Wall St Engine
Citi’s Steven Zaccone is sticking with his Buy rating and $180 price target on $BOOT Barn after the company’s latest 8-K revealed strong sales momentum.
Same-store sales are up +10.1% quarter-to-date through the first 9 weeks, an acceleration from the +9% trend reported on May 14. That’s well ahead of BOOT’s own 1Q guidance of +4.0–6.0% and Street consensus of +5.8%.
Zaccone says this update supports his earlier view that FY26 guidance was “significantly conservative” and that the setup for a beat-and-raise in July is looking solid.
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Citi’s Steven Zaccone is sticking with his Buy rating and $180 price target on $BOOT Barn after the company’s latest 8-K revealed strong sales momentum.
Same-store sales are up +10.1% quarter-to-date through the first 9 weeks, an acceleration from the +9% trend reported on May 14. That’s well ahead of BOOT’s own 1Q guidance of +4.0–6.0% and Street consensus of +5.8%.
Zaccone says this update supports his earlier view that FY26 guidance was “significantly conservative” and that the setup for a beat-and-raise in July is looking solid.
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Wall St Engine
Citi Reiterates Buy Rating on $NVDA, PT $180
Analyst comments: "– All about AI: Company is laser focused on the AI enabling part of networking. Nvidia has one networking operating system to optimize compute and storage with the focus to generate the lowest TCO for tokens per second per user. Dynamo is the operating system of the AI factories. Mellanox stopped working on campus switches to focus on AI switches after acquired by Nvidia as telco/web scale responses are different from AI agentic flows. – Spectrum-X Sales: Double-clicking on networking in the recently reported 1Q, the segment saw a strong 64% QoQ growth to $5B in 1Q. The growth was seemingly broad based going from scale out to scale up products. On scale up, the company reached $1B+ with its NVLink solutions while on scale out the company continues to gain traction on its Spectrum-X (Ethernet) portfolio with two new customers. Spectrum -X quarterly run-rate of $2B includes both NICS and switches. – Infiniband vs Ethernet: Ethernet is evolving while Infinband is still the gold standard. Hyperscalers are asking for Ethernet due to familiarity reasons and Nvidia has strong Spectrum X capabilities. While merchant suppliers like Arista’s EOS system are trying to pivot over to AI from front end/classic data center switching, it helps to have the entire stack in Nvidia’s case. Majority of Broadcom’s activity in the market is on Tomahawk vs Jericho platform which has programmability but adds latency. – NVLink: NVLink is a scale up platform inside a rack and is extremely specialized for AI. It connects a bunch of GPUs (72) via cache coherent interface. Bigger LLM models benefit from larger scale up of GPUs and sometimes the developers build the model to the hardware GPU stack. Customers don’t have to buy the entire stack from Nvidia and can buy what they need like super NICS, switches, and now NVLink Fusion for semi-custom AI infrastructure. – Co Packaged Optics (CPO): NVLink has over three miles of copper cable. Copper is low power and cheap. However, the reason to do scale out CPO is because 10-15 inches of copper on the PCB can create a lot of noise which requires additional DSP and retimers. To avoid this, put optics right next to ASICs and convert the signal to optics removing DSP and retimers."
Analyst: Atif Malik
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Citi Reiterates Buy Rating on $NVDA, PT $180
Analyst comments: "– All about AI: Company is laser focused on the AI enabling part of networking. Nvidia has one networking operating system to optimize compute and storage with the focus to generate the lowest TCO for tokens per second per user. Dynamo is the operating system of the AI factories. Mellanox stopped working on campus switches to focus on AI switches after acquired by Nvidia as telco/web scale responses are different from AI agentic flows. – Spectrum-X Sales: Double-clicking on networking in the recently reported 1Q, the segment saw a strong 64% QoQ growth to $5B in 1Q. The growth was seemingly broad based going from scale out to scale up products. On scale up, the company reached $1B+ with its NVLink solutions while on scale out the company continues to gain traction on its Spectrum-X (Ethernet) portfolio with two new customers. Spectrum -X quarterly run-rate of $2B includes both NICS and switches. – Infiniband vs Ethernet: Ethernet is evolving while Infinband is still the gold standard. Hyperscalers are asking for Ethernet due to familiarity reasons and Nvidia has strong Spectrum X capabilities. While merchant suppliers like Arista’s EOS system are trying to pivot over to AI from front end/classic data center switching, it helps to have the entire stack in Nvidia’s case. Majority of Broadcom’s activity in the market is on Tomahawk vs Jericho platform which has programmability but adds latency. – NVLink: NVLink is a scale up platform inside a rack and is extremely specialized for AI. It connects a bunch of GPUs (72) via cache coherent interface. Bigger LLM models benefit from larger scale up of GPUs and sometimes the developers build the model to the hardware GPU stack. Customers don’t have to buy the entire stack from Nvidia and can buy what they need like super NICS, switches, and now NVLink Fusion for semi-custom AI infrastructure. – Co Packaged Optics (CPO): NVLink has over three miles of copper cable. Copper is low power and cheap. However, the reason to do scale out CPO is because 10-15 inches of copper on the PCB can create a lot of noise which requires additional DSP and retimers. To avoid this, put optics right next to ASICs and convert the signal to optics removing DSP and retimers."
Analyst: Atif Malik
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Wall St Engine
Philip Morris International $PM reaffirmed its full-year 2025 EPS forecast of $7.01 to $7.14, reflecting a 10.5% to 12.5% currency-neutral gain over 2024’s adjusted $6.57. No changes to assumptions from its April 23 guidance, per CFO Emmanuel Babeau at today’s dbAccess Consumer Conference.
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Philip Morris International $PM reaffirmed its full-year 2025 EPS forecast of $7.01 to $7.14, reflecting a 10.5% to 12.5% currency-neutral gain over 2024’s adjusted $6.57. No changes to assumptions from its April 23 guidance, per CFO Emmanuel Babeau at today’s dbAccess Consumer Conference.
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Wall St Engine
JPMORGAN PREVIEWS $AAPL's WWDC 2025
"For investors, expectations are already set for a lackluster Worldwide Developers Conference (WWDC) with the company still trying to bring to market the features it had promised in last year’s event, and certain expected announcements, including expansion of distribution/ integration of third-party AI LLMs beyond ChatGPT, which is largely seen as incremental rather than addressing the more material issue of lagging behind other large technology companies in relation to advancements in AI capabilities/ features. On Apple’s part, the capabilities to be highlighted at WWDC will be part of expanded AI offerings to reassure investors about increasing relevance and improving position in relation to AI. While we outline below our expectations from WWDC, we believe potential upside surprise to investors could only be in the form of either the company being more specific around timing in 2026 when the upgraded features for Siri will be available in North America (expect other regions to follow subsequently) or in the form of an announcement of the launch of Apple Intelligence in China - which the company is yet to specify timelines for. Beyond these potential positive surprises, which are less likely, but also less anticipated by investors at this time, the well understood announcements are likely going to relate to: 1) Enabling third party app developers to access on-device AI LLMs and develop applications that can broaden the AI feature sets accessible on iPhones; 2) Announcing integration with Google Gemini, in addition to ChatGPT, represeting another distribtion agreement which is unlikely to be material to investor sentiment; and 3) Reiteration of the broader set of AI feature integrations across Siri and native apps, along with announcements of enhancements which are largely going to be incremental in nature."
Analyst Samik Chatterjee
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JPMORGAN PREVIEWS $AAPL's WWDC 2025
"For investors, expectations are already set for a lackluster Worldwide Developers Conference (WWDC) with the company still trying to bring to market the features it had promised in last year’s event, and certain expected announcements, including expansion of distribution/ integration of third-party AI LLMs beyond ChatGPT, which is largely seen as incremental rather than addressing the more material issue of lagging behind other large technology companies in relation to advancements in AI capabilities/ features. On Apple’s part, the capabilities to be highlighted at WWDC will be part of expanded AI offerings to reassure investors about increasing relevance and improving position in relation to AI. While we outline below our expectations from WWDC, we believe potential upside surprise to investors could only be in the form of either the company being more specific around timing in 2026 when the upgraded features for Siri will be available in North America (expect other regions to follow subsequently) or in the form of an announcement of the launch of Apple Intelligence in China - which the company is yet to specify timelines for. Beyond these potential positive surprises, which are less likely, but also less anticipated by investors at this time, the well understood announcements are likely going to relate to: 1) Enabling third party app developers to access on-device AI LLMs and develop applications that can broaden the AI feature sets accessible on iPhones; 2) Announcing integration with Google Gemini, in addition to ChatGPT, represeting another distribtion agreement which is unlikely to be material to investor sentiment; and 3) Reiteration of the broader set of AI feature integrations across Siri and native apps, along with announcements of enhancements which are largely going to be incremental in nature."
Analyst Samik Chatterjee
Evercore ISI says there’s “no sign of impact from the Epic ruling...yet” on Apple’s $AAPL App Store. May revenue was up +13% Y/Y, with U.S. App Store growth hitting +10%—the best since January. Analysts note developers seem to be taking a “slow and cautious” approach post-ruling. June will be the key test. tweet
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Wall St Engine
$WRD BRINGS BACK LEVEL-4 ROBOBUS TO ROLAND-GARROS
WeRide and Renault are back for year two at the French Open, offering a 2.8km autonomous shuttle loop daily—and now even adding a night route till midnight. The Robobus handled the busy real-world traffic last year, and it’s proving again that driverless tech isn’t just a demo—it’s working.
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$WRD BRINGS BACK LEVEL-4 ROBOBUS TO ROLAND-GARROS
WeRide and Renault are back for year two at the French Open, offering a 2.8km autonomous shuttle loop daily—and now even adding a night route till midnight. The Robobus handled the busy real-world traffic last year, and it’s proving again that driverless tech isn’t just a demo—it’s working.
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Wall St Engine
Truist Securities Upgrades $OSK to Buy from Hold, Raises PT to $127 from $93
Analyst comments: "Too Cheap to Ignore: We are upgrading OSK to Buy from Hold, increasing our adjusted 2026-2027 EPS to $12.55 and $15.00 (prev. $11.55 and $13.00), and raising our price target to $127 (from $93)—which assumes 7.0x our 2026 EBITDA estimate of $1.344B discounted back, and $11.0x our 2026 adjusted EPS estimate of 12.55 discounted back and implies 29% upside. Oshkosh is the cheapest name within our Machinery coverage universe trading at 8.3x consensus forward earnings and 5.9x consensus forward EV/EBITDA, representing a ~40% discount to the broader Machinery group and screening cheap relative its long-term average. We believe the risk/reward is attractive given strength of the balance sheet, above average visibility supported by backlog in the higher margin Vocational business, and with Defense sales and margins at bottom. We believe OSK earnings should prove more resilient relative to prior downturns. We believe that the overhang on the stock is that the downturn for Access Equipment extends to 2026, and the stock has priced in an aggressive bear case scenario."
Analyst: Jamie Cook
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Truist Securities Upgrades $OSK to Buy from Hold, Raises PT to $127 from $93
Analyst comments: "Too Cheap to Ignore: We are upgrading OSK to Buy from Hold, increasing our adjusted 2026-2027 EPS to $12.55 and $15.00 (prev. $11.55 and $13.00), and raising our price target to $127 (from $93)—which assumes 7.0x our 2026 EBITDA estimate of $1.344B discounted back, and $11.0x our 2026 adjusted EPS estimate of 12.55 discounted back and implies 29% upside. Oshkosh is the cheapest name within our Machinery coverage universe trading at 8.3x consensus forward earnings and 5.9x consensus forward EV/EBITDA, representing a ~40% discount to the broader Machinery group and screening cheap relative its long-term average. We believe the risk/reward is attractive given strength of the balance sheet, above average visibility supported by backlog in the higher margin Vocational business, and with Defense sales and margins at bottom. We believe OSK earnings should prove more resilient relative to prior downturns. We believe that the overhang on the stock is that the downturn for Access Equipment extends to 2026, and the stock has priced in an aggressive bear case scenario."
Analyst: Jamie Cook
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Wall St Engine
$VNOM TO ACQUIRE $STR IN $4.1B ALL-STOCK DEAL
Viper Energy, a Diamondback (FANG) unit, is buying Sitio Royalties in an all-equity deal valuing Sitio at $19.41/share, including $1.1B in net debt. Deal gives Viper ~85.7K net royalty acres in the Permian and boosts Q4 '25 production outlook to 64–68 Mbo/d.
Expected to be 8–10% accretive to cash available per share right after close, with $50M+ in annual synergies. New base dividend hiked 10% to $1.32/share. Pro forma leverage targeted at 1.2x at closing, under 1.0x at $60 WTI.
Diamondback will retain 41% ownership post-close. Deal expected to close Q3 2025.
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$VNOM TO ACQUIRE $STR IN $4.1B ALL-STOCK DEAL
Viper Energy, a Diamondback (FANG) unit, is buying Sitio Royalties in an all-equity deal valuing Sitio at $19.41/share, including $1.1B in net debt. Deal gives Viper ~85.7K net royalty acres in the Permian and boosts Q4 '25 production outlook to 64–68 Mbo/d.
Expected to be 8–10% accretive to cash available per share right after close, with $50M+ in annual synergies. New base dividend hiked 10% to $1.32/share. Pro forma leverage targeted at 1.2x at closing, under 1.0x at $60 WTI.
Diamondback will retain 41% ownership post-close. Deal expected to close Q3 2025.
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$META just signed its biggest power deal yet—a 20-year agreement to buy 1.1 GW of nuclear energy from Constellation’s $CEG Clinton plant in Illinois starting 2027.
Without this, the plant was at risk of shutting down as subsidies expire. This deal not only keeps it running but could also lead to a new reactor at the site.
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$META just signed its biggest power deal yet—a 20-year agreement to buy 1.1 GW of nuclear energy from Constellation’s $CEG Clinton plant in Illinois starting 2027.
Without this, the plant was at risk of shutting down as subsidies expire. This deal not only keeps it running but could also lead to a new reactor at the site.
$META TO BUY NUCLEAR POWER FROM CONSTELLATION $CEG FOR DATA CENTERS tweet
Wall St Engine
$UUUU HITS NEW URANIUM OUTPUT RECORD IN MAY
Energy Fuels produced nearly 259K lbs of U3O8 from its Pinyon Plain mine in May, up 71% from April. Year-to-date, output is around 480K lbs. Ore grades and volumes are topping expectations, boosting confidence in the mine’s potential.
The company also filed a new technical report for its Bullfrog project, raising indicated resources 15% and inferred 70%. Plans show 15 years of output at ~750K lbs/year. Permitting is progressing at Roca Honda and EZ Complex as part of a wider ramp-up under Trump’s nuclear push.
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$UUUU HITS NEW URANIUM OUTPUT RECORD IN MAY
Energy Fuels produced nearly 259K lbs of U3O8 from its Pinyon Plain mine in May, up 71% from April. Year-to-date, output is around 480K lbs. Ore grades and volumes are topping expectations, boosting confidence in the mine’s potential.
The company also filed a new technical report for its Bullfrog project, raising indicated resources 15% and inferred 70%. Plans show 15 years of output at ~750K lbs/year. Permitting is progressing at Roca Honda and EZ Complex as part of a wider ramp-up under Trump’s nuclear push.
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Wall St Engine
$GNRC | FEMA SCRAPS NEW HURRICANE PLAN, REVERTS TO LAST YEAR’S AMID CUTS, CONFUSION
Just days into hurricane season, FEMA's new chief David Richardson scrapped this year’s updated response plan—opting to reuse last year’s guidance, despite staff cuts and program rollbacks. He also told employees he’d only recently learned hurricanes had a season, raising alarms inside the agency.
Internal messages and staff departures point to growing frustration, with FEMA months behind on prep and unsure how to fill key gaps in storm response.
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$GNRC | FEMA SCRAPS NEW HURRICANE PLAN, REVERTS TO LAST YEAR’S AMID CUTS, CONFUSION
Just days into hurricane season, FEMA's new chief David Richardson scrapped this year’s updated response plan—opting to reuse last year’s guidance, despite staff cuts and program rollbacks. He also told employees he’d only recently learned hurricanes had a season, raising alarms inside the agency.
Internal messages and staff departures point to growing frustration, with FEMA months behind on prep and unsure how to fill key gaps in storm response.
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Wall St Engine
$DG | Dollar General Q1 Earnings Highlights
🔹 Revenue: $10.44B (Est. $10.28B) 🟢
🔹 Adj. EPS: $1.78 (Est. $1.47) 🟢
🔹 Same-Store Sales: +2.4%
FY25 Guidance (Raised):
🔹 Revenue Growth: +3.7% to +4.7% (Prev: +3.4% to +4.4%) 🟢
🔹 Comp Sales: +1.5% to +2.5% (Prev: +1.2% to +2.2%) 🟢
🔹 EPS: $5.20 to $5.80 (Prev: $5.10 to $5.80) 🟢
🔹 Capex: $1.3B–$1.4B (unchanged)
🔹 Real Estate Projects: ~4,885
▪️ ~575 new U.S. stores, 15 in Mexico
▪️ ~2,000 Renovate, ~2,250 Elevate, ~45 relocations
Other Key Q1 Metrics:
🔹 Net Income: $391.9M (+7.9% YoY)
🔹 Operating Profit: $576.1M (+5.5% YoY)
🔹 Gross Margin: 31.0% (+78 bps YoY)
🔹 SG&A as % of Sales: 25.4% (+77 bps YoY)
🔹 Cash Flow from Ops: $847.2M (+27.6% YoY)
Inventory & Capex:
🔹 Merchandise Inventory: $6.6B (–7% YoY per store)
🔹 Capex: $291M
▪️ New Stores Opened: 156
▪️ Remodels: 668 (Elevate), 559 (Renovate)
▪️ Relocations: 23
Dividend:
🔹 Quarterly Dividend: $0.59/share (Payable July 22, 2025)
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$DG | Dollar General Q1 Earnings Highlights
🔹 Revenue: $10.44B (Est. $10.28B) 🟢
🔹 Adj. EPS: $1.78 (Est. $1.47) 🟢
🔹 Same-Store Sales: +2.4%
FY25 Guidance (Raised):
🔹 Revenue Growth: +3.7% to +4.7% (Prev: +3.4% to +4.4%) 🟢
🔹 Comp Sales: +1.5% to +2.5% (Prev: +1.2% to +2.2%) 🟢
🔹 EPS: $5.20 to $5.80 (Prev: $5.10 to $5.80) 🟢
🔹 Capex: $1.3B–$1.4B (unchanged)
🔹 Real Estate Projects: ~4,885
▪️ ~575 new U.S. stores, 15 in Mexico
▪️ ~2,000 Renovate, ~2,250 Elevate, ~45 relocations
Other Key Q1 Metrics:
🔹 Net Income: $391.9M (+7.9% YoY)
🔹 Operating Profit: $576.1M (+5.5% YoY)
🔹 Gross Margin: 31.0% (+78 bps YoY)
🔹 SG&A as % of Sales: 25.4% (+77 bps YoY)
🔹 Cash Flow from Ops: $847.2M (+27.6% YoY)
Inventory & Capex:
🔹 Merchandise Inventory: $6.6B (–7% YoY per store)
🔹 Capex: $291M
▪️ New Stores Opened: 156
▪️ Remodels: 668 (Elevate), 559 (Renovate)
▪️ Relocations: 23
Dividend:
🔹 Quarterly Dividend: $0.59/share (Payable July 22, 2025)
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$HIMS TO ACQUIRE EUROPE’S ZAVA IN ALL-CASH DEAL
Hims & Hers is buying digital health platform ZAVA to expand into the UK, Germany, France, and Ireland. ZAVA served 1.3M+ active customers and delivered 2.3M consultations in 2024. The move marks HIMS’ official push into Europe, with a branded rollout expected soon. Deal is 100% cash-funded, closes in H2 2025, and expected to be accretive by 2026.
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$HIMS TO ACQUIRE EUROPE’S ZAVA IN ALL-CASH DEAL
Hims & Hers is buying digital health platform ZAVA to expand into the UK, Germany, France, and Ireland. ZAVA served 1.3M+ active customers and delivered 2.3M consultations in 2024. The move marks HIMS’ official push into Europe, with a branded rollout expected soon. Deal is 100% cash-funded, closes in H2 2025, and expected to be accretive by 2026.
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Wall St Engine
$RKLB LAUNCHES 10TH BLACKSKY MISSION, HITS 65 TOTAL ELECTRON FLIGHTS
Rocket Lab just completed its 65th Electron launch, deploying a Gen-3 BlackSky $BKSY satellite into 470 km orbit. This marks their 10th mission for BlackSky since 2019 and second this year alone. The back-to-back launches, just 16 days apart, show Electron’s growing reliability as a go-to for smallsat constellations. So far, Rocket Lab has now delivered 226 satellites to orbit.
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$RKLB LAUNCHES 10TH BLACKSKY MISSION, HITS 65 TOTAL ELECTRON FLIGHTS
Rocket Lab just completed its 65th Electron launch, deploying a Gen-3 BlackSky $BKSY satellite into 470 km orbit. This marks their 10th mission for BlackSky since 2019 and second this year alone. The back-to-back launches, just 16 days apart, show Electron’s growing reliability as a go-to for smallsat constellations. So far, Rocket Lab has now delivered 226 satellites to orbit.
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Wall St Engine
$OLLI TOPS Q1, RAISES CONFIDENCE IN FY25 OUTLOOK
Ollie’s Bargain Outlet beat Q1 estimates with EPS of $0.75 vs $0.71 expected and revenue of $576.8M vs $566M. For FY25, it sees EPS of $3.65–$3.75 (consensus $3.73) and reaffirms revenue growth of 1.4%–2.2% YoY. Management says strong store growth and demand for value put OLLI in a solid spot as others face pressure.
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$OLLI TOPS Q1, RAISES CONFIDENCE IN FY25 OUTLOOK
Ollie’s Bargain Outlet beat Q1 estimates with EPS of $0.75 vs $0.71 expected and revenue of $576.8M vs $566M. For FY25, it sees EPS of $3.65–$3.75 (consensus $3.73) and reaffirms revenue growth of 1.4%–2.2% YoY. Management says strong store growth and demand for value put OLLI in a solid spot as others face pressure.
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Wall St Engine
JACOBS LANDS $4B U.S. SPACE FORCE CONTRACT
Jacobs Technology $J secured a $4B IDIQ contract with the U.S. Air Force for Space Force range operations, engineering, and sustainment. Work covers both Patrick and Vandenberg Space Force Bases, supporting national security and commercial space missions through 2035.
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JACOBS LANDS $4B U.S. SPACE FORCE CONTRACT
Jacobs Technology $J secured a $4B IDIQ contract with the U.S. Air Force for Space Force range operations, engineering, and sustainment. Work covers both Patrick and Vandenberg Space Force Bases, supporting national security and commercial space missions through 2035.
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