Early Look

Friday, June 26, 2026

After a mixed trading session on Thursday, where the Dow Jones Industrial Average eked out a gain after pulling back off fresh intraday record highs, and the tech-heavy Nasdaq closes lower for 4th day in a row, both S&P and Nasdaq futures are both looking lower again this morning. Yesterday, weakness in large cap tech names (MSFT, AAPL) and software (IGV, ORCL) overshadowed gains in semi chips behind Micron (MU) better earnings/guide, but this morning concerns about AI infrastructure and capex spending speed bumps weigh after the New York Times reported OpenAI is seriously considering holding off its initial public offering until 2027, due in part to concerns over investor sentiment. Recent events, including a quick pullback in SpaceX share values combined with concerns about AI companies meeting their lofty goals, prompted a reconsideration.

In Asian markets, The Nikkei Index tumbled -3005 points or 4.15% to settle at 69,360, the Shanghai Index dropped -93 points or 2.26% to 4,027, and the Hang Seng Index fell -405 points to 22,671. In Europe, the German DAX is down -311 points to 24,683, while the FTSE 100 falls -80 points to 10,449. WTI crude oil prices dropped back below $70 per barrel this morning while Treasury yields again pullback from more than 1 year high recently, in fact the 10yr yield -17bps since Warsh filled the chair. In data, next week, Economists expect China’s upcoming June official Manufacturing PMI to remain little changed at 50.1, hovering right on the 50.0 threshold while today in the US we get advanced trade and Michigan confidence data.

• The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to 51,920.62
• The Nasdaq Composite dropped -118.03 points, or 0.46%, to 25,358.60
• The Russell 2000 Index advanced 21.24 points, or 0.71% to 3,007.86

• 10:00 AM ET                 University of Michigan Confidence, June-final
• 10:00 AM Et                  University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Apogee (APOG) Q1 EPS $0.57 vs. est. $0.45 and revs fell -1% y/y to $342.68M but topped ests $333.8M; reaffirmed fiscal 2027 guidance and expects Kalwall acquisition to close in July; said overall net sales declined due to lower volume, with higher material and freight costs impacting margins.
• Lululemon (LULU) shareholders have elected three management-backed directors, including former Levi Strauss chief Chip Bergh, cementing the settlement of a proxy battle with its founder. LULU also disclosed on Friday that two of founder Chip Wilson's nominees, Marc Maurer and Laura Gentile, have been appointed as independent directors

• DLH Holdings Corp (DLHC) awarded Mac ID/IQ contract for U.S. navy Logistics it services; the company is one of multiple prime awardees on five-year contract with $250M ceiling.
• FedEx Freight (FDXF) Q4 revs rose 4.8% y/y to $2.4B while operating income dropped 66.9% to $158M; Q4 operating margin narrowed 14.2% to 6.6%; average daily shipments fell 5.9% to 86,700; Q4 revenue per shipment rose 11.5% to $415.22; weight per shipment increased 3% to 948 pounds; sees 4%-6% revenue growth in the seven-month transition period, forecasting operating income of $475M-$515M.
• Rocket Labs (RKLB) shares rose overnight after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.
• SpaceX (SPCX) has told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers.
• Weyerhaeuser (WY) lowers 2Q wood products guidance partly due to lower production resulting from transportation constraints.

• onsemi (ON) entered into a definitive agreement to acquire Synaptics (SYNA) in an all-stock transaction, representing a total enterprise value of approximately $7 billion; SYNA shareholders to receive 1.35 shares of onsemi for each Synaptics share held. The combination would accelerate onsemi's evolution toward global leadership in intelligent systems, building on its expertise in automotive, industrial and AI data center.
• Apple (AAPL) supplier Tata Electronics has tightened Security controls, restricted employee access to internal systems after data breach Reuters reported. Tata hired global consultant for a forensic audit after Cyber breach, and has reported incident to Indian govt, clients.
• Italy's antitrust authority has opened an investigation into Microsoft (MSFT) over alleged unfair commercial practices related to a price increase for its Microsoft 365 subscription service. The regulator said the company failed to adequately inform consumers about the price increase and did not make it sufficiently clear that the subscription had been integrated with AI services Copilot and Designer.
• Quantum Corporation (QMCO) Q4 revs rise 27% y/y to $78M, while guides Q1 revs $75M vs. est. $70M; Q4 net loss widens to $9.5M as gross margins fell 3.9% to 35.7%.

Mid-Morning Look

Friday, June 26, 2026

U.S. stocks are mixed again as the S&P 500 and Nasdaq are on track for weekly declines as chipmakers came under renewed selling pressure after a stellar run this quarter, with investors questioning high valuations and the repercussions of massive AI spending by companies. This morning the SPY traded below its 50dma support while the QQQs near its 50dma around $702.75 but have since bounced notably off lows. AI supply chain/semiconductors slipped after the New York Times reported that OpenAI is reportedly considering delaying its IPO until 2027 from a prior Q3/Q4 2026 target amid continued heavy spending, rising competition, and a less supportive equity backdrop, raising fresh questions around the pace of AI infrastructure investment. Separately, a report in The Information said OpenAI will reportedly roll out GPT-5.6 in phases, with select customers receiving early access, following requests from Washington amid growing scrutiny of advanced AI model releases. Other concerns remain inflation and rate hikes after data Thursday showed U.S. inflation (PCE) rose above 4% in May for the first time in three years, boosted by higher energy prices, keeping the possibility of a Fed rate hike alive.

The Dow Jones Industrial Average comes into the day at all-time highs 9extending gains early), boosted lately by shares of CAT, financials and healthcare while Smallcaps have held up very well. Overnight, President Trump said the Strait of Hormuz was open and that the US would buy wheat, corn and soybeans with Iranian funds, but the bounce was short-lived as Asian markets tumbled (Nikkie, Shanghai, Kospi) as tech sentiment soured. Bitcoin slips back below $60,000 this week as U.S. stock futures fall driven by losses in tech stocks (Bitcoin reached a 21-month low of $58,075 Thursday).

A key item today, The FTSE Russell indices will undergo their semi-annual rebalancing after markets close today. The rebalancing will impact $6 trillion of active and passive assets under management benchmarked to the major Russell indices, according to strategists at JPMorgan Asset Management. The event will result in lots of companies moving between indexes. Most notably, SpaceX is among those set to be added to the Russell 1000. Updated indices will go live Monday. Overall, 43 companies are expected to graduate from the Russell 2000 index of small-cap stocks to the Russell 1000 large-cap index.

• University of Michigan surveys of consumers 1-year inflation outlook final June 4.6% vs prelim 4.6% and final May 4.8% while 5-year inflation outlook final June 3.3% vs prelim 3.4% and final May 3.9%.

• In Chemicals: German chemicals group Evonik Industries (EVKIY) raised its full-year profit outlook after posting Q2 results that beat expectation; now sees 2026 adj EBITDA between EU2.0B ($2.28B) and EU2.2B, up from a previously forecast range of EU1.7B-2B; said Q2 adj EBITDA is expected to come in at between EU600M-650M, above views of about EU567M, driven by higher volumes and prices as well as ongoing cost cuts. Shares of US related comps include DD, EMN, ASH, HUN, CBT. FUL was upgraded to Overweight at JP Morgan as the firm thinks lower oil prices and the opening of the Strait of Hormuz are likely to minimize or lower H.B. Fuller's raw material cost pressure in 2027.
• In Aerospace: SPCX told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers. RKLB shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.

• APOG +14%; on results as Q1 EPS $0.57 vs. est. $0.45 and revs fell -1% y/y to $342.68M but topped ests $333.8M; reaffirmed fiscal 2027expectce and expects Kalwall acquisition to close in July; said overall net sales declined due to lower volume, with higher material and freight costs impacting margins.
• CROX +5%; was upgraded to Overweight from Neutral and raised to $150 saying its North America DTC inflected to MSD in Q126 (best since Q224), and compares ease remainder of the year, Heydude is seeing green shoots in DTC, EPS estimates are upwardly biased.
• FCEL +20%; was upgraded to Buy at Jefferies with $24 tgt after Fit Energy data center deal saying the setup has materially shifted from "show me" to executing on visible backlog, while a deep valuation discount to BE creates an asymmetric entry point.
• INFQ +7%; initiated at Outperform and $20 tgt at Wedbush saying it is the only company commercializing the entire neutral-atom stack across Computing, sensing, and software from one shared technology core, and the only publicly traded neutral-atom pure-play.
• RKLB +4%; shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.

• CAPR -13%; after the U.S. FDA scheduled an advisory committee meeting to discuss the company’s marketing application for Deramiocel, a treatment targeting Duchenne muscular dystrophy.
• MSTR -2%; on track for its lowest level in more than two years. The stock slumped about 8% Thursday and comes into Friday with a seven-day losing streak, its worst seven-day losing streak since November 2022.
• OMER -18%; shares fell after saying the European Medicines Agency's key panel issued a negative opinion on its application for its drug narsoplimab to treat transplant-associated thrombotic microangiopathy (TA-TMA); OMER to request a re-examination of the opinion and review by an independent expert group.
• ON -19%; agreed to be acquire SYNA in an all-stock transaction, representing a total enterprise value of approximately $7B; SYNA shareholders to receive 1.35 shares of onsemi for each Synaptics share held.
• SFTBY -8%; shares of Softbank tumbled following NYT report that OpenAI is considering pushing its highly anticipated public debut into next year; potential postponement threatens to delay a massive liquidity event for the company's major financial backers.

Closing Recap

Friday, June 26, 2026

Friday started off weak, with tech leading markets lower overnight on reports that OpenAI is seriously considering holding off its initial public offering until 2027, due in part to concerns over investor sentiment, in a little hit to AI sentiment. However, investors stepped in this morning in another “buy the dip” moment, as major averages rebound from morning lows to finish higher. The Nasdaq posted a more than 400 point bounce off its morning lows, the S&P 500 with a 100-point bounce off lows (of 7,294) while the Dow Jones Industrial Average topped 52,000. Markets remained choppy this afternoon ahead of the largest semi-annual Russell index rebalance ever as The FTSE Russell indices rebalance will impact $6 trillion of active and passive assets under management benchmarked to the major Russell indices. The event will result in lots of companies moving between indexes. Most notably, SpaceX is among those set to be added to the Russell 1000. Updated indices will go live Monday. Overall, 43 companies are expected to graduate from the Russell 2000 index of small-cap stocks to the Russell 1000 large-cap index.

In other news, markets appeared unphased after U.S. President Trump midday threatened to impose a 100% tariff on all goods from any country that imposes a digital services tax on American companies. Trump said in a social media post that the new tariff would supersede any trade deals with the U.S. Also, President Trump accused Iran of violating a ceasefire agreement with the United States by launching attack drones at ships passing through the Strait of Hormuz, including a cargo vessel that was struck off the coast of Oman on Thursday. Neither of these events mattered for markets today. This morning the SPY traded below its 50dma support while the QQQs neared its 50dma around $702.75 but bounced notably off lows. Other concerns remain inflation and rate hikes after data Thursday showed U.S. inflation (PCE) rose above 4% in May for the first time in three years, boosted by higher energy prices, keeping the possibility of a Fed rate hike alive.

• University of Michigan surveys of consumers 1-year inflation outlook final June 4.6% vs prelim 4.6% and final May 4.8% while 5-year inflation outlook final June 3.3% vs prelim 3.4% and final May 3.9%.

• Oil prices finished the day and week notably lower with WTI crude falling -$2.69 or 3.74% to settle at $69.23 per barrel and Brent crude dropped -$3.27 or 4.34% to settle at $71.99 per barrel. The U.S. dollar fell for a second straight session on Friday as recent economic data and a drop in oil prices slightly cooled expectations for Federal Reserve rate hikes but posted its 2^nd straight weekly advance. Treasury yields slipped further, down 15bps for the 10-yr since the FOMC policy meeting last week where Kevin Warsh took the helm for the first time.

• Beverage sector: TD Cowen said believes the market is overstating alcohol's structural bear case. TDCowen's analysis of historical consumption patterns, demographic trends, and macro data indicates recent weakness is largely cyclical, reflecting post-pandemic normalization and affordability constraints. With valuations already baking in structural concerns, even modest volume stabilization could support upside for alcohol stocks. The firm upgraded DEO to Buy (in assumption of coverage) saying valuation dislocation creates an attractive entry, with CEO-led cost cuts and reinvestment expected to restore growth and improve commercial execution.

• In casino & Gaming: DKNG Launches proprietary prediction markets exchange DKeX; DraftKings Predictions generated ~$3.4B annualized consumer volume and  $11.3B in annualized total trading volume for the week ended June 21. Goldman Sachs initiates coverage on gaming stocks with Buy ratings on PENN and RRR and a Neutral rating on BYD, seeing a sector inflection driven by easing supply headwinds, improving earnings revisions, and M&A activity providing valuation support. The firm favors PENN for near-term catalyst-driven upside and RRR for a 2027 earnings inflection tied to LVL exposure, while BYD remains more of a longer-dated story with limited near-term catalysts.

• In Aerospace: SPCX told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers. RKLB shares bounced after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.
• In Defense: RTX said it has been awarded a $1.1 billion contract from the U.S. Navy to produce AIM-9X Block II missiles. BA announced China Southern airlines cargo subsidiary buys seven Boeing jets; AER delivers first of three new Airbus A321neo jets to Azerbaijan Airlines. The handover follows a 2024 program covering three A321neo Aircraft, three A320neo Aircraft.

• In Crypto: MSTR was on track for its lowest level in more than two years. The stock slumped about 8% Thursday and comes into Friday with a seven-day losing streak, its worst seven-day losing streak since November 2022.
• In REITs, shares of EQR, AVB, VNO, ESRT, SLG were active after a New York City panel voted on Thursday to freeze rents for nearly one million rent-stabilized apartments, fulfilling one of Mayor Zohran Mamdani’s key campaign promises and handing the mayor a major policy win six months into his tenure.
• In research: AMH was upgraded from Market Perform to Outperform at BMO Capital saying although political uncertainty remains with the 21st Century Road to Housing Act in limbo, BMO is heartened initial worst case regulatory scenarios appear off the table with bipartisan support largely maintaining the status quo and allowing build-for-rent. COLD was upgraded from In Line to Outperform at Evercore and increasing its price target from $17 to $18, implying an attractive total return potential of >25%. ESS was upgraded from Market Perform to Outperform at Raymond James as views ESS as the biggest residential beneficiary of the extraordinary boom currently being felt across the San Francisco Bay Area economy (with 40% of its NOI derived from the Northern California).

• ACAD rises after EU panel for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion following a Re-examination procedure on its marketing application for Daybu for the treatment of neurobehavioral symptoms of Rett syndrome, following its recent CHMP oral explanation.
• ALNY hosted a webinar on ALN-6400, which targets plasminogen to stabilize blood clots and provide durable, prophylactic bleeding control across disorders, ahead of the full Phase 1 healthy volunteers and initial Phase 2 hereditary hemorrhagic telangiectasia (HTT) data in 2H.
• AMGN said the European Medicines Agency recommended revoking the marketing authorization for Amgen's rare autoimmune disease drug, Tavneos, citing a lack of benefits that outweigh its risks.
• CAPR shares fell after the U.S. FDA scheduled an advisory committee meeting to discuss the company’s marketing application for Deramiocel, a treatment targeting Duchenne muscular dystrophy.
• OMER shares fell after saying the European Medicines Agency's key panel issued a negative opinion on its application for its drug narsoplimab to treat transplant-associated thrombotic microangiopathy (TA-TMA); OMER to request a re-examination of the opinion and review by an independent expert group.
• President Trump nominated Chris Klomp as the deputy secretary of HHS, elevating him from head of Medicare at CMS. Klomp has been an important figure for the healthcare investment community given his role in the drug pricing deals with pharma and then the Medicare Advantage rate process.

• Telecom & Towers: TMUS, VZ, T and SPCX were among the big winners in the FCC's AWS-3 wireless auction that pulled in over $3.5 billion for 200 mid-band licenses—the first spectrum sale in four years. AMT was upgraded from Sector Perform to Outperform at RBC Capital saying despite headwinds from rising interest rate expectations and the apparent unwind of the LEO bull thesis, they upgraded based on Superior organic revenue growth vs peers and favorable trends at CoreSite, for which it now assigns a higher target multiple (25x vs previous 21x). Keybanc noted that concerns surrounding SPCX competition are largely overblown as Starlink is not competitive today with Terrestrial alternatives, and subscriber growth is not inflecting where key developments need to occur before the service is a true competitor. As such, they think the pullback in T looks highly attractive.

• Gaming Software: Wedbush noted for RBLX, both headline Engagement metrics improved WoW but remained negative. Weekly CCU growth ticked up to –9% YoY from –11% the prior week, while average weekly DAU growth rose to –3% from –5%. With CCUs still contracting faster than DAUs on the comp, the CCU/DAU ratio has held near summer '25 lows, leaving per-user Engagement Intensity yet to Re-inflect.

• In memory chip sector, Samsung and SK Hynix are expected to unveil large-scale spending plans next week, including initiatives aimed at expanding memory supply, Reuters reported last night. Samsung is reportedly preparing a ~$720B capex blueprint over the next decade, while don’t forget SK Hynix has already outlined roughly $30B of incremental memory capacity investment. The bulls will say none of it can come fast enough amid insatiable demand while Bears says every new capacity announcement raises the question of whether the industry is overbuilding and making AI even more capital intensive and straining ROIC.

Street Recommendations

Friday, June 26, 2026

• SHLS Barclays raised the firm's price target on Shoals Technologies to $10 from $9 and keeps an Overweight rating on the shares as part of a Q2 earnings preview. Shoals appears past its margin trough with a gradual recovery ahead, the analyst tells investors in a research note. While near-term headwinds may temper the company's upside in Q2, backlog growth and delivery execution should drive "resilient" core solar demand, contends Barclays. It sees Shoals' margins improving in the quarter.

• WGO BMO Capital analyst Tristan Thomas-Martin lowered the firm's price target on Winnebago to $38 from $48 and keeps an Outperform rating on the shares after its Q3 results. The company's earnings miss and FY26 guidance cut were telegraphed by earlier industry participant results, channel checks, as well as reported industry retail/shipment numbers but generally in the ballpark of investor expectations, the analyst tells investors in a research note. The management is doing a good job managing margins in a challenging backdrop and new products have shown some promise, but BMO trims its estimates and target price to reflect expectations for ongoing industry and dealer ordering softness for the rest of 2026, the firm added.

• BNL BTIG raised the firm's price target on Broadstone Net Lease to $23 from $21 and keeps a Buy rating on the shares. The firm attributes the stock's strong performance to continued momentum within their internal build-to-suit growth engine, improving transaction markets and portfolio reposition, as well as a solid capital position, the analyst tells investors in a research note. BTIG adds that it expects Broadstone to remain opportunistic, leveraging the forward program and potential windows in the debt market to maintain a solid capital structure for growth.
• DRI BTIG raised the firm's price target on Darden to $235 from $225 and keeps a Buy rating on the shares. The company's Q4 comps came in better than expected, pointing to a resilient consumer as traffic increased across all income cohorts despite elevated gas prices and economic pressures, the analyst tells investors in a research note. The sales picture looks better than earnings, as higher marketing, pre-opening expense and diesel weigh on the latter, the firm added.
• XEL BTIG raised the firm's price target on Xcel Energy to $98 from $94 and keeps a Buy rating on the shares. The company continues to steadily progress through its heavy regulatory calendar as it has now reached a Commission decision or settlement in four of six key cases, and the firm expects Xcel's historical premium to the UTY to return as regulatory clarity improves and large load momentum continues to build, the analyst tells investors in a research note.

• ALGT Citi analyst John Godyn upgraded Allegiant Travel to Buy from Neutral with a price target of $156, up from $98, which implies 42% upside. The company's acquisition of Sun Country Airlines "may be one of the best deals in the industry's history," the analyst tells investors in a research note. Citi sees "strong synergies" and believes Allegiant's earnings power in 2027 and 2028 could well exceed the current highest consensus estimates. Accretion from the deal could exceed 25% over time, contends the firm.
• WTW Citi analyst Matthew Heimermann added a "downside 90-day short-term view" on WTW while keeping a Buy rating on the shares with a $300 price target. The company has greater exposure than peers to international markets, which are being impacted by higher oil prices, the analyst tells investors in a research note. Citi sees potential for negative estimate revisions for WTW in the short-term.

• MKC Deutsche Bank raised the firm's price target on McCormick to $60 from $59 and keeps a Buy rating on the shares. The company's fiscal Q2 results were "better-than-feared" with solid Flavor Solutions performance, the analyst tells investors in a research note.

• RRR Goldman Sachs analyst Lizzie Dove initiated coverage of Red Rock Resorts with a Buy rating and $72 price target. The firm believes the regional gaming sector is seeing a "resurgence," with acquisition activity "putting a floor" under valuation and growth projects, setting up companies for positive earnings revisions. Red Rock offers a "compelling" 2027 earnings story, the analyst tells investors in a research note. Goldman says the company has the "two-fold benefit" of lapping disruption headwinds from 2026 and harvesting the growth investments from its latest five projects.
• BYD Goldman Sachs initiated coverage of Boyd Gaming with a Neutral rating and $91 price target. The firm believes the regional gaming sector is seeing a "resurgence," with acquisition activity "putting a floor" under valuation and growth projects, setting up companies for positive earnings revisions. Boyd offers strong cash flow generation, but its largest growth projects are more weighted to 2028 and beyond, with the next 18-24 months more of a transition phase, the analyst tells investors in a research note.
• AMT Goldman Sachs assumed coverage of American Tower with a Buy rating and $215 price target. American Tower is viewed as the leading global tower operator and, because of its diversified portfolio across the U.S., Europe, emerging markets and its rapidly growing data center business, the analyst tells investors in a research note. It is expected to deliver the most consistent growth among tower companies, with mid- to high-single-digit AFFO per share growth supported by stable leasing, international expansion, data center momentum, cost efficiencies, and improved financial flexibility following resolution of the EchoStar dispute and leverage returning to target levels, the firm says.
• CCI Goldman Sachs analyst Michael Ng assumed coverage of Crown Castle with a Neutral rating and $95 price target. Crown Castle, the largest pure-play U.S. tower operator, is expected to face near-term pressure from lost EchoStar/DISH revenue and slower carrier leasing activity, but its long-term outlook remains supported by rising mobile data demand, future spectrum deployments, cost-cutting initiatives, potential valuation upside from its lower-risk U.S.-only profile, and improving AFFO per share growth as current headwinds ease, the analyst tells investors in a research note.
• SBAC Goldman Sachs initiated coverage of SBA Communications with a Neutral rating and $205 price target. SBA Communications is expected to benefit over the long term from structural tailwinds in mobile data growth, carrier densification, and future spectrum deployments, but near-term performance is likely to be weighed down by carrier consolidation, EchoStar-related disruptions, international churn in markets like Brazil, and higher refinancing costs, the analyst tells investors in a research note.

• FUL JPMorgan upgraded H.B. Fuller to Overweight from Neutral with a price target of $67, up from $58. The company is rowing adjusted EBITDA via higher prices and positive currency effects in a flat to lower volume environment, the analyst tells investors in a research note. The firm thinks lower oil prices and the opening of the Strait of Hormuz are likely to minimize or lower H.B. Fuller's raw material cost pressure in 2027.
• SR JPMorgan analyst Eli Jossen downgraded Spire to Neutral from Overweight with a price target of $85, up from $84, after resuming coverage of the name. The stock's valuation gap to peers reflects near-term execution uncertainty rather than a pure mispricing, the analyst tells investors in a research note. JPMorgan awaits Missouri rate case clarity and Tennessee integration proof points before turning more constructive on the shares.
• GOLF JPMorgan analyst Matthew Boss raised the firm's price target on Acushnet Holdings to $118 from $96 and keeps a Neutral rating on the shares. JPMorgan also placed Acushnet on "Positive Catalyst Watch." The firm upped the company's Q2 revenue growth estimate to 11.8%, above the consensus of 10.3%, after its fieldwork pointed to upside across both the Golf Club and Golf Ball segments. Acushnet is seeing favorable sell-throughs on new product launches, the analyst tells investors in a research note.

• AVAV KeyBanc lowered the firm's price target on AeroVironment to $220 from $295 and keeps an Overweight rating on the shares. The firm reduced the company's estimates to reflect a more gradual recovery in space-related revenue. AeroVironment is well positioned to capitalize on "secular tailwinds" in defense, but there is near-term variability tied to the Space Force's $1.7B Satellite Control Antenna Replacement program, the analyst tells investors in a research note.

• VC Morgan Stanley raised the firm's price target on Visteon to $130 from $115 and keeps an Equal Weight rating on the shares. The company's investor day provided "more tangible drivers of its next phase of growth," ed by Toyota program launches and SmartCore HPC, says the analyst, who raised estimates after the event.
• SNX Morgan Stanley analyst Erik Woodring raised the firm's price target on TD Synnex to $374 from $341 and keeps an Overweight rating on the shares. The fiscal Q2 report reinforces the firm's view that TD Synnex is "emerging as one of the higher-quality stories in IT Hardware," says the analyst, citing durable distribution share gains and accelerating Hyve growth.

• NU Needham analyst Kyle Peterson initiated coverage of Nubank with a Buy rating and $17 price target. Nubank operates as a neobank and digital lender with a focus in Brazil, the analyst tells investors in a research note. The firm believes the company is the largest global neobank with over 135M customers. This provides a customer base that can drive growth for Nubank in other Latin America markets, contends Needham.
• SYNA Needham downgraded Synaptics to Hold from Buy without a price target after On Semi announced an agreement to acquire Synaptics in an all stock deal at a fixed 1.350 On shares per Synaptics share, implying a $7B enterprise value.

• NKE Oppenheimer lowered the firm's price target on Nike to $60 from $120 and keeps an Outperform rating on the shares. Nike is expected to report Q4 results largely in line but still soft, with management likely to emphasize ongoing, increasingly aggressive repositioning efforts amid continued internal disruptions and macro headwinds in the US and abroad, while also signaling that 2026 will likely be a restructuring year, the analyst tells investors in a research note.

• CNTB Piper Sandler initiated coverage of Connect Biopharma with an Overweight rating and $7 price target. The firm cites rademikibart's "differentiated mechanism" and potentially unique position as the only biologic in development for acute asthma and COPD exacerbations for the bullish rating. Connect has a "near-term catalyst-rich setup," anchored by the September Seabreeze STAT topline data in asthma, the analyst tells investors in a research note. Piper's model estimates peak risk-adjusted acute sales of $165M and chronic sales of $1.26B.

• BB Raymond James raised the firm's price target on BlackBerry to $9.50 from $4.75 and keeps a Market Perform rating on the shares. The firm updated the company's QNX standalone model to reflect an acceleration in average revenue per user growth to the high-teens, saying Alloy Kore wins are imminent. Raymond James now sees QNX revenue growth approaching 20% annually from 15% previously in the next few years with adjusted EBITDA margins in the low to mid 30s.
• PRQR Raymond James lowered the firm's price target on ProQR Therapeutics to $10 from $14 and keeps a Strong Buy rating on the shares. Based on the thesis that early data from the Axiomer RNA editing platform in healthy volunteers may translate into an effective therapy for biliary atresia, the initial Phase 1 dataset and additional key takeaways from ProQR's presentation further support a positive outlook on Axiomer-based candidates in biliary atresia and beyond, the analyst tells investors in a research note.

• ZTS Stifel lowered the firm's price target on Zoetis to $85 from $95 and keeps a Hold rating on the shares. After atopic dermatitis checks in international markets, mostly in the U.K., the firm reports that its diligence is "concerning for Apoquel." Consensus calls for FY27 and FY28 worldwide Apoquel sales to increase low-to-mid-single digits annually, but the firm's international checks suggest Apoquel share losses are accelerating and this may follow in the U.S. The firm, which lowers Zoetis estimates "again," notes that its FY27 and FY28 revenue estimates are "Street-low" and its 2028 EPS estimate lags Street profitability by a year.

• ON TD Cowen downgraded On Semi to Hold from Buy with a price target of $110, down from $115, following the company's announced plans to acquire Synaptics. TD believes in the data center growth and cap return story of the acquisition, but thinks the deal "adds complexity to an already complicated model." As such, the firm finds On Semi shares fairly priced at current levels.
• DYN TD Cowen initiated coverage of Dyne Therapeutics with a Buy rating and no price target. The company's Force platform is designed to overcome delivery limitations for therapeutics in neuromuscular and central nervous system diseases, the analyst tells investors in a research note. TD's key opinion leader checks indicate both the company's late stage programs, z-rostudirsen for exon 51 Duchenne muscular dystrophy mutations and z-basivarsen for myotonic dystrophy type 1, could be best in class.

• FCEL UBS analyst Manav Gupta raised the firm's price target on FuelCell to $22 from $7.25 and keeps a Neutral rating on the shares. FuelCell Energy and Fit Energy USA LP last week announced a strategic agreement for up to 380 MW of on-site fuel cell power for data centers, including an initial 30 MW order expected to begin delivery later this year, alongside an expanded production plan targeting up to 500 MW annually supported by a $200M-$275M investment over the next 24 months, the analyst tells investors in a research note.
• FIZZ UBS analyst Peter Grom lowered the firm's price target on National Beverage to $33 from $35 and keeps a Sell rating on the shares. The firm updated its model ahead of next week's Q4 earnings report.

• CMC Wells Fargo analyst Timna Tanners raised the firm's price target on Commercial Metals to $80 from $77 and keeps an Equal Weight rating on the shares. Management expects August-quarter EBITDA to recover by $40M-$50M quarter-over-quarter after a May-quarter miss driven by a $20M North American outage, with additional pressure from wet weather and new precast M&A margins running roughly 4% below target, the analyst tells investors in a research note.
• ALLY Wells Fargo raised the firm's price target on Ally Financial to $55 from $52 and keeps an Overweight rating on the shares. The firm updated its model ahead of the Q2 earnings report.
• AMAT Wells Fargo raised the firm's price target on Applied Materials to $740 from $715 and keeps an Overweight rating on the shares. Applied Materials' Memory & AP Master Class reinforced a constructive view of its deep product portfolio, with the company well positioned to deliver co-optimized and integrated materials solutions that support continued semiconductor scaling, the analyst tells investors in a research note.
• HCAT Wells Fargo analyst Stan Berenshteyn raised the firm's price target on Health Catalyst to $1.75 from $1 and keeps an Equal Weight rating on the shares to account for the pending Vitalware sale.
• FIG Wells Fargo analyst Michael Turrin lowered the firm's price target on Figma to $36 from $42 and keeps an Overweight rating on the shares. After attending Config '26, the firm's confidence has increased in Figma's intelligent canvas and design platform strategy and its ability to capture additional spending, the analyst tells investors in a research note.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: AVAV CNXC

• China Composite PMI
• China NBS Manufacturing PMI

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for April
• 9:00 AM ET                   CaseShiller 20-City index for April
• 9:45 AM ET                   Chicago PMI for June
• 10:00 AM ET                 JOLTs Job openings for May
• 10:00 AM ET                 Consumer Confidence for June
• 10:30 AM ET                 Dallas Fed Services for June
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: NKE PRGS STZ

• Goldman Sachs Digital Assets Conference, 6/30, in London

• 7:00 AM ET MBA Mortgage Applications Data
• 8:15 AM ET ADP Private Payrolls for June
• 9:45 AM ET S&P Global Manufacturing PMI for June
• 10:00 AM ET                 Construction Spending M/M for May
• 10:00 AM ET ISM Manufacturing PMI for June
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: BSET FC GBX

• 8:30 AM ET                   Private Payrolls for June
• 8:30 AM ET                   Manufacturing Payrolls for June
• 8:30 AM ET                   Unemployment Rate for June
• 8:30 AM ET                   Average Hourly Earnings M/M for June
• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM EST                 Continuing Claims
• 10:00 AM ET                 Factory Orders M/M for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM EST                 Baker Hughes Weekly rig count data

• Earnings After the Close: None

Friday July 3^rd

• U.S. stock markets are closed in observance of Independence Day

.