Early Look

Wednesday, September 16, 2026

U.S. stock futures are looking at a higher open, bouncing after major averages fell on Tuesday for the sixth time in the last seven trading days amid surging Treasury yields (10-yr above 5%) and oil prices, while Wall Street braces for a potential interest rate hike later today at the FOMC policy meeting and fears of signals for potential rate hikes ahead. The FOMC is widely expected to lift its benchmark rate to 3.75%-4.00% from 3.50%-3.75% at its September meeting as strong August jobs data and hotter-than-expected core CPI have supported expectations for a hike. In Asian markets, The Nikkei Index jumped 438 points to 63,923, the Shanghai Index rose 27 points to 3,891, and the Hang Seng Index advanced 46 points to 24,713. In Europe, the German DAX is up 40 points to 25,442, while the FTSE 100 rises 53 points to 10,711. In stock news, real quiet thus far outside of a Reuters report saying that Intel and SK Hynix are in talks about a deal that would see it manufacture memory chips on U.S. soil for the first time – though SK Hynix has come out saying no plans confirmed on reported talks with Intel. Very quiet thus far as all eyes on the Fed, thought the Bank of England and Bank of Japan are also holding policy meetings the next two days respectively.

• The Dow Jones Industrial Average fell -321.91 points, or 0.61%, to 52,099.29
• The Nasdaq Composite dropped -204.84 points, or 0.78%, to 25,981.57
• The Russell 2000 Index declined -21.93 points, or 0.76% to 2,870.31

• 8:30 AM ET                   Import Prices M/M for August…est.+0.4% (prior -0.4%)
• 8:30 AM ET                   Export Prices M/M for August…est. +0.5% (prior -1.3%)
• 8:30 AM ET                   Retail Sales M/M for August…est. +0.8% (prior -0.6%)
• 8:30 AM ET                   Retail Sales M/M Ex: Autos for Aug…est. +0.5% (prior -0.3%)
• 10:00 AM ET                 Business inventories for July…est. +0.3%
• 10:00 AM ET NAHB Housing Market Index for September…est. 34
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Policy rate meeting (two day meeting concludes)
• 4:00 PM ET                    Net Long-term TIC flows for July

• Earnings After the Close: ALMU LEN

• H.C. Wainwright & Co., LLC 28th Annual Global Investment Conference, 9/14-9/16, in New York
• Morgan Stanley 24th Annual Global Healthcare Conference, 9/14-9/16 in New York, NY
• Stifel Immunology and Inflammation Forum, 9/15-9/16 (virtual)
• Wells Fargo PP Texas Power & Gas Tour, 9/16-9/17, in Houston, TX

• J.B. Hunt (JBHT) issued a negative Q3 upside on higher costs at a conference last night as said they see Q2 to Q3 earnings to drop 5%-10% amid higher costs.
• Planet Labs (PL) Germany, a leading provider of daily data and insights about change on Earth, today announced that it has been awarded a Satellite Services tender by the German Federal Ministry of the Interior (BMI).
• TechnipFMC (FTI) announced that its subsidiary, FMC Wellhead Equipment, has been awarded a significant integrated Engineering, Procurement, Construction, and Installation, iEPCI, contract by PETRONAS; For TechnipFMC, a "significant" contract is between $75M-$250M.
• Xylem Inc (XYL) files for three part Senior notes offering of $1.50B.
• The Trump administration is said to have appealed a federal court ruling blocking the EPA from sending California’s vehicle-emissions rules to Congress for potential repeal. Judge Beryl Howell ruled Sept. 2 that the EPA improperly sent four waivers for congressional review under the Congressional Review Act. The dispute involves stricter emissions standards for cars, trucks, and garden equipment.

• Bernstein says the Clarity Act's failure shifts crypto regulation toward SEC and CFTC rulemaking. The firm expects agency action on tokenization, perp futures, and prediction markets, while platforms like Coinbase can continue offering rewards on idle stablecoin balances.
• Circle Internet Group (CRCL) announced the public mainnet launch of Arc, an open Layer 1 blockchain purpose-built for financial markets, real-time money movement, and agentic economic activity.
• Huntington Bancshares (HBAN) said it sees 2026 net interest income growth of about 35%, down from its prior forecast of 39%-43%, while increasing its expected share repurchases to $1.3B-$1.4B; also lowered its FY26 implied rev growth outlook to about 34% from its previous estimate of around 37%.
• Michael J. Burry will be joining as a senior adviser at Minerva Investment Management to help launch a short-biased fund. Burry will be working with Lakshmi Ganapathi, founder and CEO of Unicus, which is a part of Minerva, he said in a post on X.com late on Tuesday. The move was first announced on the social media platform a week ago by Unicus.

• Medtronic (MDT) announced the FDA has cleared the LigaSure RAS Maryland jaw device for use with the Hugo robotic-assisted surgery, or RAS, system
• Rocket Pharmaceuticals (RCKT) upgraded to Buy from Hold at Needham with a $9 price target after the FDA reaffirmed the pivotal study design for RP-A501 in Danon Disease, except for a recalibrated dose and prophylaxis.

• Amazon Web Services (AMZN) said it cannot restore access to resources and data hosted exclusively in its Bahrain region after Iranian drone strikes damaged infrastructure. AWS said the damage affected multiple Availability Zones and exceeded what its regional and multi-AZ services were designed to withstand. One data-hosting zone in the United Arab Emirates also remains affected.
• Meta (META) CEO Mark Zuckerberg argued that AI laboratories should independently manage development risks, while emphasizing safety, evaluation, and alignment. The discussion follows calls from some industry leaders for greater coordination.
• Microsoft (MSFT) raises quarterly dividend 8% to $0.98 from $0.91.
• OpenAI has held early discussions with large investors about a new capital raise that could value the company at about $1.2T before an IPO, the Financial Times reported. The talks were initiated by investors and could provide funds for acquisitions while giving the company flexibility to delay its IPO by one or two quarters.

Mid-Morning Look

Wednesday, September 16, 2026

The waiting game is on as the September FOMC interest rate policy meeting results are expected at 2:00 pm et where Wall Street is now expecting a 25 bps rate hike with futures still pointing to another round of hikes with December/March being the most likely favorable outcome vs an October/December hike view. Warsh will hold his press conference this afternoon following the release of the FOMC prepared statement. The rise in US Treasury yields to two-decade highs this week has paused despite oil prices holding near highs, offering some relief to battered risk assets. However, overall market sentiment remains cautious at this stage. The U.S. dollar is holding its ground relatively well against its G10 peers with all eyes on the Fed. While a 25bps hike is almost fully priced in by markets, the risk of interest rates being left unchanged is higher at around 20%. Given the higher jobs reading, bond yields surging, and inflation data hotter (CPI), the Fed is increasingly confronting a credibility problem rather than an inflation problem if they decide to keep rates steady. In stock news, transports are weaker given a pullback in truckers after JBHT CFO warned last night that Q3 earnings to drop by 5%-10% compared with Q2 amid a spike in fuel and labor costs. The U.S. 10-year Treasury yield hovers around 4.977%, slightly lower than the 4.981% recorded before retail sales came in stronger than expected this morning. The U.S. 2-year Treasury yield hovers around 4.632%. Bond market investors will watch what Chairman Kevin Warsh says about the rate path and the state of the bond market.

• August import prices rise +0.7% topping consensus +0.4% and vs July -0.3%; Aug export prices +0.6% just above consensus +0.5% and vs July -1.4%; Aug y/y import prices +7.0%, export prices +8.6% and Aug non-petroleum import prices +0.8% and +5.5%, y/y.
• U.S. homebuilder sentiment dropped to a one-year low in September as rising mortgage rates dampen demand for housing, a survey showed. The National Association of Home Builders/Wells Fargo Housing Market index fell three points to 32 this month, the lowest reading since September 2025, from 35 in August. Economists polled had forecast the index easing to 34.
• July Business Inventories +0.8% (consensus +0.3%) vs June +0.1% (prev unchanged).

• Homebuilders: Truist downgraded MTH to Hold from Buy and cutting its estimates on the housing group today as well saying with mortgage rates surging above 7% (and showing no signs of slowdown), the firm thinks Builders are going to have to once again ramp incentive usage, reversing course from the last few quarters. Truist lowered its 2027 GMs for the group anywhere between 30-60 bps. Mortgage demand dropped 4% last week and that was before 30-year fixed-rate loans topped 7%. Ahead of LEN earnings tonight, Truist cut its price target on the homebuilder to $75 citing increases.
• Neocloud/data center sector: CIFR shares jumped after announced that it received the following ERCOT Batch Zero designations. Needham noted Conditional Base Load: Stingray (100MW, Leased with AWS), Colchis (1GW), while Conditional Studied Load: Mikeska (500MW, PCLR qualified), Apollo (900MW, PCLR qualified), Stingray Phase II (200MW, PCLR qualified), McLennan (500MW). CRWV signed a 15-year anchor lease with Blockfusion for capacity at its Niagara Falls, New York AI data center campus, with two additional five-year renewal options. NOK announced growing global momentum for AI-RAN, with operators across North America, Europe, Asia-Pacific and the Middle East advancing AI-RAN from early evaluation to lab and live field trials.

• CIFR +12%; after announced that it received the following ERCOT Batch Zero designations. Needham noted Conditional Base Load: Stingray (100MW, Leased with AWS), Colchis (1GW), while Conditional Studied Load: Mikeska (500MW, PCLR qualified), Apollo (900MW, PCLR qualified), Stingray Phase II (200MW, PCLR qualified), McLennan (500MW).
• INTC +4%; as Reuters reported overnight that SKHY is in talks with INTC about a deal that would see it manufacture memory chips on U.S. soil for the first time. However, shares of both have pared gains after SK Hynix says no plans confirmed on reported talks with Intel.
• RCKT +2%; was upgraded to Buy at Needham after the FDA reaffirmed the pivotal study design for RP-A501 in Danon Disease, except for a recalibrated dose and prophylaxis; the FDA outlined a clear regulatory path, setting a 12-patient efficacy population under the modified dosing protocol.

• CLLS -13%; was downgraded to Underweight from Overweight at Barclays and cut PT to $1.30 saying the company’s strategic shift and move back to a preclinical stage company not the issue, however the preclinical data offered to-date leaves them with questions.
• EXPE -2%; resumed coverage at Underweight at Morgan Stanley with $235 PT citing weaker consumer assets, higher supplier direct risk, and valuation premium vs history.
• HBAN -1%; said it sees 2026 net interest income growth of about 35%, down from its prior forecast of 39%-43%, while increasing its expected share repurchases to $1.3B-$1.4B; also lowered its FY26 implied rev growth outlook to about 34% from its previous estimate of around 37%.
• JBHT -12%; truckers were pressured after JBHT issued a negative Q3 upside on higher costs at a conference last night as said they see Q2 to Q3 earnings to drop 5%-10% amid higher costs

Closing Recap

Wednesday, September 16, 2026

Market expectations were for a Fed rate hike today, and the Fed delivered, rising 25 bps to 3.75%-4% while flagging further increases in borrowing costs in coming months, with Fed Chief Kevin Warsh joining a unanimous decision. New policy projections showed 16 of 18 policymakers anticipate at least one more 25bps hike by the end of this year. U.S. Treasury securities held onto their gains early, keeping yields lower after the rate hike, but stocks markets were very volatile, chopping up and down. As Fed Chair Warsh concluded his press conference, the market was under the assumption this was not a “one and done” for rate hikes and markets sold off as the S&P 500 closed lower for the seventh time in last eight trading days and Treasury yields turned higher as inflation fears rose in one of its weakest periods of the year. Of the eleven S&P sectors, the biggest decliners were in Energy (XLE) falling over -2.8%, Financials (XLF) down over -1.5% after cautious comments by likes of GS at Barclay’s Financial conference hit shares. Materials (XLB), Communications (XLC) and Consumer Discretionary (XLY) were also weak while defensives rallied late to turn positive.

Central banks still a focus this week: 1) on Thursday, the Bank of England holds its meeting tomorrow morning and is widely expected to hold rates steady. 2) A different story for the Bank of Japan, which is expected to raise rates by 25 bps to 1.25% on Friday which is effectively locked in, but focus is on the statement, vote split and Gov Ueda presser. Underlying inflation is close to 2%, and policy is increasingly about containing upside risks and potential overshoot. Financial conditions remain the key signal, retaining “accommodative” language at 1.25% would preserve a clear tightening bias. Also in trade news, U.S. Treasury Secretary Scott Bessent said the United States is open to discussing shared risks with China in upcoming AI talks this weekend, Axios reported Wednesday, citing a statement from Bessent.

• Fed's Warsh said during his press conference there were three reasons bond yields have risen: First is economic strength, second is competition for capital; surge in CAPEX is real, and third was geopolitics. Warsh says today's action starts to show the Fed is serious about inflation, and that he does not believe the Fed needs to do harm to the job market to achieve its objective.

• August import prices rise +0.7% topping consensus +0.4% and vs July -0.3%; Aug export prices +0.6% just above consensus +0.5% and vs July -1.4%; Aug y/y import prices +7.0%, export prices +8.6% and Aug non-petroleum import prices +0.8% and +5.5%, y/y.
• U.S. homebuilder sentiment dropped to a one-year low in September as rising mortgage rates dampen demand for housing, a survey showed. The National Association of Home Builders/Wells Fargo Housing Market index fell three points to 32 this month, the lowest reading since September 2025, from 35 in August. Economists polled had forecast the index easing to 34.   
• July Business Inventories +0.8% (consensus +0.3%) vs June +0.1% (prev unchanged).

• December gold rises +$54.70, or +1.26%, to settle at $4,387.50 an ounce while silver prices rose +$1.06, or +1.66%, to settle at $64.92 an ounce, as settlement came just before the FOMC rate decision. Following the rate hike and Warsh press conference, prices reversed lower, with gold falling more than 1% as the dollar spiked.
• U.S. Dollar index (DXY) climbs 0.61% to 100.28, its highest level since July 31, and biggest one day gain since the middle of June. after the fed’s rate decision. Following the rate hike by the Fed, the short end of the curve saw yields rally while the long end saw yields slip, bringing the yield curve between two-year and 10-year Treasury notes 30 bps, the flattest since July 2. The 2-yr yield rises 6.5bps above 4.72%, highest in over 2 years. The 10-yr yield bounced late day closing back at 5.0% a new 52-week high and up 7 of last 8 days.

• Homebuilders: Truist downgraded MTH to Hold from Buy and cutting its estimates on the housing group today as well saying with mortgage rates surging above 7% (and showing no signs of slowdown), the firm thinks Builders are going to have to once again ramp incentive usage, reversing course from the last few quarters. Truist lowered its 2027 GMs for the group anywhere between 30-60 bps. Mortgage demand dropped 4% last week and that was before 30-year fixed-rate loans topped 7%. Ahead of LEN earnings tonight, Truist cut its price target on the homebuilder to $75 citing increases.

• Online travel sector: Morgan Stanley assumed coverage saying they believe a durable travel growth premium to GDP, particularly as higher-income and Leisure demand remain resilient. They assume coverage on BKNG at Overweight, $230 PT - Global scale, fragmented inventory, and a single platform agentic call option leave US most constructive on the proven OTA leader. ABNB at Equal-weight, $170 PT as double digit nights and the strongest visible product velocity support a better growth algorithm, but valuation prices substantial execution. Lastly EXPE at Underweight, $235 PT, weaker consumer assets, higher supplier direct risk, and valuation premium vs history.

• Paper & Forest sector: GEF said it will exit the coated recycled paperboard market by closing its Sweetwater paperboard mill in Austell, Georgia, by year-end 2026, affecting ~90 employees. The mill—which produces coated recycled paperboard, uncoated recycled paperboard, and gypsum facing and backing paper grades—has not been able to compete effectively given its operating configuration.

• Bank sector: GS CEO said at Barclay’s financial conference expects its fixed-income, currencies and commodities (FICC) business will be slightly softer in Q3 compared to very strong performance for its equities business; HBAN said it sees 2026 net interest income growth of about 35%, down from its prior forecast of 39%-43%, while increasing its expected share repurchases to $1.3B-$1.4B; also lowered its FY26 implied rev growth outlook to about 34% from its previous estimate of around 37%. JP Morgan upgraded BAP to Overweight and downgraded CIB to Neutral as they reshuffle its Andean preferences.
• Mortgage sector (RKT, Z): US mortgage rates last week climbed to the highest level in more than a year, marking the latest setback for an already sluggish housing market. The contract rate on a 30-year mortgage rose 12 basis points to 6.97% in the week ended Sept. 11, according to Mortgage Bankers Association data released Wednesday. That was the highest since May 2025.
• Insurance sector: HIG was downgraded to Neutral from Outperform at Mizuho as expects pressure on Hartford's underwriting results from mix shift and pricing pressure as well as slowing net favorable prior year development due to less worker's comp redundancy remaining and continued liability pressure. The firm also lowered targets in the P&C insurance group saying the market is in the early stages of softening with blended commercial lines written renewal pricing below loss trends.

• BBNX 7.652M share Spot Secondary priced at $17.25.
• CLLS was downgraded to Underweight from Overweight at Barclays and cut PT to $1.30 saying the company’s strategic shift and move back to a preclinical stage company not the issue, however the preclinical data offered to-date leaves them with questions.
• DNA announced that its Ginkgo Datapoints offering has entered into a new agreement with Lilly TuneLab, a collaborative Ai/ML drug discovery platform created by LLY
• RCKT was upgraded to Buy at Needham after the FDA reaffirmed the pivotal study design for RP-A501 in Danon Disease, except for a recalibrated dose and prophylaxis; the FDA outlined a clear regulatory path, setting a 12-patient efficacy population under the modified dosing protocol.

• AI sector: META CEO Mark Zuckerberg argued that AI laboratories should independently manage development risks, while emphasizing safety, evaluation, and alignment. The discussion follows calls from some industry leaders for greater coordination. Also, OpenAI has held early discussions with large investors about a new capital raise that could value the company at about $1.2T before an IPO, the Financial Times reported. The talks were initiated by investors and could provide funds for acquisitions while giving the company flexibility to delay its IPO by one or two quarters.
• Optical sector: CIEN shares jumped after issuing longe-term guidance as targets ~30% revenue CAGR through 2029 with 32%-35% adj. operating margin; FY2029 targets include ~50% Adj. gross margin and ~20% free cash flow margin; revenue is targeted to grow at ~30% CAGR from 2026 through 2029; Beginning FY2027, Ciena will report under Optical Systems, Interconnects, Global Services, and Routing and other.
• Neocloud/data center sector: CIFR shares jumped after announced that it received the following ERCOT Batch Zero designations. Needham noted Conditional Base Load: Stingray (100MW, Leased with AWS), Colchis (1GW), while Conditional Studied Load: Mikeska (500MW, PCLR qualified), Apollo (900MW, PCLR qualified), Stingray Phase II (200MW, PCLR qualified), McLennan (500MW). CRWV signed a 15-year anchor lease with Blockfusion for capacity at its Niagara Falls, New York AI data center campus, with two additional five-year renewal options. NOK announced growing global momentum for AI-RAN, with operators across North America, Europe, Asia-Pacific and the Middle East advancing AI-RAN from early evaluation to lab and live field trials.

Street Recommendations

Wednesday, September 16, 2026

• CLLS Barclays analyst Lukas Shumway double downgraded Cellectis to Underweight from Overweight with a price target of $1.30, down from $9. Cellectis' strategic shift and move back to a preclinical stage company is "not the issue," rather the preclinical data offered to-date "leaves us with questions," the analyst tells investors in a research note. Barclays now sees more favorable risk/reward in other names.
• TARS Barclays reinstated coverage of Tarsus Pharmaceuticals with an Overweight rating and $110 price target following the close of the Alkeus deal. The firm says its more bullish view on Tarsus reflects strong Xdemvy trends plus its broadened pipeline. The company has four programs now in development representing a multibillion revenue opportunity, the analyst tells investors in a research note.
• CCL Barclays analyst Brandt Montour lowered the firm's price target on Carnival to $33 from $35 and keeps an Overweight rating on the shares as part of a fiscal Q3 earnings preview. The firm expects a slight earnings with with a stable Q4 yield outlook. However, Barclays expects Carnival to cut its fiscal 2026 earnings guidance on current fuel prices.
• FTAI Barclays lowered the firm's price target on FTAI Aviation to $310 from $350 and keeps an Overweight rating on the shares. The market has concerns for FTAI's core aerospace and burgeoning power business, but but continued high global CFM56 fleet utilization and upcoming first Mod-1 unit delivery should contribute up to 60% earnings growth in 2027, the analyst tells investors in a research note. Barclays sees a favorable entry point following the stock's recent pullback.
• JBHT Barclays lowered the firm's price target on J.B. Hunt to $285 from $300 and keeps an Equal Weight rating on the shares. The company issued a negative Q3 upside on higher costs, the analyst tells investors in a research note. Cost challenges from purchased transportation and driver recruitment are resulting in lower near-term earnings for J.B., but management is bullish on a positive inflection in freight demand, especially in intermodal, the analyst tells investors in a research note.

• JBHT BofA lowered the firm's price target on J.B. Hunt to $302 from $340 and keeps a Buy rating on the shares following a pre-announcement that rapidly rising drayage costs and fuel surcharge delays would impact Q3 and that the company expects earnings to decline 5-10% sequentially, implying EPS of $1.72-$1.81. Following the negative pre-announcement, the firm lowered its Q3, 2026, and 2027 EPS estimates 18%, 9%, and 6%, respectively.
• CMCSA BofA lowered the firm's price target on Comcast to $35 from $37 and keeps a Buy rating on the shares. The company's Q3 Connectivity & Platforms outlook reflects greater broadband subscriber pressure and management still expects year-over-year declines in broadband ARPU, notes the analyst, who cites lower estimates and a lower cable segment multiple for the firm's reduced price target.

• THO Citi lowered the firm's price target on Thor Industries to $76 from $79 and keeps a Neutral rating on the shares. Recreational vehicle industry trends have "remained consistently challenged" through 2026, the analyst tells investors in a research note. Citi sees little evidence to suggest a near-term inflection. It believes the recreational vehicle stocks can outperform once trends "show positive signs of life."
• WGO Citi analyst James Hardiman lowered the firm's price target on Winnebago to $29 from $30 and keeps a Neutral rating on the shares. Recreational vehicle industry trends have "remained consistently challenged" through 2026, the analyst tells investors in a research note. Citi sees little evidence to suggest a near-term inflection. It believes the recreational vehicle stocks can outperform once trends "show positive signs of life."
• META Citi analyst Ronald Josey added an "upside 90-day catalyst watch" on Meta Platforms while keeping a Buy rating on the shares with an $800 price target ahead of the company's Connect conference on September 23. The firm expects Meta to provide provide clarity on its product strategy, with updates for Muse, its next-generation models, and Meta glasses. The company's product roadmap brings "multiple catalysts ahead," the analyst tells investors in a research note. Citi expects Meta's new AI products to drive better engagement and monetization over time.

• BAP JPMorgan upgraded Credicorp to Overweight from Neutral with a price target of $482, up from $453 after reshuffling Andean bank preferences. Despite El Nino risk, which also somewhat impacts Colombian banks, the firm sees Credicorp as "a good name for investors willing to compound EPS growth with a high ROE," the analyst tells investors.
• AVAL JPMorgan downgraded Grupo Aval to Underweight from Neutral with a price target of $5, down from $5.50. The firm reshuffled its ratings in the Andean banks group. Aval is not as exposed to higher interest rates as Cibest and tends to be more negatively impacted by them, the analyst tells investors in a research note. JPMorgan also believes Aval's asset quality could become a headwind following the recent earthquake.

• CRM Mizuho raised the firm's price target on Salesforce to $280 from $265 and keeps an Outperform rating on the shares following day one of the Dreamforce conference. Salesforce highlighted the numerous new interfaces to drive greater value from existing deployments, the analyst tells investors in a research note. The firm continues to believe the company's 2026 setup is "much better" than 2025.
• TCOM Mizuho analyst James Lee lowered the firm's price target on Trip.com to $60 from $65 and keeps an Outperform rating on the shares. The firm says it remains constructive on Trip.com following the company's " better-than-expected but decelerating" Q2 results. It continues to view Trip.com as one of the best position online travel agencies globally. However, the analyst sees a "bumpier road ahead" on the company's operational reset and higher fuel costs.

• BKNG Morgan Stanley analyst Matthew Cost assumed coverage of Booking Holdings with an Overweight rating and $230 price target. The stock's risk/reward looks compelling given the company's "scaled" global lodging demand across more than 220 countries and territories, the analyst tells investors in a research note. The firm says Booking has "deeply fragmented, hard to replicate" supply. It sees agentic AI creating "call option" for the shares.
• ABNB Morgan Stanley assumed coverage of Airbnb with an Equal Weight rating and $170 price target. The firm believes evidence is building that Airbnb can sustain double-digit room night growth. However, Airbnb shares already fully embed low-double-digit room night growth and meaningful margin expansion into 2028, the analyst tells investors in a research note.

• RCKT Needham upgraded Rocket Pharmaceuticals to Buy from Hold with a $9 price target after the FDA reaffirmed the pivotal study design for RP-A501 in Danon Disease, except for a recalibrated dose and prophylaxis. The agency also agreed that the three patients dosed in the safety lead-in count toward the pivotal population, which is a better than expected outcome given that the agency could have requested meaningful changes to the study, including an increased study size, the analyst tells investors. The firm is upgrading based on what it sees as the removal of a "meaningful regulatory overhang."

• BMY Piper Sandler raised the firm's price target on Bristol Myers to $82 from $75 and keeps an Overweight rating on the shares. The firm continues to believe that the company's three most consequential milestones are results from milvexian in atrial fibrillation, Cobenfy in psychosis associated with Alzheimer's disease, and lysophosphatidic acid receptor 1 antagonist admilparant in idiopathic pulmonary fibrosis, in that order. Taking a step back, Piper would remain mindful of potential business development/M&A activity.
• JKHY Piper Sandler analyst Bill Carcache raised the firm's price target on Jack Henry to $175 from $171 and keeps a Neutral rating on the shares after the company's 2026 investor day and outlook across key metrics through 2029. Although shares closed about 6% lower on the day, the firm viewed the reaction as more reflective of elevated expectations entering the event and thought the FY28/FY29 revenue framework was constructive. Overall, Piper walked away from Investor Day more bullish on Jack Henry's fundamental trajectory. The stock may have been held to an exceptionally high bar, but the underlying business outlook improved.

• PHM Truist analyst Jonathan Bettenhausen lowered the firm's price target on PulteGroup to $136 from $145 and keeps a Buy rating on the shares. With mortgage rates above 7%, homebuilders are going to have to "once again ramp incentive usage, reversing course from the last few quarters," the analyst tells investors in a research note. Truist cut estimates across the group citing cost increases.
• DHI Truist lowered the firm's price target on D.R. Horton to $140 from $150 and keeps a Hold rating on the shares. With mortgage rates above 7%, homebuilders are going to have to "once again ramp incentive usage, reversing course from the last few quarters," the analyst tells investors in a research note. Truist cut estimates across the group citing cost increases.
• KBH Truist lowered the firm's price target on KB Home to $55 from $56 and keeps a Hold rating on the shares. With mortgage rates above 7%, homebuilders are going to have to "once again ramp incentive usage, reversing course from the last few quarters," the analyst tells investors in a research note. Truist cut estimates across the group citing cost increases.
• LEN Truist analyst Jonathan Bettenhausen lowered the firm's price target on Lennar to $75 from $80 and keeps a Hold rating on the shares. With mortgage rates above 7%, homebuilders are going to have to "once again ramp incentive usage, reversing course from the last few quarters," the analyst tells investors in a research note. Truist cut estimates across the group citing cost increases.

• XPOF UBS analyst Arpine Kocharyan lowered the firm's price target on Xponential Fitness to $4.50 from $7 and keeps a Neutral rating on the shares.
• CTVA UBS raised the firm's price target on Corteva to $90 from $85 and keeps a Neutral rating on the shares.

• IRON Wells Fargo analyst Derek Archila raised the firm's price target on Disc Medicine to $86 from $79 and keeps an Overweight rating on the shares. The firm notes shares have pulled back, improving the risk/reward skew into the APOLLO read out in Q4 2026. Wells believes shares could trade up 35% in its base case scenario, and conservative assumptions get the firm to $1B-plus peak in the U.S.

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: HYFT KMTS PLAY RLGT

• H.C. Wainwright & Co., LLC 28th Annual Global Investment Conference, 9/14-9/16, in New York
• Morgan Stanley 24th Annual Global Healthcare Conference, 9/14-9/16 in New York, NY
• Piper 5th Annual Growth Frontiers Conference, 9/14-9/15 in Nashville
• China Retail Sales, Industrial Output, Houe Prices data

• 8:30 AM ET                   Empire Manufacturing data for September
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 1:00 PM ET U.S. Treasury sells $18B in 20-yr notes
• 2:00 PM ET FOMC Policy rate meeting (two day meeting)     
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: EPM TCOM

• Goldman Sachs Global Retailing Conference, 9/14-9/15
• H.C. Wainwright & Co., LLC 28th Annual Global Investment Conference, 9/14-9/16, in New York
• Morgan Stanley 24th Annual Global Healthcare Conference, 9/14-9/16 in New York, NY
• Oppenheimer Fintech Leaders Conference, 9/15 in New York
• Oppenheimer AI Infrastructure Conference, 9/15 in New York
• Piper 5th Annual Growth Frontiers Conference, 9/14-9/15 in Nashville
• Stifel Immunology and Inflammation Forum, 9/15-9/16 (virtual)
• Truist Technology Conference - AI Transformation & Evolving Enterprise Debates, 9/15

• 8:30 AM ET                   Import Prices M/M for August
• 8:30 AM ET                   Export Prices M/M for August
• 8:30 AM ET                   Retail Sales M/M for August
• 8:30 AM ET                   Retail Sales M/M Ex: Autos for Aug
• 10:00 AM ET                 Business inventories for July
• 10:00 AM ET NAHB Housing Market Index for September
• 10:30 AM ET                 Weekly EIA Inventory Data
• 2:00 PM ET FOMC Policy rate meeting (two day meeting concludes)
• 4:00 PM ET                    Net Long-term TIC flows for July

• Earnings After the Close: ALMU LEN

• H.C. Wainwright & Co., LLC 28th Annual Global Investment Conference, 9/14-9/16, in New York
• Morgan Stanley 24th Annual Global Healthcare Conference, 9/14-9/16 in New York, NY
• Stifel Immunology and Inflammation Forum, 9/15-9/16 (virtual)
• Wells Fargo PP Texas Power & Gas Tour, 9/16-9/17, in Houston, TX

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Housing Starts M/M for August
• 8:30 AM ET                   Building Permits M/M for August
• 8:30 AM ET                   Philly Fed Business Index for September
• 10:00 AM ET                 Pending Home Sales M/M for August
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: None

• Bank America 2026 Global Real Estate Conference, 9/15-9/17
• Oppenheimer 4th Annual Targeted Radiopharma Therapies in Oncology Summit, 9/17 in New York
• Wells Fargo PP Texas Power & Gas Tour, 9/16-9/17, in Houston, TX

• 9:15 AM ET                   Capacity Utilization for August
• 10:00 AM ET                 Leading Index M/M for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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