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Update: Alcon Q1 Shares Fall After Q1 Revenue Miss

(Updates with share movement in the headline and the first paragraph.)Alcon (ALC) shares were down nearly 11% in Thursday trading after the company reported Q1 revenue that trailed analyst estimates.The company reported Q1 core earnings late Tuesday of $0.85 per diluted share, up from $0.73 a year earlier.Analysts polled by FactSet expected $0.81.Revenue for the three months ended March 31 was $2.69 billion, up from $2.45 billion a year earlier.Analysts surveyed by FactSet expected $2.70 billion.For the full-year 2026, the company now expects core EPS growth of 10% to 13% from 9% to 12% earlier. It reiterated its revenue growth outlook of 5% to 7%.Price: $66.24, Change: $-7.86, Percent Change: -10.60%

$ALC

Australia3d ago

Ford Motor's UEV Platform Key to Cutting EV Losses, UBS Says After Facility Visit

Ford Motor (F) is positioning its new Universal Electric Vehicle, or UEV, platform, developed at its Long Beach center, as a key effort to cut EV losses, UBS said in a note Wednesday.UBS analysts said they visited the "skunkworks" facility in California with Vice President of Advanced Development Projects Alan Clarke. It is the first time the company has opened the center to outside visitors, where leadership described it as operating more like an EV startup focused on speed, agility, innovation, and efficiency than a traditional automaker, according to the note.The unit is central to Ford's UEV platform, which is key to reducing the more than $4 billion annual losses in its Model E EV business, with potential to improve earnings by about 40% if it reaches break-even, the analysts said, adding that key challenges ahead include scaling production and automation, matching product timing with demand, and transferring learnings across Ford's broader operations."In our view, the culture and processes being built there which was done completely separate from 'core' Ford is equally important. Scaling that culture and capabilities to the rest of Ford will be important but may also bring tension," the analysts said.UBS has a buy rating and a $14 price target on Ford Motor.Price: $12.17, Change: $+0.48, Percent Change: +4.06%

Australia3d ago

Graco Reaffirms Long-Term Growth Algorithm, Expands M&A Contribution Target, RBC Says

Graco (GGG) reaffirmed its through-cycle long-term growth algorithm at its investor day, with its new segment structure and "One Graco" operating model supporting future revenue growth and reinforcing its position as an under-the-radar compounder, RBC Capital Markets said in a Wednesday note.The company reiterated its targets of 5% to 7% organic growth and expects 3% to 4% contribution from M&A. This implies a 9% to 10% total revenue compound annual growth rate. Graco is targeting a 12% earnings compound annual growth rate.The company continues to pursue growth through core product expansion, margin improvement and acquisitions, according to the note.Additionally, Graco is accelerating its M&A strategy and targeting one-third of future growth from acquisitions. The company's pipeline includes more than 100 vetted targets. These targets are screened under strict financial and strategic criteria. Graco also has a net cash balance sheet, which supports its acquisition capacity.RBC has an outperform rating on the stock with a $95 price target.Shares of Graco were up 1.8% in Wednesday trading.Price: $80.09, Change: $+1.41, Percent Change: +1.79%

$GGG

Australia3d ago

Viavi Solutions Insider Sold Shares Worth $566,729, According to a Recent SEC Filing

Luke M Scrivanich, Senior Vice President and General Manager, Optical Security and Performance Products, on May 06, 2026, sold 10,693 shares in Viavi Solutions (VIAV) for $566,729. Following the Form 4 filing with the SEC, Scrivanich has control over a total of 39,287 common shares of the company, with 39,287 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/912093/000091209326000048/xslF345X05/form4.xmlPrice: $53.09, Change: $-0.88, Percent Change: -1.63%

$VIAV

Australia3d ago

IDEX Raises Quarterly Dividend to $0.73 a Share From $0.71, Payable June 5 to Shareholders of Record on May 22

Price: $217.39, Change: $+1.63, Percent Change: +0.76%

$IEX

Australia3d ago

Jazz Pharmaceuticals Delivered Strong Q1 on Broad-Based Portfolio Growth, RBC Says

Jazz Pharmaceuticals (JAZZ) delivered a "strong" Q1 as broad-based growth across its commercial portfolio and pipeline reinforced confidence in the health of the business, RBC Capital Markets said in a report Wednesday.Q1 revenue of about $1.07 billion topped the consensus estimate of $978 million, driven by strength across nearly "all major assets," the report said, adding that the company maintained its 2026 revenue guidance of $4.25 billion to $4.5 billion, though results could exceed that range.Concerns remain around future generic competition for the "oxybate franchise" and competitive pressures in oncology, though the firm believes the company's strong execution provides a cushion against potential "erosion." RBC estimates 2026 sales for Xywav at about $1.73 billion with expected "gradual decline" in later years, according to the report.The report also highlighted the company's "oncology pipeline" as a key focus, citing potential expansion opportunities for Ziihera, strong "initial uptake" for Modeyso, better-than-expected Zepzelca revenue and 15% year-over-year Epidiolex sales growth to $250 million driven by sustained epilepsy-related demand and international expansion.RBC maintained an outperform rating on Jazz Pharmaceuticals and raised its price target to $258 from $195.Price: $223.80, Change: $+11.54, Percent Change: +5.44%

$JAZZ

Australia3d ago

Stellantis Adds Morocco Dismantling Hub to Support Middle East, Africa

Stellantis (STLA) opened a vehicle dismantling center in Morocco to serve the Middle East and Africa region.The 6,000 square-meter facility in Casablanca can dismantle up to 10,000 vehicles annually after a total investment of 1.6 million euros ($1.88 million), Stellantis said Wednesday in a statement.The company also operates dismantling centers in Italy and Brazil.Price: $7.67, Change: $+0.47, Percent Change: +6.46%

$STLA

Australia3d ago

Update: JPMorgan Creates Middle-Market Index to Track Private Companies

(Changes sourcing to JPMorgan note, adds details in 3rd and 4th paragraph)JPMorgan Chase (JPM) has created an index tracking about 6,400 private US midsize companies with a combined $1 trillion in annual revenue, according to a note by the bank Wednesday.The index, J.P. Morgan Private Assets Index (JPAX) - Middle Market, tracks the performance and equity value growth of mid-sized US private companies with annual revenues between$10 million and $1 billion, the note said.The index will function as a "diagnostic" instrument rather than a tradable product, and added that the index is rebalanced and published monthly, the note added.The note also said that index returns can be attributed to three drivers - revenue growth, net debt change and public market equivalent industry multiple change.Price: $314.60, Change: $+5.20, Percent Change: +1.68%

$JPM

Australia3d ago

KKR Fundraising Cycle Expected to Last Through 2027, RBC Says

KKR (KKR) is positioned to benefit from a "K-shaped" bifurcation in the alternative asset management industry, where larger diversified managers are gaining share, supported by a fundraising supercycle expected to extend through 2027, RBC Capital Markets said.Management said macro volatility could make its $7 per share guidance difficult to achieve, particularly as exits are delayed. However, RBC said in a Tuesday note that its estimates and consensus already reflected a lower baseline of about $6 per share heading into the quarter, helping reset expectations positively.The firm said KKR is benefiting from a fundraising supercycle driven by a secular shift in which limited partners are consolidating relationships with fewer general partners. This dynamic is reinforcing a "K-shaped" industry structure that favors large, diversified alternative asset managers.RBC also highlighted KKR's portfolio company employee ownership program, noting a strong outcome from the sale of CoolIT at a 15x exit multiple. The firm said the program, now implemented across 85 portfolio companies, has supported higher employee retention, stronger revenue growth, and margin expansion.The firm maintained an outperform rating on KKR and lowered its price target to $128 from $132.Price: $101.08, Change: $-0.92, Percent Change: -0.91%

$KKR

Australia3d ago

Exelixis Seen Trading Steady on Modest Drug Growth, RBC Says

Exelixis (EXEL) shares are likely to trade in line with peers as its cancer drug cabozantinib, used in kidney cancer and neuroendocrine tumors, continues to post steady growth, while most near-term catalysts are already reflected in the stock, RBC Capital Markets said Wednesday in a report.Exelixis' 2026 outlook assumes continued cabozantinib growth, though it still has concerns about erosion in renal-cell carcinoma and limited chances for further gains in neuroendocrine tumors, the report said. Cabozantinib revenue in Q1 rose about 1.5% from the previous quarter and 8% from a year earlier, helped by the highest number of patient starts to date, RBC said.Exelixis is broadening development of zanzalintinib, its next-generation cancer therapy, through new studies and combination regimens, RBC said. Still, a meaningful revenue contribution from zanzalintinib isn't expected until 2027, even with a potential approval in late-line colorectal cancer this year, the report said.RBC maintained its sector perform rating on Exelixis stock with a price target of $43.Price: $47.13, Change: $+2.71, Percent Change: +6.10%

$EXEL

Australia3d ago

Gartner Needs to Deliver Contract Value Growth to Alleviate Concerns on Generative AI Disintermediation, RBC Says

Gartner (IT) needs to deliver substantial growth in contract value to alleviate investor concerns about the disintermediation risk of generative artificial intelligence, RBC Capital Markets said in a note emailed Wednesday.Contract value growth in Q1 decelerated to 3.5%, not counting federal government agreements. This was due to deals postponed in March related to the conflict in the Middle East, RBC analysts said. They noted that many of these deals were actually closed in April instead.The company ended Q1 with around $114 million in federal government contracts, and it expects a 250-basis-point drag on growth to ease in Q2 as the company laps the Department of Government Efficiency impacts, the analysts said. Gartner anticipates federal revenue for the year to be flat and return to growth in 2027, the firm noted.The company expects contract value to accelerate growth for the rest of the year, driven by easing pressures from the government, better customer retention following major renewals, and new wins expected in Q2 and Q3 fueled by a strong pipeline, according to the note.RBC maintained the company's stock rating at sector perform and lowered the price target to $160 from $175.Price: $151.02, Change: $+1.53, Percent Change: +1.02%

$IT

Australia3d ago

Leidos Stock Continues to Face Pressure Over Uncertainty of Health, Defense Portfolios, RBC Capital Markets Says

Leidos (LDOS) posted a Q1 beat but uncertainty into 2027 over the health and defense portfolios continue to weigh on the stock, RBC Capital Markets said in a Tuesday research report.The health segment continues to normalize and margins remain robust as Veterans Affairs examination volumes are expected to remain elevated in 2026 as the agency focuses on burning backlog. Leidos is under contract to provide medical disability exams for the VA, but the company's contract awards and backlog visibility will take time to mature, analysts wrote.Leidos is making solid investments to position itself for market growth in 2027, but near-term outlook is likely to remain clouded, which will be an overhang on the stock, according to the note.The brokerage said it reiterated its outperform rating on the stock and cut its price target to $180 per share from $215.Price: $130.22, Change: $-6.97, Percent Change: -5.08%

$LDOS

Australia3d ago

Emerson Electric Growth Verticals, Backlog to Support Outlook, RBC Says

Emerson Electric (EMR) is expected to benefit from stronger demand in power, LNG, semiconductors, aerospace and defense, while backlog visibility and cost control should help offset Middle East pressure, RBC Capital Markets said in a note Wednesday.The investment firm said Emerson raised the low end of its fiscal 2026 EPS outlook even after cutting organic sales guidance because of continued Middle East disruption, but RBC still expects sales to improve in H2, supported by backlog visibility, though higher project volumes could weigh on margins.Emerson's growth markets continue to improve, with the project funnel rising to $11.2 billion, and the test and measurement demand should remain strong through 2027, helped by semiconductor, aerospace and defense, space, and data center spending, according to the note.The Middle East impact was larger than expected, but Emerson is targeting about $100 million in near-term repair and service work at damaged customer sites, RBC added.RBC kept its outperform rating and lifted its price target for Emerson to $169 from $161.Price: $145.79, Change: $+7.41, Percent Change: +5.35%

$EMR

Australia3d ago

IBM Poised to Benefit From Enterprise AI Adoption, RBC Capital Markets Says

International Business Machines (IBM) is well positioned to benefit from growing enterprise adoption of artificial intelligence and hybrid cloud technologies, RBC Capital Markets said in a note Tuesday.Analysts said management's overall message at IBM's Think user conference is that the company is focused on making generative AI and agentic AI "consumable for the enterprise with a focus around orchestration, ROI and compliance/governance."RBC said IBM's approach allows enterprises to build AI applications without needing to change existing infrastructure, giving the company an advantage as businesses scale AI adoption.The conference also highlighted IBM's internally used AI development tool Bob, which has led to "significant productivity gains," according to the note.RBC maintained its outperform rating on IBM, but lowered its price target to $300 from $330.Shares of IBM were down 1% in Wednesday trading.Price: $226.64, Change: $-2.39, Percent Change: -1.04%

$IBM

Australia3d ago

Colliers' Guidance Relies on Strong H2, RBC Says

Colliers International Group (CIGI) kept its 2026 guidance that relies on a strong H2 after the company delivered a strong top-line but "wobbly" bottom-line in Q1, RBC said in a note Tuesday.The report pointed to sector leading growth in capital markets and leasing revenue in the quarter on market share gains in the US and also on strength in industrial leasing.However, this did not flow through entirely to adjusted EBITDA and adjusted EPS due partly to recruiting and IT investments, and slower outsourcing growth, the note said."That said, we continue to believe that for patient investors, CIGI offers good value even under our more conservative 2026 estimates," the report said.RBC kept its outperform rating while lowering its price target to $155 from $160.Price: $100.56, Change: $+3.56, Percent Change: +3.67%

$CIGI

Australia3d ago

ServiceNow, AWS to Expand Platform After Hitting $1 Billion in Transactions

ServiceNow (NOW) and Amazon's (AMZN) Amazon Web Services said Wednesday they are expanding their platform after ServiceNow AWS Marketplace transactions recently surpassed $1 billion."The expansion introduces a governance architecture for mutual customers built on ServiceNow AI Control Tower and Amazon Bedrock AgentCore; new AI agent integrations for enterprise security, IT operations, and telecommunications that detect, act, and resolve issues; and a native developer integration that lets teams build and deploy ServiceNow applications directly from Kiro, the AWS agentic integrated development environment," the companies said.Price: $89.45, Change: $-2.56, Percent Change: -2.78%

$AMZN$NOW

Australia3d ago

Eaton Datacenter Orders Surge, Growth Outlook Strengthens Into H2, RBC Says

Eaton (ETN) is executing well across datacenters, utility and electrification, with strong order momentum and backlog growth supporting an expected pickup in organic volume, operating leverage and margin expansion in H2, RBC Capital Markets said.Datacenter demand was a standout, with orders rising 240% year on year, alongside strong backlog growth across segments. Electrical Americas backlog increased 44%, Electrical Global backlog rose 73% and the order pipeline expanded 81%, the brokerage said in a Tuesday note.The outsized contraction in Electrical Americas margins in Q1 was attributed to capacity ramps and commodity inflation in steel, copper, aluminum and silver ahead of April 1 price increases. However, the Boyd Thermal acquisition is tracking above its previously guided $1.7 billion full-year sales, potentially adding upside, RBC said.The firm described the margin pressure as a "high-quality problem" tied to accelerating backlog and capacity expansion.The company's plan to spin off its Vehicle and eMobility segments by end of Q1 2027 is expected to further shift Eaton's mix toward higher-growth datacenter and aerospace exposure, according to the note.RBC reiterated its outperform rating on the stock and boosted its price target to $484 per share from $457.Price: $418.82, Change: $+7.96, Percent Change: +1.94%

$ETN

Australia3d ago

ServiceNow, Amazon Web Services to Expand Platform

Price: $89.47, Change: $-2.54, Percent Change: -2.76%

$AMZN$NOW

Australia3d ago

Diamondback Energy Can Pursue More Growth Opportunities if Elevated Oil Macro Persists, RBC Says

Diamondback Energy's (FANG) decision to pursue growth was not surprising, and there is appetite and capability for more if the elevated oil macro persists, RBC Capital Markets said Tuesday in a note.Management moved away from the "stop light" analogy and has the inventory duration and quality to support growth, the firm said. This is a value enhancing decision that increases the free cash flow profile over the next few years, the brokerage said.RBC models 988,000 barrels of oil equivalent per day, ahead of the new 2026 guidance of over 972,000 barrels of oil equivalent per day, while remaining in line with the $3.9 billion capital plan, according to the note.The new plan is more opportunistic to drive shareholder value and sidelines variable dividends, RBC said.The company will likely pay down about $1.3 billion of notes in early Q2, the firm said. Management's longer-term $10 billion net debt target has also been pulled forward and will likely be achieved in months. It may also target some of the pre-2030 bond maturities, the brokerage added.RBC maintained an outperform rating on Diamondback Energy with a price target of $240.Shares of Diamondback Energy were down 5.7% in Wednesday trading.Price: $194.55, Change: $-11.64, Percent Change: -5.64%

$FANG

Australia3d ago

Aptiv's Growth Outside Auto Demand Supports Outlook, RBC Says

Aptiv (APTV) may benefit from rising orders from Chinese carmakers and customers outside the auto industry, while cost recoveries and stronger H2 margins could help it meet its full-year target, RBC Capital Markets said Tuesday in a report.Aptiv's Q1 adjusted EBITDA beat expectations, driven by strength in its former electrical distribution systems unit, now spun off as Versigent (VGNT), the report said. Weakness in the intelligent systems unit partly offset the beat, with pressure from Ford (F) production disruptions and slower-than-expected progress on a major European automaker's program, RBC said.Management maintained its full-year adjusted EBITDA guidance of $2.4 billion, though the Q2 outlook implies Aptiv will need better margins later in the year to reach that target, RBC said.Aptiv's expansion outside autos looks positive, supported by new business wins in naval, space and energy-storage markets, though early investment may weigh on margins until the business grows, the report said.RBC maintained its outperform rating on Aptiv stock and its $81 price target. The company should be able to manage higher commodity expenses given its strong track record of recovering most of those costs from automaker customers, the report said.Price: $56.81, Change: $+1.98, Percent Change: +3.61%

$APTV$F$VGNT

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