition with some of its customers; the company is planning to prepare an initial fleet of about 100 vehicles targeted for deployment in a major metropolitan U.S. market beginning in 2027 (watch LYFT, UBER). BMWYY guided FY Automotive Ebit margin 1% to 3%, down from prior 4% to 6% (auto suppliers MGA, LEA active).
• In Retailers: shares of GIL came under pressure following news of a short call by Jehoshaphat Research noted on X. GIL later said in a release that it is aware of the published report and remained confident in its financial disclosures and governance practices while also backed its full-year guidance for FY26 and added that doesn't intend to provide any further comment at this time.

• In Nuclear/power sector: OKLO and Standard Nuclear, a reactor-agnostic producer of TRISO nuclear fuel, have entered a memorandum of understanding to explore commercial collaboration on nuclear fuel recycling and advanced fuel manufacturing.
• Gas sector: shares of VG, LNG declines after Qatari authorities stated that they hope the preliminary agreement between the United States and Iran will lead to the reopening of the Strait of Hormuz, and the resumption of liquefied Natural gas trade.

• In Mortgage sector: RKT downgraded to Neutral from Buy at BTIG without a price target saying the rate environment has been more challenging in 2026 than initially expected. BETR was initiated at Buy and $36 tgt saying it is well positioned from a platform/ technology standpoint to grow its business from the recently added partnerships.
• In Lending: FNMA and FMCC were both downgraded to Neutral from Buy at BTIG citing limited visibility into the timing of any release of the government sponsored entities from conservatorship. Key steps still need to be resolved, including the updated capital standards and resolution around the government's senior preferred stake. LPRO said it would be acquired by ANV Group Holdings for $3.15 per share
• In REITs: Bank America downgraded SKT to Underperform from Neutral after having risen 15.1% over the past month and says it now sees more attractive risk/reward elsewhere in retail REITs; upgraded EXR to Neutral, more positive on operating trends for this peak leasing season; WPC upgraded to Neutral as believes warrants a higher multiple given its improved internal and external growth; HPP downgraded to Underperform citing valuation for the downgrade following the stock's recent rally and KRC upgraded to Buy saying leasing momentum is improving across Kilroy's markets, particularly in the San Francisco Bay area, with AI as the driving force.

• EWTX shares tumbled after announced top-line results from the 12-week Phase 2 Part D CIRRUS-HCM trial of EDG-7500 in obstructive (oHCM) and nonobstructive (nHCM) HCM.
• MRNA shares jumped after the FDA said data demonstrating an immune response to Moderna's MRNA.O flu shot may support effectiveness in adults 65 years and older.

• In Aerospace & Defense: SPCX shares soar on day 3 after its IPO topping $225 per share and becoming the 4^th most valuable company in the world (passing MSFT, AMZN this morning) and seeing a sell off in other space names in rotation into SPCX with LUNR, PL, RDW, FLY, RKLB, ASTS among names falling. PLTR was upgraded to Peer Perform at Wolfe after resuming coverage as believes the company's Artificial Intelligence Platform, ontology, and forward deployed engineers prove the company can turn AI interest into scaled enterprise adoption. PSN selected for the design oversight and construction oversight contracts on the estimated $1.1B-$1.4B design-build John A. Blatnik Bridge Project by the Minnesota and Wisconsin Departments of Transportation.

• Metals: in Steel sector (STLD, NUE, CLF): BMO Capital noted spot HRC prices have continued to rise over the past two weeks, maintaining an upward trend that began nine months ago and breaking from typical seasonal patterns. This increase has mainly been supported by limited spot availability (maintenance and lower competition from imports) and more recently by a modest increase in end market activity. Aluminium fell to its lowest in 2-1/2-months on easing concerns about Middle East supplies after the US/Iran announced a memorandum of understanding had been signed to end the U.S.-Israeli war with Iran, though full details have not been released. Benchmark aluminium on LME hits lows of $3,334 earlier (lowest since March 27) before rebounding.

• Social media: META said its Threads app had reached 500 million monthly active users, nearly three years after the social network platform was launched as a competitor to Elon Musk's X. The social media company also announced new customization and community features on the platform. SNAP launched its first augmented-reality glasses for consumers at a hefty price of $2,195, pitching the device as the future of how people interact with technology in the AI age.

• IT Services & Consulting: RXT and AMD sign definitive agreement for phased deployment of 30 MW of AMD AI Compute; to terminate about 15% of global workforce as estimates one-time expenses of $14M-$19M in 2026 for realignment; expects $75M-$85M in annualized run-rate savings upon full implementation.

• QCOM is in talks to acquire AI chip startup Tenstorrent for $8 billion to $10 billion, the Information reported on Monday, citing a person with direct knowledge of the deal. The talks are ongoing and the price could change, or the discussions could fall apart.
• STM announces a $1.5B dual-tranche offering of new convertible bonds and the early redemption of its 2027 convertible bonds.

Street Recommendations

Tuesday, June 16, 2026

• PRE Benchmark initiated coverage of Prenetics with a Buy rating and $30 price target. The health and wellness company is focused on IM8, its consumer brand addressing the growing nutritional supplements market that was co-founded by David Beckham, the analyst noted. The firm believes the company has a viable long-term growth strategy built on logical product expansion and adjacencies, further marketing channel diversification, and increasing global reach, the analyst tells investors.

• EXR BofA upgraded Extra Space Storage to Neutral from Underperform with a price target of $156, up from $147. Following a meeting with management, the firm is more positive on Extra Space's operating trends for this peak leasing season. Despite consumer and slow housing market concerns, fundamentals in self-storage are better than expected, the analyst tells investors in a research note. BofA sees Extra Space's revenue improving into 2027.
• WPC BofA upgraded W.P. Carey to Neutral from Underperform with a price target of $83, up from $73. The firm believes W.P. Carey warrants a higher multiple given its improved internal and external growth as a result of its portfolio simplification over the past several years, the analyst tells investors.
• HPP BofA downgraded Hudson Pacific to Underperform from Neutral with an unchanged price target of $14. The firm cites valuation for the downgrade following the stock's recent rally. Hudson Pacific's $1.1B Hollywood media portfolio commercial mortgage-backed security loan matures on August 9, the analyst tells investors in a research note. The firm expects greater investor focus as the maturity date approaches. Netflix is the primary tenant with its studio leases expiring at the end of 2026 and mid-2028, which is another overhang on Hudson Pacific shares, adds BofA.
• KRC BofA upgraded Kilroy Realty to Buy from Neutral with a price target of $44, up from $42. Leasing momentum is improving across Kilroy's markets, particularly in the San Francisco Bay area, with AI as the "driving force," the analyst tells investors. The firm, which calls Kilroy well positioned to continue benefiting from improving demand dynamics in its markets, notes that its raised price objective is now the "Street high."

• PFSI BTIG lowered the firm's price target on PennyMac Financial to $105 from $150 and keeps a Buy rating on the shares. The firm says the interest rate environment has been more challenging in 2026 than initially expected. This highlights the importance of having a balanced business model which can produce stable returns across the cycle, the analyst tells investors in a research note. BTIG is positive on the mortgage originators given current valuations despite the current high level of mortgage rates. However, it cut price targets citing the more challenging interest rate and profitability outlook.
• RITM BTIG analyst Eric Hagen lowered the firm's price target on Rithm Capital to $13 from $16 and keeps a Buy rating on the shares. The firm says the interest rate environment has been more challenging in 2026 than initially expected. This highlights the importance of having a balanced business model which can produce stable returns across the cycle, the analyst tells investors in a research note. BTIG is positive on the mortgage originators given current valuations despite the current high level of mortgage rates. However, it cut price targets citing the more challenging interest rate and profitability outlook.
• UWMC BTIG lowered the firm's price target on UWM Holdings to $4 from $10 and keeps a Buy rating on the shares. The firm says the interest rate environment has been more challenging in 2026 than initially expected. This highlights the importance of having a balanced business model which can produce stable returns across the cycle, the analyst tells investors in a research note. BTIG is positive on the mortgage originators given current valuations despite the current high level of mortgage rates. However, it cut price targets citing the more challenging interest rate and profitability outlook.
• CSR BTIG downgraded Centerspace to Neutral from Buy without a price target after the company concluded its strategic review. The outcome of the strategic review "raises more questions than it answers in the near term," the analyst tells investors in a research note. The firm says Centerspace announced dispositions totaling $240M-$245M, with proceeds going to debt reductions. It expects dilution through 2027 for Centerspace, and says the lack of a larger transaction likely raises questions for investors about the valuation of the portfolio in today's environment.

• VTR Deutsche Bank analyst Omotayo Okusanya raised the firm's price target on Ventas to $100 from $95 and keeps a Buy rating on the shares after spending time with management. The company remains well positioned to benefit from the positive industry backdrop, the analyst tells investors in a research note. The firm says Ventas's senior housing operating portfolio exposure and "solid" balance sheet to fund internal and external growth suggest its earnings growth is likely to keep accelerating over the next few years.

• AAL Jefferies analyst Sheila Kahyaoglu raised the firm's price target on American Airlines to $15 from $13 and keeps a Hold rating on the shares. After having met with members of the management team, the analyst says demand remains solid with fares up 20% year-over-year and only modest churn.

• LEN JPMorgan lowered the firm's price target on Lennar to $77 from $80 and keeps an Underweight rating on the shares. The company reduced its fiscal 2026 closings guidance following a softer than expected spring, the analyst tells investors in a research note. The firm reduced Lennar's estimates post the earnings report.

• BBIO Mizuho lowered the firm's price target on BridgeBio to $96 from $106 and keeps an Outperform rating on the shares. The firm updated the company's model post the Q1 report.

• WHD Stifel raised the firm's price target on Cactus to $68 from $66 and keeps a Buy rating on the shares. The firm is increasing its 2026-27 estimates after Cactus updated its Q2 outlook, reflecting higher confidence across both the pressure control and spoolable technologies segments.

• STVN TD Cowen initiated coverage of Stevanato Group with a Buy rating and $25 price target. The firm believes the shares are pricing in "too much skepticism" around the company's ramping costs and not enough of its improving mix, margin, and free cash flow story. Stevanato's 2026 marks a shift from "buildout drag to visible execution," with biologics, GLP-1s, Annex-1, and premium containment supporting a re-rating as results and cash flow become clearer, the analyst tells investors in a research note. Stevanato is no longer just a glass containment supplier, as it is moving up the value chain through high value solutions such as ready-to-use syringes, cartridges, and higher-specification biologics-oriented containment, contends TD.
• COHU TD Cowen raised the firm's price target on Cohu to $80 from $60 and keeps a Buy rating on the shares. The firm said Cohu's business is becoming increasingly tied to positive LT demand in AI HPC via its high performance thermal Eclipse handlers & HBM inspection systems. They view a return to profitability this year with significant leverage in the model CY27+ as HPC demand ramps, and core auto/industrial business recovery as a positive.

• EQR Truist analyst Michael Lewis raised the firm's price target on Equity Residential to $72 from $70 and keeps a Buy rating on the shares. The firm is adjusting its model with expectations of 2.2% year-over-year same-store revenue growth in 2026 and 4.0% expense growth, resulting in 1.3% same-store net operating income growth - consistent with management's 0.5% to 2.5% guidance range, the analyst tells investors in a research note.
• KMX Truist raised the firm's price target on CarMax to $47 from $37 and keeps a Hold rating on the shares. The stock has bounced by about 40% in the last month as sales have reportedly improved, though while an improving top-line should be a positive, the firm also expects a nearly $300 decline in Gross Profit per Unit as the company resets their profitability lower, the analyst tells investors in a research note. The company can operate more efficiently than they do today, though they also probably need to invest in price and technology to improve their market positioning, the firm added.

• PLAY UBS lowered the firm's price target on Dave & Buster's to $12 from $13 and keeps a Neutral rating on the shares. The Q1 results and commentary showed sales pressure from weaker macro conditions in March and April, though trends improved early in Q2, with management emphasizing same-store sales improvement through 2026 driven by investments in game innovation, targeted promotions, more efficient marketing, and a stronger food and beverage offering, the analyst tells investors in a research note.

• PLTR Wolfe Research upgraded Palantir to Peer Perform from Underperform without a price target after resuming coverage of the name. The firm believes the company's Artificial Intelligence Platform, ontology, and forward deployed engineers prove the company can turn AI interest into "scaled enterprise adoption." However, Palantir's current valuation reflects much of its improved growth and margin outlook, the analyst tells investors in a research note. Wolfe thinks the company has the best product market fit of any enterprise software company in the market today. Palantir is the most applied enterprise AI software company, with the largest and fastest growth rates in the industry, the firm contends.

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                   Capacity utilization for May
• 10:00 AM ET NAHB Housing Market Index for June

• Earnings After the Close: DOMO PLAY QMCO

• China House Prices/Retail Sales/Industrial Production data for May
  
  

• 8:30 AM ET                   Housing Starts M/M for May
• 8:30 AM ET                   Building Permits M/M for May
• 8:30 AM ET                   Import Prices M/M for May
• 8:30 AM ET                   Export Prices M/M for May
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET US Treasury to sell $16B in 20-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: LZB YQ

• Goldman Sachs European Business Services, Transport, Leisure, Infra & Building Materials Conference, 6/16-6/17
• Jefferies Nantucket Consumer Conference, 6/16-6/17, in Nantucket, MA
• Truist 2026 MedTech Conference, 6/16, in Boston, MA
• Truist  2026 Truist Industrials & Services Conference, 6/16-6/17 in New York

• 8:30 AM ET                   Retail Sales M/M for May
• 8:30 AM ET                   Retail Sales – Less Autos for May
• 10:00 AM ET                 Business Inventories M/M for April
• 10:00 AM ET                 Pending Home Sales M/M for May
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Rate Decision – no change to rates are expected

• Earnings After the Close: SB

• Jefferies Nantucket Consumer Conference, 6/16-6/17, in Nantucket, MA
• Stephens 7^th Annual Summer Bank Bach, 6/17-6/18, in Portland, ME
• Truist  2026 Truist Industrials & Services Conference, 6/16-6/17 in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for June
• 10:00 AM ET                 Leading Index Change M/M for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 4:00 PM ET                    Net Long-term TIC Flows for April

• Earnings After the Close: None

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