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Barclays Upgrades $ROK to Overweight from Equalweight, Raises PT to $350 from $283
Analyst comments: "The main drivers are: 1) Why now? The top-line outlook appears firmer... We had upgraded our rating on ROK to EW from UW in late 2024 in our 2025 Outlook report, as we thought its top line was likely to bottom in 2025 after a very weak 2024, and the stock had underperformed its main Automation peer (EMR) substantially in 2024. However, we did not move to an outright OW rating, because we thought the timing of the top-line trough was very uncertain, amidst uncertainty around the extent of further de-stocking needed by its customers / distributors. Today, while there is a high degree of macro uncertainty, it does seem as if the de-stocking that was under way for much of the past 18 months for some of ROK’s main hardware products (hardware is around two-thirds of its sales, with the balance comprised of software and services) has run its course, and it does not seem as if there was an outsized degree of tariff pre-buy for its products in early 2025, based off sequential trends for ROK and its peers."
Analyst: Julian Mitchell
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Barclays Upgrades $ROK to Overweight from Equalweight, Raises PT to $350 from $283
Analyst comments: "The main drivers are: 1) Why now? The top-line outlook appears firmer... We had upgraded our rating on ROK to EW from UW in late 2024 in our 2025 Outlook report, as we thought its top line was likely to bottom in 2025 after a very weak 2024, and the stock had underperformed its main Automation peer (EMR) substantially in 2024. However, we did not move to an outright OW rating, because we thought the timing of the top-line trough was very uncertain, amidst uncertainty around the extent of further de-stocking needed by its customers / distributors. Today, while there is a high degree of macro uncertainty, it does seem as if the de-stocking that was under way for much of the past 18 months for some of ROK’s main hardware products (hardware is around two-thirds of its sales, with the balance comprised of software and services) has run its course, and it does not seem as if there was an outsized degree of tariff pre-buy for its products in early 2025, based off sequential trends for ROK and its peers."
Analyst: Julian Mitchell
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Ray-Ban maker EssilorLuxottica is buying Optegra, which runs 70+ eye hospitals across Europe, in a push into AI-driven eyecare. Deal builds on recent med-tech buys like Heidelberg Engineering and Cellview Imaging. https://t.co/1zTqbFLUJZ
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Ray-Ban maker EssilorLuxottica is buying Optegra, which runs 70+ eye hospitals across Europe, in a push into AI-driven eyecare. Deal builds on recent med-tech buys like Heidelberg Engineering and Cellview Imaging. https://t.co/1zTqbFLUJZ
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Morgan Stanley on $CRM (OW; PT $404): "1Q26 results left questions for investors around timeline to realizing growth inflection, but metrics were largely in line with expectations amidst an uneven macro environment."
"Market reacted more negatively than we anticipated, with questions centered on Core performance, margins, & Agentforce."
"Are Margins Tapping Out? With Q1 operating margin of 32.3% coming in slightly shy of the Street at 32.6%, and FY26 guidance for 34% margin was only reiterated despite the favorable currency move in the quarter driving the raise to as-reported revenue guidance (+$400M), investors questioned whether Salesforce is signaling a moderation in margin expansion potential ahead. While management did not call out any specific impacts pressuring margin in the quarter, we would note 32.3% margins came more in line with MSe (at 32%), and Q1 is Salesforce's seasonally weakest quarter, where margins tend to ramp throughout the year thereafter. As it relates to the lack of guidance flow through on FX, while foreign currency strengthening drives benefits to revenue, heightened exposure to international expenses largely offsets the revenue tailwinds, driving unchanged margin guidance."
"That said, we do acknowledge expectations should contemplate a more modest pace of margin expansion ahead following the company's structural focus on improving profitability amidst the burgeoning of a slower-growth environment in FY23. More philosophically, given the momentum building behind Agentforce and Data Cloud, management spoke to its propensity to invest behind the growth opportunities ahead, in the form of accelerated AE hiring to support the higher-touch selling motion in the near term as these are new product cycles. Constructively, the company reiterated its commitment to continuing to improve margins despite the focus on growth, noting ability to redeploy headcount from areas like customer service towards the new forward deployed engineer strategy. As such, a faster pace of growth with a return to double digits YoY, combined with modest margin expansion, should yield durable ~low teens Free Cash Flow growth ahead, which, against the Large-Cap average multiple of ~1.8X EV/FCF/G, implies shares trading at a ~low 20x EV/FCF multiple, leaving material room for expansion from the ~mid-teens multiple the shares trade at today."
Analyst: Keith Weiss
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Morgan Stanley on $CRM (OW; PT $404): "1Q26 results left questions for investors around timeline to realizing growth inflection, but metrics were largely in line with expectations amidst an uneven macro environment."
"Market reacted more negatively than we anticipated, with questions centered on Core performance, margins, & Agentforce."
"Are Margins Tapping Out? With Q1 operating margin of 32.3% coming in slightly shy of the Street at 32.6%, and FY26 guidance for 34% margin was only reiterated despite the favorable currency move in the quarter driving the raise to as-reported revenue guidance (+$400M), investors questioned whether Salesforce is signaling a moderation in margin expansion potential ahead. While management did not call out any specific impacts pressuring margin in the quarter, we would note 32.3% margins came more in line with MSe (at 32%), and Q1 is Salesforce's seasonally weakest quarter, where margins tend to ramp throughout the year thereafter. As it relates to the lack of guidance flow through on FX, while foreign currency strengthening drives benefits to revenue, heightened exposure to international expenses largely offsets the revenue tailwinds, driving unchanged margin guidance."
"That said, we do acknowledge expectations should contemplate a more modest pace of margin expansion ahead following the company's structural focus on improving profitability amidst the burgeoning of a slower-growth environment in FY23. More philosophically, given the momentum building behind Agentforce and Data Cloud, management spoke to its propensity to invest behind the growth opportunities ahead, in the form of accelerated AE hiring to support the higher-touch selling motion in the near term as these are new product cycles. Constructively, the company reiterated its commitment to continuing to improve margins despite the focus on growth, noting ability to redeploy headcount from areas like customer service towards the new forward deployed engineer strategy. As such, a faster pace of growth with a return to double digits YoY, combined with modest margin expansion, should yield durable ~low teens Free Cash Flow growth ahead, which, against the Large-Cap average multiple of ~1.8X EV/FCF/G, implies shares trading at a ~low 20x EV/FCF multiple, leaving material room for expansion from the ~mid-teens multiple the shares trade at today."
Analyst: Keith Weiss
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Goldman Sachs reiterated a Neutral on NuScale $SMR with a $27 price target after the NRC approved its US460 small modular reactor design. The approval confirms the 77MW design meets safety requirements and can now be referenced in license applications. While it’s a key regulatory milestone, the firm notes NuScale still needs to clear more hurdles before securing its first commercial contract.
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Goldman Sachs reiterated a Neutral on NuScale $SMR with a $27 price target after the NRC approved its US460 small modular reactor design. The approval confirms the 77MW design meets safety requirements and can now be referenced in license applications. While it’s a key regulatory milestone, the firm notes NuScale still needs to clear more hurdles before securing its first commercial contract.
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Evercore ISI Maintains In Line Rating on $PATH, Raises PT to $15 from $11
Analyst comments: "PATH delivered solid F1Q results, headlined by ARR of $1,693mn (+12%) vs. our/Street expectations of $1,682/1,689mn, revenue of $357mn (+6%) vs. our/Street expectations of $333/333mn, and op. margins of 20% vs. our/Street expectations of 13% as the company’s prior business model transformation and operational efficiencies materialized. Mgmt. cited similar variability in the macro environment when looking ahead to F2Q as seen in F1Q, but mgmt. now expects favorable timing and mix of deals between the second and third quarters. The public sector continued to see some moratoriums in place though the tone was slightly more positive q/q. Bottom Line: F1Q demonstrated PATH’s ability to deliver solid results even in a choppy backdrop, though the company continues to take a cautious tone given the variable execution environment. While there are some positives worth calling out in terms of favorable deal timing and early traction with PATH’s agentic offerings, we believe stringing a couple quarters together of outperformance, a flattening of NRR, and further proof points around the agentic strategy are likely needed to shift investor sentiment in a more positive direction. But this was a solid start to FY26. Maintain In Line and move PT to $15 (~4x EV / CY26 revenue)."
Analyst: Kirk Materne
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Evercore ISI Maintains In Line Rating on $PATH, Raises PT to $15 from $11
Analyst comments: "PATH delivered solid F1Q results, headlined by ARR of $1,693mn (+12%) vs. our/Street expectations of $1,682/1,689mn, revenue of $357mn (+6%) vs. our/Street expectations of $333/333mn, and op. margins of 20% vs. our/Street expectations of 13% as the company’s prior business model transformation and operational efficiencies materialized. Mgmt. cited similar variability in the macro environment when looking ahead to F2Q as seen in F1Q, but mgmt. now expects favorable timing and mix of deals between the second and third quarters. The public sector continued to see some moratoriums in place though the tone was slightly more positive q/q. Bottom Line: F1Q demonstrated PATH’s ability to deliver solid results even in a choppy backdrop, though the company continues to take a cautious tone given the variable execution environment. While there are some positives worth calling out in terms of favorable deal timing and early traction with PATH’s agentic offerings, we believe stringing a couple quarters together of outperformance, a flattening of NRR, and further proof points around the agentic strategy are likely needed to shift investor sentiment in a more positive direction. But this was a solid start to FY26. Maintain In Line and move PT to $15 (~4x EV / CY26 revenue)."
Analyst: Kirk Materne
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BMO Capital Maintains Outperform Rating on $GEV, Raises PT to $522 from $381
Analyst comments: "Still see upside from even current elevated levels. We took time out this week for a gut check of our conviction on GEV shares given the recent outperformance (+49% vs SPX) while updating our outer year estimates in our model. We believe even after adjusting our 2028-2030 EBITDA estimates by increasing assumptions to our gas power equipment pricing and service margin assumptions our estimates could still prove conservative. GEV's added over 12 GWs in slot reservation agreements since YE 2025 bringing slot reservations to over 21 GWs. We estimate slot reservations alone could drive another $60+ billion in backlog (equipment+service) that's additive to Power's current $76 billion backlog. Our current 2028-2030 estimates imply EBITDA margins of 16.3%, 18.5% and 19.9% after increasing our turbine pricing and service margins assumptions in the power segment. Scale of data centers continues to grow. We are increasingly constructive that power demand from data centers is actually scaling up based on the upward drift in average data center IT capacity. For instance, the average current data center operates around at 20 MWs of IT capacity, projects coming online this year will be around 50 MWs on average but later stage projects globally are on average >200 MWs. In addition, we see megaprojects beyond what's been announced in the U.S. (Stargate 4.5 GWs) already potentially being eclipsed (5 GWs in Abu Dhabi) which support gas generation pricing and eventually additional capacity expansion as CCGT pricing has increased by 3x since end of 2023 (see our note). We have rolled forward our base valuation year to 2028 and now ascribe ~$11/ share of value to GEV's SMR pipeline not currently reflected in our earnings estimates reflecting increasing global support for nuclear expansion with smaller publicly traded SMR peers equity values in $7.4 to $9.4 billion area."
Analyst: Ameet Thakkar
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BMO Capital Maintains Outperform Rating on $GEV, Raises PT to $522 from $381
Analyst comments: "Still see upside from even current elevated levels. We took time out this week for a gut check of our conviction on GEV shares given the recent outperformance (+49% vs SPX) while updating our outer year estimates in our model. We believe even after adjusting our 2028-2030 EBITDA estimates by increasing assumptions to our gas power equipment pricing and service margin assumptions our estimates could still prove conservative. GEV's added over 12 GWs in slot reservation agreements since YE 2025 bringing slot reservations to over 21 GWs. We estimate slot reservations alone could drive another $60+ billion in backlog (equipment+service) that's additive to Power's current $76 billion backlog. Our current 2028-2030 estimates imply EBITDA margins of 16.3%, 18.5% and 19.9% after increasing our turbine pricing and service margins assumptions in the power segment. Scale of data centers continues to grow. We are increasingly constructive that power demand from data centers is actually scaling up based on the upward drift in average data center IT capacity. For instance, the average current data center operates around at 20 MWs of IT capacity, projects coming online this year will be around 50 MWs on average but later stage projects globally are on average >200 MWs. In addition, we see megaprojects beyond what's been announced in the U.S. (Stargate 4.5 GWs) already potentially being eclipsed (5 GWs in Abu Dhabi) which support gas generation pricing and eventually additional capacity expansion as CCGT pricing has increased by 3x since end of 2023 (see our note). We have rolled forward our base valuation year to 2028 and now ascribe ~$11/ share of value to GEV's SMR pipeline not currently reflected in our earnings estimates reflecting increasing global support for nuclear expansion with smaller publicly traded SMR peers equity values in $7.4 to $9.4 billion area."
Analyst: Ameet Thakkar
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Citi Downgrades $AGCO to Neutral from Buy
Analyst comments: "We see less upside in AGCO shares following a >30% rally post liberation day and move our rating to Neutral from Buy. We see a fairly balanced risk/reward trade off at current levels based on our mid-cycle EPS estimate of $9.65 and mid-cycle multiple of 11.5x. This is a slight discount to CNH, which we think is warranted given its worse market positioning (in our view), a lower credit rating, and our view that Trimble integration and top-line synergies remains more of a 'show-me' story. We also think a likely Europe and SA ag recovery has become better understood by the market at this point. Factors we are paying attention to that could lead us to be more bullish on AGCO shares would include 1) signs of AGCO progressing to its 14-15% mid-cycle margin targets, 2) traction on Trimble synergies, 3) a favorable resolution with TAFE, and 4) a constructive US-EU trade deal."
Analyst: Kyle Menges
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Citi Downgrades $AGCO to Neutral from Buy
Analyst comments: "We see less upside in AGCO shares following a >30% rally post liberation day and move our rating to Neutral from Buy. We see a fairly balanced risk/reward trade off at current levels based on our mid-cycle EPS estimate of $9.65 and mid-cycle multiple of 11.5x. This is a slight discount to CNH, which we think is warranted given its worse market positioning (in our view), a lower credit rating, and our view that Trimble integration and top-line synergies remains more of a 'show-me' story. We also think a likely Europe and SA ag recovery has become better understood by the market at this point. Factors we are paying attention to that could lead us to be more bullish on AGCO shares would include 1) signs of AGCO progressing to its 14-15% mid-cycle margin targets, 2) traction on Trimble synergies, 3) a favorable resolution with TAFE, and 4) a constructive US-EU trade deal."
Analyst: Kyle Menges
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BofA Raises $CPNG PT to $34 from $30 - Buy
Analyst comments: "According to MoTIE, the surveyed retail/e-commerce companies’ April sales grew 7%, with offline declining 1.9% and e-commerce rose 15.8%, broadly in line with the 1Q25 trend. Electronic goods and home appliances were resilient, growing 4.1/7.7%. Grocery grew 21.3%, while Service category rose 50.1% YoY, better than our 2Q25 assumption. A deceleration was expected given the free delivery promotion that started in 1Q24-end, raising the comparative base from 2Q. Eats could continue to gain share in its less-penetrated regions outside of Seoul."
Analyst: Susie Lee
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BofA Raises $CPNG PT to $34 from $30 - Buy
Analyst comments: "According to MoTIE, the surveyed retail/e-commerce companies’ April sales grew 7%, with offline declining 1.9% and e-commerce rose 15.8%, broadly in line with the 1Q25 trend. Electronic goods and home appliances were resilient, growing 4.1/7.7%. Grocery grew 21.3%, while Service category rose 50.1% YoY, better than our 2Q25 assumption. A deceleration was expected given the free delivery promotion that started in 1Q24-end, raising the comparative base from 2Q. Eats could continue to gain share in its less-penetrated regions outside of Seoul."
Analyst: Susie Lee
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Trump’s holding a press conference with Elon Musk this Friday at 1:30 p.m. ET. Here’s what Polymarket expects they’ll say during the presser. https://t.co/X2l5qUgN5W
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Trump’s holding a press conference with Elon Musk this Friday at 1:30 p.m. ET. Here’s what Polymarket expects they’ll say during the presser. https://t.co/X2l5qUgN5W
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TRUMP ADMIN EXPANDS PALANTIR CONTRACTS
NYT reports Trump is leaning heavily on $PLTR to build a cross-agency data backbone — using its Foundry platform to organize personal data across DHS, IRS, HHS & more. Over $113M in contracts since he took office, plus a new $795M DoD award pending. Data access includes everything from bank accounts to medical records.
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TRUMP ADMIN EXPANDS PALANTIR CONTRACTS
NYT reports Trump is leaning heavily on $PLTR to build a cross-agency data backbone — using its Foundry platform to organize personal data across DHS, IRS, HHS & more. Over $113M in contracts since he took office, plus a new $795M DoD award pending. Data access includes everything from bank accounts to medical records.
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Truist Securities Downgrades $ABNB to Sell from Hold, Lowers PT to $106 from $112
Analyst comments: "ABNB (Sell): Our 2025E Adj EBITDA projection goes to $4,149M from $4,241M and EPS projection goes to $4.23 from $4.22. Our 2026E Adj EBITDA projection goes to $4,542M from $4,658M and EPS projection goes to $4.95 from $4.80. Our price target of $106 (down from $112) is based on a blended 20.0x (unchanged) multiple on our 2026E Adj EBITDA. ABNB is currently trading at 29.9x/25.0x our 2025E/2026E Adj EBITDA estimates."
Analyst: C. Patrick Scholes
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Truist Securities Downgrades $ABNB to Sell from Hold, Lowers PT to $106 from $112
Analyst comments: "ABNB (Sell): Our 2025E Adj EBITDA projection goes to $4,149M from $4,241M and EPS projection goes to $4.23 from $4.22. Our 2026E Adj EBITDA projection goes to $4,542M from $4,658M and EPS projection goes to $4.95 from $4.80. Our price target of $106 (down from $112) is based on a blended 20.0x (unchanged) multiple on our 2026E Adj EBITDA. ABNB is currently trading at 29.9x/25.0x our 2025E/2026E Adj EBITDA estimates."
Analyst: C. Patrick Scholes
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HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $ULTA EARNINGS:
JPMorgan (Overweight, PT: $525)
"...ULTA's results were well-above our raised expectations... comp (2.9% vs. 0.7%e)... op margin 14.1% vs. 12.4%e... 15% EPS upside... ULTA gained share in mass and prestige... profitability indicates better execution and a higher focus on returns under CEO Kecia Steelman... both factors support multiple expansion..."
Canaccord Genuity (Buy, PT: $542)
"...sales up +4.5% YOY... comps +2.9% vs. +0.2% Street... EBIT margin 14.2% vs. 12.6%... EPS of $6.70 vs. $5.81... in-store execution, promo management, and innovation driving results... fragrance led growth... share gains in both mass and prestige... guidance raised... strategy is starting to bear fruit..."
Morgan Stanley (Overweight, PT: $550)
"...risk/reward is positive... Q1 comps +2.9% vs. Street +0.4%... effectiveness of ULTA's Unleashed plan (execution, new brands, promo/marketing)... 2H25 comp outlook remains dynamic... current valuation ~18x FY2 P/E... undemanding for a business returning to mid-teens EBIT margin..."
Evercore ISI (Outperform, PT: $490)
"...SSS +2.9% vs. flat Street... accelerating from +1.5% in Q4... competitors like Sephora/KSS slowed... share loss cycle appears to be reversing... expect upside to ‘25/’26 EPS... raise PT on improving SSS trends, square footage growth, and low tariff risk..."
DA Davidson (Buy, PT: $485)
"...lapped Sephora store rollout... now 3 quarters of accelerating comps... this quarter’s +2.9% comp well ahead of expectations... ULTA taking back share... only big box retailer in our coverage to deliver beat/beat/raise in Q1..."
Raymond James (Outperform, PT: $500)
"...Q1 upside allows for FY outlook raise... share gains in mass/prestige and e-com +10% y/y... comp guide now flat to +1.5%... management outlook is prudent... promo efficiency improving, shrink headwinds easing... Sephora/KSS pressure fading..."
Telsey Advisory Group (Outperform, PT: $520)
"...strong start to fiscal year... revenue, margins, EPS beat expectations... Ulta gained share after quarters of elevated competition... CEO Kecia Steelman showing progress on Unleashed plan... member growth, e-commerce +10%... FY25 outlook raised... momentum encouraging despite back-half uncertainty..."
Goldman Sachs (Buy, PT: $473)
"...1Q comps above expectations, accelerating sequentially... gained share in mass and prestige... early results from Unleashed plan... guidance raised, though op margin unchanged... reiterate Buy..."
Citi (Neutral, PT: $450)
"...EPS $6.70 vs. cons $5.81... comps +2.9% vs. flat... prestige makeup flat, better than 4Q... F25 guide only raised ~$0.20... current momentum positive but valuation balanced at 19x our above-cons EPS..."
BofA Securities (Neutral, PT: $455)
"...EPS of $6.70 vs. cons $5.85... guidance raised modestly... sales deceleration implied in 2H... raising PT on early progress but remain Neutral due to reinvestment-related margin pressure..."
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HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $ULTA EARNINGS:
JPMorgan (Overweight, PT: $525)
"...ULTA's results were well-above our raised expectations... comp (2.9% vs. 0.7%e)... op margin 14.1% vs. 12.4%e... 15% EPS upside... ULTA gained share in mass and prestige... profitability indicates better execution and a higher focus on returns under CEO Kecia Steelman... both factors support multiple expansion..."
Canaccord Genuity (Buy, PT: $542)
"...sales up +4.5% YOY... comps +2.9% vs. +0.2% Street... EBIT margin 14.2% vs. 12.6%... EPS of $6.70 vs. $5.81... in-store execution, promo management, and innovation driving results... fragrance led growth... share gains in both mass and prestige... guidance raised... strategy is starting to bear fruit..."
Morgan Stanley (Overweight, PT: $550)
"...risk/reward is positive... Q1 comps +2.9% vs. Street +0.4%... effectiveness of ULTA's Unleashed plan (execution, new brands, promo/marketing)... 2H25 comp outlook remains dynamic... current valuation ~18x FY2 P/E... undemanding for a business returning to mid-teens EBIT margin..."
Evercore ISI (Outperform, PT: $490)
"...SSS +2.9% vs. flat Street... accelerating from +1.5% in Q4... competitors like Sephora/KSS slowed... share loss cycle appears to be reversing... expect upside to ‘25/’26 EPS... raise PT on improving SSS trends, square footage growth, and low tariff risk..."
DA Davidson (Buy, PT: $485)
"...lapped Sephora store rollout... now 3 quarters of accelerating comps... this quarter’s +2.9% comp well ahead of expectations... ULTA taking back share... only big box retailer in our coverage to deliver beat/beat/raise in Q1..."
Raymond James (Outperform, PT: $500)
"...Q1 upside allows for FY outlook raise... share gains in mass/prestige and e-com +10% y/y... comp guide now flat to +1.5%... management outlook is prudent... promo efficiency improving, shrink headwinds easing... Sephora/KSS pressure fading..."
Telsey Advisory Group (Outperform, PT: $520)
"...strong start to fiscal year... revenue, margins, EPS beat expectations... Ulta gained share after quarters of elevated competition... CEO Kecia Steelman showing progress on Unleashed plan... member growth, e-commerce +10%... FY25 outlook raised... momentum encouraging despite back-half uncertainty..."
Goldman Sachs (Buy, PT: $473)
"...1Q comps above expectations, accelerating sequentially... gained share in mass and prestige... early results from Unleashed plan... guidance raised, though op margin unchanged... reiterate Buy..."
Citi (Neutral, PT: $450)
"...EPS $6.70 vs. cons $5.81... comps +2.9% vs. flat... prestige makeup flat, better than 4Q... F25 guide only raised ~$0.20... current momentum positive but valuation balanced at 19x our above-cons EPS..."
BofA Securities (Neutral, PT: $455)
"...EPS of $6.70 vs. cons $5.85... guidance raised modestly... sales deceleration implied in 2H... raising PT on early progress but remain Neutral due to reinvestment-related margin pressure..."
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HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $MRVL EARNINGS:
Rosenblatt (Buy, PT: $124)
"Marvell delivered a slight beat and raise... strong AI Data Center revenue and recovery in Enterprise Networking/Carrier Infrastructure and Consumer... engaged with a current customer on the follow-on generation of this XPU... secured 3nm wafer and advanced packaging capacity for 2026... custom ASIC TAM is expanding quickly... We believe Marvell has maintained its position and will continue to grow this business."
Oppenheimer (Outperform, PT: $95)
"MRVL reported upside F1Q results and F2Q outlook... multi-generational AWS relationship intact... confident in Trainium2 ramp into CY26 followed by Trainium3... 3nm supply already secured... MSFT Maia accelerator ramping CY26... AI now >50% of DC, approaching 40% of total revs... expect more clarity on projects/timeline at June 17 custom ASIC event."
BofA Securities (Buy, PT: $72)
"...affirmation of participation in 3nm Amazon custom-chip program for CY26... multiple custom chip programs with Microsoft... limited EPS revisions but pipeline affirmation improves confidence in 20%+ sales growth... model 50%+ YoY growth in MRVL ASIC business to ~$3bn in CY26... reiterate Buy."
Evercore ISI (Outperform, PT: $133)
"Beat and Raise AprQ print... reiterated multi-generational programs with Amazon and Microsoft... MRVL has lowest PE and highest EPS growth in our AI coverage... Street not appreciating multi-sourcing strategy... expect PE to converge with peers... we are buyers."
Raymond James (Outperform, PT: $90)
"...engaged with AWS on follow-on custom AI accelerator... secured 3nm capacity for 2026 ramp... MSFT custom ASIC engagement on track... Optical segment strong... Data Center growth (76% y/y) better than peers... valuation attractive at 16x FY27 P/E."
KeyBanc (Overweight, PT: $90)
"...Data Center grew 76% y/y on AWS Trainium 2... MRVL expects AI ASIC revenue at AWS to grow in FY26/FY27... secured design wins with MSFT Maia 200 and engaged on Maia 300... still see multiple growth paths... hosting virtual AI event 6/17."
Wolfe Research (Outperform, PT: $90)
"...Mgmt. confident in custom biz growth through FY26... acknowledged customer 'pursuing multiple paths'... investors questioning revenue sustainability and applicable multiple... AI business must prove sustainability... key catalyst: June 17 custom AI event."
Barclays (Overweight, PT: $80)
"...'3nm' finally confirmed with AMZN... MSFT follow-on XPU progressing... Optical lighter in July—possible share loss... buying back stock, more ammo from Auto sale... show-me story on ASIC, but like risk/reward at ~$60."
Cantor Fitzgerald (Neutral, PT: $60)
"...modest beat and raise... focus on AI Custom Silicon... well-positioned at AMZN Trainium 2/Maia 200 and next-gen 3nm ramp for 2026... noted 'potential' customer diversification... concerned about Custom Silicon stickiness... look forward to June 17 AI event."
Morgan Stanley (Equalweight, PT: $73)
"...Trainium 2 reset behind us... sequential progression solid... optical more defensible than ASIC... sentiment remains cynical... PT based on 32x CY26 MW EPS... prefer NVDA, AVGO... maintain Equalweight."
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HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $MRVL EARNINGS:
Rosenblatt (Buy, PT: $124)
"Marvell delivered a slight beat and raise... strong AI Data Center revenue and recovery in Enterprise Networking/Carrier Infrastructure and Consumer... engaged with a current customer on the follow-on generation of this XPU... secured 3nm wafer and advanced packaging capacity for 2026... custom ASIC TAM is expanding quickly... We believe Marvell has maintained its position and will continue to grow this business."
Oppenheimer (Outperform, PT: $95)
"MRVL reported upside F1Q results and F2Q outlook... multi-generational AWS relationship intact... confident in Trainium2 ramp into CY26 followed by Trainium3... 3nm supply already secured... MSFT Maia accelerator ramping CY26... AI now >50% of DC, approaching 40% of total revs... expect more clarity on projects/timeline at June 17 custom ASIC event."
BofA Securities (Buy, PT: $72)
"...affirmation of participation in 3nm Amazon custom-chip program for CY26... multiple custom chip programs with Microsoft... limited EPS revisions but pipeline affirmation improves confidence in 20%+ sales growth... model 50%+ YoY growth in MRVL ASIC business to ~$3bn in CY26... reiterate Buy."
Evercore ISI (Outperform, PT: $133)
"Beat and Raise AprQ print... reiterated multi-generational programs with Amazon and Microsoft... MRVL has lowest PE and highest EPS growth in our AI coverage... Street not appreciating multi-sourcing strategy... expect PE to converge with peers... we are buyers."
Raymond James (Outperform, PT: $90)
"...engaged with AWS on follow-on custom AI accelerator... secured 3nm capacity for 2026 ramp... MSFT custom ASIC engagement on track... Optical segment strong... Data Center growth (76% y/y) better than peers... valuation attractive at 16x FY27 P/E."
KeyBanc (Overweight, PT: $90)
"...Data Center grew 76% y/y on AWS Trainium 2... MRVL expects AI ASIC revenue at AWS to grow in FY26/FY27... secured design wins with MSFT Maia 200 and engaged on Maia 300... still see multiple growth paths... hosting virtual AI event 6/17."
Wolfe Research (Outperform, PT: $90)
"...Mgmt. confident in custom biz growth through FY26... acknowledged customer 'pursuing multiple paths'... investors questioning revenue sustainability and applicable multiple... AI business must prove sustainability... key catalyst: June 17 custom AI event."
Barclays (Overweight, PT: $80)
"...'3nm' finally confirmed with AMZN... MSFT follow-on XPU progressing... Optical lighter in July—possible share loss... buying back stock, more ammo from Auto sale... show-me story on ASIC, but like risk/reward at ~$60."
Cantor Fitzgerald (Neutral, PT: $60)
"...modest beat and raise... focus on AI Custom Silicon... well-positioned at AMZN Trainium 2/Maia 200 and next-gen 3nm ramp for 2026... noted 'potential' customer diversification... concerned about Custom Silicon stickiness... look forward to June 17 AI event."
Morgan Stanley (Equalweight, PT: $73)
"...Trainium 2 reset behind us... sequential progression solid... optical more defensible than ASIC... sentiment remains cynical... PT based on 32x CY26 MW EPS... prefer NVDA, AVGO... maintain Equalweight."
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