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Chip, Drug Makers to Drive Non-Residential Construction Rebound, UBS Says
US Markets

Chip, Drug Makers to Drive Non-Residential Construction Rebound, UBS Says

US non-residential construction is approaching a reacceleration, driven by semiconductor and pharmaceutical investments, UBS Securities said in a note emailed Tuesday.The brokerage expects manufacturing-related construction to rebound to more than $200 billion by the end of next year following a 25% drop to $186 billion in the last 12 months.Electric vehicle and battery plants, as well as semiconductor investments, drove the previous buildout cycle from 2021 to 2024, UBS analysts, including Steven Fisher, said."Our analysis and project tracking continues to suggest the drivers this cycle will be another round of semiconductor factories and pharmaceutical projects, in addition to some general industrial and defense related investments," Fisher wrote.UBS upgraded its 2027 growth outlook for non-residential construction to 6.7% from 6%, while lowering the 2026 view to show a 0.9% drop, all in nominal terms.The semiconductor industry has announced nearly $300 billion in year-to-date investments, according to the note. The CHIPS and Science Act, which became law in 2022, initially boosted capacity expansion, but companies have reassessed plans over the last one to two years."For some time, semiconductor manufacturers have remained relatively disciplined in their capacity expansion plans, preferring to add capacity in response to demand rather than build ahead of it," Fisher said. "That demand now appears firmly in place."Pharmaceutical companies have announced about $400 billion in new investments over the last two years, including a commitment of at least $20 billion from Eli Lilly (LLY), amid surging demand for weight loss drugs, the UBS note showed.Defense spending is also on the rise due to the evolving geopolitical situation."In addition to structural drivers discussed above, we think that cyclical drivers will add to growth," Fisher said.The Institute for Supply Management's purchasing managers' index has been expanding for eight months in a row following three years of sluggish performance, according to the brokerage. Separately, S&P Global (SPGI) said last week that manufacturing growth held steady sequentially in August.UBS said equipment rental firm United Rentals (URI) is the main beneficiary of the manufacturing capacity expansion.The brokerage is also positive on United Rentals' peer Equipmentshare.com (EQPT) and construction machinery names Oshkosh (OSK), Caterpillar (CAT), Deere (DE) and CNH Industrial (CNH).Materials providers like Martin Marietta Materials (MLM) and CRH (CRH) and some companies in the engineering and construction sector will also benefit from a pickup in factory activity, according to the note.

$CAT$CNH$CRH$DE$EQPT$LLY$MLM$OSK$SPGI$URI
Research

Evercore ISI Upgrades Deere & Company to Outperform From In Line, Adjusts PT to $813.18 From $632

Deere & Company (DE) has an average rating of overweight and mean price target of $692.10, according to analysts polled by FactSet.

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Insider Trading

Deere Insider Sold Shares Worth $3,164,766, According to a Recent SEC Filing

Ryan D Campbell, President, Worldwide Construction & Forestry Division and Power Systems, on August 31, 2026, sold 4,860 shares in Deere (DE) for $3,164,766. Following the Form 4 filing with the SEC, Campbell has control over a total of 27,192 common shares of the company, with 27,192 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/315189/000177214426000006/xslF345X05/form4-09022026_040946.xmlPrice: $686.33, Change: $+10.25, Percent Change: +1.52%

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Wire

Deere Shares Rise After Baird Upgrade

Deere (DE) shares rose 3.2% in Monday trading after Baird upgraded the stock to outperform from neutral and raised its price target to $800 from $640.Intraday volume topped 782,500 shares, compared with the daily average of 1.23 million.Price: $650.50, Change: $+20.17, Percent Change: +3.20%

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Research

Baird Upgrades Deere & Company to Outperform From Neutral, Adjusts PT to $800 From $640

Deere & Company (DE) has an average rating of overweight and mean price target of $680.38, according to analysts polled by FactSet.

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Insider Trading

Deere & Insider Sold Shares Worth $5,124,872, According to a Recent SEC Filing

Ryan D Campbell, President Worldwide Construction & Forestry Division and Power Systems, on August 24, 2026, sold 7,839 shares in Deere & (DE) for $5,124,872. Following the Form 4 filing with the SEC, Campbell has control over a total of 27,192 common shares of the company, with 27,192 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/315189/000177214426000004/xslF345X05/form4-08262026_110857.xml

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Wire

Deere Keeps Quarterly Dividend at $1.62 per Share, Payable Nov. 9, to Stockholders of Record on Sept. 30

Deere Keeps Quarterly Dividend at $1.62 per Share, Payable Nov. 9, to Stockholders of Record on Sept. 30

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Insider Trading

Deere Insider Sold Shares Worth $15,146,375, According to a Recent SEC Filing

Ryan D Campbell, President, Worldwide Construction & Forestry Division and Power Systems, on August 21, 2026, sold 23,260 shares in Deere (DE) for $15,146,375. Following the Form 4 filing with the SEC, Campbell has control over a total of 27,192 common shares of the company, with 27,192 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/315189/000177214426000002/xslF345X05/form4-08252026_110807.xml

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Wire

Deere Poised for Recovery After Better-Than-Expected Fiscal Q3, RBC Says

Deere (DE) is "well-positioned" for a recovery, as its better-than-expected fiscal Q3 results support the view that fiscal 2026 is the bottom of a large agricultural cycle, RBC Capital Markets said in a Friday note.The company said that progress for its early order program was positive, with its sprayer and planter programs up in mid-single-digit percentages from a year ago, RBC analysts said. Pricing was also in line with inflation, pointing to healthy volumes, the analysts said.Deere stated that adoption of its See & Spray system doubled versus the prior comparable period and is now factory-equipped on about one-third of North American orders, while about 40% of planter orders include other advanced precision technologies, the analysts noted.Over the medium term, the analysts said they expect higher adoption rates of Deere's technology-enabled offering to make the company less tied to the agriculture equipment cycle.RBC reiterated the company's stock rating at outperform and price target at $752.Price: $658.89, Change: $+11.42, Percent Change: +1.76%

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Deere Faces Delayed Agricultural Recovery Amid Weak International Markets, BofA Says
US Markets

Deere Faces Delayed Agricultural Recovery Amid Weak International Markets, BofA Says

Deere (DE) faces a constrained farm equipment recovery that could take time to materialize, given weak international markets and cost pressures that are weighing on farmer capital spending, BofA Securities said Friday.The agricultural equipment manufacturer on Thursday raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book."New inventory is in a good shape and there is huge torque to an (agricultural) recovery," BofA analysts including Michael Feniger said.But there is some hesitation "on the shape of this farm equipment recovery into next year," Feniger said.Deere reduced guidance for Brazil and the European Union as both markets remained soft, while farmer economics are constrained by high fertilizer and diesel costs, the analyst said."We sense pricing still just covering costs (in 2027)," Feniger said.Deere appears to be constructive on its small agriculture business, though data indicate slowing demand for low-horsepower tractors, according to the research note. The company expects small agriculture and turf net sales to increase about 15% in fiscal 2026.BofA raised the price objective on Deere's stock to $667 from $607.50 and reiterated its neutral rating."While we believe an elevated recovery multiple is warranted, valuation is at the higher end of the recovery multiple range," Feniger said. "As a result, positive (earnings per share) revisions on a farm equipment cycle are required from here -- yet we see a constrained farmer capital spending backdrop given soft ag fundamentals."Deere's shares rose 1.9% in Friday trading, and have gained 36% this year.Caterpillar (CAT) raised its full-year revenue outlook earlier this month as the heavy equipment manufacturer generated more than $20 billion in sales for the first time in a single quarter.Price: $632.45, Change: $+11.51, Percent Change: +1.85%

$CAT$DE
Wire

Deere Investors Mixed on Fiscal Q3, While Expectations Were Low, UBS Says

Deere (DE) investors will have mixed views on fiscal Q3, but expectations were low, and an earnings beat and early order messaging were less negative than expected, UBS Securities said in a note Thursday.Early order commentary appears to support Deere's view that 2026 will be the bottom of the agriculture cycle, suggesting early order trends are not down, according to the note.However, the fiscal Q4 net income and each segment's operating income guidance fell short of consensus, with Production & Precision Agriculture most below consensus, the note added.While fiscal Q3 was a beat even excluding tariffs, the brokerage believes the debate will center on the fiscal Q4 exit rate for segment profit and net tariff exposure, and the implications for fiscal 2027. UBS said consensus will likely come down next year, but that appears to be expected by investors.The brokerage expects early order message of flat to slightly higher for planters and sprayers to support low- to mid-single digit growth in Production & Precision Agriculture in 2027.UBS kept a buy rating on Deere with a price target of $732.Price: $628.91, Change: $+7.97, Percent Change: +1.28%

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Wire

Deere Reported Strong Fiscal Q3 but 'Torque' in Agriculture Recovery Likely to be Constrained, BofA Says

Deere (DE) reported solid fiscal Q3 results, raised its full-year net income guidance, and its earnings per share likely troughed, but the "torque" in agriculture recovery is likely to be constrained given weak non-US markets, price versus cost pressures, and soft farmer capital expenditure, BofA Securities said in a note Friday.While Deere lowered its fiscal 2026 sales and margin outlook for the Production & Precision Agriculture segment, encouraging signals for fiscal 2027 include early order programs for sprayers and planters being up mid-single digits, rising take rates on Precision Tech, healthy new inventories, and declining late-model used inventories, according to the note.The brokerage said it senses some hesitation regarding the farm equipment recovery into next year, as Brazil remains weak and the European market has softened, with Deere lowering its guidance in both regions.Some profitability overhangs in fiscal 2027 could constrain an "above normal" incremental in the first year of recovery, while pricing still only covers costs, the note said. The company sounds constructive on the Small Agriculture & Turf segment, yet data indicates a slowdown in the low horsepower tractor market, the note added.BofA kept a neutral rating on Deere and raised its price target to $667 from $607.50.Price: $620.86, Change: $-0.08, Percent Change: -0.01%

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Update: Equities Drop to Lowest in More Than 2 Weeks as Yields Rise
US Markets

Update: Equities Drop to Lowest in More Than 2 Weeks as Yields Rise

(Updates with market moves at the end of the day, and other changes, if any.)US equity indexes dropped to their lowest levels in more than two weeks on Thursday as bond yields rose despite the Treasury Department's intervention in the bond market.The Dow Jones Industrial Average fell 1.3% to 52,759.21, its lowest close since July 31. The Nasdaq Composite shed 1% to 26,067.17, while the S&P 500 lost 0.9% to 7,641.16 -- both logging their lowest finish since Aug. 3.Except energy and real estate, all sectors ended in the red, led by consumer staples and healthcare.US Treasury yields were higher, with the 10-year yield up 4.9 basis points at 4.7% and the two-year yield rising 0.6 basis point to 4.19%. The 30-year rate advanced 5.5 basis points to 5.25%.The Treasury Department said Wednesday it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation. The announcement eased pressure on long-term yields that day.Treasury Secretary Scott Bessent told CNBC on Thursday that the buybacks could be worth more than $4 billion per issue."The $4 billion size of the buybacks is vanishingly small relative to the size of the US treasury market but is a loud symbolic signal that the Treasury does not want higher yields," Saxo Bank said in a report Thursday. "Shaping the yield curve and buying treasuries is normally a policy area for the (Federal Reserve), so it sets up an interesting tension with Fed Chair Kevin Warsh, who will speak at next week's Fed symposium at Jackson Hole, Wyoming."US government debt surpassed $40 trillion for the first time, multiple outlets reported Wednesday, citing Treasury Department data.West Texas Intermediate crude oil climbed 2.3% to $87.83 a barrel in Thursday late-afternoon trade, while Brent rose 2.1% to $93.51.US President Donald Trump on Wednesday threatened "economic warfare" against Iran, announcing economic consequences for countries that seek to provide any form of support to Tehran.A 60-day ceasefire between the two countries expired Monday.In corporate news, Walmart (WMT) shares slumped 9.2%, the worst performer on the Dow and the second-biggest fall on the S&P 500, after the retail giant issued third-quarter earnings guidance below analysts' expectations.Nordson (NDSN) jumped 8%, the best performer on the S&P 500, after lifting its fiscal 2026 outlook.Deere's (DE) shares advanced 6.9%, the third-biggest gain on the S&P 500, after the company raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book.Shares of Moderna (MRNA) slid about 24%, the steepest drop on the S&P 500, following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Spot gold ticked up 0.2% to $4,523 per troy ounce, while silver rose 3.8% to $69.09 per ounce.

Dow JonesNasdaq CompositeS&P 500$DE$MRK$MRNA$NDSN$WMT
Update: Equities Fall Intraday as Yields Rise Despite Treasury Buyback Plan
US Markets

Update: Equities Fall Intraday as Yields Rise Despite Treasury Buyback Plan

(Updates with latest market prices and developments.)US benchmark equity indexes fell intraday as bond yields rose, a day after the Treasury Department announced an accelerated debt buyback program.The Nasdaq Composite and the Dow Jones Industrial Average were down 0.9% each after midday Thursday, at 26,104.1 and 52,973.6, respectively. The S&P 500 lost 0.5% to 7,668.6. The indexes ended Wednesday in the green following a three-day slump.Most sectors were in the red intraday Thursday, led by consumer discretionary, while energy gained the most.US Treasury yields were higher, with the 10-year yield up 4.9 basis points at 4.7% and the two-year yield rising 1.5 basis points to 4.19%. The 30-year rate advanced 4.7 basis points to 5.24%.The Treasury Department said Wednesday it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation. The announcement eased pressure on long-term yields on Wednesday.Treasury Secretary Scott Bessent told CNBC on Thursday that the buybacks could be worth more than $4 billion per issue."The $4 billion size of the buybacks is vanishingly small relative to the size of the US treasury market but is a loud symbolic signal that the Treasury does not want higher yields," Saxo Bank said in a report Thursday. "Shaping the yield curve and buying treasuries is normally a policy area for the (Federal Reserve), so it sets up an interesting tension with Fed Chair Kevin Warsh, who will speak at next week's Fed symposium at Jackson Hole, Wyoming."US government debt surpassed $40 trillion for the first time, multiple outlets reported Wednesday, citing Treasury Department data.West Texas Intermediate crude oil climbed 2.3% to $87.80 a barrel, while Brent rose 1.8% to $93.31. The benchmarks were on track for their fifth straight day of gains.US President Donald Trump on Wednesday threatened "economic warfare" against Iran, announcing economic consequences for countries that seek to provide any form of support to Tehran.A 60-day ceasefire between the two countries expired Monday.In corporate news, Walmart (WMT) shares fell 8.7% intraday, the worst performer on the Dow and the second-biggest fall on the S&P 500, after the retail giant issued third-quarter earnings guidance below analysts' expectations.Deere's (DE) shares jumped 8%, the biggest gain on the S&P 500, after the company raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book.Nordson (NDSN) climbed 7.1%, the third-best performer on the S&P 500, after lifting its fiscal 2026 outlook.Shares of Moderna (MRNA) slid 25%, the steepest drop on the S&P 500, following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Spot gold ticked down 0.2% to $4,508.62 per troy ounce, while silver rose 3.7% to $69.04 per ounce.

Dow JonesNasdaq CompositeS&P 500$DE$MRK$MRNA$NDSN$WMT
Deere Shares Rise as Farm Equipment Maker Lifts Fiscal 2026 Guidance
US Markets

Deere Shares Rise as Farm Equipment Maker Lifts Fiscal 2026 Guidance

Deere's (DE) shares climbed on Thursday after the company raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book.The agricultural equipment manufacturer expects fiscal 2026 net income of $4.75 billion to $5 billion, lifting the prior outlook's bottom end from $4.5 billion. Analysts surveyed by FactSet expect $4.88 billion.The company raised the lower end of its operating cash flow guidance to $5 billion from $4.5 billion, while retaining the $5.5 billion top end. Wall Street estimates place cash flow from operations at $5.65 billion.Deere shares were up 9.1% in Thursday trading. The stock has rallied 36% so far this year."The combination of our performance year to date and a strong fourth-quarter order book across all segments has enabled us to narrow our guidance ranges and improve our net income and cash flow forecasts," Chief Financial Officer Brent Norwood said during an earnings conference call, according to a FactSet transcript.Earnings per share increased to $5.10 during the third quarter ended Aug. 2 from $4.75 a year ago, topping the consensus of $4.72. Third-quarter net sales grew to $11 billion from $10.36 billion, ahead of the Street's $10.81 billion view.Net sales in the construction and forestry segment rose 18% year-over-year to $3.62 billion, while small agriculture and turf grew 12% to $3.38 billion. Production and precision agriculture net sales declined 6% annually to $4 billion."As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle," Chief Executive John May said in a statement. "Across our business, early order program trends, improving used-equipment inventories, and increasing customer adoption of our advanced technologies give us confidence that Deere is well positioned for long-term value creation."Morgan Stanley said short interest in Deere is near five-year highs on expectations for weak fiscal 2027 order trends.Earlier this month, CNH Industrial (CNH) said it expects 2026 results at the higher end of its previous ranges. AGCO (AGCO) lowered its full-year 2026 outlook for net sales and EPS in July.Price: $631.95, Change: $+51.32, Percent Change: +8.84%

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Wire

Deere Expects 2026 as the Bottom of Agricultural Equipment Cycle Based on Order Book Trends, Morgan Stanley Says

Deere (DE) expects 2026 as the bottom of the agricultural equipment cycle based on order book trends, with investors slated to well-receive this guidance as channel checks indicate a potential fourth year of retail sales decline, Morgan Stanley said in a Thursday note.Noting that short interest in Deere is near its highest in the last five years driven by weaker fiscal 2027 Early Order Program trends, Morgan Stanley said that the "moderately" raised 2026 guidance and the positive commentary about order books would lead to a positive initial stock reaction.During the earnings call, Morgan Stanley said its questions would be centered around what gives the company's management confidence that 2026 will be the bottom, and separately, what is driving incremental weakness in Europe and South America and if those markets have bottomed.Morgan Stanley maintained its overweight rating with a $730 price target.Price: $619.48, Change: $+38.85, Percent Change: +6.69%

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Asia Markets

US Equity Investors to Focus on Fed Policy Minutes, PMIs Alongside Trump's Move to Inflict Intense Economic Pain on Iran

US equity investors are expected to focus on macroeconomic data this week following recent soft prints that reduced the urgency for monetary policy tightening, while keeping an eye on any announcements that significantly ratchet up economic pain in Iran and quarterly earnings.* Economic data due this week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts. Last week, both headline and core consumer and wholesale price inflation rates for July declined from a year ago, and retail sales slid unexpectedly in the month, the most since May 2025.* Watch for a potentially major escalation of trade and market tensions beginning this week, according to a note from Scotiabank late Friday. That's because US Treasury Secretary Bessent pledged to introduce "measures like have never been seen in the history of economic isolation of a country," referring to Iran.* Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.* The 60-day deadline for the conclusion of peace talks in the memorandum of understanding the US and Iran signed in June ended on Monday without any formal announcements so far to end the war.* Talks between Iran and Oman regarding the Strait of Hormuz are complex but continuing "in all seriousness," CNN reported, citing Iran's Foreign Ministry spokesman Esmaeil Baghaei on Monday.* Baghaei said a "transit route map" has been agreed upon, but a final agreement including a joint statement has not been finalized, CNN cited reporting from Tasnim. Referring to one of the reasons for the delay, Baghaei said some "malevolent parties" want the region to "always be in a state of conflict and chaos."

Dow JonesNasdaq CompositeS&P 500$ADI$DE$HD$LOW$NTES$ROST$TGT$TJX$WMT
Wire

S&P 500 Ekes Out Weekly Gain Amid Growing Probability of Fed Pause Extension

The Standard & Poor's 500 index rose 0.4% this week after cooling inflation and an unexpected drop in retail sales boosted the odds for a sixth straight monetary policy pause in September.The market benchmark ended the week at 7,785.76. The index is now up 3.8% quarter-to-date and 14% this year.The probability of the Federal Reserve extending its policy pause next month jumped after July's consumer and wholesale price inflation rates, both headline and core, declined and retail sales for the month unexpectedly slumped the most since May 2025. There's now a 67% chance that the Fed will leave interest rates unchanged, up from 56% a week ago, according to the CME FedWatch tool.Treasury Secretary Scott Bessent said on CNN that the US plans to announce measures on Iran next week that have "never been seen."Defense Secretary Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera reported.The energy sector in the S&P 500 had the largest percentage gain of the week, up 7.3%, followed by a 1.5% advance in utilities and 1% increases for both consumer staples and health care. Financials, industrials, real estate and tech also rose week to week.Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. Separately, Phillips 66, Kinder Morgan (KMI), and HF Sinclair (DINO) said they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system. Shares of Phillips 66 surged 15% this week.Three S&P 500 sectors that declined this week were consumer discretionary, communication services and materials, down 2%, 1% and 0.9%, respectively.Tapestry (TPR) shares tumbled 21% this week after the company set out a fiscal 2027 revenue outlook below the midpoint of Wall Street's forecast range, taking the shine off stronger-than-expected fiscal Q4 adjusted earnings and revenue.AppLovin's (APP) 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA Securities said in a report. BofA downgraded its rating on AppLovin stock to neutral from buy and lowered its price target to $400 from $430. Shares of Applovin slumped 9% this week.Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.Economic data due next week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts.

S&P 500$ADI$APP$DE$DINO$HD$KMI$LOW$NTES$PSX$ROST$TGT$TJX$TPR$WMT
Wire

Deere Reaches Deal With FTC, Five States on Access to Repair Tools for Agricultural Equipment

Deere (DE) said Wednesday it has reached an agreement with the Federal Trade Commission and five states to offer farmers access to diagnostic and repair tools to help maintain their John Deere agricultural equipment.The agreement resolves a matter filed by the FTC and the states in early 2025, the company said.Deere said it will continue to invest in tools, technology, and services that give customers more ways to care for their equipment, whether they choose to do the work themselves or through a repair provider.Financial terms of the agreement and the names of the states that were party to the agreement were not disclosedPrice: $594.70, Change: $-8.91, Percent Change: -1.48%

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Machinery, Infra Service, Multi-Industry Companies Set for Positive Quarterly Prints, Truist Says
US Markets

Machinery, Infra Service, Multi-Industry Companies Set for Positive Quarterly Prints, Truist Says

Upcoming quarterly results of major companies in the machinery, infrastructure services and multi-industry domains are poised to benefit from a continued expansion in the US manufacturing sector and strong demand trends, Truist Securities said Thursday.The manufacturing sector has now expanded for six straight months following a three-year contraction, according to the brokerage."Demand trends remain strong across the group, with continued support from secular growth tailwinds associated with power, data center, (artificial intelligence), aerospace and defense, (heating, ventilation, and air conditioning), and infrastructure," Truist analysts, including Jamie Cook, said in a note to clients.These are complemented by improving demand across construction, commercial vehicles, semiconductors, oil and gas, as well as mining, according to Cook."While farm equipment markets remain depressed in 2026, there is some optimism for market improvement above the trough heading into 2027," Cook wrote. "We expect order trends in the second quarter to remain strong and that strength in orders should begin to translate more into organic growth, which has lagged."Within machinery, Caterpillar (CAT) is likely to deliver another strong quarter and beat sales and margin outlook, driven by power and construction business, as well as reaccelerating oil and gas, and mining divisions, according to the note."For farm equipment, we believe the focus will be more on the setup for 2027 and Deere's (DE) commentary on the early order program for 2027 after disappointing in 2026," Cook said.Truist expects infrastructure solutions company Quanta Services (PWR) to post an earnings beat and raise guidance. Underappreciated data center and pipeline opportunities are likely key upside drivers for MasTec (MTZ), according to Truist. "MasTec has already communicated to the market confidence in its ability to grow (earnings per share) at a 20% (compound annual growth rate) through 2028," Cook wrote.The brokerage said it would be buyers of Parker-Hannifin (PH) at existing levels."We believe (Parker-Hannifin's) modestly disappointing industrial incremental margins were contained in the last quarter and that the setup for (2027) is strong, with the potential to deliver healthy incrementals in both industrial and aerospace," Cook said.Price: $956.71, Change: $-34.70, Percent Change: -3.50%

$CAT$DE$MTZ$PH$PWR

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