Analyst forecasts and estimates — revised targets and outlooks — and where the Street sees each stock heading.
Timeline
What happened in Analyst Forecasts
Latest
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AI hardware and memory forecasts surge; consumer and autos cut
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AI hardware and memory guidance raised across the board Micron guided fiscal Q1 revenue to $61.5B (vs $57B expected) and said 75% of fiscal 2027 shipments are committed; Broadcom lifted fiscal 2027 AI-chip revenue to ~$115B; KLA's backlog jumped to $12.57B; HPE, Jabil, Arista, Intel and TD Synnex all raised outlooks. Chip, memory, server, networking and equipment suppliers gain.
This is the period's dominant new guidance shift, lifting the whole AI hardware supply chain.
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AI software and services guidance defy disruption fears Microsoft guided fiscal Q1 revenue to 16-17% growth with Azure up ~45% and capex above $50B; Accenture guided fiscal 2027 revenue growth of 3-6%, beating estimates, and its shares rose 15.8%; Salesforce authorized a $50B buyback. Enterprise software and IT services names gain as AI demand, not disruption, drives forecasts.
New guidance from Microsoft, Accenture and Salesforce shows AI spending lifting software and services forecasts, not killing them.
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Autonomous trucking forecasts arrive, but timelines slip Tesla opened its Nevada Semi factory with a 2,500-truck order and Morgan Stanley sees $17B of software revenue by 2040; Aurora targets 30,000 driverless trucks and $5B revenue by 2030, but pushed breakeven gross margin to H1 2027 from late 2026. Tesla and Aurora gain long-term optionality; slower ramp is the counterweight.
New long-range forecasts for autonomous trucking set expectations for Tesla, Aurora and their customers.
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Consumer and auto guidance cut on China weakness Nike guided fiscal 2027 revenue down high-single-digit, with Greater China down 26% for a ninth straight quarter; BMW targets only a 3-5% auto margin by 2028 after a China-linked profit warning and 8,000 job cuts; Vail Resorts guided to a fiscal 2027 rebound after weak snowfall and pass units down 12%. Consumer discretionary and autos face a demand reset.
These are the period's clearest negative guidance shifts, showing consumer and auto demand weakness.
Q3 2026
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AI spending boom continues but bubble warnings and demand cracks emerge
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AI infrastructure demand stays strong Nvidia projects $3–4 trillion in data-center spending by 2030, cloud capital spending may reach $1.4 trillion by 2027, and Broadcom, Dell, Micron and others raised guidance, with memory makers gaining pricing power.
This is the main positive force driving tech and semiconductor stocks in the quarter.
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Defense and oil forecasts jump Defense and oil forecasts also jumped on restocking and Hormuz risk, signaling higher expected demand for these sectors.
This highlights a secondary positive driver for defense and energy stocks.
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AI bubble warnings and spending cuts 60% of businesses curbed AI software spending; Cuban and Burry warned of a bubble; off-balance-sheet commitments, Broadcom's debt raise, Oracle's 55% plunge and Alphabet's $692B value loss raised alarms.
This captures the major risks and negative sentiment that emerged around AI investments.
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Consumer and auto demand resets Consumer, auto, delivery and healthcare demand reset, with Lululemon, Nike, BMW and Uber cutting guidance or jobs, indicating broader economic softening.
This shows the negative impact on non-tech sectors from weakening demand.
LatestAnalyst Forecasts
United States
Analyst Forecasts2
Coca-Cola Outpaces PepsiCo as Wall Street Picks Its Favorite Soda Stock
Wall Street has clearly chosen Coca-Cola over PepsiCo as its favorite beverage stock this year. Coca-Cola stock has ripped 23% higher this year, making it the eighth-best performer on the Dow, while PepsiCo shares have tanked by 13% and now hover near a 52-week low. PepsiCo's earnings report on Thursday is a critical one, with the company promising stronger snacking results after price cuts and that its aggressive cost cuts will show up in profits. Several Wall Street shops, including Evercore ISI and JPMorgan, have cut their profit estimates for PepsiCo ahead of the results, as higher inflation stands to pressure any cost savings. Evercore ISI analyst Robert Ottenstein said investors are concerned by share losses in North America Beverages, with brand Pepsi flat over the third quarter versus brand Coke up 7%, and lackluster trends in PepsiCo Foods North America.
PEP · Competition · Negative PepsiCo faces share losses in North America Beverages and lackluster Foods trends, with analysts cutting profit estimates ahead of earnings.
KO · Competition · Positive Coca-Cola is Wall Street's favored soda stock, with brand Coke up 7% while Pepsi brand is flat, signaling share gains over PepsiCo.
Goldman Sachs: US Data Center Growth Through 2027 Largely Unchanged Despite Local Opposition
Goldman Sachs strategist Laura Cyr said in a Monday note that the US data center growth outlook through 2027 remains largely unchanged despite rising political and community opposition. Cyr raised Goldman's year-end 2026 US data center capacity forecast by 5 gigawatts to 64 gigawatts, while cutting its year-end 2027 forecast by 5 gigawatts to 90 gigawatts. She now expects US data center power demand to grow 38%, or 12 gigawatts, in 2026 and 38%, or 17 gigawatts, in 2027, on a December versus December basis. Cyr pointed to Governor Abbott's directive to halt new Texas data center permits pending ERCOT and Texas Water Development Board audits, and an NBC News poll showing 64% of voters would be less likely to support a candidate who backs a local data center versus 11% who would be more likely. Separately, BofA Global Research estimated that up to 75% of a data center's total water consumption happens off-site, that GPU-based server electricity demand is growing roughly 30% per year, and that every incremental megawatt of new data center capacity embeds roughly 60 to 75 tons of metals, primarily copper.
Amazon Trades at Lowest Valuation Ever as AI Rally Passes It By
Amazon is trading at its lowest valuation ever as a public company, with its stock at $251 and a trailing price-to-earnings ratio of 20x, even as AI peers hit record highs. Nvidia and AMD have both reached record highs, Meta has surged 23% on Muse AI agent fever, and Microsoft and Google have posted modest gains over the past month, while Amazon is down 2.4% over that same stretch. Amazon now carries the second-lowest trailing P/E ratio among the Magnificent Seven, behind only Alphabet at 17.7 times forward earnings. Investors are taking a wait-and-see approach after the Federal Trade Commission and 22 states sued Amazon in early September, alleging its advertising practices overcharged roughly 1.2 million advertisers by $20 billion from 2019 to the present, a claim Amazon disputes. Lingering concerns about Big Tech AI infrastructure spending are also weighing on the stock, after Amazon said it is expanding its full-year 2026 capital expenditures budget to approximately $220 billion; Evercore ISI analyst Mark Mahaney estimates 2027 capex of $320 billion and 2028 capex of $370 billion, with negative free cash flow of roughly -$50 billion in each of those years.
AMZN · Capital · Negative Amazon is expanding 2026 capex to ~$220 billion with estimates of negative free cash flow around -$50 billion in 2027-2028, fueling AI infrastructure spending concerns.
AMZN · Regulation · Negative FTC and 22 states sued Amazon over advertising practices allegedly overcharging 1.2 million advertisers by $20 billion, weighing on the stock.
Quanta Raises 2026 Free Cash Flow Outlook to $2-$2.5 Billion
Quanta Services raised its full-year 2026 free cash flow outlook to $2-$2.5 billion, alongside operating cash flow expectations of $2.9-$3.4 billion, after a strong first half. In the second quarter, Quanta generated operating cash flow of $1.10 billion and free cash flow of $886 million, bringing first-half free cash flow to $1.07 billion, sharply higher than $288 million in the comparable 2025 period. Management attributed the second-quarter strength partly to favorable working-capital dynamics, particularly from large-load and renewable projects, while days sales outstanding improved to 57 days. The outlook is underpinned by a record $53.4 billion backlog, expanding project activity and rising investment in electric grids, power generation, data centers and other mission-critical infrastructure. Quanta still expects roughly $900 million of net capital expenditures in 2026, and cash generation could fluctuate with project timing, working-capital requirements, acquisitions, weather, permitting, supply-chain issues, inflation and project execution. Quanta competes with MasTec and EMCOR Group across power, electrical and mission-critical infrastructure markets; MasTec reported negative $59 million of free cash flow in the second quarter, while EMCOR posted record remaining performance obligations of $17.14 billion.
TD SYNNEX Earns Zacks Rank #1 as Earnings Estimates Jump
TD SYNNEX has been awarded a Zacks Rank #1 (Strong Buy) after analysts sharply raised their earnings estimates for the company. The consensus estimate for the current quarter now stands at $5.69 per share, a year-over-year change of +48.6%, and has climbed 27.47% over the last 30 days as four estimates moved higher with no negative revisions. For the full year, the company is expected to earn $20.50 per share, a change of +55.4% from the prior-year number, with the consensus estimate rising 10.47% over the past month as five estimates moved higher and none moved lower. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an externally-audited track record in which #1 Ranked stocks have generated an average annual return of +25% since 2008. TD SYNNEX shares have added 6% over the past four weeks.
ON Semiconductor Earnings ESP of +5.20% Points to Another Beat
ON Semiconductor Corp. is positioned to extend its earnings-beat streak when it reports its upcoming quarter, according to Zacks Investment Research. The semiconductor components maker has topped consensus estimates by an average of 3.85% over the last two quarters, reporting $0.74 per share against an expected $0.72 in the most recent quarter, a surprise of 2.78%, and $0.64 per share versus a $0.61 consensus in the prior quarter, a surprise of 4.92%. The stock currently carries a Zacks Earnings ESP of +5.20% alongside a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. Zacks notes that a negative Earnings ESP reading reduces the metric's predictive power but does not signal an earnings miss.
Palantir Technologies Carries Positive Earnings ESP Into Next Report
Palantir Technologies Inc. (PLTR) heads into its next quarterly earnings report with a positive Zacks Earnings ESP of +2.38% and a Zacks Rank #1 (Strong Buy), a combination that points to another possible earnings beat. The company has topped estimates by 15.47%, on average, over the last two quarters. In the most recent quarter, Palantir Technologies was expected to post earnings of $0.35 per share but reported $0.41 per share instead, a surprise of 17.14%. In the prior quarter, the consensus estimate was $0.29 per share while it actually produced $0.33 per share, a surprise of 13.79%. Zacks research shows that stocks combining a positive Earnings ESP with a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time.
Artificial Intelligence › AI Applications & Copilots Capital
Defense & Geopolitical Fragmentation › Defense Software & C4ISR Capital
PLTR · Capital · Positive Palantir enters its next earnings report with a positive Zacks Earnings ESP of +2.38% and a Zacks Rank #1 (Strong Buy), pointing to a possible earnings beat.
Alphabet Carries 154.94% Average Earnings Beat Streak Into Next Report
Alphabet Inc. is positioned to extend a streak of earnings beats into its next quarterly report, according to Zacks Investment Research. Over the last two quarters, the company's average earnings surprise was 154.94%. In the most recent quarter, Alphabet was expected to post earnings of $2.88 per share but reported $9.11 per share, a surprise of 216.32%, following the prior quarter's result of $5.11 per share against a consensus estimate of $2.64 per share, a surprise of 93.56%. Alphabet currently has an Earnings ESP of +1.20% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▲Capital
GOOG · Capital · Positive Alphabet is the subject, with a 154.94% average earnings beat streak and a positive Earnings ESP of +1.20% heading into its next report.
Akamai's Anthropic Deal Adds $11.6 Billion AI Backlog as Margins Slip
Akamai Technologies is deepening its shift from content delivery into security and cloud infrastructure, anchored by an expanded Anthropic agreement worth $11.6 billion over seven years, with potential to grow by an additional $9 billion. Second-quarter 2026 security revenues rose 10% year over year to $604 million, more than half of total revenues, while Cloud Infrastructure Services revenues surged 39% to $99 million, and first-half 2026 CIS contracts totaled more than $2.8 billion. Total second-quarter revenues rose 5% to $1.1 billion, but non-GAAP earnings fell 8% to $1.59 per share, adjusted EBITDA dropped 6%, and non-GAAP operating margin contracted to 25% from 30%. Delivery and other cloud application revenues declined 6% to roughly $396 million, and Akamai expects approximately $5.5 billion of total capital expenditures tied to the Anthropic commitment, including around $1.7 billion of incremental capex in 2026. Management guided 2026 revenues to between $4.45 billion and $4.53 billion, while 2026 earnings estimates fell 4.6% to $6.62 and 2027 estimates dropped 8.6% to $6.79 over the past year.
MercadoLibre Q2 2026 GMV Rises 44% to $21.9 Billion on Brazil Strength
MercadoLibre reported second-quarter 2026 gross merchandise volume of $21.9 billion, up 44% year over year and 36% on an FX-neutral basis, with items sold rising 45% to 795.4 million. Brazil remained the primary growth engine, posting 39% FX-neutral GMV growth and a 56% rise in items sold, while Mexico grew 26% FX-neutral despite tax reform and a weaker macroeconomic environment, and Argentina delivered 38% FX-neutral growth. Cross-border trade added another layer, with FX-neutral GMV up 60% and triple-digit growth in Argentina, Brazil and other markets, and the company's China fulfillment center saw volume rise 170% sequentially. Unique active buyers reached 89.3 million, with items sold per buyer up 14% overall. The Zacks Consensus Estimate implies 44.7% year-over-year sales growth for the current fiscal year but a 2.8% decline in earnings per share, and the stock carries a Zacks Rank #4 (Sell).
Deutsche Bank Sees Meta Muse Driving Up to $36.3 Billion in Sales by 2030
Deutsche Bank has laid out three scenarios for Meta Muse, forecasting that the product could generate $36.3 billion in sales by 2030 in its most optimistic case. The middle case projects about $10.7 million, while the base case puts revenue potential at roughly $2.4 billion. The forecasts were detailed on page seven of a Deutsche Bank note, and Yahoo Finance Executive Editor Brian Sozzi said he double-checked the top figure to confirm it was $36.3 billion and not $36.3 million. Sozzi noted Meta's stock has climbed roughly 23 to 24 percent over the past month on optimism about Muse, citing strong downloads and early use cases. He also discussed Meta's talent push, including the hiring of the former MongoDB chief executive, with a former Meta chief technology officer who said Mark Zuckerberg personally recruits key leaders.
Artificial Intelligence › AI Applications & Copilots ▲Demand
Artificial Intelligence › Foundation Models & Research Labs ▲Demand
Spatial Computing / AR/VR › AI / AR Smart Glasses Demand
META · Capital · Positive Deutsche Bank's bullish scenario forecasts up to $36.3 billion in Meta Muse sales by 2030, an analyst valuation call on Meta.
DBK.XETRA · · Neutral Deutsche Bank is cited only as the author of the Meta Muse research note, with no impact on the bank itself.
Palm Valley Capital Flags Flowers Foods Margin Pressure as 2026 EPS Guidance Cut
Palm Valley Capital Management disclosed in its third-quarter 2026 investor letter that Flowers Foods was among the three positions that hurt the Palm Valley Capital Fund's quarterly performance, alongside Rayonier and Reynolds Consumer Products. The fund said Flowers Foods, a market leading producer of bread and bakery products, faces rising costs, intense competition, and a value-conscious consumer, with demand also affected by growing adoption of GLP-1 medications. During the second quarter, sales declined 4% and earnings per share fell to $0.21 from $0.30, and management lowered 2026 EPS guidance from $0.80 to $0.90 down to $0.75 to $0.85. Flowers Foods closed at $5.57 on October 02, 2026, with a $1.18 billion market capitalization, a roughly 48.81% year-to-date pullback, and a 52-week range of $5.40 to $13.13. The fund said it expects near-term trends to remain challenging but believes demand for bread will eventually stabilize, with comparisons becoming easier later this year and into 2027.
Fortinet Stock Up 119.9% in Six Months as AI Demand Drives Raised 2026 Outlook
Fortinet shares have climbed 119.9% over the past six months, and the company's second-quarter 2026 results and raised full-year guidance suggest the rally rests on fundamentals rather than speculation. In the second quarter of 2026, revenues rose 26% year over year to $2.05 billion, product revenues jumped 52% to $773 million, and billings climbed 33% to $2.37 billion, while the newly framed SASE Firewall business grew 34% to more than $2 billion. Management raised its 2026 revenue outlook to $8.02-$8.18 billion from a prior $7.71-$7.87 billion, implying 19% growth at the midpoint, and lifted billings guidance to $9.35-$9.55 billion, non-GAAP operating margin to 35-37%, and non-GAAP earnings to $3.41-$3.47 per share. Fortinet also acquired Virtue AI on Aug. 17, 2026, was named a Leader in the 2026 Gartner Magic Quadrant for Hybrid Mesh Firewall on Sept. 10, and opened a New York City Innovation Hub on Sept. 15 with an investment of more than $60 million, while second-quarter free cash flow more than tripled year over year to $966 million and Moody's upgraded its debt rating to A3. The stock trades at a forward 12-month price-to-earnings ratio of 48.59 versus the sector's average of 21.33, and Fortinet will report third-quarter 2026 results on Oct. 28.
Cybersecurity & Digital Trust › Network Security & SASE ▲Demand
Cybersecurity & Digital Trust › Endpoint & Network Security ▲Demand
FTNT · Capital · Positive Q2 2026 revenue rose 26% to $2.05B with raised full-year guidance, tripled free cash flow, and a Moody's upgrade to A3.
FTNT · Demand · Positive Product revenues jumped 52% and billings climbed 33%, with the SASE Firewall business growing 34% to over $2B on AI-driven demand.
Micron Buyback Restrictions Expire December 9, Freeing Cash for Stock Repurchases
Restrictions on Micron Technology buybacks tied to its CHIPS Act funding are set to expire on December 9, a date Yahoo Finance Executive Editor Brian Sozzi says investors should circle on the calendar. Sozzi noted that Micron is generating massive free cash flow, with roughly 33 billion dollars expected in the coming quarter, and that Cantor Fitzgerald is modeling about 150 billion dollars in free cash flow next year and about 182 billion dollars in 2028. Micron said on its last earnings call that it could purchase billions of dollars of its own stock and aggressively reduce its outstanding share count by at least 30 percent, according to Cantor Fitzgerald. Sozzi said the company is likely to use that free cash flow to buy back stock at what it considers attractive levels, and that the street expects the stock to rally into the December 9 announcement. He added that he does not expect the buyback to be as large as Nvidia's, given the two are very different companies.
Semiconductors › Memory — DRAM, NAND & HBM Capital
MU · Capital · Positive CHIPS Act buyback restrictions expire Dec 9, freeing Micron to repurchase billions of dollars of stock and cut share count by at least 30%.
Jabil Inc. reported fourth-quarter revenue of $10.6 billion, up from $8.3 billion, with core EPS of $4.4 versus $3.29, and guided fiscal 2027 revenue to $44.5 billion, representing 24% growth. The company projected a 30-basis-point expansion in core operating margin to 6.1% and core EPS growth of 34% to $17.55. AI infrastructure is the company's most important growth engine, with its capital equipment business expected to reach $4.2 billion in fiscal 2027, up 40% year over year, while networking and communications is expected to generate $3.9 billion, up 15%. Jabil also expects its healthcare and packaging business to generate $5.6 billion in fiscal 2027 revenue, up 6%, with more than 700 million injectors and delivery pens manufactured, while renewable and energy infrastructure revenue is expected to rise 7% to $3 billion and auto and transportation revenue to increase 9% to $5 billion. The stock has gained 50.5% over the past year, trailing the Electronic Manufacturing Services industry's 64.5% growth, and trades at 17.5 forward earnings versus 20.2 for the industry and its mean of 21.5.
Earnings Season Kicks Off With Constellation Brands, PepsiCo, Delta in Focus
Third quarter earnings season begins this week with results due from Constellation Brands, Levi's, PepsiCo and Delta, and Wall Street analysts are heading in with record optimism. According to new data from FactSet, 60% of S&P 500 stocks now carry a buy rating from Wall Street analysts, the highest level on record, leaving next to no margin for error if results or guidance come up short. The optimism is rooted in the earnings outlook: the S&P 500 is expected to report year-over-year earnings growth of 29.5% for the recently completed third quarter, while analysts are calling for growth of 27.6% in the fourth quarter and 32.4% for 2026. Yahoo Finance Executive Editor Brian Sozzi said he is most concerned about Constellation Brands and PepsiCo given pressured consumer wallets, and flagged Delta's outlook as at risk from soaring fuel prices even though sales trends likely stayed strong.
PepsiCo Q3 Revenue Seen at $24.9 Billion Ahead of October 8 Report
PepsiCo is expected to report third-quarter 2026 results on Oct. 8 before the opening bell, with the Zacks Consensus Estimate pegging revenues at $24.9 billion, implying 3.9% growth from the year-ago quarter, and quarterly earnings at $2.29, flat with the prior-year quarter. The consensus earnings mark has moved down by a penny in the past seven days, and PepsiCo currently carries a Zacks Rank #4 (Sell) with an Earnings ESP of -0.10%. North America remains the key area to monitor: in the second quarter of 2026, North America organic revenues edged down 0.5%, PepsiCo Foods North America revenues fell 2% due mainly to lower effective net pricing, and PepsiCo Beverages North America posted 1% organic revenue growth while organic volume declined 4%. International organic revenues advanced 7% in the second quarter, marking the 21st consecutive quarter of at least mid-single-digit growth, and the model predicts third-quarter revenues for the International Beverages Franchise segment to improve 9% year over year, with international convenient foods revenues for EMEA, LatAm Foods and the Asia-Pacific expected to increase 7%, 5% and 10%, respectively. The second-quarter 2026 core operating margin declined 40 basis points as affordability investments, cost inflation and unfavorable mix weighed on profitability, and PepsiCo expects higher input-cost inflation in the second half with earnings growth weighted toward the fourth quarter. At a current stock price of $125.89, PepsiCo trades 0.6% above its 52-week low of $125.16 and 26.6% below its 52-week high of $171.48, and the stock has lost 12.1% over the past three months.
PEP · Capital · Negative PepsiCo carries a Zacks Rank #4 (Sell) with a negative Earnings ESP and consensus EPS trimmed ahead of its Oct. 8 Q3 report.
PEP · Pricing · Negative PepsiCo Foods North America revenue fell 2% due mainly to lower effective net pricing, and Q2 core operating margin declined 40bp on affordability investments and cost inflation.
Goldman expects hyperscaler cloud growth to accelerate to 55% in Q3
Goldman Sachs strategist Ben Snider says the AI stock rally hinges on hyperscalers like Oracle and Amazon delivering another quarter of accelerating cloud computing adoption this earnings season. In a new note, Snider said Goldman's equity analysts expect year over year cloud revenue growth to increase from 48% in Q2 to 55% in Q3, after last quarter's accelerating cloud revenue growth and large revenue backlogs signaled monetization of capex investments. Micron offered an early validating sign last week, beating sales and profit forecasts for the quarter on voracious AI-driven demand, with guidance also strong; the memory chipmaker added about $43 billion in sales in the most recent quarter compared to the year-ago quarter, and operating margins exploded in all business segments. Executives told analysts on the earnings call that high chip prices and tight capacity would be the name of the game through 2028. D.A. Davidson analyst Gil Luria said expectations for tightening supply-demand conditions through both 2027 and 2028 meaningfully extend the industry's runway for strong pricing and earnings growth, addressing a key investor concern that current fundamentals represent a cyclical peak.
Artificial Intelligence › AI Compute & Accelerator Silicon ▲Demand
Artificial Intelligence › HBM & AI Memory ▲Demand
MU · Demand · Positive Micron beat sales and profit forecasts on voracious AI-driven demand, adding ~$43B in sales YoY with strong guidance and tight capacity through 2028.
AMZN · Demand · Positive Goldman expects hyperscaler cloud revenue growth to accelerate to 55% in Q3, with Amazon named as a key hyperscaler whose cloud adoption must deliver.
ORCL · Demand · Positive Oracle is named as a hyperscaler whose accelerating cloud computing adoption is central to Goldman's expected 55% Q3 cloud revenue growth.
GS · · Neutral Goldman Sachs strategist authored the note on hyperscaler cloud growth; no company-specific financial impact on Goldman itself.
Deutsche Bank Sees Meta's Muse AI Agent Reaching Up to 8% of Revenue by 2030
Deutsche Bank analyst Benjamin Black estimates Meta's Muse AI agent could generate up to 8% of the company's revenue by 2030, roughly $36 billion in sales, with a lower-end forecast of $2.4 billion. Muse has already been downloaded more than 5.1 million times, according to Sensor Tower, and Meta has signed commerce deals with Shopify and PayPal. Meta also debuted the Muse Charm in late September, a standalone pocket device built exclusively for voice interaction with the Muse agent, and CEO Mark Zuckerberg showcased a shift toward "personal superintelligence" with the Meta VR Glasses, a 100-gram spatial computing device priced at $1,299 with 5K micro-OLED displays, tethered puck processing, and native eye and hand tracking. On the smart eyewear front, Meta launched the third-generation Ray-Ban Meta Gen 3 glasses starting at $249, alongside camera-free Ray-Ban Meta Audio glasses for open-ear listening and AI voice interaction. Meta's stock is up 25% inside of a month.
META · Demand · Positive Deutsche Bank estimates Meta's Muse AI agent could reach up to 8% of revenue by 2030, with 5.1M downloads and commerce deals with Shopify and PayPal.
DBK.XETRA · Capital · Neutral Deutsche Bank analyst Benjamin Black issued the revenue estimate for Meta's Muse AI agent.
PYPL · Demand · Positive Meta signed commerce deals with PayPal for its Muse AI agent, potentially driving payment volume.
SHOP · Demand · Positive Meta signed commerce deals with Shopify for its Muse AI agent, potentially driving merchant activity.
PTT to go ex-dividend on 7 October, paying an interim dividend of 1.40 baht per share
PTT shares are set to trade ex-dividend on 7 October to pay an interim dividend of 1.40 baht per share, with the actual payment date set for 22 October 2026. Meanwhile, brokers are maintaining their estimates and their 2027 fundamental value at 48 baht per share. Asia Plus Securities noted that PTT still stands out as a holding company with a diversified business structure, which helps spread risk and generate relatively stable profits. It also pointed out that the current share price remains a laggard compared with energy-sector subsidiaries, and that the interim dividend payout is a positive factor for the share price. KGI Securities (Thailand) expects PTT's profit to fall quarter-on-quarter in the third quarter of 2026, after hitting a record high of 52.5 billion baht in the second quarter of 2026, pressured by PTTEP, PTTGC, the gas business unit and the trading business unit. It expects PTTEP's average selling price to decline in line with lower Dubai crude prices, which have fallen to 80 US dollars per barrel in the third quarter to date of 2026, or a 17% drop quarter-on-quarter, while the HDPE price in the third quarter to date of 2026 is still down 21% quarter-on-quarter at 1,125 US dollars per tonne, which should pressure the olefins business profit of PTTGC. Meanwhile, the contribution margin of the trading business unit, which had been as high as 0.31 baht per litre in the second quarter of 2026, is expected to return to normal levels in the third quarter of 2026 forecast. KGI also maintains its buy recommendation on PTT, with a sum-of-the-parts target price for the first half of 2027 forecast at 43.00 baht, and expects the share price to be supported by an attractive dividend yield of 5.6% in 2026 and 2027 forecast, based on an estimated dividend per share of 2.30 baht per year.
PTT.BK · Capital · Positive PTT declares an interim dividend of 1.40 baht per share with brokers maintaining buy ratings and a 48 baht fundamental value.
PTTEP.BK · Pricing · Negative KGI expects PTTEP's average selling price to fall with Dubai crude down 17% QoQ, pressuring PTT's Q3 profit.
PTTGC.BK · Pricing · Negative HDPE prices down 21% QoQ to $1,125/tonne are expected to pressure PTTGC's olefins business profit.
J.P. Morgan Puts Givaudan on Positive Catalyst Watch Ahead of Q3 Results
J.P. Morgan on Monday added Givaudan to its Positive Catalyst Watch ahead of the company's Oct. 13 third-quarter results, expecting organic sales growth of 6.7%, above consensus of about 5%. The broker, which rates Givaudan overweight, said the results could prompt upward revisions to its 2026 and 2027 sales and margin forecasts, and it expects like-for-like sales growth of 5.0% in 2026 and 5.6% in 2027, versus consensus of 4.2% and 4.7%. For the third quarter, the bank forecasts organic sales growth of 6.7%, up from 4.3% in the second quarter, driven mainly by 6.2% volume growth, with pricing growth of 0.5% and a 2026 EBIT margin of 24.1%, slightly above consensus of 23.8%. J.P. Morgan expects 2026 earnings per share of CHF 135.1 and 2027 EPS of CHF 141.8, up from CHF 133 and CHF 139 in its forecasts a month ago, and it sees Givaudan as the fastest-growing company among its ingredients peers in the second half of 2026. Across the ingredients sector, the bank expects third-quarter like-for-like growth of 5.2%, forecasting 3.7% for Kerry and 4.8% for Symrise against 6.7% for Givaudan, while more broadly it expects European consumer staples companies to deliver upside surprises in third-quarter sales and profit forecasts.
BofA Upgrades DraftKings to Buy, Lifts 2027 EBITDA Estimate to $1.15 Billion
Bank of America upgraded DraftKings from Neutral to Buy, sending shares up 5%, with analyst Julie Hoover keeping a $27 price target that implies 45% upside. Hoover called the stock's 47% year-over-year pullback an attractive entry point, citing DraftKings' position as the third-largest player in prediction markets. BofA estimates prediction markets could generate roughly $400 million in fees for DraftKings by 2027, plus $200 million to $400 million from market-making, while a regulatory shutdown would remove the terminal value overhang. The firm lowered its 2026 EBITDA estimate from $625 million to $500 million but raised its 2027 EBITDA estimate from $1.05 billion to $1.15 billion, and said DraftKings could guide 2027 EBITDA in the $1.0 billion to $1.2 billion range. The $27 target is based on a 12x multiple of 2027 EV/EBITDA, and BofA said it wants stronger cost discipline in the core business to support 2028 margins.
DKNG · Capital · Positive BofA upgraded DraftKings to Buy and raised its 2027 EBITDA estimate to $1.15 billion, citing an attractive entry point after a 47% pullback.
GF Securities Lifts UMC EPS Forecasts on Stronger Prices and Margins
GF Securities expects United Microelectronics to post stronger earnings per share over the next two years on a combination of stronger prices and margins, supported by rising orders from key clients that are lifting utilization rates at its foundry. Analyst Jeff Pu said 12-inch utilization should reach about 93% by end-2026 on strong DDIC volumes from Novatek and Samsung LSI at 22/28nm and Apple's Mac at 55/65nm, with upside from Sony's sensors, while 8-inch utilization should reach about 90% by end-2026 and full loading by 2H27 on intact demand for datacenter PMIC, MCU and embedded memory. Pricing momentum extends from 2H26 for selective customers into 1H27 at 10-30% across 12-inch and 8-inch, and into 2H27 where negotiations are ongoing, suggesting visibility extending into 2H27. GF Securities raised its EPS forecasts for the entirety of 2026 and 2027 by 2% and 8% respectively and maintained its Buy rating, with UMC expected to begin another growth phase in 2028 when it transitions to asset-light FinFET and optical full solutions, driven by Intel 2nm as a major inflection. Interposer and advanced packaging are expected to begin contributing during the second half of 2027, supported by silicon capacitor, DTC, hybrid bonding and controller-to-bonding integration. UMC shares were down 8% in pre-market trading on Monday, but the stock has surged 32% over the past month and more than 230% year-to-date.
2303.TW · Capital · Positive GF Securities raised its 2026 and 2027 EPS forecasts for UMC by 2% and 8% and maintained its Buy rating.
2303.TW · Demand · Positive Rising orders from key clients like Novatek, Samsung LSI, Apple, and Sony are lifting 12-inch and 8-inch utilization rates.
Goldman names Applied Materials, Seagate, Microchip as tactical chip buys ahead of earnings
Goldman Sachs named Applied Materials, Seagate and Microchip as tactical ideas heading into third-quarter earnings, saying it sees a more constructive trading setup for semiconductor stocks after a sector pullback it attributed to significant de-risking. Analysts led by James Schneider said the sector has fallen sharply over the past two months, with the SOX index down 11% against a 4% gain for the S&P 500, in stark contrast to the 2Q setup when the bank signaled a more cautious tactical outlook ahead of results. Goldman expects Applied Materials to raise its margin targets and give a robust growth outlook at SEMICON West on October 13, ahead of mid-November earnings, with a strong report driven by DRAM and advanced logic and management speaking to a wafer fab equipment market growing toward $300 billion over time, though the stock rallied about 12% in the past week so expectations are elevated. For Seagate, Goldman forecasts a strong quarter on positive hard disk drive pricing and a supportive demand environment, projecting about 2% revenue upside and guidance roughly 3% above the Street, citing prudent supply strategy and advanced HAMR progress relative to competitors. Goldman also expects broad strength across end markets for Microchip, led by datacenter and aerospace and defense, with about 1% revenue upside and gross margin recovering to roughly 66% by the end of 2026, and its fiscal 2027 earnings estimate about 3% above consensus. The bank flagged downside risk tactically for Qualcomm, KLA and Western Digital, all rated Neutral, saying Qualcomm may be ahead of itself given strong expectations tied to agentic AI, KLA's results may lag peers as spending skews toward DRAM, and Western Digital should underperform Seagate.
AMAT · Capital · Positive Goldman names Applied Materials a tactical buy ahead of earnings, expecting raised margin targets and robust growth outlook at SEMICON West.
MCHP · Capital · Positive Goldman names Microchip a tactical buy, expecting broad end-market strength led by datacenter and aerospace/defense with revenue upside and margin recovery.
STX · Capital · Positive Goldman names Seagate a tactical buy, forecasting a strong quarter on positive HDD pricing and supportive demand with revenue upside.
WDC · Competition · Negative Goldman flagged Western Digital as a tactical downside risk, saying it should underperform Seagate.
KLAC · Capital · Negative Goldman flags downside risk tactically for KLA, saying its results may lag peers as spending skews toward DRAM.
QCOM · Capital · Negative Goldman flags downside risk tactically for Qualcomm, saying it may be ahead of itself given strong agentic-AI expectations.
Hapag-Lloyd Lifts 2026 Earnings Outlook on Stronger Demand
Hapag-Lloyd lifted its earnings outlook for 2026 after reporting stronger market demand and firmer spot freight rates. The upgraded guidance follows a 90-day share price return of 21.62% and a 1-year total shareholder return of 25.22%, though the 3-year total shareholder return declined 8.55%. Against a last close of €141.20, the most followed analyst narrative puts Hapag-Lloyd's fair value at €106.30, framing the shares as 33% overvalued. Management said volume growth is likely to moderate in the second half and beyond, with the company expecting only moderate increases above a roughly 3% industry trend, and flagged persistent downward pressure on freight rates and normalization of spot rates. The company's push into more efficient, lower emission vessels could still support higher volumes and margins than consensus expects.
Chevron Rated Zacks Rank #2 as Earnings Estimates Surge
Chevron has drawn heavy investor search interest on Zacks.com, with the company now rated Zacks Rank #2 (Buy) on the strength of sharply rising earnings estimates. Chevron is expected to post earnings of $4.89 per share for the current quarter, a year-over-year change of +164.3%, and the Zacks Consensus Estimate has moved +22.4% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $16.98 points to a change of +132.9% from the prior year, while the next fiscal year's consensus estimate of $15.11 indicates a change of -11%. On the revenue side, the consensus sales estimate of $59.3 billion for the current quarter points to a year-over-year change of +19.3%, with the $235.36 billion and $228.55 billion estimates for the current and next fiscal years indicating changes of +24.5% and -2.9%, respectively. In the last reported quarter, Chevron posted revenues of $70.06 billion, a year-over-year change of +56.3%, and EPS of $6.06 versus $1.77 a year ago, beating the Zacks Consensus revenue estimate of $57.53 billion by +21.78% and the EPS estimate by +4.48%.
Exxon Mobil Earnings Estimates Surge as Zacks Keeps Hold Rating
Exxon Mobil Holdings is expected to post earnings of $3.93 per share for the current quarter, a year-over-year change of +109%, with the Zacks Consensus Estimate rising +19.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $12.4 indicates a year-over-year change of +77.4% and has moved +4.5% over the past month, while the next fiscal year's estimate of $12.08 reflects a -2.6% change from the prior year and a +5.7% revision over the last month. The consensus sales estimate for the current quarter of $104.61 billion indicates a year-over-year change of +22.7%, with current and next fiscal year estimates of $410.03 billion and $407.47 billion representing +23.4% and -0.6% changes, respectively. Exxon reported revenues of $116.02 billion in the last reported quarter, a year-over-year change of +42.3%, with EPS of $3.52 versus $1.64 a year ago, and the revenue figure beat the Zacks Consensus Estimate of $95.8 billion by a surprise of +21.1% while the EPS surprise was -4.35%. Based on the size of the recent consensus estimate change and three other earnings-related factors, Exxon carries a Zacks Rank #3 (Hold) and a Zacks Value Style Score of B, indicating it trades at a discount to its peers.
XOM · Capital · Positive Zacks consensus earnings estimate for Exxon surged +19.8% over 30 days with strong YoY EPS and revenue growth, though it keeps a Hold rating.
JD.com Consensus Earnings Estimates Rise as Zacks Rank Holds at #3
JD.com is expected to post earnings of $1.05 per share for the current quarter, a year-over-year change of +101.9%, with the Zacks Consensus Estimate up +3.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $3.34 points to a change of +31% from the prior year and has moved +6.7% over the past 30 days, while the next fiscal year's estimate of $3.91 indicates a +16.9% change and has edged up +0.3% over the past month. The consensus sales estimate for the current quarter of $46.07 billion indicates a year-over-year change of +9.7%, and for the current and next fiscal years, $202.54 billion and $213.58 billion estimates indicate +10.3% and +5.5% changes, respectively. In the last reported quarter, JD.com reported revenues of $51.05 billion, up +2.5% year over year and a surprise of -0.96% versus the Zacks Consensus Estimate of $51.55 billion, while EPS of $0.93 compared with $0.69 a year ago for an EPS surprise of +8.14%. The company beat consensus EPS estimates in each of the trailing four quarters and topped consensus revenue estimates two times over that period, and it carries a Zacks Rank #3 (Hold) along with a Zacks Value Style Score of A.
9618.HK · Capital · Positive Consensus earnings estimates for JD.com rose over the last 30 days, with current-quarter EPS expected up +101.9% year over year and the stock holding a Zacks Rank #3.
Warner Bros. Discovery Earns Zacks Rank #3 as Quarterly EPS Estimate Holds at $0.02
Warner Bros. Discovery holds a Zacks Rank #3 (Hold), with the consensus estimate for the current quarter unchanged over the last 30 days at $0.02 per share, a swing of +133.3% from the year-ago quarter. For the current fiscal year, the consensus earnings estimate stands at -$1.08, a year-over-year change of -472.4%, and that figure has moved +2% over the past 30 days, while the next fiscal year's consensus estimate of $0.1, up +109.3% from the expected year-ago result, has fallen -41.2% over the past month. On the revenue side, the consensus sales estimate for the current quarter is $8.84 billion, a year-over-year change of -2.3%, with $36.22 billion and $37.51 billion expected for the current and next fiscal years, changes of -2.9% and +3.6% respectively. In the last reported quarter, Warner Bros. Discovery posted revenues of $8.72 billion, down -11.2% year over year and a -6.19% surprise against the Zacks Consensus Estimate of $9.29 billion, while EPS of $0.06 compared with $0.63 a year ago for a +146.15% surprise. The stock has returned +9.5% over the past month against the Zacks S&P 500 composite's +0.6% change, even as the Zacks Broadcast Radio and Television industry lost 10.6% over the same period, and it carries a Zacks Value Style Score of D, indicating it trades at a premium to its peers.
WBD · Capital · Neutral Zacks Rank #3 (Hold) with unchanged quarterly EPS estimate of $0.02, mixed estimate revisions and a Value Score of D — a valuation/earnings-estimate update with no clear directional signal.
Onto Innovation Stock Up 126% as Record Q2 Revenue and $1 Billion Backlog Fuel Bull Case
Onto Innovation has emerged as a key beneficiary of the AI semiconductor investment cycle, with its stock jumping 125.6% in a year, roughly matching the Zacks Nanotechnology industry's 125.7% gain and outpacing the Zacks Computer and Technology sector and the S&P 500 composite, which rose 26% and 15.5%, respectively. The company reported record second-quarter revenue of $343.1 million, up 35.3% year over year and nearly 18% sequentially, with non-GAAP earnings per share of $1.93 versus $1.25 a year earlier, while backlog exceeded $1 billion for the first time. Management raised its second-half 2026 revenue, margin and EPS outlook, guiding third-quarter revenue of $380 to $400 million and expecting gross margin to expand by another 50 basis points in each of the third and fourth quarters, with operating margin improving 200 basis points to 31.5-32.5% in the third quarter and exceeding 33% by year-end. The company also raised its 2026 advanced-packaging growth outlook to at least 80% from more than 50% previously and now expects advanced-nodes revenue to grow more than 35% in 2026, up from about 25%, helped by its Dragonfly G5 platform and more than $200 million in Dragonfly orders from a single OSAT, mostly for 2027 delivery. In April 2026, Onto Innovation agreed to acquire a 27% stake in Rigaku Holdings for about $710 million, and it ended the second quarter with $1.88 billion in cash and short-term investments, though risks include customer concentration, with four customers accounting for 57.3% of first-half 2026 revenue, and a forward price/earnings multiple of 30.23X versus the industry's 5.83X.
ONTO · Capital · Positive Onto Innovation reported record Q2 revenue of $343.1M, EPS of $1.93, a >$1B backlog, and raised its 2026 outlook.
ONTO · Demand · Positive Onto raised its 2026 advanced-packaging growth outlook to at least 80% and cited over $200M in Dragonfly orders from a single OSAT.
268A.JP · Capital · Neutral Onto agreed to acquire a 27% stake in Rigaku Holdings for about $710 million, a passing mention with no detail on Rigaku's own outlook.
Zacks Preview: S&P 500 Q3 Earnings Seen Up 24.6%, 8th Straight Double-Digit Quarter
Zacks Investment Research released its weekly earnings preview, projecting S&P 500 earnings will rise 24.6% in the third quarter from a year earlier, the index's eighth consecutive quarter of double-digit growth. Fifteen of the 16 Zacks sectors are on track for positive earnings growth, with six expected to post double-digit gains: Aerospace up 159.7%, Energy up 114.3%, Tech up 43.3%, Basic Materials up 29.5%, Transportation up 14.4% and Industrial Products up 13.2%, while the Conglomerates sector is the sole decliner at minus 31.3%. Within Tech, Nvidia's Q3 earnings are expected to climb 90% year over year on 91.2% higher revenues, Alphabet's are seen up 2.8%, and Micron's most recent release showed a 1075.7% earnings jump; excluding Nvidia, Micron and Alphabet, Tech sector earnings growth falls to 20.5%, and excluding the Energy sector, S&P 500 growth drops to 20.5% from 24.6%. Sixteen S&P 500 members have already reported results for their fiscal quarters ending in August, with total earnings up 188.3% on 31.7% higher revenues and 81.3% beating EPS estimates, though excluding Micron that growth falls to 11.7%. The big banks begin reporting October 13, and Constellation Brands, Delta Air Lines and Pepsi are due this week.
National Grid Lifts Full-Year Earnings Outlook After Strong H1
National Grid said Monday it now expects full-year earnings growth to come in slightly above its previous guidance after a stronger-than-expected first-half performance from its investment portfolio and the strength of its power grid business. The company said it expects to report full-year earnings per share growth slightly above the previous outlook of 13%-15%, with underlying EPS expected to be weighted to the year's second half and half-year operating profit seen coming in broadly consistent with the prior year. National Grid said its regulated businesses continue to perform in line with expectations, while National Grid Ventures and other activities are expected to contribute roughly £130M more than previously anticipated in the first half, reflecting significant one-off fair value gains following two successful capital market transactions within the NG Partners investment portfolio and stronger performance in the interconnectors business. Operating profit in the company's UK Electricity Transmission and UK Electricity Distribution units are expected to be broadly evenly split across the year, consistent with FY 2026, while operating profit in the U.S. regulated businesses is expected to be weighted to the second half in line with the usual seasonality. In New England, a return to a more typical seasonality profile is anticipated following the one-off impact of the FERC RoE judgment in the second half of 2026.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment Capital
NG.LSE · Capital · Positive National Grid lifted its full-year EPS growth outlook above prior 13%-15% guidance after stronger-than-expected H1, driven by one-off fair value gains in its NG Partners investment portfolio.
XSpring AM Raises Thai Equity Weighting to Neutral, Eyes SET Hitting 1,700 Points in 2027
XSpring Asset Management has upgraded its investment weighting for the Thai stock market from Underweight to Neutral. Chief Executive Officer Yossakorn Follett said the supporting factors are valuations that are neither cheap nor expensive, a dividend yield of 3 to 3.5 percent per year, a stable government, and foreign investment flows that have begun returning since the start of the year, though not yet matching the outflows seen over the previous three years. He estimates that the SET Index has limited upside of around 1,650 points by the end of this year, excluding the impact of the flood situation, and could reach 1,700 points in 2027 if the Stock Exchange of Thailand succeeds in attracting large companies or quality family businesses to list, thereby increasing the market capitalization of the Thai stock market. Sectors of interest include consumer goods and semiconductors, while commercial banks require stock-by-stock selection and a wait to assess the impact of the floods on non-performing loans. On the mutual fund business under XSpring AM's management, net asset value stands at approximately 3.4 to 4.5 billion baht, with a target to grow to 5 to 6 billion baht by the end of this year, while private funds stand at 6.8 to 7 billion baht and are expected to exceed 10 billion baht by year-end, driven by large clients, with three to four more currently under negotiation. As a result, total assets under management this year are expected to close at 16 billion baht, growing about 60 percent from 10 billion baht last year. XSpring AM is currently offering an initial public offering of the XSpring Open Australian Equity Fund, the first Australian equity fund in Thailand, and in the fourth quarter plans to launch a diversified commodity fund and a small-cap US value equity fund.
XSpring Asset Management Company Limited · Capital · Positive XSpring AM upgraded Thai equity weighting to Neutral and targets AUM growth to 16 billion baht, up ~60% from last year.
Morgan Stanley's Wilson Sees Earnings-Led Upturn in Industrials
Morgan Stanley strategists led by Michael Wilson said the steep drop in US stock valuations since early summer has created a "better setup" for economically sensitive sectors whose fundamental outlook remains robust, with capital-goods names standing out for having among the strongest earnings revision profiles. In a note on Monday, Wilson wrote that "parts of the asset-heavy universe are beginning to look more interesting after recent de-rating." The US stock rally has faltered since mid-August as rising bond yields offset one of the strongest earnings seasons on record, and analysts expect S&P 500 profits to jump 25% in the July-September period versus a year earlier, following a 34% surge in the previous three months, according to data compiled by Bloomberg Intelligence. Wilson said those lofty expectations were "creating a high bar" for companies, adding that "we expect earnings quality, free cash flow and revisions breadth to be the key differentiators." Within industrials, Carlisle Cos Inc., Caterpillar Inc. and General Dynamics Corp. were among the top stocks based on quality, improving earnings revision and a drawdown of more than 10% from June 2026 peaks, the strategists said, noting that broadening backlogs across machinery, fabricated metals and other categories are improving revenue visibility. Goldman Sachs Group Inc. strategists led by Ben Snider said third-quarter earnings growth will be driven by beneficiaries of AI infrastructure spending, with AI monetization and productivity also important themes, though they expect growth to have slowed from the second quarter as cost pressures limit margin expansion and the dollar provides a modestly smaller tailwind to revenue growth.
CAT · Capital · Positive Named among top industrials on quality, improving earnings revisions and >10% drawdown, with broadening backlogs improving revenue visibility.
CSL · Capital · Positive Named among top industrials based on quality, improving earnings revision and a >10% drawdown from June 2026 peaks.
GD · Capital · Positive Named among top industrials on quality, improving earnings revisions and a >10% drawdown from June 2026 peaks.
MS · Capital · Positive Morgan Stanley strategists led by Wilson see a better setup for asset-heavy industrials with strong earnings revision profiles.
GS · Capital · Neutral Goldman strategists' view on Q3 earnings drivers is cited as context, not a company-specific development for Goldman Sachs.
XO targets 2026 revenue of nearly 2.4 billion baht, invests 1.3 billion in new factory
Shares of Exotic Food Public Company Limited, or XO, closed at 19.00 baht, up 1.10 baht or 6.15%, on trading value of 24.68 million baht, after Chief Executive Officer Jittiporn Chantrat revealed that the global seasoning sauce market continues to expand. The global hot sauce market was worth approximately 120 billion baht in 2025 and is expected to grow at an average of 7.7-7.8% per year, reaching about 200 billion baht in 2032. Meanwhile, the sriracha sauce market was valued at approximately 19.3 billion baht in 2025 and is expected to rise to more than 30 billion baht in 2032. XO holds roughly 7.9% of the global sriracha sauce market. The company targets revenue growth of no less than 10% in 2026 from about 2.15 billion baht in 2025, which would amount to nearly 2.4 billion baht. It is also proceeding with investment in a new factory worth approximately 1.3 billion baht, funded about 70% by loans from financial institutions and about 30% by company cash. The plant is expected to be completed in the second quarter of 2028, with exports from the new factory beginning in the third quarter of 2028. Brokerage Globlex Securities raised its 2026 revenue forecast for XO to 2.37 billion baht from 2.26 billion baht, a 10% increase from the previous year. It expects gross profit margin of 47%, excluding the impact of inventory write-downs, and maintains its 2026 net profit forecast at 535 million baht, up 6% from the previous year. It also raised its target price to 19.20 baht from 15.60 baht and upgraded its recommendation from hold to speculative buy.
XO.BK · Capital · Positive Globlex raised XO's 2026 revenue forecast and target price to 19.20 baht with a speculative buy rating, and XO is investing 1.3 billion baht in a new factory.
XO.BK · Demand · Positive XO targets 2026 revenue near 2.4 billion baht on expanding global hot/sriracha sauce demand and its 7.9% sriracha share.
Tom Lee Predicts Ethereum Will Break $5,000 by Year-End, Eyes $60,000 Within a Few Years
Tom Lee, head of research at Fundstrat and chairman of Bitmine, said in an interview with Coinage that Ethereum will set a new all-time high and surge above $5,000 before the end of this year, and he sees the potential for it to reach $60,000 within the next few years, citing past price cycles in which it climbed from below $100 at the end of 2018 to nearly $4,900 in 2021. Lee noted that Ethereum has risen about 80% from its June low near $1,500 to around $2,700 by the end of September, even as the Federal Reserve raised interest rates by 0.25% on September 16, bringing the target range to 3.75%-4% by a 12-0 vote. On the institutional side, money has flowed in through spot Ether ETFs in the United States, with September 22 recording net inflows of $162.2 million, the third consecutive day of positive flows, as BlackRock's Ethereum fund took in $88.1 million and Fidelity's fund added $33.6 million. Lee also pointed to Robinhood's decision to build Robinhood Chain on Ethereum, which attracted as much as $2.1 billion in tokenized assets in its first two months, with $1.5 billion deposited into applications running on the network. At the same time, the Securities and Exchange Commission issued an innovation exemption on September 17 that allows certain tokenized versions of US-listed shares to trade on blockchain networks, after the draft Clarity Act failed to advance in the Senate by a vote of 49-50.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Pricing
BMNR · Capital · Positive Tom Lee, chairman of Bitmine, publicly predicts Ethereum will break $5,000 by year-end and $60,000 in a few years, a bullish call tied to his firm.
HOOD · Demand · Positive Robinhood's decision to build Robinhood Chain on Ethereum attracted up to $2.1 billion in tokenized assets in its first two months, with $1.5 billion deposited into apps on the network.
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Analyst Forecasts▼
Goldman Sachs Initiates EU Luxury Coverage, Rates Richemont, LVMH, Moncler and Prada Buy
Goldman Sachs initiated coverage of 10 European luxury stocks, assigning Buy ratings to just four, as it argued that muted sector growth will not last and that 2027 will mark a turning point after three years of post-COVID normalization. Analysts led by Erwan Rambourg said the slowdown in sales has been driven less by macro headwinds than by aggressive pricing and a slower pace of innovation, both potentially linked to a degree of strategic inertia, noting that traditional luxury brands raised prices by about 60% between mid-2019 and mid-2026. Goldman forecasts organic sales growth for its coverage rising from 6% in 2026, on depressed 2024 and 2025 comparisons, to 7% in 2027, with the sector reverting to mid-single-digit growth, and expects U.S. outperformance to extend into 2027 and beyond, a mechanical rebound in the Middle East and stabilizing sales in China, while Europe stays muted apart from American tourist flows. The four Buy-rated stocks are Richemont, LVMH, Moncler and Prada, with price targets of CHF225, €500, €62 and HK$52 respectively. Goldman initiated Kering, Burberry and Brunello Cucinelli at Neutral and kept Zegna at Neutral, while starting Hermes and Swatch at Sell.
CFR.SW · Capital · Positive Goldman initiated Richemont with a Buy rating and CHF225 price target.
MC.PA · Capital · Positive Goldman initiated LVMH with a Buy rating and €500 price target.
UHR.SW · Capital · Negative Goldman Sachs initiated Swatch at Sell, the only Sell rating alongside Hermes, signaling a negative analyst valuation call.
0QII.LSE · Capital · Positive Goldman initiated Moncler at Buy with a €62 price target.
1913.HK · Capital · Positive Goldman initiated Prada at Buy with a HK$52 price target.
BRBY.LSE · Capital · Negative Goldman initiated Burberry at Neutral, not among its four Buy-rated luxury names.
Rabobank Cuts EUR/GBP Forecast to 0.85 on French Fiscal Risks
Rabobank lowered its EUR/GBP forecasts across the board, with Senior FX Strategist Jane Foley now seeing the pair around 0.85 over a 3-month horizon. Foley said France's political and fiscal issues are arguably in a more difficult position currently than those of the UK, which has allowed EUR/GBP to push lower ahead of the October 28 UK budget and should cap upside potential for the currency pair. She noted that UK budget concerns are already priced into the British Pound, leaving GBP less vulnerable to a sell-off versus the Euro than it would be otherwise, and said Chancellor Healey faces a difficult task on October 28. Rabobank expects EUR/GBP to trade in a choppy range around current levels on a 1 to 3 month view, with pullbacks likely to offer the Euro some reprieve from current selling pressure, though the single currency is expected to remain on the back foot for now.
Panmure Liberum expects the S&P 500 to fall 35% to 5,000 points in 2027
Panmure Liberum, a British securities firm, warns that the current stock market bull run may end sooner than many investors expect, and forecasts that the U.S. S&P 500 index will fall to 5,000 points by the end of 2027, compared with its latest close of 7,722.72 points, a decline of more than 35%, amid pressure from elevated bond yields and interest rates. The S&P 500 is still continuing the bull market that began in October 2022 and has risen 12.8% since the start of 2026. Joachim Klement, an analyst in Panmure Liberum's research division, said that if bond yields and interest rates continue to rise, the end of the bull market may be closer than many investors expect. The upcoming third-quarter earnings season, as well as companies' disclosure of business outlooks for 2027 early next year, will be key tests. This view differs sharply from that of many securities firms, which expect the S&P 500 to close 2026 at 8,000 points or higher and see the bull market continuing into 2027. Panmure Liberum also holds a negative view on European stock markets, expecting the STOXX 600 index to fall to 430 points by the end of next year and the UK's FTSE 100 index to fall to 8,260 points, both significantly below current levels. Klement also warned that if the U.S. Federal Reserve and the Bank of England raise interest rates further, it could accelerate the end of the current bull market. This follows last month's rate hikes by several major central banks, including the Fed and the European Central Bank, to curb inflationary pressures amid higher energy costs and an economy that remains strong.
Panmure Liberum · · Neutral Panmure Liberum is the firm issuing the bearish S&P 500 forecast; the article reports its own prediction, not a company-specific driver.
Brokers recommend buying GUNKUL after JV deal with GULF unlocks 26 billion baht in debt
Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Capital
GUNKUL.BK · Capital · Positive JV with GULF keeps 26 billion baht of project debt off GUNKUL's balance sheet and brokers upgraded/raised targets and profit forecasts.
GUNKUL.BK · Demand · Positive GUNKUL signed PPAs for an additional 261.8 MW in phase 2 renewable projects, opening EPC backlog not yet in estimates.
GULF.BK · Capital · Positive GULF acquires a 50% stake in seven GUNKUL renewable SPVs totaling 673.4 MW for 467 million baht, expanding its power portfolio.
