Early Look

Monday, April 20, 2026

Stock futures tumbled overnight but are well off their worst levels as tensions between the U.S. and Iran escalated over the weekend with the seizure of an Iranian-flagged cargo ship. A ceasefire between the United States and Iran appeared in jeopardy on Monday after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate, refusing for now to join new peace talks. President Trump said the U.S. had fired on and seized an Iranian-flagged cargo ship in the Gulf of Oman. This comes after Iran declined to join another round of peace talks in Pakistan planned by the U.S. Both WTI and Brent crude prices surged overnight, but off the highs. In Asian markets, The Nikkei Index advanced 348 points to 58,824, the Shanghai Index rose 30 points to 4,082, and the Hang Seng Index climbed 200 points to 26,361. In Europe, the German DAX is sliding -334 points to 24,367, while the FTSE 100 is down -67 points to 10,600. In addition to the unresolved situation in the Middle East, investors remain focused on a busy week of corporate earnings with some heavy hitters out this week.

Meanwhile, another record on Friday for the S&P 500 index, Nasdaq Composite and Russell 2000 index, extending the more than 2-week rally for US stocks. The Nasdaq ended Friday rising 1.52% to 24,468, now in the midst of a remarkable 13 day winning streak that has seen 3,000 points added. Since March 30th Iran/US war lows, the QQQ has risen +16%, SPY +12% (to all-time highs), IWM +15% (to all-time highs), and Bitcoin +18%. Currently, the Nasdaq 100 is on track for its best April in 40 years. Last week, the S&P 500 gained 4.53%, the Nasdaq climbed 6.84%, and the Dow climbed 3.2%. Other sectors hitting all-time highs last week included the Philly Semi index (SOX) and Dow Transports.

• The Dow Jones Industrial Average rose 868.71 points, or 1.79%, to 49,447.43
• The Nasdaq Composite spiked 365.78 points, or 1.52%, to 24,468.48
• The Russell 2000 Index jumped 57.30 points, or 2.11% to 2,776.90

• Earnings After the Close: AGNC ALK BOKF FLXS HBCP NTST RBB SFBS STLD WASH WTFC ZION

• Avis Budget (CAR) was downgraded to Underweight from Equal Weight at Barclay’s while raised its price tgt to $150 from $95 noting the shares were just $100 a month ago, and on Friday closed at nearly $500, attributing the rally to a "sharp supply/demand mismatch," with two holders accounting for 71% of outright ownership of the company, and over 100% of economic interest given outstanding swaps. With Avis Budget's short interest now at nearly 100% of the float, a "sharp short squeeze" has occurred.
• QXO Inc. (QXO) said it has agreed to acquire TopBuild Corp. (BLD) in a transaction valued at about $17 billion. The deal has been approved by both companies’ boards and is expected to close in the third quarter of 2026, pending shareholder approval and other customary conditions.

• Agnico Eagle Mines (AEM) will acquire all of the outstanding common shares of Rupert Resources (RUPRF) for about C$2.9 billion ($2.12 billion), the companies said on Monday
• AST SpaceMobile (ASTS) shares fall -13% pre mkt after New Glenn rocket, launched by Jeff Bezos-owned Blue Origin on Sunday, failed to deploy ASTS satellite into correct orbit. The Satellite placed too low to sustain operations with its on-board thruster technology, will be de-orbited.
• Blue Origin’s first commercial launch for its massive new rocket suffered a mission hiccup Sunday, a setback for Jeff Bezos’ rocket company. The launch of the company’s New Glenn rocket started smoothly, with the vehicle shooting into the sky from the Blue Origin launch site in the Cape Canaveral, Fla., area.
• Cleveland-Cliffs (CLF) Q1 adj EPS loss (-$0.40) vs. est. loss (-$0.42) on revs $4.9B vs. consensus $4.79B; reported adjusted EBITDA of $95M, impacted by $80M one-time energy cost from extreme cold weather; maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons; expects 2026 capital expenditures of about $700M.
• Lockheed Martin Corp. (LMT) and RTX Corp. (RTX) were named principal contractors as the U.S. State Department seeks to sell an Integrated Combat System and supporting equipment worth $11.9B to Germany.
• Sable Offshore Corp. (SOC) provides corporate update saying they plan to consummate a debt refinancing of its Senior secured term loan in Q2 of 2026; Platform Hondo expected online June 2026 with 10,000 gross barrels per day production; capital spend expected to be $180M from April to December 2026.
• USA Rare Earth (USAR) said to acquire Brazilian rare earths miner Serra Verde for $2.8 billion in cash and shares. The U.S. company will pay $300 million in cash and 126.9 million newly issued shares of its stock for the transaction, which is expected to close in the third quarter of 2026.

• Greenwich LifeSciences (GLSI) said its experimental breast cancer vaccine shows stronger immune response; says the late-stage FLAMINGO‑01 study tests GLSI‑100, an experimental vaccine aimed at preventing breast cancer from coming back after standard treatment.
• Immunocore (IMCR) at AACR this weekend provided oral presentation of 5-year overall survival (OS) data for KIMMTRAK (tebentafusp) in previously untreated HLA-A*02:01+ metastatic uveal melanoma from the Phase 3 trial—the longest randomized OS follow-up in this setting.
• Perspective Therapeutics (CATX) said its experimental targeted radiation drug [212Pb]VMT-α-NET showed encouraging results in an early-stage trial in patients with advanced neuroendocrine tumors, a rare cancer that forms in hormone-making cells; says in one dose group, 43% of patients saw tumors shrink.
• Psychedelic Stocks (ATAI, CMPS, DFTX) shares are pushing higher premarket after late Friday The White House announced they are "Accelerating Medical treatments for serious mental illness”.

• Global DRAM supply is on track to meet only about 60% of demand through 2027 as Samsung, SK Hynix, and Micron keep prioritizing AI memory. Memory could make up nearly 40% of low-end smartphone build costs by mid-2026, up from 20% now – Nikkei Asia reports.
• Okta (OKTA) was upgraded to Overweight from Equal Weight at Barclays and raise tgt to $90 from $85 as the firm’s chief investment officer survey indicates identity has moved to the top spending security priority.

Mid-Morning Look

Monday, April 20, 2026

Can the Nasdaq make it 14 straight days higher in a row? U.S. futures fell overnight and oil prices jumped after a ceasefire between the United States and Iran appeared in jeopardy after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate, refusing for now to join new peace talks. Iranian Foreign Ministry spokesman Baghaei said Washington has shown it was "not serious" about pursuing the diplomatic process and Tehran would not change its clearly stated demands. But after recovering some losses overnight, U.S. markets extended its bounce this morning with gains in energy and financials offsetting weakness in discretionary and communications (two of the better performing sectors last week) ahead of a busy week of earnings. The U.S. had hoped to start negotiations in Pakistan shortly before the two-week ceasefire expires, with sweeping security preparations under way in Islamabad, but Baghaei said the U.S. was "insisting on some unreasonable and unrealistic positions". There is no economic data today while the Fed is in quiet period ahead of 4/29 FOMC. Bitcoin prices are higher, gold and silver lower while treasury yields little changed after falling 3 straight weeks from 2026 highs. There a re a few notable movers in the healthcare sector today on data (more details below).

• In Chemicals: Nitrogen fertilizer prices (CF), almost double what they were before the Iran war, may climb further as vital supplies remain locked up in the Persian Gulf, according to one of the world’s biggest exporters of the crop nutrient, per Bloomberg. ECL was upgraded to Buy, $325 as believes Ecolab's early and aggressive price increases to offset higher energy prices due to the US-Iran conflict, coupled with the recent pullback in oil prices as the conflict winds down, has the potential to drive earnings upside in the back half of the year on widening price / cost differentials. WLK was downgraded to Hold at Deutsche bank, though raise tgt slightly to $120 as believes a sum-of the-parts analysis is best way to capture the value of Westlake's portfolio.
• In Utilities: Seaport Research with several changes as they upgraded AEP to Buy from Neutral with a $145 tgt as likes the company's load growth, especially given the stock's moderate 3% price-to-earrings premium to an average electric utility on its updated 2028 estimates while downgraded SO to Neutral from Buy citing regulatory uncertainty in Georgia and Alabama ahead of the upcoming elections of their state commissioners; EIX cut to neutral after Edison's strong outperformance year-to-date and over the last 12 months and ETR to Neutral saying its unmatched AI-driven growth story in the utilities sector is reflected in Entergy's valuation premium.

• ATAI +25%; along with gains in other psychedelic-related stocks (CMPS, DFTX, GHRS, ENVB) after U.S. President Trump signed an executive order directing health regulators to speed up reviews of psychedelic drugs and boosted federal research funding.
• BLD 18%; after QXO said it’s acquiring the insulation company for about $17 billion; the acquisition will make QXO the second largest publicly traded building products distributor in North America.
• MRVL +3%; shares jumped after a report in The Information said GOOGL is in discussions the chip maker to develop two new chips designed to improve the efficiency of running AI models https://tinyurl.com/25jdafkf
• NKTR +20%; as reported positive 52-week Phase 2b data for rezpegaldesleukin in severe alopecia areata. SALT ≤20 responses reached 25.8% and 27.6% in the treatment arms vs. 6.7% for placebo at week 52. The drug received FDA Fast Track status in 2025.
• USAR +12%; said to acquire Brazilian rare earths miner Serra Verde for $2.8 billion in cash and shares. The U.S. company will pay $300 million in cash and 126.9 million newly issued shares of its stock for the transaction, which is expected to close in the third quarter of 2026.

• ASTS -12%; shares tumbled after New Glenn rocket, launched by Jeff Bezos-owned Blue Origin on Sunday, failed to deploy ASTS satellite into correct orbit. The Satellite placed too low to sustain operations with its on-board thruster technology, will be de-orbited.
• CALM -1%; shares were active after reports the U.S. Justice Department is preparing an antitrust suit against a few major egg producers, including Cal-Maine Foods and Versova, over alleged price coordination, the Wall Street Journal said on Friday.
• CCL -3%; as airlines (AAL, DAL, UAL) and cruise operators (NCLH, RCL, VIK) are down as the prospects of fuel prices staying at elevated levels weigh on sentiment.
• CLF -5%; Q1 adj EPS loss (-$0.40) vs. est. loss (-$0.42) on revs $4.9B vs. consensus $4.79B; reported adjusted EBITDA of $95M, impacted by $80M one-time energy cost from extreme cold weather; maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons; expects 2026 capital expenditures of about $700M
• FRMI -14%; said its chief executive officer and chief financial officers have stepped down as the firm tries to secure its first customer. Stifel said this indicates that there was friction between customers and Mr. Neugebauer, and negotiations could be simpler going forward.
• ONON -2%; Jefferies said analysis of US website traffic data for ONON suggests that the quality of traffic growth is increasingly below peers. ONON's paid search share hit 77% vs peers at 26-48%, while organic traffic growth grew just 4% Y/Y in Mar after a 17% decline in Sept

Closing Recap

Monday, April 20, 2026

It was a quiet day on Wall Street for a change, with major averages trading in a tight and narrow range all afternoon as the S&P 500 and Nasdaq both snapped their 3 day streak of record closing highs and the Nasdaq snapped its winning streak at a whopping 13 days as renewed U.S.-Iran tensions threatened a ceasefire collapse and dented investor sentiment. Iran halted traffic through Hormuz less than 24 hours after saying ships could pass. Also, U.S. stocks sunk late morning after holding up the first hour of trading after President Donald Trump said it’s “highly unlikely” he would extend the two-week ceasefire with Iran if a deal is not reached before it ends and said the Strait of Hormuz would remain blocked until an agreement is finalized. President Trump noted VP Vance will leave for Pakistan later on Monday while the ceasefire expires Wednesday evening Washington time. The U.S. will host a second round of ambassador-level talks between Israel and Lebanon on Thursday at the State Department, according to officials from the two countries and an agency spokesperson. There was no economic data today while the Fed is in quiet period ahead of 4/29 FOMC. Markets awaited a busy week of upcoming earnings (GE, UNH, RTX, DHR, HAL, MMM, NOC, SYF, DHI tomorrow morning) before the floodgates open the next three weeks. Dow Transports surging another 3% to a fresh record high of 23,200, up 12 of the last 14 trading days with freight doing heavy lifting.

• June gold prices fell -$50.80 or 1.04% to settle at $4,828.80 an ounce.
• Bitcoin prices jumped this afternoon more than 2% to $76,400.
• The dollar index (DXY) was flat with no economic data or Fed speakers.
• Treasury yields also little changed on the day.

• In Footwear: Jefferies said analysis of US website traffic data for ONON suggests that the quality of traffic growth is increasingly below peers. ONON's paid search share hit 77% vs peers at 26-48%, while organic traffic growth grew just 4% Y/Y in Mar after a 17% decline in Sept. Notably, ONON's bounce rate rose to 50.3%, which is above peers and suggests that paid traffic is expensive and increasingly ineffective.
• In Food Sector: CALM shares were active after reports the U.S. Justice Department is preparing an antitrust suit against a few major egg producers, including Cal-Maine Foods and Versova, over alleged price coordination, the Wall Street Journal said on Friday. The Justice Department's antitrust division is criminally investigating the conduct of large meatpackers (TSN, HRL, SFD, PPC) that supply American consumers, after President Trump called for a probe of the companies last year, according to people familiar with the matter – WSJ reported.

• European Energy: Barclays said on European energy services that it expects long-term implications to outweigh current uncertainties in the sector and lifts its price targets across the board. However, they downgrade five stocks while upgrading only two, based on their implied upsides in a sector that has been boosted by higher oil prices. Implications from the Middle East crisis include the need for inventories to be replenished and increasing demand for the services sector. Barclays upgrades Technip Energies (THNPF) and Viridien (VIRDY) to Overweight and cuts Subsea (SUBCY), SBM Offshore (SBFFF), Saipem (SAPMY) to EW from Overweight and Hunting (HNTIG) and Aker Solutions (AKRTF) to Underweight.
• In Pipeline & MLP sector: WMB and WBI upgraded to Buy from Neutral, TRP raised to Neutral and downgrade HESM to Sell (from Neutral) at Goldman Sachs saying look for solid nat gas demand driven by LNG capacity additions and behind-the-meter data center power demand, upside to Permian gas water availability, and a structurally improving LNG outlook, and lean into stocks with clear multiple compression to 2030

• Private Credit: OWL real assets division has agreed to acquire SILA, a healthcare-focused real estate investment trust, in an all-cash deal valued at about $2.4 billion, the companies said on Monday. Blue Owl will pay $30.38 per share for all the outstanding shares, a 19% premium to Sila's closing price of $25.53 on April 17.

• In Research: Barclay’s double upgraded CLDX to Overweight from Underweight (PT to $45 rom $24) and downgraded both JANX to Underweight from Overweight (PT to $14 from $29) and TVRD to underweight from EW on SMID Biotech in Q1 preview.
• AGIO shares fell after rival NVO said its experimental once-daily oral pill etavopivat for sickle cell disease met the main goals of a late-stage trial; NVO said etavopivat showed superior reduction in pain and improvement in hemoglobin response in adults and adolescents with sickle cell disease.
• BIIB was upgraded to Overweight and raise PT to $250 from $200 as new revenue streams from immunology/kidney pipelines reduce reliance on neuro. Past the tau readout, we see attractive setup as multiple catalysts support clear path to growth.
• CMND shares jumped; announced that CMND-100, the Company's proprietary non-hallucinogenic MEAI-based oral drug candidate, for the treatment of Alcohol Use Disorder (AUD) has met the primary endpoint in its FDA-approved Phase I/IIa clinical trial.
• GLSI said its experimental breast cancer vaccine shows stronger immune response; says the late-stage FLAMINGO 01 study tests GLSI 100, an experimental vaccine aimed at preventing breast cancer from coming back after standard treatment.
• LLY has agreed to buy privately held cancer biotech Kelonia Therapeutics for up to $7 billion in cash in a deal that bolsters the drugmaker's genetic-medicine capabilities; LLY will make an upfront payment of $3.25 billion and subsequent payments upon the achievement of certain clinical, regulatory and commercial milestones.
• NKTR shares jumped after reported positive 52-week Phase 2b data for rezpegaldesleukin in severe alopecia areata. SALT ≤20 responses reached 25.8% and 27.6% in the treatment arms vs. 6.7% for placebo at week 52. The drug received FDA Fast Track status in 2025.
• NVO said its experimental oral drug, called etavopivat, reduced the risk of pain crises and improved hemoglobin response in patients with sickle cell disease, achieving the goals of a Phase 3 clinical trial.

• Healthcare Technology/IT: DOCS was downgraded to Hold from Buy at Truist in HCIT/Digital Health sector preview. Truist said at the company level, heading into Q1 earnings likes the setup for HNGE, WAY, ASTH, and PRVA. For DOCS Truist expects both FYQ426 results and FY27 guidance to be noisy, and as it has seen with other names in its coverage, once top-line growth visibility begins to fade, valuation support can quickly erode.

• In Building Products: BLD to be acquired by QXO in a transaction valued at about $17 billion. The deal has been approved by both companies’ boards and is expected to close in the third quarter of 2026, pending shareholder approval and other customary conditions.
• In Transports: CAR was downgraded to Underweight from Equal Weight at Barclays while raised tgt to $150 from $95 noting the shares were just $100 a month ago, and on Friday closed at nearly $500. Barclay’s attributes the rally to a sharp supply/demand mismatch, with two holders accounting for 71% of outright ownership of the company, and over 100% of economic interest given outstanding swaps (shares still rallied another 20% today to highs around $600). In airlines, AAL said it’s not engaged with or interested in any discussions regarding a merger with rival UAL. Bloomberg reported JBLU CEO says not considering bankruptcy in 2026; Bloomberg also reported Spirit Airlines has floated offering the US government an equity stake in the discount Carrier to help stave off its potential liquidation.
• In Satellite sector: ASTS shares tumbled after New Glenn rocket, launched by Jeff Bezos-owned Blue Origin on Sunday, failed to deploy ASTS satellite into correct orbit. The Satellite placed too low to sustain operations with its on-board thruster technology, will be de-orbited.

• In Rare Earth: USAR said to acquire Brazilian rare earths miner Serra Verde for $2.8 billion in cash and shares. The U.S. company will pay $300 million in cash and 126.9 million newly issued shares of its stock for the transaction, which is expected to close in the third quarter of 2026.
• In Metals & Mining: CLF Q1 adj EPS loss (-$0.40) vs. est. loss (-$0.42) on revs $4.9B vs. consensus $4.79B; reported adjusted EBITDA of $95M, impacted by $80M one-time energy cost from extreme cold weather; maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons; expects 2026 capital expenditures of about $700M. Copper stocks slipped early with copper prices, down as the Strait of Hormuz closed to marine traffic once more and a fragile ceasefire between Iran and the U.S. looked in jeopardy, reigniting fears over growth.
• In Precious Metal miners: AEM will acquire all of the outstanding common shares of Rupert Resources (RUPRF) for about C$2.9 billion ($2.12 billion), the companies said on Monday; AEM will also acquire Aurion for about C$481 million in cash, offering C$2.60 per share, a premium of about 46% to the stock's last close. Separately, the company will buy B2Gold's 70% stake in the Fingold joint venture for $325 million.
• In Chemicals: Nitrogen fertilizer prices (CF), almost double what they were before the Iran war, may climb further as vital supplies remain locked up in the Persian Gulf, according to one of the world’s biggest exporters of the crop nutrient, per Bloomberg. ECL was upgraded to Buy, $325 as believes Ecolab's early and aggressive price increases to offset higher energy prices due to the US-Iran conflict, coupled with the recent pullback in oil prices as the conflict winds down, has the potential to drive earnings upside in the back half of the year on widening price / cost differentials. WLK was downgraded to Hold at Deutsche bank, though raise tgt slightly to $120 as believes a sum-of the-parts analysis is best way to capture the value of Westlake's portfolio.

• In Media: LGF was downgraded to Neutral from Buy at Citigroup saying the company may get acquired but the shares now reflect a meaningful takeout premium, and given its valuation, no longer views the stock's risk/reward as compelling.
• In AI Data Center/Infrastruture sector: FRMI said its chief executive officer and chief financial officers have stepped down as the firm tries to secure its first customer. Stifel said this indicates that there was friction between customers and Mr. Neugebauer, and negotiations could be simpler going forward.

• Software: GTLB was downgraded to Sector Perform from Outperform at RBC Capital (tgt to $25 from $33) as believes short-term headwinds will likely keep the shares range bound. The headwinds include challenging Premium price increase compares, price-sensitive customer exposure, first order sales transition risks.
• Application Software: the WSJ reported ADBE is releasing a set of Ai agents that aim to help corporate customers automate digital marketing and other functions, the latest move by the software giant to stay ahead of Ai-driven software disruption. The product, called CX Enterprise, is an Ai agent-based platform that can be used to help businesses boost areas like customer Engagement, sales and loyalty, Adobe said.
• In Quantum: Northland initiated coverage in the quantum compute space with an Outperform and $20 tgt on QUBT, an Outperform and $55 tgt for IONQ and Market Perform ratings for both RGTI ($20 tgt) and QBTS ($22 tgt) saying Quantum computing's market potential could be between $100B and $250B. The firm argues that investing across all quantum computing companies diversifies away the risk and assures participating in the asymmetrically positively skewed projected returns.

• NXPI was downgraded to Equal Weight at Wells Fargo and lower tgt to $235 from $265 as believes improving investor sentiment creates a tough setup into earnings for the analog semiconductor names. Wells cites a weaking auto backdrop for the downgrade of NXPI (said prefers ADI, MPWR) given DC-related exposure.
• PLXS was upgraded to Buy from Hold and raise PT to $250 from $200 at Stifel saying after two years of top-line headwinds, Stifel believes that the company has entered a multi-sector inflection driven by the convergence of share gains, program ramps, and improving end markets.
• Mizuho downgraded shares of both SWKS (tgt to $46 from $60) and QRVO (tgt to $66 from $70) to Underperform from Neutral with a price citing their supply chain checks and handset industry call for the downgrade. Handsets represent 60%-70% of revenue for Skyworks and Qorvo, and persistent memory shortages are compressing unit volumes and inflating average selling prices.

Street Recommendations

Monday, April 20, 2026

• DB Barclays downgraded Deutsche Bank to Equal Weight from Overweight with a EUR 32 price target. The firm adjusted ratings in the European bank group, seeing improved risk/rewards for some and weakening cyclical tailwinds others given a delayed recovery in Germany.
• VALE Barclays downgraded Vale to Equal Weight from Overweight with a price target of $17, up from $16.50. The firm says the Vale shares have closed their valuation gap to peers after rallying 35% year-to-date. The company also faces seasonality headwinds over coming months and its positive catalysts are largely in 2027, the analyst tells investors in a research note.
• CLDX Barclays upgraded Celldex to Overweight from Underweight with a price target of $45, up from $24. The firm has conviction in a successful Phase 3 readout in chronic spontaneous urticaria. Barclays says it "can't ignore" the faster than expected enrollment in the Phase 3 EMBARQ trial six months ahead of schedule and the Q4 readout of the study. At a minimum this speaks to the demand and enthusiasm for barzolvolimab, the analyst tells investors in a research note.
• JANX Barclays analyst Etzer Darout double downgraded Janux Therapeutics to Underweight from Overweight with a price target of $14, down from $29. The firm continues to see long-term value in Janux's platform, but says there are better options for share upside the near and medium term. Barclays lowered the probability of success for the company's lead program JANX007, essentially removing it from the model. Janux has initiated the development of a dual-masked PSMA asset JANX014, which casts doubt over the viability of JANX007, the analyst tells investors in a research note.
• OKTA Barclays upgraded Okta to Overweight from Equal Weight with a price target of $90, up from $85. Barclay's chief investment officer survey indicates identity has moved to the top spending security priority, the analyst tells investors in a research note. The firm believes Okta's standing is "improving steadily as a vendor expected to see increased spending." This reflects the company's "broad exposure to the large identity market, including fast-growing sub-segments," contends Barclays.
• MELI Barclays lowered the firm's price target on MercadoLibre to $2,500 from $2,600 and keeps an Overweight rating on the shares. The firm reduced the company's operating income estimates ahead of the Q1 report. Consumer demand trends in e-commerce improved throughout the quarter, but questions remain around agentic, the macro backdrop and fuel prices, the analyst tells investors in a research note.
• NSA Barclays raised the firm's price target on National Storage to $41 from $38 and keeps an Equal Weight rating on the shares as part of a Q1 preview. The firm says gradual self-storage industry stabilization continues as new supply pressure ease, even as housing related demand "remains muted." Barclays favors larger platforms citing their greater marketing capabilities, data analytics, and operational efficiencies.
• PEP Barclays analyst Lauren Lieberman raised the firm's price target on PepsiCo to $158 from $154 and keeps an Equal Weight rating on the shares following earnings. The firm says PepsiCo Foods North America "finally delivered the volume inflection investors have been waiting for." PepsiCo is now tasked with proving these results are sustainable, the analyst tells investors in a research note.

• META BofA lowered the firm's price target on Meta Platforms to $820 from $885 and keeps a Buy rating on the shares. Checks suggest Q1 ad spending broadly in line with advertiser expectations, with no material spending pullbacks on the Middle East conflict, says the analyst, who estimates Q1 revenue and EPS of $56.0B and $7.44 versus the Street at $55.4B and $6.64, respectively.
• MHK BofA downgraded Mohawk Industries to Neutral from Buy with a price target of $122, down from $149, given continued weak demand for flooring in the U.S., incremental input cost inflation and Europe macro headwinds. The firm thinks Mohawk and the flooring industry could face additional volume headwinds as prices are raised to offset input cost headwinds, the analyst added.

• WLK Deutsche Bank analyst David Begleiter downgraded Westlake to Hold from Buy with a $120 price target.

• IBM Evercore ISI analyst Amit Daryanani is adding IBM to the firm's "Tactical Outperform" list as the analyst expects the company to deliver a Q1 beat and revise their 2026 constant currency revenue growth view higher when they report March quarter results on Wednesday, April 22. The firm has an Outperform rating and $345 price target on IBM shares.
• ISRG Evercore ISI is adding Intuitive Surgical to the firm's "Tactical Outperform" list heading into tomorrow's earnings print, telling investors that the firm is positive on procedures based on its survey work. The firm keeps an In Line rating and $480 price target on Intuitive shares.

• TRGP Goldman Sachs analyst John Mackay raised the firm's price target on Targa Resources to $268 from $242 and keeps a Buy rating on the shares. The sector has outperformed year to date, driven by rotation into energy equities and disruption from Middle East tensions, with continued high stock-level dispersion expected, the analyst tells investors in a research note. Key drivers include strong U.S. natural gas demand from LNG expansion and data center power needs, potential upside in Permian supply-related gas and water activity, and a structurally improved LNG outlook, with limited expected U.S. supply response to the Iran disruption, the firm says.
• ALLY Goldman Sachs raised the firm's price target on Ally Financial to $56 from $50 and keeps a Buy rating on the shares. Ally Financial reported stronger-than-expected Q1 results, with a core earnings beat driven by higher net interest income, fees, and lower expenses, alongside slightly better-than-expected retail auto credit performance, the analyst tells investors in a research note. Management reiterated its 2026 outlook, including stable-to-improving NIM and steady growth targets, which was received positively despite concerns about interest rate cuts, supporting a constructive view into 2027, the firm says.
• MPLX Goldman Sachs raised the firm's price target on MPLX to $63 from $55 and keeps a Buy rating on the shares. The sector has outperformed year to date, driven by rotation into energy equities and disruption from Middle East tensions, with continued high stock-level dispersion expected, the analyst tells investors in a research note. Key drivers include strong U.S. natural gas demand from LNG expansion and data center power needs, potential upside in Permian supply-related gas and water activity, and a structurally improved LNG outlook, with limited expected U.S. supply response to the Iran disruption, the firm says.

• EXC Jefferies downgraded Exelon to Hold from Buy with a price target of $50, down from $55. The stock's valuation discount to peers "feels more entrenched" given Exelon's Pennsylvania rate case overhang and 2027 rate case filing in Illinois, the analyst tells investors in a research note. Maryland's legislation pressures the company's earnings, which is "not fatal but comes at the wrong time," adds Jefferies. The firm believes the stock's catalysts are skewed more negative than positive with potential for regulatory ad legislative "contagion" and limited upside to consensus estimates.
• OSCR Jefferies analyst David Windley upgraded Oscar Health to Hold from Underperform with a price target of $16, up from $10. The firm says data and industry checks point to healthcare exchange enrollment trending favorably versus expectations. Oscar is likely increasing its market share of "good risk," the analyst tells investors in a research note.

• CRS JPMorgan raised the firm's price target on Carpenter Technology to $465 from $394 and keeps an Overweight rating on the shares as part of a fiscal Q3 report preview. The stock's recent outperformance relative to peers is warranted given engine demand's "relative insulation" from Middle East risks along with "potential kickers" from incremental defense orders, the analyst tells investors in a research note. JPMorgan continues to view Carpenter as a "core" holding given its relative earnings visibility.
• CZR JPMorgan thinks a potential takeout of Caesars in the low-to-mid-$30s per share is "rational and achievable through several deal structures." The shares have been trading at a 20% free cash flow yield as investors have focused more on risks than on Caesars' strong cash flow generation, the analyst tells investors in a research note. JPMorgan believes the market is ascribing a 55% deal probability. It expects an update in the coming weeks as Fertitta's 45-day exclusivity period nears its end. The three takeout scenarios, according to the firm, are a management-led buyout with $2B from an equity sponsor and and traditional debt financing, a management-led buyout with $2B from an equity sponsor and additional financing from a full sale/leaseback, a leveraged buyout by Fertitta Entertainment. JPMorgan has an Overweight rating on Caesars with a $35 price target.

• FRST Keefe Bruyette initiated coverage of Primis Financial with an Outperform rating and $17 price target, offering 23% total return over the next year. The company's strengthening fundamentals have been masked by one-off expenses and credit headwinds that are now behind it, the analyst tells investors in a research note. Keefe says Primis is an "inflection point." It believes "now is the time for investors to buy in to the story."

• CASY KeyBanc raised the firm's price target on Casey's General Stores to $830 from $730 and keeps an Overweight rating on the shares. The firm sees an improving backdrop for the consumer in first half of 2026, supported by recent policy changes such as higher tax refunds and lower taxes for some. While there have been positive headlines around the Iran conflict, KeyBanc continues to closely monitor the situation and its implications for oil, gasoline, and consumer confidence, which is a growing risk to spending during Q2 and Q3. For KeyBanc's home-related coverage, over a longer horizon, the firm still sees significant upside from unsustainably low levels of housing and home-related spending. In the near-term, KeyBanc believes trends may show some slight improvement in Q1, given higher tax refunds and easier prior-year comparisons.
• MCD KeyBanc lowered the firm's price target on McDonald's to $345 from $354 and keeps an Overweight rating on the shares. For Q1 restaurant earnings, the firm expects key focus topics to be April/quarter-to-date trends and updated 2026 outlooks that will now take into account a more uncertain/volatile macro backdrop.
• QSR KeyBanc raised the firm's price target on Restaurant Brands to $90 from $78 and keeps an Overweight rating on the shares. For Q1 restaurant earnings, the firm expects key focus topics to be April/quarter-to-date trends and updated 2026 outlooks that will now take into account a more uncertain/volatile macro backdrop.

• SWKS Mizuho downgraded Skyworks to Underperform from Neutral with a price target of $46, down from $60. The firm cites its supply chain checks and handset industry call for the downgrade. Handsets represent 60%-70% of revenue for Skyworks and Qorvo, and "persistent" memory shortages are compressing unit volumes and inflating average selling prices, the analyst tells investors in a research note. Mizuho now estimates global handset volumes will down 10%-plus year-over-year in 2026 and another 5% in 2027.
• QRVO Mizuho analyst Vijay Rakesh downgraded Qorvo to Underperform from Neutral with a price target of $66, down from $70. The firm cites its supply chain checks and handset industry call for the downgrade. Handsets represent 60%-70% of revenue for Skyworks and Qorvo, and "persistent" memory shortages are compressing unit volumes and inflating average selling prices, the analyst tells investors in a research note. Mizuho now estimates global handset volumes will down 10%-plus year-over-year in 2026 and another 5% in 2027.
• HOOD Mizuho analyst Dan Dolev raised the firm's price target on Robinhood to $115 from $105 and keeps an Outperform rating on the shares. The SEC ended the long-standing $25,000 minimum tied to the pattern day trader rule, replacing it with broker-determined intraday margin requirements, the analyst tells investors in a research note. The firm views the move as "structurally positive" for Robinhood, but adds its proprietary survey of 160 traders with less than $25,000 suggests the near-term impact is modest. However, with over 80% reporting being constrained by the old rule, trading activity could increase by 3%, Mizuho estimates. The firm says Robinhood is "over-indexed to smaller balances." Mizuho estimates 25% of its funded accounts are affected, translating to 1%-2% upside to fiscal 2027 sales estimates.

• QUBT Northland initiated coverage of Quantum Computing with an Outperform rating and $20 price target. Quantum computing's market potential could be between $100B and $250B, estimates the analyst, who believes technology execution risk is "far less on an industry level." For that reason, the firm argues that investing across all quantum computing companies diversifies away the risk and assures participating in the "asymetrically positively skewed projected returns." Among the five quantum names on which the analyst launched coverage, it has Outperform ratings on IonQ, Quantum Computing and Xanadu Quantum and assigns Market Perform ratings to D-Wave Quantum and Rigetti Computing.
• QBTS Northland initiated coverage of D-Wave Quantum with a Market Perform rating and $22 price target. Quantum computing's market potential could be between $100B and $250B, estimates the analyst, who believes technology execution risk is "far less on an industry level." For that reason, the firm argues that investing across all quantum computing companies diversifies away the risk and assures participating in the "asymetrically positively skewed projected returns." Among the five quantum names on which the analyst launched coverage, it has Outperform ratings on IonQ, Quantum Computing and Xanadu Quantum and assigns Market Perform ratings to D-Wave Quantum and Rigetti Computing.
• IONQ Northland analyst Nehal Chokshi initiated coverage of IonQ with an Outperform rating and $55 price target. Quantum computing's market potential could be between $100B and $250B, estimates the analyst, who believes technology execution risk is "far less on an industry level." For that reason, the firm argues that investing across all quantum computing companies diversifies away the risk and assures participating in the "asymetrically positively skewed projected returns." Among the five quantum names on which the analyst launched coverage, it has Outperform ratings on IonQ, Quantum Computing and Xanadu Quantum and assigns Market Perform ratings to D-Wave Quantum and Rigetti Computing.

• BFC Piper Sandler raised the firm's price target on Bank First to $157 from $150 and keeps a Neutral rating on the shares. While Q1 core EPS fell short of expectations on the heels of the company's highly additive First National Bank and Trust acquisition closed January 1, the firm remains constructive on this high-performing institution as future EPS growth and profitability will likely place Bank First in the top quartile among peers.
• WAFD Piper Sandler analyst Matthew Clark raised the firm's price target on WaFd to $36 from $30.50 and keeps a Neutral rating on the shares following quarterly results. The firm notes its price target is consistent with a modest discount to peers, partially due to its suboptimal profitability.

• CHRW Raymond James raised the firm's price target on C.H. Robinson to $215 from $205 and keeps an Outperform rating on the shares. Results for transport companies are expected to be more heavily impacted by external factors like winter weather and a sharp rise in diesel prices, which increased costs and disrupted operations despite only modest snow levels overall, the analyst tells investors in a research note. While fuel prices spiked and raised concerns about demand, historical trends and fuel surcharge mechanisms suggest limited long-term impact on demand and financial performance, the firm says.
• KNX Raymond James analyst David Hicks lowered the firm's price target on Knight-Swift to $70 from $76 and keeps a Strong Buy rating on the shares. Results for transport companies are expected to be more heavily impacted by external factors like winter weather and a sharp rise in diesel prices, which increased costs and disrupted operations despite only modest snow levels overall, the analyst tells investors in a research note. While fuel prices spiked and raised concerns about demand, historical trends and fuel surcharge mechanisms suggest limited long-term impact on demand and financial performance, the firm says.

• THO Seaport Research initiated coverage of Thor Industries with a Neutral rating and no price target. The firm views the stock's current valuation as fair. Recreational vehicle customers tend to be more sensitive to the economy than those of other recreational categories like boats or off-road vehicles, the analyst tells investors in a research note. Seaport believes affordability has been a challenge, made worse by higher gas costs and budget compression since the start of the Iran war.
• AEP Seaport Research upgraded American Electric to Buy from Neutral with a $145 price target. The firm likes the company's load growth, especially given the stock's "moderate" 3% price-to-earrings premium to an average electric utility on its updated 2028 estimates. American Electric's rural service territories, historically held against the stock, now offer a strong competitive advantage for data centers, the analyst tells investors in a research note. The firm sees upside to 2027 earnings estimates on higher transmission spending given accelerating load growth in the company's service territories.
• SO Seaport Research downgraded Southern Company to Neutral from Buy without a price target. The firm cites the regulatory uncertainty in Georgia and Alabama ahead of the upcoming elections of their state commissioners for the downgrade. Southern Company also faces growing electric bill affordability concerns given the high realized equity returns of its Georgia Power and Alabama Power, the analyst tells investors in a research note. Seaport sees potential downside Southern's earnings starting in 2029 though repricing.
• EIX Seaport Research downgraded Edison International to Neutral from Buy with no price target. Previous legislative fixes related to wildfires and electric utilities in California ended up with half measures and "we worry a similar outcome is likely this time," says the analyst, who is moving to the sidelines after Edison's strong outperformance year-to-date and over the last 12 months.
• ETR Seaport Research analyst Angie Storozynski downgraded Entergy to Neutral from Buy without a price target. The company is now an "unmatched AI-driven growth story in the utilities sector," the analyst tells investors in a research note. The firm says that while further upside potential to estimates is possible, this is reflected in Entergy's valuation premium to an average electric utility on 2028 estimates. Seaport cites valuation for the downgrade.

• INTC Stifel analyst Ruben Roy raised the firm's price target on Intel to $65 from $42 and keeps a Hold rating on the shares. The firm's processor coverage is "at distinctly different points on the AI infrastructure adoption curve," but shares a common macro backdrop as compute demand, both accelerated and general purpose, is running materially ahead of prior forecasts, the analyst tells investors in a preview for the group.
• AMD Stifel raised the firm's price target on AMD to $320 from $280 and keeps a Buy rating on the shares. The firm's processor coverage is "at distinctly different points on the AI infrastructure adoption curve," but shares a common macro backdrop as compute demand, both accelerated and general purpose, is running materially ahead of prior forecasts, the analyst tells investors in a preview for the group.

• CNTA Wells Fargo downgraded Centessa (CNTA) to Equal Weight from Overweight with a $42 price target after after Eli Lilly (LLY) announced an agreement to acquire the company for $38 per share in cash plus a non-transferable contingent value right worth up to $9 per share.
• BIIB Wells Fargo analyst Mohit Bansal upgraded Biogen to Overweight from Equal Weight with a price target of $250, up from $200. The firm believes the company's new revenue streams from its immunology and kidney pipelines reduce its reliance on Alzheimer's. Wells cites Biogen's new medium-term growth drivers from its late-stage pipeline outside neurology for the upgrade, rather than any near-term inflections in its ongoing launches. The focus is shifting to Biogen's late-stage pipeline, the analyst tells investors in a research note.
• ALV Wells Fargo analyst Colin Langan raised the firm's price target on Autoliv to $116 from $113 and keeps an Equal Weight rating on the shares following quarterly results. The firm notes Autolive rose about 7% explained by the beat, held guide, and cyclical strength on Hormuz news. Wells remains on the sidelines given risks to full year guide given macro uncertainty.
• OVV Wells Fargo raised the firm's price target on Ovintiv to $55 from $54 and keeps an Equal Weight rating on the shares. The firm expects solid Q1 execution with volumes toward the high end of guidance, supported by continued operational strength. Key focus areas include realization dynamics into Q2, updates on Montney business integration / synergy capture, and free cash flow deployment, Wells adds.
• DVN Wells Fargo raised the firm's price target on Devon Energy to $66 from $51 and keeps an Overweight rating on the shares. The firm expects an in-line Q1 operational print with modest free cash flow upside, though results are likely to be overshadowed by the pending merger. Focus remains on post-close pro forma guidance, oil price capture into Q2, and execution of the business improvement plan, Wells adds.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: AGNC ALK BOKF FLXS HBCP NTST RBB SFBS STLD WASH WTFC ZION

• 8:30 AM ET                   Retail Sales M/M for March
• 8:30 AM ET                   Retail Sales – Less Autos M/M for March
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for February
• 10:00 AM ET                 Pending Home Sales M/M for March
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AERO BBNX BWB CALX CB COF CYH ELS EQT EWBC HAFC HWC IBKR ISRG MANH MCB MCRI NBHC NLY OZK PEGA RRC SON TFIN TRST UAL WAL WRB WSBC ZWS

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AGSN AZZ BANC BANR BDN CACI CASH CATY CBAN CCI CCS CHDN CSX EFSC EGBN EGP EPRT FAF FR FRME FULT GGG GL GTY HBNC HLX HXL IBM KALU KNX KREF LBRT LOB LRCX LUV MEDP MMLP MOH MTH NEU NOW NP OBK OII PKG PNFP PTEN QRCH QS RJF RLI ROL RS SEIC SIGI STC TSLA TXN URI WCN WEX

• 8:30 AM ET                   Continuing Claims
• 9:45 AM ET S&P Global Manufacturing PMI, April-flash
• 9:45 AM ET S&P Global Services PMI, April-flash
• 9:45 AM ET S&P Global Composite PMI, April-flash
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for April

• Earnings After the Close: ABCB AMP AMTB APPF ASB BKR BY BYD CHE COLB CSL CUBI CVLG DLR ENVA ERIE FBIZ FFBC FISI GBCI GLPI HIG INTC KN KNSL MXL NBTB NEM PECO PFG REXR SAP SKYW SLM SSB TBBK USCB VRSN WSFS

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

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