Early Look

Wednesday, February 25, 2026

U.S. futures are pointing to a higher open after posting strong gains on Tuesday, building on the upside momentum as the S&P 500 nears the 6,900 level and tech names rebound after the selloff in software names while investors eagerly await earnings from the face of AI tonight in Nvidia (NVDA), alongside earnings from Salesforce (CRM) and Snowflake (SNOW). The reports arrive as investors reassess elevated tech valuations and scrutinize heavy AI-related capital spending by hyperscalers. Software and cybersecurity names staged a relief rally after AI startup Anthropic introduced new enterprise capabilities on its Claude Cowork platform, allowing integration with corporate applications with many companies that were received as casualties of Claude (DOCU, LZ, TRI, etc.). In Asian markets, The Nikkei Index surged 1,262 points or 2.2% to settle at 58,583, the Shanghai Index rose 29 points to 4,147, and the Hang Seng Index advanced 175 points to 26,765. In Europe, the German DAX is up 113 points to 25,099, while the FTSE 100 gains 105 points to 10,786. In his State of the Union address, President Trump discussed his disappointment in the latest Supreme Court decision against tariffs, while discussed an array of other topics from the economy, immigration, AI, and others. Silver miners gain as metal prices hit three-week high and gold prices are back near $5,200 an ounce.

• The Dow Jones Industrial Average rose 370.44 points, or 0.76%, to 49,174.50
• The Nasdaq Composite gained 236.41 points, or 1.05%, to 22,863.68
• The Russell 2000 Index advanced 31.32 points, or 1.19% to 2,652.31

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A ACAD ADMA ADTN AHT AI ALKT APA ARKO ARQT ARRY BBSI BJRI CBZ CHDN CHE CHRD CPRX CRGY CRM CWT DORM ECPG EE EHTH ENVX EPR ERII FSK FTAI GDRX GMRE GRBK HCI HNST IBTA IMAX INN IONQ JOBY KGS LB LMAT LXU MDXG MEG MGNI MIRM MRVI NYRG NGVT NOG NRDS NSA NTNX NU NVDA ORA OSUR OUT PEB PR PSKY PSTG RDW ROOT RRGB RVMD SARO SBGI SBLK SDRL SEZL SKYT SLNO SM SMA SNOW SNPS SSP STRL SVC TASK TCOM TDOC TKO TTD TTI UHS UMH USPH VAC VCYT VECO VICI VTOL WHD WTRG XPER ZIP ZM

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• Susan Collins, President of the Federal Reserve Bank of Boston, said interest rates are likely to remain unchanged for some time as the labor market improves and inflation risks persist, noting policymakers need more evidence that inflation is moving toward 2% and that rates, after easing over the past year and a half, are now mildly restrictive and possibly close to neutral.

• Cava Group (CAVA) Q4 EPS $0.04 vs est $0.03, adj EBITDA $25.8Mm vs est $24.01Mm on revs $274.985Mm vs est $267.92Mm, comps +0.5% vs. consensus est for )-1.1%) decline; guides FY comps +3-5%, new Cava openings 74-76 and restaurant-level mgn 23.7-24.2%.
• Lowe's (LOW) Q4 adj EPS $1.98 above consensus $1.94 and revs rose to $20.58B from $18.55B y/y and above consensus $20.34B; Q4 comparable sales increased 1.3% above ests +0.2%; guidance weak as sees FY26 adjusted EPS $12.25-$12.75, below consensus $12.94 and revs $92B-$94B vs. est. with comp sales flat to up 2% y/y.
• MercadoLibre (MELI) Q4 Ebit $889M vs. est. $891M, Q4 net income $559M missed the $587M estimate while revs rose 45% y/y to $8.8B topped consensus est. $8.5B; Q4 EBIT margin fell to 10.1% from 13.5% a year earlier.
• Trex Inc. (TREX) Q4 adj EPS $0.04 vs est ($0.02) on revs $161.1Mm vs est $144.46Mm; guides FY revs $1.185-1.23B vs est $1.2B; announces Adam Zambanini appointed Pres and CEO.
• Whirlpool (WHR) 6.884M share Spot Secondary priced at $69.00.

• First Solar (FSLR) Q4 EPS $4.84 missed the consensus of $5.17 while revs rose 11.3% y/y to $1.68B vs. est. $1.57B saying the increase was primarily driven by an increase in the volume of modules sold; sees FY26 revenue $4.9B-$5.2B below the consensus $6.11B and sees FY26 volume Sold 17.0GW-18.2GW.
• Matador Resources (MTDR) Q4 adj EPS $0.87 vs. est. $0.84; Q4 revs fell -12.6% y/y to $847.99M vs. est. $809.44M; said expects 2026 production of 122,000 to 124,000 barrels of oil per day and 525 to 545 million cubic feet of natural gas per day, resulting in 209,500 to 215,000 BOE per day.
• Range Resources (RRC) Q4 adj net income $195M vs. est. $170.7M; increased share repurchase authorization to $1.5B for year; Q4 revenue rose 30.9% y/y to $820.16M, beats by $57.34M; says all-in capital spending of $650-$700M for 2026 and production of 2.35 to 2.40 Bcfe per day for 2026, growing to 2.6 Bcfe per day for 2027 assuming similar capital.
• Solaris Energy (SEI) Q4 adj EPS $0.35 vs est $0.27, adj EBITDA $69Mm vs est $67.48Mm on revs $180Mm vs est $164.04Mm; sees Q1 adj EBITDA $72-77Mm vs prior $70-75Mm and est $74.10Mm; sees Q2 adj EBITDA $76-84Mm vs est $83.17Mm.
• Talos Energy (TALO) Q4 revs $392.2M vs. est. $432.17M and adj net income loss (-$76.48M) vs. est. loss (-$49.55M); said recorded a significant non-cash impairment charge of $170.4M due to lower oil prices; forecasts 2026 capex between $500M-$550M; Talos plans appraisal well for Daenerys discovery in Q2 2026.

• CoStar Group (CSGP) Q4 adj EPS $0.31 vs est $0.27 on revs $900Mm vs est $885.62Mm; sees Q1 revs $890-900Mm vs es T$905.14Mm, adj EBITDA $95-115Mm vs est $151.36Mm and adj EPS $0.16-0.19 vs est $0.25; guides FY revs $3.78-3.82B vs est $3.807B, adj EBITDA $740-800Mm vs est $774.16Mm, and adj EPS $1.22-1.33 vs est $1.32.
• Realty Income (O) Q4 AFFO $1.08, in-line with consensus and revs $1.49B; sees FY26 AFFO $4.38-$4.42, vs. consensus $4.43; sees same store rent growth 1.0%-1.3%; and occupancy 98.5%.

• Corcept Therapeutics (CORT) Q4 EPS $0.20 vs est $0.30 on revs $202.125Mm vs est $254.94Mm; guides FY revs $900Mm - 1.0B vs est $975.11Mm.
• Cytokinetics (CYTK) Q4 EPS ($1.50) vs est ($1.46) on revs $17.8Mm vs est $6.91Mm.
• Globus Medical (GMED) Q4 adj EPS $1.28 vs est $1.15 on revs $826.4Mm vs est $799.12Mm; reaffirms FY revs guide $3.18-3.22B vs est $3.165B, sees FY adj EPS $4.40-4.50 vs est $4.26.
• GSK plc (GSK) entered an agreement to acquire 35Pharma Inc., a Canada-based, private, clinical-stage biopharmaceutical company specialized in the development of novel protein-based therapeutics for $950M
• Inogen (INGN) announced its board has authorized a share repurchase program of up to $30M of its common stock.
• Jazz Pharma (JAZZ) Q4 adj EPS $6.64 vs. $6.51 last year and well above consensus while revs rose 10.1% y/y to $1.2B vs. est. $1.17B; sees FY26 revenue $4.25B-$4.5B, vs. consensus $4.5B.
• Palvella Therapeutics (PVLA) announces $150M proposed public offering of common stock.
• Tempus AI Inc. (TEM) Q4 EPS loss (-$0.04) vs. est. loss (-$0.05); Q4 revs rose 83% y/y to $367.2M vs. est. $363.4M; Q4 Diagnostics revenue of $266.9M rose 121.6% y/y, driven by Oncology volume growth of 29% and Hereditary volume growth of 23%; sees FY26 revenue $1.59B, vs. consensus $1.58B.
• TransMedics Group (TMDX) Q4 EPS $2.62 vs est $0.39 on revs $160.8Mm vs est $155.72Mm, gr mgn 58%; guides FY revs $727-757Mm vs est $723.99Mm.
• Vir Biotechnology (VIR) announces to offer $200M in public stock offering after rising 27% on Tuesday after co posted Q4 results beat and said plans to develop and commercialize its prostate cancer experimental drug with Japan's Astellas.
• Werewolf Therapeutics (HOWL) announces plan to explore strategic alternatives; says options include sale, merger, asset sale, licensing; no defined timeline for strategic alternatives.

• Mosaic inc. (MOS) Q4 adj EPS $0.22 vs est $0.47, adj EBITDA $505Mm vs est $558.36Mm on sales $3B vs est $3.062B; said lower U.S. phosphate demand and higher raw material costs led to lower sales volumes and increased expenses in Q4; reported Q4 net loss of $519m, impacted by notable items.

• ASML (ASML) said ‌in its 2025 annual report it now ‌sees the artificial intelligence boom as the main driver for demand for ​its products. The report reflects a change in tone from 2024, when the company emphasized that the semiconductor industry is cyclical, and AI might prove a disappointment.
• ExlService Holdings (EXLS) Q4 adj EPS $0.50 vs est $0.46 on revs $542.6Mm vs est $532.16Mm, adj Outperform mgn 18.8%; guides FY revs $2.275-2.315B vs est $2.314B and adj EPS $2.14-2.19 vs est $2.19.
• GoDaddy inc. (GDDY) Q4 EPS $1.80 tops consensus $1.59 and revs $1.27B in-line with ests; sees Q1 revenue $1.25B-$1.27B, vs. consensus $1.28B and guides FY26 revenue $5.195B-$5.275B, below consensus $5.28B.
• HP Inc. (HPQ) Q1 adj EPS $0.81 vs. est. $0.77; Q1 revs rose 6.9% y/y to $14.44B vs. est $13.94B; guides Q2 EPS $0.70-$0.76 vs. est. $0.74 while says expects to be at lower end of FY2026 guidance range for eps, adj eps & free cash flow; warns US trade regulations, memory chip costs to weigh on annual forecasts.
• Navitas Semiconductor (NVTS) Q4 EPS ($0.14) vs est ($0.05) on revs $7.296Mm vs est $6.95Mm; sees FY revs $8.0-8.5Mm vs est $7.345Mm and adj gr mgn 38.45-38.95%.
• Oracle (ORCL) was upgraded to Outperform from Perform at Oppenheimer with $185 tgt.
• Workday Inc. (WDAY) Q4 EPS $2.47 tops consensus $2.32 and revs rose 14.5% y/y to $2.53 vs. consensus $2.52B; Subscription Revenues of $2.360B, up 15.7% y/y; sees Q1 revenue $2.335B, vs consensus $2.53B and sees FY27 revenue $9.925B-$9.950B, vs. consensus $9.54B; sees FY26 Non-GAAP operating margin of 30.0%
• Zeta Global Holdings (ZETA) Q4 adj EBITDA $95.126Mm vs est $91.16Mm on revs $394.6Mm vs est $379.23Mm; guides Q1 revs $369-371Mm vs est $358.53Mm and adj EBITDA $61.2-61.8Mm vs est $59.73Mm; guides FY revs $1.749-1.762B vs est $1.717B and adj EBITDA $389.9-392.1Mm vs est $382.72Mm.

Mid-Morning Look

Wednesday, February 25, 2026

U.S. stocks off to a strong start, rallying ahead of key earnings results in the AI sector with NVDA after the close, as upside momentum lifting beaten up technology shares (XLK +1.8%, IGV +2.5%, SOX +1.9%) despite more S&P sectors lower on day (consumer staples, utilities, industrials and materials). No major US economic data today impacting markets and investors digesting President Trump’s State of the Union address on markets. Precious metals seeing early gains for silver, gold and platinum, while Bitcoin sees first day of strength in a while, rising over 4% around $67,000. In addition to NVDA results tonight, software in focus with CRM and SNOW reporting. Home improvement retailer LOW reported better Q4 results, but softer guidance weighed on shares today. Full run down of some of today’s top earnings/guidance movers listed below. After earnings tonight, investors with a watchful eye on Friday’s producer price index (PPI) inflation data. A good start for markets early but already paring gains, positioning ahead of NVDA. Among top sector decliners are homebuilders, solar, oil & gas names, consumer staples/food, and transports, while financials and healthcare stocks rebound after a few days of aggressive selling pressure.

• In Solar: FSLR shares tumbled after results/guidance disappoint. Delivered higher revenue but softer margins and EPS in Q4 and FY25, pressured by tariffs, higher costs, and Southeast Asia underutilization; Q4 EPS $4.84 missed the consensus of $5.17 while revs rose 11.3% Y/y to $1.68B vs. est. $1.57B saying the increase was primarily driven by an increase in the volume of modules sold; sees FY26 revs $4.9B-$5.2B, below the consensus $6.11B. ENPH was upgraded to Buy from Hold at Jefferies and raise PT to $57 from $37 as see improving demand trends and an increasingly favorable margin backdrop emerging noting checks now point to growing confidence in the PPL offering, highlighted by ENPH’s collaboration with Greentech, the largest solar distributor in the U.S.
• In Oil & Gas E&P Sector: EOG posted a small 4Q beat with higher buyback, while 2026 volume/capex in line but FCF below expectations on realizations and costs. Delaware program in focus with update suggesting higher inventory consumption in 2025; TALO shares fell as posted 4Q miss and underwhelming 2026 production guidance is a temporary shut-in of the 3 mboe/d Genovesa well; MTDR posted strong 4Q results and an efficient 2026 outlook that forecasts 3% y/y oil growth with 6% lower y/y capex.

• ALB +7%; Lithium producers SQM, SGML, LAC advanced as Zimbabwe suspends exports of all raw minerals and lithium concentrates with immediate effect, after the government alleged malpractices and leakages.
• AXON +17%; shares surge on results and guidance while CEO said “rather than being a target for disruption, we are a disruptor”; introduced FY26 revenue guidance of $3.53B-$3.61B, versus consensus of $3.45B, guided to implied adjusted EBITDA of $910.8M at the midpoint of the range, versus the consensus of $881.2M on better Q4.
• CAVA +21%; shares jumped after its Q4 print and guidance were above expectations, while the comps outlook was 100 bps ahead of consensus at the midpoint; Q4 results beat expectations on comp ales and adjusted EBITDA, with strong momentum carrying into Q1 and 2026 guidance largely in line with consensus.
• CRCL +18%; shares jumped on strong results/guidance as its Q4 income from reserves ‌got a boost from a rise in circulation ‌of its stablecoin token; Q4 EPS $0.43 vs. est. $0.25 and revs rose 77% Y/y to $770.23M vs. est. $744.95M; sees FY26 other revenue $150M-$170M and sees FY26 adjusted operating expenses $570M-$585M
• LUMN +5%; after being selected to expand Anthropic’s fiber network across north America, part of Co's nearly $13B in total PCF contracts; said expecting to delivering business segment REV growth in 2028; said expanding ADJ EBITDA margins from 27.1% in 2025 to about mid 30% range by 2030.
• ORCL +3%; upgraded to Outperform from Perform at Oppenheimer with a $185 price target saying while the call may be early, since it will take time Oracle to show financial success as a more capital-intensive business in future results, they see a favorable risk/reward after the stock's multiples have been cut by more than half in 6 months

• DEO -14%; shares declined after guidance saying they now expect their 2026 organic sales to fall 2%-3% (vs. prior view of flat to slightly down) and projects organic operating profit to be flat to up low-single-digits for 2026 (vs. prior view of low-to-mid-single digits);also slashed their dividend to $0.20 from $0.40.5 prior.
• DRVN -39%; shares tumbled after saying it would delay the release of its Q4 and year-end financial results due errors in reporting in recent years; said that its audit committee found material errors in its financial statements for the 2024 and 2023 years, as well as for the three reported quarters in 2025.
• FSLR -13%; shares tumbled after results/guidance disappoint as Q4 EPS $4.84 missed the consensus of $5.17 while revs rose 11.3% Y/y to $1.68B vs. est. $1.57B saying the increase was primarily driven by an increase in the volume of modules sold; sees FY26 revenue $4.9B-$5.2B, well below the consensus $6.11B.
• GDDY -19%; shares slide after forecasting its annual revenue below Wall Street expectations ($5.2B-$5.8B vs. est. $5.29B), pointing to slower uptake of its artificial‑intelligence tools and softer customer growth.
• LOW -2%; Q4 adj EPS $1.98 was above consensus $1.94 and revs rose to $20.58B from $18.55B Y/y (vs. est. $20.34B); Q4 comparable sales increased 1.3% above ests +0.2%; but guidance was weak as sees FY26 adjusted EPS $12.25-$12.75, below consensus $12.94.
• LUNR -16%; after the company enters agreement with some investors to issue and sell stock in exchange for $175 mln investment.
• MELI -10%; beat Q4 revenue and EBIT estimates by 3% and 2%, respectively, with 37% Y/y GMV growth ex-FX and strong Fintech performance, including +40% acquiring TPV and +90% credit portfolio growth, but shares fell as EBIT rose some 8% to $889M (est. $891M) and EBIT margin fell to 10.1% from 13.5% Y/y.
• ODD -52%; after guiding Q1 revenue to decline 30% y/y citing higher costs for customer acquisition and said they experienced a dislocation with its largest ad partner, driven by algorithm changes. They identified the root cause of the problem and expects acquisition costs to return to normal levels in Q3 and Q4
• WDAY -6%; shares slumped on results last night as delivered a mixed FQ4 driven by weakness in net new core business with slipped deals in Fed & SLED as well some Verticals such as Retail; topline beats were muted as sub rev of $2.532B (+14.5% Y/Y) topped guidance by $5M, and cRPO of $8.833B (+15.8% Y/Y) beat by 0.2%.

Closing Recap

Wednesday, February 25, 2026

U.S. stocks opened little changed, rallied on the open, and held gains (closing near the highs) boosted by a rebound in technology stocks as semiconductors made new all-time highs. The Philly semi index (SOX) hit 8,498 ahead of earnings tonight from NVDA in the AI chip space, rallying other names with it on Wednesday, while software prices (IGV) also saw big gains ahead of CRM, SNOW results tonight. Other leaders included precious metals with extended gains from silver and gold, while Bitcoin saw first signs of life in a while rising over 8% above $69,000. On the flip side, there were several pockets of weakness as well with energy stocks sliding, along with homebuilders, utilities and consumer staples. While NVDA is the short term focus for markets, political and geopolitical worries such as tariffs and Iran remain along with an upcoming PPI inflation report on Friday (there was no economic data today). The worries about AI, Iran and tariffs have helped support government bonds in the U.S. in recent days, although yields were slightly higher on Wednesday. USTRs Jameison Greer appeared on Fox Biz saying that he expects the China level of tariff to remain in place while suggesting some tariffs could go above 15%. He intends to meet with his Canadian counterparts in a few weeks

• Oil prices slipped -$0.21 or 0.32% to settle at $65.42 per barrel as a much larger-than-expected U.S. crude stock build outweighed the threat to oil supply from potential military conflict between the U.S. and Iran. Brent Crude futures settle at $70.85/bbl, up 8 cents, or 0.11%.
• Oil prices slipped late morning after weekly oil inventory data by the EIA showed dramatically larger weekly builds in stockpiles (up 16.0M bbls vs forecast of 1.5M bbl build), which was the most since February 2023. Imports from Venezuela rose by 290,000 barrels per day (bpd) to 339,000 bpd in the week ended February 20.
• Separately, OPEC+ will likely consider raising its oil output by 137,000 barrels per day for April to end a three-month pause in production increases, three sources with knowledge of OPEC+ thinking said, as the group prepares for peak summer demand and tensions between the U.S. and OPEC member Iran boost prices - Reuters
• Bitcoin extending gains most of the day, rising as much as 8% at highs above $69,000. Dollar gaining vs Yen today +0.3% at 156.37 while Treasury yields edge highs as 10-yr +1.3bps to 4.046%

• In Beverage sector: DEO shares declined after guidance saying they now expect their 2026 organic sales to fall 2%-3% (vs. prior view of flat to slightly down) and projects organic operating profit to be flat to up low-single-digits for 2026 (vs. prior view of low-to-mid-single digits);also slashed their dividend to $0.20 from $0.40.5 prior; SAM reported better Q4 results and mixed guidance in beer space. TAP was downgraded from Neutral to Underperform at Bank America and cut tgt to $42 from $50 following Q425 results and TAP's presentation at CAGNY last week, it lowers estimates.
• In Restaurants: CAVA shares jumped after their Q4 print and guidance were above expectations, while the comps outlook was 100 bps ahead of consensus at the midpoint; Q4 results beat expectations on comp ales and adjusted EBITDA, with strong momentum carrying into Q1 and 2026 guidance largely in line with consensus.
• In Grocer sector: GO was downgraded to Equal Weight from Overweight at Wells Fargo and cut tgt to $10.50 from $16 as sees potential under new leadership, but early results have been choppy, and real progress likely takes time. The firm also cut KR to Equal Weight from Overweight, turning more cautious and moving to the sidelines. While Wells sees opportunity under new leadership, it also expects investment against an already challenged grocery backdrop in 2026. The firm sees near-term earnings risk with muted core growth at best.
• Personal Products: ODD shares tanked after Q4 revs $153M topped views $151M but is guiding Q1 revenue to decline 30% y/y citing higher costs for customer acquisition and said they experienced a dislocation with its largest ad partner, driven by algorithm changes. They identified the root cause of the problem and expects acquisition costs to return to normal levels in Q3 and Q4

• Home Building Products: TREX was upgraded to Buy from Hold and raise PT to $53 from $45 on better guidance and share wins at Loop Capital on better-than-expected guidance and incremental share wins. In Appliances/Home Furnishings, WHR announces pricing public offerings of ~6.9 mln shares at $69 for $475 mln raise and $525 mln 8.5% 3-yr mandatory convertible preferred stock, while also, David Tepper, founder of hedge fund Appaloosa Management, sends letter to WHR's board saying recent issuance of equity "at a very high cost of capital" resulted in a large, unnecessary dilution of shareholders.

• In Auto sector: DRVN shares tumbled after saying it would delay the release of its Q4 and year-end financial results due errors in reporting in recent years; said that its audit committee found material errors in its financial statements for the 2024 and 2023 years, as well as for the three reported quarters in 2025.
• In Boating: HZO shares jumped after Reuters reported that the company is getting fresh buyout interest after Donerail’s $35/share offer, with names said to include Blackstone, Centerbridge, TPG, Blue Compass, and Island Capital. Donerail’s proposal valued MarineMax at roughly ~$1.1B.  https://tinyurl.com/8ujfskhm

• In Oil & Gas E&P Sector: EOG posted a small 4Q beat with higher buyback, while 2026 volume/capex in line but FCF below expectations on realizations and costs. Delaware program in focus with update suggesting higher inventory consumption in 2025; TALO shares fell as posted 4Q miss and underwhelming 2026 production guidance is a temporary shut-in of the 3 mboe/d Genovesa well; MTDR posted strong 4Q results and an efficient 2026 outlook that forecasts 3% y/y oil growth with 6% lower y/y capex.

• In Brokers & Exchanges: NDAQ raises medium‑term revenue outlook and outlines strategy for its next phase of scalable growth at 2026 investor day; raises medium-term solutions revenue outlook to 9-12% growth; said commits to actioning Ai productivity program with an expense efficiency target of $100M by 2027.
• Crypto/Miners: A relief rally in crypto stocks as COIN, HOOD, MSTR, IBIT as well as miners CLSK, MARA, RIOT, WULF, etc. saw a rebound with Bitcoin rising as much as 6% above $68K.
• In Insurance sector: Wells Fargo downgraded PRU to Underweight from Equal Weight with a price target of $103, saying that while the shares are cheap they lack positive catalysts. The firm also upgraded PFG to Equal Weight saying they see less downside following the post-earnings selloff.
• Consumer Lending: UWMC shares fell after results/guidance (guided Q1 revs $650M-$850M vs. est. $741M) , while TWO shares tumbled (recall back in December, UWMC announced a strategic acquisition of TWO in proposed deal for $1.3B in equity value, or $11.94 per share) - shares fell after no Q&A was taken on the call.
• Real Estate Sector: CSGP reported better-than-expected results with revenue and EBITDA coming in above the high end of guidance by ~1% and ~8% respectively; while Q1 EBITDA guidance of ~$105M came in 30% below consensus EBITDA of ~$150M as CoStar's unchanged 2026 EBITDA guide is more back-half loaded

• BBIO 4Q Attruby net sales were $146M as pre-announced, with modest (~$5M) contributions from royalties. Updated total script volume was encouraging, suggesting continued acceleration to start the year.
• GSK entered an agreement to acquire 35Pharma Inc., a Canada-based, private, clinical-stage biopharmaceutical company specialized in the development of novel protein-based therapeutics for $950M
• IDYA reported enrollment of the first patient in a Phase 1 dose escalation/expansion trial of IDE034, an investigational B7H3/PTK7 bispecific TOP1 antibody-drug conjugate. The study is designed to assess safety, tolerability and pharmacokinetics of IDE034 as monotherapy.
• IONS reported Q4 rev beat $203M vs. est. $156M, though a large EPS loss of (-$1.41) and forecasts 2026 revenue between $800M-$825M, below analysts' average expectation of $902M despite the Q4 beat; its genetic disorder drug Tryngolza generated $50 million in sales in Q4, a 56% increase over the prior quarter.
• IRWD Q4 revs of $47.7M missed the $50.9M consensus and Q4 adjusted EBITDA missed analyst estimates as the company finalized Phase 3 trial design for apraglutide, starting in Q2 2026; LINZESS prescription demand increased 13% in Q4 2025 compared to Q4 2024, supporting revenue despite pricing challenges.
• JAZZ Q4 results included modest top and bottom-line beats, while FY26 revenue guidance was about in-line with the firm's forecast and 3% below consensus at the midpoint.
• MNKD shares tumble after UTHR announces soft-mist inhaler(lifting those shares). MNKD benefits directly from Tyvaso DPI success via its long-standing collaboration with UTHR (since 2018). MNKD supplies the Technosphere® inhalation technology and earns low double-digit royalties on net sales of Tyvaso DPI.
• TMDX reported Q4 revenue of $161M, above consensus $155M estimate ($127M liver, $26M heart, $1.9M lung) while ENHANCE Heart and DENOVO Lung trials have initiated; ENHANCE Part B expected to be delayed by several months due to competitor hesitation.
• Secondary offering headlines/movers: BCAX 7.17M share Spot Secondary, priced at $16.00; ZURA 18.2M share Spot Secondary; PVLA $150M Secondary announced last night, pricing & shares TBD and VIR $200M Secondary announced last night, pricing & shares TBD.

• EVH was downgraded to SW after Q4 results at Keybanc noting Q4 results were solid, highlighted by a 6% EBITDA beat and steady cost trends, but 2026 guidance came in below and is 2H weighted, reflecting prudent reserving assumptions for new PS contract launches: guided FY26 adj. EBITDA of $110-$140M (vs. street $152M).
• TEM Q4 adjusted EBITDA and FY26 EBITDA guide both below sell side estimates as Q4 adjusted EBITDA $12.9M vs $21.9M. FY26 EBITDA guide $65M vs $85M estimate.

• Lithium producers ALB, SQM, SGML, LAC advanced as Zimbabwe suspends exports of all raw minerals and lithium concentrates with immediate effect, after the government alleged malpractices and leakages.
• In Industrials: ASPN shares tumbled after swinging to a Q4 loss and posted revs/Q1 outlook that missed expectations; Q4 revs fell -66% y/y to $41.3M vs. est. 444M and guided Q1 revs $35M-$40M vs. est. $48.9M

• LUNR shares fell after the company enters agreement with some investors to issue and sell stock in exchange for $175 mln investment.
• UBER is partnering with JOBY to launch Uber Air powered by Joby, enabling riders to book Joby’s all-electric air taxi directly through the Uber app with a one-tap, multimodal trip that can include Uber Black ground transfers

• Telecom services: LUMN shares rose after being selected to expand Anthropic’s fiber network across north America, part of Co's nearly $13B in total PCF contracts; said expecting to delivering business segment REV growth in 2028; said expanding ADJ EBITDA margins from 27.1% in 2025 to about mid 30% range by 2030.
• Internet Movers: GDDY shares slide after forecasting its annual revenue below Wall Street expectations ($5.2B-$5.8B vs. est. $5.29B), pointing to slower uptake of its artificial‑intelligence tools and softer customer growth. MELI beat Q4 revenue and EBIT estimates by 3% and 2%, respectively, with 37% y/y GMV growth ex-FX and strong fintech performance, including +40% acquiring TPV and +90% credit portfolio growth, but shares fell as EBIT rose some 8% to $889M (est. $891M) and EBIT margin fell to 10.1% from 13.5% y/y.
• In Media: FOXA was downgraded to Underperform at Bank America and lower its tgt to $45 from $80 as view Fox as the most exposed stock in BAML's coverage to the NFL renewal. Firm notes press reports suggest the NFL is seeking to Re-negotiate its current Media rights packages. Even in a "best case" scenario, renewals look set to dilute earnings power for several exposed Media businesses.

• ORCL was upgraded to Outperform from Perform at Oppenheimer with a $185 price target saying while the call may be early, since it will take time Oracle to show financial success as a more capital-intensive business in future results, they see a favorable risk/reward after the stock's multiples have been cut by more than half in 6 months.
• WDAY shares slumped on results last night as delivered a mixed FQ4 driven by weakness in net new core business with slipped deals in Fed & SLED as well some Verticals such as Retail; topline beats were muted as sub rev of $2.532B (+14.5% Y/Y) topped guidance by $5M, and cRPO of $8.833B (+15.8% Y/Y) beat by 0.2%; also lowered previous sub revenue growth expectations for FQ1 to 13.4% (~14% prior) and FY27 to 12.5%.
• ZETA beat Q4 revenue and profitability expectations with the strength broadening out—nine of its 10 largest Verticals grew north of 20%; Zeta upped its organic, ex-political revenue growth for 2026 after providing a preliminary outlook at the end of 2025.
• Robotic names rallied (TER, RR, SERV, SYM) after Semafor reported the Department of Commerce is hosting American robot manufacturers for a roundtable on March 10 as it looks to bolster the domestic industry and fight off Chinese competition.
• In Hardware: HPQ Q1 beat slightly driven by the Windows 11 refresh and AI momentum, but its margins missed again; says expects to be at lower end of FY2026 guidance range for EPS, adj EPS & free cash flow; warns US trade regulations, memory chip costs to weigh on annual forecasts. IBM was upgraded to Neutral at UBS saying the risk/reward going forward is more balanced in its view.
• In Equipment: Citigroup placed ALAB and TEL on a “downside 30-day catalyst watch” ahead of the March 17–19 Optical Fiber Communication conference. The firm says copper-exposed names could face pressure into the event, as investors focus on optical announcements that may signal displacement of copper-based solutions

• ASML said ‌in its 2025 annual report it now ‌sees the artificial intelligence boom as the main driver for demand for ​its products. The report reflects a change in tone from 2024, when the company emphasized that the semiconductor industry is cyclical, and AI might prove a disappointment.

Street Recommendations

Wednesday, February 25, 2026

• DOCN Barclays analyst Raimo Lenschow raised the firm's price target on DigitalOcean to $69 from $63 and keeps an Overweight rating on the shares. The firm sees the stock moving higher post the Q4 report. DigitalOcean is "changing towards AI-fueled growth at a very different magnitude," the analyst tells investors in a research note.
• FERG Barclays raised the firm's price target on Ferguson to $295 from $278 and keeps an Overweight rating on the shares. The company has milt-year tailwinds as it continues to capitalize on its scale and leverage in large capital projects across multiple verticals, the analyst tells investors in a research note.
• HPQ Barclays lowered the firm's price target on HP Inc. to $16 from $18 and keeps an Underweight rating on the shares. The company's fiscal Q1 beat slightly driven by the Windows 11 refresh and AI momentum, but its margins missed again, the analyst tells investors in a research note. The firm says memory cost pressure along with PC and printer industry declines are likely to pressure HP's margins further.
• IOVA Barclays analyst Etzer Darout raised the firm's price target on Iovance Biotherapeutics to $11 from $10 and keeps an Overweight rating on the shares. The company's Q4 products beats consensus estimates, driven by strong IL2 sales growth, the analyst tells investors in a research note.
• MELI Barclays lowered the firm's price target on MercadoLibre to $2,600 from $2,900 and keeps an Overweight rating on the shares. The company reported a sales beat as unit growth accelerated further, but operating missed miss excluding items, the analyst tells investors in a research note. The firm believes tougher compares and estimates cuts "could keep shares in check near-term."
• RGEN Barclays lowered the firm's price target on Repligen to $175 from $200 and keeps an Overweight rating on the shares. The firm says the company is positioned to "beat and raise" this year given the setup and conservatism baked into its guidance.
• SHLS Barclays analyst Christine Cho lowered the firm's price target on Shoals Technologies to $9 from $10 and keeps an Overweight rating on the shares. The company's Q4 gross margin and fiscal 2026 margin and EBITDA guides disappointed, overshadowing an otherwise solid 2026 revenue outlook, the analyst tells investors in a research note.
• WDAY Barclays lowered the firm's price target on Workday to $200 from $230 and keeps an Overweight rating on the shares following the Q4 report. The firm says a slightly lower subscription revenue outlook and below-consensus operating margin guidance "are not perfect, especially given the weak software market."

• HD Bernstein raised the firm's price target on Home Depot to $390 from $381 and keeps a Market Perform rating on the shares. The firm notes Home Depot delivered a beat in Q4 and provided FY26 guidance, in line with its preliminary outlook at the Investor Day.
• BMRN Bernstein analyst William Pickering raised the firm's price target on BioMarin to $94 from $90 and keeps an Outperform rating on the shares. The firm notes revenues of $875M beat by 5%, while EPS of 46c missed by 16% due to consensus not modeling Roctavian write-down. Total revenue guide missed by 6%, while EPS missed by 3%, Bernstein notes, adding that product sales guidance looks soft on Voxzogo and solid on Enzymes.

• KNSL BMO Capital downgraded Kinsale Capital to Underperform from Market Perform with a price target of $348, down from $418. The firm expects the company's growth to remain in the low-single digits, which it notes is "materially below" the consensus estimate of 5%. Kinsale's "lower-for-longer" growth will be an overhang on the shares, the analyst tells investors in a research note.

• FOXA BofA downgraded Fox Corp. to Underperform from Buy with a price target of $45, down from $80.
• TAP BofA downgraded Molson Coors to Underperform from Neutral with a price target of $42, down from $50. Following Q4 results and the company's presentation at CAGNY last week, the firm lowers estimates, noting that the company's FY26 outlook was weaker than expected and provided limited visibility into stabilizing volumes. The downgrade reflects rising downside risk to forward estimates should the U.S. beer category experience another year of mid-single-digit declines or Molson Coors' consumption trend meaningfully underperforms the category, the analyst tells investors.
• DY BofA raised the firm's price target on Dycom to $475 from $365 and keeps a Buy rating on the shares. The firm updated estimates to incorporate Power Solutions' early closing and notes that Dycom will report Q4 earnings on March 4. The growth story "remains sturdy" as Dycom is heavily exposed to multiple industry growth vectors with long-tails of demand, says the analyst, who identifies Dycom as a top SMID cap pick.
• JAZZ BofA raised the firm's price target on Jazz Pharmaceuticals to $275 from $263 and keeps a Buy rating on the shares. Q4 results included modest top and bottom-line beats, while FY26 revenue guidance was about in-line with the firm's forecast and 3% below consensus at the mid-point, notes the analyst, who argues that "solid" guidance should allow investors to own the stock for Ziihera gastroesophageal adenocarcinoma launch.
• HPQ BofA lowered the firm's price target on HP Inc. to $16 from $18 and keeps an Underperform rating on the shares. HP delivered a roughly inline fiscal Q1 and upheld FY26 guide for EPS and free cash flow, but clarified both will be towards the low-end of the previously guided ranges, the analyst tells investors. The firm says its Underperform rating reflects the "coinciding headwinds" of slower PC unit growth, margin pressure from memory costs, and uncertainty from the leadership transition.

• EVH BTIG analyst David Larsen lowered the firm's price target on Evolent Health to $8 from $10 but keeps a Buy rating on the shares after its Q4 revenue came in light of the firm's estimates. The company's new CFO, Mario Ramos is booking substantial reserves for new contracts however and as the year progresses, these reserves may be released if costs are kept under control, the analyst tells investors in a research note.
• MELI BTIG lowered the firm's price target on MercadoLibre to $2,650 from $2,750 and keeps a Buy rating on the shares. The company's Q4 results handily exceeded Gross Merchandise Value and Total Payment Volume expectations, though the investment of 500-600 bps of margin led to a miss on profit measures, the analyst tells investors in a research note. BTIG adds however that while the market may still need to calibrate its expectations for MercadoLibre level of investment, the degree these investments are paying off leaves the firm confident the creation of shareholder value is there.
• WDAY BTIG lowered the firm's price target on Workday to $175 from $230 but keeps a Buy rating on the shares after its Q4 results and guidance. Large deal slippage drove the company's FY27 subscription revenue growth outlook to come down by 50bps while accelerating AI investments are driving lower margin expansion, though the firm comes away increasingly positive on Workday's ability to monetize AI, the analyst tells investors in a research note.

• BEAM Canaccord analyst Whitney Ijem raised the firm's price target on Beam Therapeutics to $75 from $74 and keeps a Buy rating on the shares. The firm said BEAM's 4Q25 earnings report was straightforward following the company's early January strategic priorities announcement with two notable new announcements; a $500M financing agreement with Sixth Street and a new liver-targeted program, BEAM-304, for the treatment of PKU.
• DRS Canaccord raised the firm's price target on Leonardo DRS to $52 from $50 and keeps a Buy rating on the shares. The firm updatedits model following results and booked $1.1B in new contract awards duringt he quarter and maintained the company's robust backlog at $8.73B which is up 2.6% year over year.
• EVH Canaccord analyst Richard Close lowered the firm's price target on Evolent Health to $4 from $9 and keeps a Buy rating on the shares. The firm said Evolent has continued to suffer this year, trading down roughly 36% as fears of continued medical cost pressures on managed care and the impact of ACA exchange membership has concerned investors. It appears that under the fingerprints of the new CFO Mario Ramos, Evolent is increasing transparency and the level of conservatism baked into its guidance,
• GMED Canaccord raised the firm's price target on Globus Medical to $115 from $112 and keeps a Buy rating on the shares. The firm said the company posted an impressive Q4, with results above its preliminary results announced in January, growing 24.7% reported, with legacy sales up 10.6% reported and day-adjusted.
• HSTM Canaccord lowered the firm's price target on HealthStream to $21 from $25 and keeps a Hold rating on the shares. The firm said HealthStream's 4Q'25 results were respectable amid rising concerns of AI disintermediation of SaaS names. Management addressed the AI concerns on the conference call, making a compelling case how HealthStream is more favorably positioned than other software names in the broader landscape.
• PLNT Canaccord analyst Brian McNamara lowered the firm's price target on Planet Fitness to $128 from $140 and keeps a Buy rating on the shares. The firm said they reported solid Q4 results that were ahead of expectations but the guidance was weaker although likely conservative. The messaging was poor but not thesis changing.
• TMDX Canaccord raised the firm's price target on TransMedics to $152 from $148 and keeps a Buy rating on the shares. The firm said they delivered another good quarter with $160.8M versus $155.4M consensus, driven once again by US Liver, and augmented by strong guidance. Canaccord believes the focus will now shift towards European expansion and the all-important heart and lung clinical trials as potential drivers but not specifically quantified in 2026 guidance.
• WDAY Canaccord analyst David Hynes lowered the firm's price target on Workday to $200 from $275 and keeps a Buy rating on the shares. The firm said the quarte was largely solid but the guidance is weighing on the stock as the firm signaled that margins will expand more slowly than previously communicated as it leans into incremental investment in its agentic AI roadmap.

• LITE Citi analyst Papa Sylla raised the firm's price target on Lumentum to $800 from $560 and keeps a Buy rating on the shares. The firm added "upside 30-day catalyst watches" on both Corning and Lumentum ahead of the Optical Fiber Communication conference on March 17-19. Citi views the companies as "pillars" in the AI optical networking ecosystem and expects positive news from the conference.
• KEYS Citi analyst Atif Malik raised the firm's price target on Keysight Technologies to $282 from $220 and keeps a Buy rating on the shares. The company is seeing momentum across its business segments, the analyst tells investors in a research note. Citi upped estimates post the earnings report.

• WSFS DA Davidson analyst Jake Civiello last night initiated coverage of WSFS Financial with a Neutral rating and $74 price target. The bank deserves a premium valuation versus peers, but its asset sensitivity leads to net interest margin constraints, the analyst tells investors in a research note.
• PFS DA Davidson last night initiated coverage of Provident Financial with a Neutral rating and $25 price target. The firm says the shares trade "appropriately at peer multiples" given its capital constraints.
• STBA DA Davidson last night initiated coverage of S&T Bancorp with a Neutral rating and $47 price target. The firm says contend uncertainty on the bank's potential deal activity will remain an overhang on the shares.
• FULT DA Davidson last night initiated coverage of Fulton Financial with a Neutral rating and $24 price target. The firm says that while revenue synergies from the Republic First deal are "slowly coming to fruition," the Blue Foundry deal may take longer for revenue growth to materialize.
• NBTB DA Davidson analyst Jake Civiello last night initiated coverage of NBT Bancorp with a Buy rating and $54 price target. The firm says the bank offers the "best mix of converging positive trends," including improving profitability over the next 12-24 months and a strong core deposit franchise.
• CBU DA Davidson last night initiated coverage of Community Financial with a Neutral rating and $72 price target. The firm cites the stock's premium valuation for the Neutral rating.

• FLYW Goldman Sachs lowered the firm's price target on Flywire to $15 from $17 and keeps a Neutral rating on the shares. Results exceeded expectations, with Flywire delivering Q4 revenue and EBITDA above estimates and 2026 guidance 4% and 7% ahead, respectively, driven primarily by strength in Healthcare and B2B, while Education and Travel were smaller contributors, the analyst tells investors in a research note. Despite macro headwinds, management highlighted diversification, improving efficiency with a path to 24%-25% EBITDA margins by 2027, and attractive valuation, though sentiment may remain cautious pending clearer visibility on U.S. immigration trends, the firm says.
• HPQ Goldman Sachs lowered the firm's price target on HP Inc. to $16 from $21 and keeps a Sell rating on the shares. HP's Q1 EPS beat expectations on strong consumer pull-forward, education demand, and Windows 11-driven commercial refresh, with Print margins at the high end of target, though Personal Systems margins disappointed on mix, the analyst tells investors in a research note. Despite reiterating FY26 EPS and free cash flow guidance, management cut its industry PC shipment outlook to double-digit declines and warned of sharply rising memory costs, leaving concerns about whether pricing, mix shift, and supply chain actions can fully offset headwinds in the Personal Systems segment, the firm says.
• CSGP Goldman Sachs analyst George Tong lowered the firm's price target on CoStar Group to $73 from $84 and keeps a Buy rating on the shares. CoStar delivered solid Q4 results with revenue, margins, and EPS above expectations and reaffirmed its 2026 outlook, entering the year with momentum across both residential and commercial platforms, the analyst tells investors in a research note. Homes.com is scaling rapidly with improving engagement and lead quality, major brand investments largely behind it, and AI deployment enhancing monetization and data defensibility, positioning the company for sustained medium-term growth and margin expansion despite ongoing investments and a gradual commercial real estate recovery, the firm says.

• HD Guggenheim analyst Steven Forbes raised the firm's price target on Home Depot to $425 from $400 and keeps a Buy rating on the shares. Q4 operating results broadly exceed the firm's estimates and management noted continued progressing and scaling behind the company's various PRO ecosystem initiatives, the analyst tells investors in a post-earnings note.
• TARS Guggenheim raised the firm's price target on Tarsus Pharmaceuticals to $90 from $87 and keeps a Buy rating on the shares after the company delivered "strong" 2025 results. With 2026 sales guidance of $670M-$700M and only a small fraction of the up to 25M patient DB market penetrated, Tarsus is "well-positioned for sustained growth," the analyst tells investors.
• DPZ Guggenheim lowered the firm's price target on Domino's Pizza to $440 from $450 and keeps a Neutral rating on the shares. Following Q4 earnings, the firm makes no change to its 2026 EPS forecast of $19.60, but tweaks its 2027 view up 10c to $20.85 and rotates its valuation to a 2027 basis.

• NVTS Jefferies analyst Blayne Curtis lowered the firm's price target on Navitas Semiconductor to $9 from $10 and keeps a Hold rating on the shares. The company is entering the early stages of a turn following a revenue beat and raise, but the firm expects the stock to remain range-bound until 800V socket allocations are dispersed, the analyst tells investors in a post-earnings note.
• ENPH Jefferies upgraded Enphase Energy to Buy from Hold with a price target of $57, up from $42. Following a 2026 volume trough, the firm sees demand and margin visibility to improve, the analyst tells investors. The primary constraint that had kept the firm on the sidelines was uncertainty around the magnitude and sustainability of volume growth following what it expects to be a trough year in 2026, but its checks now point to growing confidence in the PPL offering, highlighted by a collaboration with Greentech, the largest U.S. solar distributor, the analyst tells investors.
• OKE Jefferies raised the firm's price target on Oneok to $85 from $80 and keeps a Hold rating on the shares. The FY26 outlook raises "fresh questions" around Oneok's ability to grow without commodity tailwinds, the analyst tells investors. While the equity "seems appropriately de-risked" following Tuesday's selloff, the firm argues that "beat and raise" may not be enough to drive outperformance unless coupled with strong base G&P volume growth.

• CRWD JPMorgan analyst Brian Essex lowered the firm's price target on CrowdStrike to $472 from $582 and keeps an Overweight rating on the shares as part of an earnings preview. The firm expects CrowdStrike to report "healthy" Q4, driven but its "strong" pipeline and continued Falcon Flex traction. The analyst expects sequential net new annual recurring revenue growth heading into fiscal 2027. Friday's security software selloff following Anthropic's Claude Code Security announcement "appears overdone" for platform vendors like CrowdStrike, as code vulnerability scanning competes with static analysis tools rather than the company's runtime detection response capabilities, contends JPMorgan.
• OKTA JPMorgan lowered the firm's price target on Okta to $102 from $121 and keeps an Overweight rating on the shares as part of an earnings preview. The firm says the company is positioned well for better Q4 execution. Okta's go-to-market productivity and new product traction positions it well in its seasonally strongest quarter, the analyst tells investors in a research note. JPMorgan cites peer multiple compression for the target cut and remains constructive on Okta's fundamental improvement ahead.
• FSLR JPMorgan lowered the firm's price target on First Solar to $256 from $303 and keeps an Overweight rating on the shares. The company reported Q4 revenue above expectations while earnings missed, the analyst tells investors in a research note. The firm cites the current environment for the target cut but continues to view U.S. policy updates as likely upside catalysts for First Solar's bookings.
• PLNT JPMorgan analyst Rahul Krotthapalli lowered the firm's price target on Planet Fitness to $105 from $120 and keeps an Overweight rating on the shares. The firm says the company's same-store-sales outlook of 4%-5%, below its 6% estimate, reflects a slower start to the year on the back of disruptive weather and first New Year season post enabling self-managing memberships in May 2025. The analyst sees this limiting the stock's expansion in the near term.

• ELAN KeyBanc raised the firm's price target on Elanco to $29 from $27 and keeps an Overweight rating on the shares. The firm notes the company posted a solid Q4 top- and bottom-line beat driven by strength in both pet health and farm animal. KeyBanc thinks Elanco is set up well for beats and raises in 2026 and raises its revenue estimates and price target as a result.
• WDAY KeyBanc analyst Jason Celino lowered the firm's price target on Workday to $155 from $260 and keeps an Overweight rating on the shares. While the firm is disappointed by the lower FY27 growth and margin guidance, KeyBanc shouldn't be completely caught by surprise given Aneel's return as CEO. Investors most focused on margin expansion will likely be even more frustrated, though there seems to be some conservatism built in, KeyBanc notes.

• FSLR Mizuho lowered the firm's price target on First Solar to $271 from $326 and keeps an Outperform rating on the shares. The company's 2026 guidance missed estimates, the analyst tells investors in a research note. The firm cut estimates to reflect lower Southeast Asia production and gross margins.
• SHLS Mizuho raised the firm's price target on Shoals Technologies to $8 from $7 and keeps a Neutral rating on the shares. The company's sales continue to beat, but its margins declined to 31.6% in Q4 owing to tariffs, legal expense and logistic costs, the analyst tells investors in a research note.
• HD Mizuho raised the firm's price target on Home Depot to $415 from $400 and keeps an Outperform rating on the shares. The company reported "good, but not great," Q4 results, the analyst tells investors in a research note The firm sees Home Depot's stability over the past several months as a "good read that home improvement is not getting any worse."
• MOS Mizuho analyst Edlain Rodriguez raised the firm's price target on Mosaic to $30 from $28 and keeps a Neutral rating on the shares. The company reported a Q4 miss as lower phosphate and fertilizers offset potash, the analyst tells investors in a research note. Phosphate prices have come down and input costs have gone up, squeezing Mosaic's margins, the analyst tells investors in a research note.
• WDAY Mizuho lowered the firm's price target on Workday to $210 from $275 and keeps an Outperform rating on the shares. The company reported in-line Q4 results but its fiscal 2027 subscription revenue guidance of 12%-13% growth came in below the consensus of 13.3%, the analyst tells investors in a research note. The firm views co-founder Aneel Bhusri's return as CEO as a net positive.

• AXON Morgan Stanley analyst Meta Marshall lowered the firm's price target on Axon to $675 from $713 and keeps an Overweight rating on the shares following Q4 results and an outlook that were "meaningfully better than expectations." Following the report, the firm increased its estimates for Q1 and out year revenue "meaningfully," but lowers its target to account for multiples having coming in across software as a whole.

• AXON Piper Sandler lowered the firm's price target on Axon to $690 from $753 and keeps an Overweight rating on the shares. The firm notes Axon is operating one of the largest global sensor networks that is fully connected and supercharged with AI, which is different than traditional software/SaaS players. Q4 print was impressive, which was complemented by stronger than anticipated 2026 and through 2028 guides across growth and profitability.
• ARVN Piper Sandler raised the firm's price target on Arvinas to $20 from $16 and keeps an Overweight rating on the shares. The firm notes Arvinas ended 2025 with cash of $685.4M to fund operations into the second half of 2028. Arvinas will report ARV-102 data in Parkinson's disease patients at Alzheimer's and Parkinson's Diseases Conference in March, initiate a Phase Ib study in Progressive Supranuclear Palsy in the first half of 2026, and may initiate a registrational trial in late 2026.
• CRDF Piper Sandler lowered the firm's price target on Cardiff Oncology to $6 from $10 and keeps an Overweight rating on the shares. The firm notes Cardiff ended 2025 with cash of $58.3M to fund operations into Q1 2027. Piper is pushing out onvansertib approval to 2030, removing value for other cancers and rolling forward its discount period to mid-2027.
• TMDX Piper Sandler analyst Matt O'Brien raised the firm's price target on TransMedics to $160 from $140 and keeps an Overweight rating on the shares. The firm notes Transmedics reported Q4 results that beat its key financial targets. Guidance for the year was good, especially on the revenue line where Piper believes upside may exist.

• FIS Susquehanna lowered the firm's price target on FIS to $55 from $69 and keeps a Neutral rating on the shares. The firm said Q4 revenue came in nicely ahead of plan in both Banking and Capital Markets, and the company shared constructive perspective on the arc of growth ahead. In the context of what it sees as an improving end market among financial Institutions, the firm thinks the company is resonating in the market, especially with its Treasury solutions and Digital One Banking solutions.
• FSLR Susquehanna analyst Charles Minervino lowered the firm's price target on First Solar to $280 from $292 and keeps a Positive rating on the shares. The firm said they reported 4Q results, with a miss on EPS, while revenue beat. 2026 volume was guided to 17.6 GW at the midpoint, flat versus 2025 levels as it expects demand for its Vietnam/Malaysia capacity to remain weak due to tariffs, while it sets up U.S. finishing lines for its S6 international production in 2H 2026.

• WDAY TD Cowen downgraded Workday to Hold from Buy with a price target of $155, down from $200. Q4 deal slippage led to another ratchet down in the growth forecast, says the firm, which now models about 11.5% organic growth in FY27 compared to 14% and 17% the last two years. Margin expansion has also been pared back and the firm sees a two-year timeframe to stabilize and re-accelerate growth, "if executed well," the analyst tells investors.
• AXON TD Cowen analyst Andrew Sherman raised the firm's price target on Axon to $950 from $925 and keeps a Buy rating on the shares. The firm said Q4 bookings were solid and EBITDA margins was much better than expected and shows durable high growth at scale.
• AMT TD Cowen lowered the firm's price target on American Tower to $225 from $235 and keeps a Buy rating on the shares. The firm said they reported strong 4Q results but provided downside initial 2026 guidance reflecting the removal of DISH from the financial outlook and accelerated churn, mostly LATAM.
• PLNT TD Cowen lowered the firm's price target on Planet Fitness to $100 from $135 and keeps a Buy rating on the shares. The firm updated its model following quarterly results as business remains stable with underlying trends better than feared plus a strong openings guide, but January storms were a major headwind which will be tough to recoup.
• PCVX TD Cowen analyst Tara Bancroft raised the firm's price target on Vaxcyte to $75 from $50 and keeps a Buy rating on the shares. The firm said Vaxcyte enters 2026 with a largely de-risked path for VAX-31, supported by differentiated Phase II data and a comprehensive Phase III OPUS program targeting BLA filing in 2027.

• IBM UBS last night upgraded IBM to Neutral from Sell with an unchanged price target of $236. The firm says the stock's risk/reward is more balanced going forward following the 22% selloff in 2026. The competitive risk from AI to IBM's Z vertically integrated platform is now largely reflected in the shares, the analyst tells investors in a research note. UBS does not expect IBM to see mainframe disintermediation over the next several years given its "strong customer stickiness, customer data sovereignty and complex vertically integrated stack that provides quantum-safe encryption."
• GDDY UBS lowered the firm's price target on GoDaddy to $105 from $145 and keeps a Neutral rating on the shares. GoDaddy delivered a modest Q4 beat, but FY26 and Q1 revenue guidance came in below expectations, reflecting a deliberate domains go-to-market shift toward promotional pricing and shorter-term .com plans that boosted new customer volume while pressuring upfront bookings, the analyst tells investors in a research note. Although margin and free cash flow guidance were stronger than expected and AI product momentum is improving, focus is likely to remain on cohort durability and renewal risk, with ongoing debate around longer-term GenAI-related competitive pressures, the firm says.
• MQ UBS analyst Timothy Chiodo lowered the firm's price target on Marqeta (MQ) to $4.25 from $5 and keeps a Neutral rating on the shares. Marqeta posted a strong quarter with TPV growth accelerating to 36% in Q4, marking the third consecutive quarter of acceleration, while FY26 gross profit in absolute dollars remains in line with prior expectations, the analyst tells investors in a research note. However, guidance for 2026 gross profit growth was lowered to 10%-12% from the prior 24% due to timing shifts in two large client renewals, Block (XYZ) reaching a higher pricing tier, and additional factors including slower Cash App issuance and lapping strong lending activity, with growth expected to start 17%-19% in Q1 and decelerate to high-single-digits by year-end, suggesting a potential rebound to mid-teens growth in 2027, the firm says.

• PFG Wells Fargo upgraded Principal Financial to Equal Weight from Underweight with a price target of $91, up from $85. The firm sees less downside following the post-earnings selloff. While Principal's organic growth remains a challenge, its fundamentals could be improving in the real estate market looking forward, where the company has among the most exposure in the group, the analyst tells investors in a research note.
• GO Wells Fargo downgraded Grocery Outlet to Equal Weight from Overweight with a price target of $10.50, down from $16. The firm sees potential under new leadership, but early results have been choppy, and real progress likely takes time. A challenged grocery backdrop pushing value/digital won't make the path easy, Wells argues.
• KR Wells Fargo downgraded Kroger to Equal Weight from Overweight with a price target of $68, down from $70. The firm is turning more cautious and moving to the sidelines. While Wells sees opportunity under new leadership, it also expects investment against an already challenged grocery backdrop in 2026. The firm sees near-term earnings risk with muted core growth at best. Risk/reward is unappealing, Wells adds.
• CAT Wells Fargo raised the firm's price target on Caterpillar to $870 from $756 and keeps an Overweight rating on the shares. The firm raises its private non-residential construction forecasts by about 3% in 2026-2027, as its bottom-up work points to a bottoming in semi fab & electronics manufacturing, office, and retail and an acceleration in Power & Data Center.
• OSK Wells Fargo raised the firm's price target on Oshkosh to $204 from $168 and keeps an Overweight rating on the shares. The firm raises its private non-residential construction forecasts by about 3% in 2026-2027, as its bottom-up work points to a bottoming in semi fab & electronics manufacturing, office, and retail and an acceleration in Power & Data Center.
• HPQ Wells Fargo lowered the firm's price target on HP Inc. to $18 from $25 and keeps an Underweight rating on the shares. The firm says the company's updated FY26 guide is likely to leave investors gauging downside with memory and storage expanding to about 35% of PC BOM.
• HD Wells Fargo analyst Zachary Fadem raised the firm's price target on Home Depot to $420 from $395 and keeps an Overweight rating on the shares. Q4 comparisons/EPS topped Street, storms/stimulus support near-term demand and negative EPS revisions likely held in check, the firm says. Wells believes underlying trends are stabilizing despite weak macro, and considering soft sentiment and low enough 2026 bar, the firm sees room for shares to work.
• KDP Wells Fargo raised the firm's price target on Keurig Dr Pepper to $40 from $35 and keeps an Overweight rating on the shares. The firm notes shares were up 4.2%, closing at the highest levels since the JDEP acquisition was announced in August. Amid higher estimates and a Staples tape where value is harder to find, Wells wonders if Keurig Dr Pepper will intrigue a bit more.

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

• 10:00 AM ET                 Durable Goods, M/M for December
• 10:00 AM ET                 Factory orders M/M for December
• 10:30 AM ET                 Dallas Fed Manufacturing for February

• Earnings After the Close: ACVA ADUS AESI ALSN APLE BBBY BHF BLZE BMRN BOOM BSM BWXT CNNE CWEN ERIE EVERFANG FWRD GNW HIMS HLX IIPR KEYS KTOS KWR MAX MYGN OKE OPAD OSG OVV PAY PLOW PRIM RHP SGHC SIGB SKWD SMMT TARS TNC UCTT UFPI VIR VNOM VVX ZD

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price Index M/M for December
• 9:00 AM ET                   CaseShiller 20-city Index, for December
• 10:00 AM ET                 Consumer Confidence for February
• 10:00 AM ET                 Richmond Fed Index for February
• 10:00 AM ET                 Wholesale Inventory M/M for December
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ABCL AMC ATEC ATRO AXON BBIO BXC CAVA CCC CDNA CLNE CORT CSGP CWH CYTK DAWN EOH EVH EXLS EXPI FLYW FSLR GDDY GMED GPOR HPQ HURN IPAR JAZZ LAB LCID LTC MATX MELI MMSI MOS MQ MTDR NVTS O PARR PCVX PRCT PSTL RCKY REZI RRC RVLV SEI SKT SPXC SUI SUPN TALO TEM TMDX TREX UIS UVE VRRM WDAY ZETA

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Cantor 2026 Annual San Diego Biotech Bus Tour, 2/24-2/26
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A ACAD ADMA ADTN AHT AI ALKT APA ARKO ARQT ARRY BBSI BJRI CBZ CHDN CHE CHRD CPRX CRGY CRM CWT DORM ECPG EE EHTH ENVX EPR ERII FSK FTAI GDRX GMRE GRBK HCI HNST IBTA IMAX INN IONQ JOBY KGS LB LMAT LXU MDXG MEG MGNI MIRM MRVI NYRG NGVT NOG NRDS NSA NTNX NU NVDA ORA OSUR OUT PEB PR PSKY PSTG RDW ROOT RRGB RVMD SARO SBGI SBLK SDRL SEZL SKYT SLNO SM SMA SNOW SNPS SSP STRL SVC TASK TCOM TDOC TKO TTD TTI UHS UMH USPH VAC VCYT VECO VICI VTOL WHD WTRG XPER ZIP ZM

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 8:30 AM ET                   Continuing Claims
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for February
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: AAOI ACA ADSK AES AEVA AGO ALHC AMBA ARLO AVPT BCO BVN BWIN CABO CAI CLOV CODI COMP CON CPK CPNG CRWV CSTL CTRA CUBE DELL DRH DUOL DV EBS ESTC EVTC EXFY FIGR FIGS FOXF GLOB GSBD ICFI INTU KIDS LASR MAIN MASI MFIC MP MTZ NATL NRDY NTAP NTRA OPK OPRT OS OSPN PAR PBYI PCRX PCT PGNY PUBM QXO RC REAL RKLB RKT RLJ RUN SBAC SG SRM SOLV SOUN SPT STRZ TLN TPC TTEV VSEC WULF XPOF XRAY XYZ ZS

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA

• 8:30 AM ET                   Producer Price Index (PPI) Headline final Y/Y for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final M/M for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final Y/Y for January
• 9:45 AM ET                   Chicago PMI for February
• 10:00 AM ET                 Construction Spending M/M for November
• 1:00 PM ET                    Baker Hughes Weekly rig count data