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Cloudflare Likely to Execute on Updated Long-Term Profitability Targets, RBC Capital Markets Says

Cloudflare (NET) is expected to deliver on its updated long-term targets, with management saying it remains on track to exceed its $5 billion revenue target ahead of 2028, supported by strength across its security, application, and developer platform businesses, RBC Capital Markets said in a note Tuesday.At its 2026 investor day, the company adopted a Rule of 50 focus and said it now expects gross margins of 70% to 77%, operating margins above 30%, and free cash flow margins of 30% to 35%, with GAAP profitability expected by 2028, supported by AI-driven efficiency gains across sales, engineering, and corporate functions, according to the note.A key theme was Cloudflare's "Act 4" opportunity in the agentic internet, where management sees its isolate-based architecture as a structural advantage for efficiently running AI agent workloads, supported by strong AI traffic growth and increasing developer adoption, RBC said.Underlying momentum remains strong, with Cloudflare One ARR growing 43% year over year and developer platform ARR increasing 137%, alongside rising enterprise adoption and stronger net revenue retention driven by wider product uptake, the brokerage added.RBC Capital Markets maintained its outperform rating on the stock and raised its price target to $260 from $240.Shares of Cloudflare were down 5.8% in Wednesday trading.Price: $222.38, Change: $-13.76, Percent Change: -5.83%

$NET

Wire46d ago

Zillow Faces AI-Related Valuation Overhang Despite Limited Business Risk, RBC Says

Zillow's (ZG) stock faces a persistent artificial intelligence-related overhang despite limited underlying business risk, RBC Capital Markets said.The investment firm said in a Tuesday note that LLM product innovation, along with increasingly sophisticated agentic aggregation capabilities from Alphabet's (GOOG, GOOGL) Google, is likely to remain an overhang for digital marketplaces in the foreseeable future.RBC said Zillow's traffic risk from the overhang is low and the actual business impact is even lower. It estimates profit exposure at just 1% to 4% in a worst-case scenario, assuming indirect traffic between 15% and 20%. However, it noted that a more appropriate discounting of AI's potential deflationary effect on internet marketplaces is warranted.The overhang lowers the ceiling for what investors will pay for internet companies with exposure to horizontal user acquisition, analysts said.RBC has an outperform rating on the company stock and lowered its price target to $70 from $95.Shares of Zillow were down nearly 2% in Wednesday trading.Price: $35.15, Change: $-0.68, Percent Change: -1.90%

$ZG

Treasury46d ago

BMO Continues to See Bank of Canada on Hold This Year After Wednesday's Policy Statement Gives Very Little New Information

The Bank of Canada held policy rates at 2.25% on Wednesday, as expected, said Bank of Montreal (BMO).The policy statement was matter-of-fact, with no big surprises, noted the bank. The BoC highlighted softer Q1 gross domestic product contracting 0.1% versus the 1.5% growth forecast in the April Monetary Policy Report, while the labor market picture has remained stable with the unemployment rate holding in the 6.5%-to-7% range.The BoC expects growth to rebound in Q2, but "the economy is expected to remain in excess supply."The section on inflation outlined the improvement in core consumer price index and that there has been little evidence of pass-through from high energy prices. Still, oil prices remain elevated and subject to headline volatility, which drives upside risk. The BoC will continue to look through the initial impact of energy prices on CPI, but "will not let higher energy prices become persistent inflation."The final paragraph had a small dovish addition-"Economic activity in Canada has been weak and uncertainty about US trade policy persists." The first half of that sentence is new and likely due to the miss in Q1 GDP. The early indicators point to a rebound in the current quarter, but the economy has struggled to gain consistent momentum since trade concerns ramped up at the start of 2025.Governor Tiff Macklem's opening statement repeated the potential scenario for a cut in the event of significant new trade restrictions from the U.S., and for "consecutive" hikes if inflation pressures broaden. These are still the risks, though it doesn't look as though the BoC is anywhere close to either scenario at the moment, added BMO.Very little new information from the BoC, as the June policy statement and opening statement were similar to April's. The extra line about the economy being "weak" is a touch more dovish, but there's still concern about the potential for rising inflation from higher energy prices, according to the bank.BMO continues to expect the BoC to stay on hold through the rest of the year.

$CXY

Research46d ago

Enbridge Maintained at Hold at TPH Following Model Update; Price Target at C$77.00

Tudor, Pickering, Holt on Wednesday reiterated its hold rating on the shares of Enbridge (ENB.TO, ENB) with a C$77.00 price target as it revisited its financial models for the company."We are updating our ENB model, nudging 2026 estimates slightly higher while moving 2027+ lower. Our 2026 Adj. EBITDA now stands at C$20,732MM (Street C$20,600MM) and 2027 at C$21,789MM (Street C$21,855MM). At the segment level, Liquids saw the largest revision, while all other segments moved higher. Mainline drove the biggest change within Liquids, as we adjusted our rate base model to keep returns below the upper end of the ROE collar. Importantly, our model does not yet include MLO2, which would push estimates higher and more than recoup the EBITDA trimmed in this update. ENB closed the FSP + SAX open season for 250mbpd at the end of May, and depending on shipper interest, we expect this to support a positive FID on the Q2 call. Benchmarking cost per barrel against MLO1, we size the project at roughly US$2.0-2.5B, with the bulk of spending falling in 2027-2028. Our FY'26 growth capex estimate already sits slightly above the top of the guidance range at C$11.9B (Street C$11.6B), and heavier spending lifts our leverage over the next couple of years until these larger, lumpier projects enter service. In Renewables, we layered in the new Cone project and revised how we model the associated tax benefits," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $78.65, Change: $+1.13, Percent Change: +1.46%

$ENB$ENB.TO

Asia Markets46d ago

European Stocks Close Mixed in Wednesday Trading; Bank, Automotive Stocks Slump

European stock markets closed mixed in Wednesday trading as fighting reignited in the Middle East and President Donald Trump saying Iran must "pay the price" for taking too long to close a peace deal.The Stoxx Europe edged 0.1% higher, Germany's DAX fell 0.9%, the FTSE 100 rose 0.3%, France's CAC lost 0.3%, and the Swiss Market Index closed 0.7% higher.Bank stocks closed lower in Wednesday trading with Societe Generale, and BNP Paribas falling 2.1% and 1.4%, respectively, in Paris, while Commerzbank dropped 2.2% in Frankfurt. HSBC and Standard Chartered lost 1.4% and 1.2%, respectively, in London, while UniCredit fell 1.2% in Milan.Automotive stocks also declined, with Stellantis and Renault falling 3.8% and 1.6%, respectively, in Paris, while BMW and Porsche lost 1.3% and 1.2%, respectively, in Frankfurt. Shares of Volvo dropped 3.6% in Stockholm, while Ferrari's stock closed 1% lower in Milan.In corporate news, shares of energy company EnQuest surged 30% in London trading after it said Wednesday that its EnQuest Petroleum Production Malaysia unit has agreed to acquire three separate packages that include interests in four offshore production sharing contracts in Malaysia.The company said that acquisitions would constitute a reverse takeover for the purposes of the UK's Financial Conduct Authority's listing rules.Flutter Entertainment's FanDuel Predicts unit said Wednesday that it has signed an expanded event contract with Crypto.com's regulated trading platform OG Prediction Markets. Financial terms were not disclosed. The product expansion comes just before the World Cup begins.Shares of the sports betting and gaming operator rose 5% in London.French pharmaceutical company Sanofi said Wednesday that it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide sufficient efficacy.The company said it will review the future of its other ongoing riliprubart studies, including a trial involving patients with the same condition who are being treated with intravenous immunoglobulin.Shares of Sanofi declined close to 1% in Paris.

Wire46d ago

Nice Building 'Right Platform' for Future of Enterprise Customer Experience, RBC Says

Nice (NICE) is building the "right platform" for the future of enterprise customer experience despite near-term uncertainty around revenue conversion, RBC Capital Markets said in a report emailed Wednesday.Following the company's annual customer conference and investor day, the analysts at the firm came away "incrementally positive" on the company, citing strong artificial intelligence adoption, the full integration of Cognigy into the CXone platform, and an expanding partner ecosystem. Management left its fiscal 2026 guidance and fiscal 2028 targets unchanged, the firm said.The firm noted that AI adoption continues to gain traction, with all customer experience and contact center-as-a-service deals over the past three quarters including AI capabilities. AI customers generate 36% higher average revenue per user and 4.5 times higher average revenue per customer than non-AI customers, according to the report.RBC has an outperform rating on Nice with a price target of $130.Price: $87.94, Change: $-0.69, Percent Change: -0.77%

$NICE

Insider Trading46d ago

Coca Cola Insider Sold Shares Worth $7,945,632, According to a Recent SEC Filing

Jennifer K Mann, Executive Vice President, on June 08, 2026, sold 100,000 shares in Coca Cola (KO) for $7,945,632. Following the Form 4 filing with the SEC, Mann has control over a total of 215,709 common shares of the company, with 207,400 shares held directly and 8,309 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/21344/000002134426000148/xslF345X05/form4.xmlPrice: $83.59, Change: $+2.24, Percent Change: +2.76%

$KO

Wire46d ago

SailPoint Well-Positioned in Growing Identity Security Market for Emerging Agentic Opportunity, RBC Says

SailPoint (SAIL) remains well-positioned in a durable and growing identity security market and for the emerging agentic opportunity, RBC Capital Markets said in a Wednesday research note.With the company raising its fiscal 2027 guidance and its midpoint guidance now calling for +22% annual recurring revenue and -2% net new annual recurring revenue versus +21% ARR and -5% NNARR growth previously, RBC said it believes agentic assumptions are discounted in guidance and could yield more upside in H2.Additionally, RBC said that the introduction of the SailPoint Agentic Fabric can also provide upside and increased interest in the platform as the product is included in agentic suites for software as a service.RBC raised its priced target to $19 from $17 and maintained its outperform rating.Price: $14.48, Change: $-1.19, Percent Change: -7.57%

$SAIL

Mining & Metals46d ago

Hannan Metals Secures Option Over Three High-Grade Gold Projects in Sweden

Hannan Metals (HAN.V) on Wednesday said it entered into an option agreement to buy up to 100% of three high-grade gold projects known as the Stavatrask, Skelleftea North and Adelfors projects, totaling 8,405 hectares in Sweden, with permitted drilling at Stavatrask to start this month.A rig will be mobilized in this month for a staged program of up to 2,000 meters to test a direct analogue of Boliden, located just 20 kilometers to the south on the same regional-scale shear system, it said. The company has the sole and exclusive right to conduct initial assessment work on the property for six months from June 4.During the grant period, Hannan must complete the initial drill program and may issue up to one-million shares to maintain its option. Assuming positive drill results, the company can exercise the option for a 100% interest in the property, by spending at least C$2 million on exploration and issuing a further 3.5-million shares.A 2.0% Net Smelter Return royalty is payable by Hannan on completion of the option exercise, which it may buy back in full at any time for C$3 million. The company may also cancel the option agreement at any time at its sole discretion, with no further share issuance or expenditure obligations, it added.Shares of the company were last seen down $0,02 to $0.48 on the TSX Venture Exchange.Price: $0.48, Change: $-0.02, Percent Change: -4.00%

$HAN.V

Wire46d ago

Datadog's Rapid Pace of AI Product Development is Acting as Positive Trend, RBC Says

Datadog's (DDOG) rapid advancement of its artificial intelligence-influenced product strategy is acting as a durable and positive trend for the company, RBC Capital Markets said in a research report emailed Wednesday.New capabilities around AI and security to help clients detect and resolve issues across the data lifecycle are part of the company's transition to autonomous operations, as AI tailwinds continue to support growth, analysts wrote.Momentum coming out of Q1 has likely continued in the current quarter, according to the note.The brokerage said it reiterated its outperform rating on the stock and price target of $250 per share.Price: $227.71, Change: $+0.37, Percent Change: +0.16%

$DDOG

Mining & Metals46d ago

National Bank of Canada Raises Hammond Power Solutions' Price Target to C$355 from C$325

National Bank of Canada on Tuesday reiterated its outperform rating on the shares of Hammond Power Solutions (HPS-A.TO) while raising its price target to C$355 from C$325.The higher price target reflects the company's stronger long-term pricing and cash flow expectations, the bank said.Hammond's Monterrey 4 and reconfiguration across Monterrey 3/4 should bridge near-term demand and support $1.2 billion of revenue capacity in 2026, with existing real estate potentially adding another $50 million-$100 million, the bank said.Data centers have moved from 10% of revenue three years ago to 30% exiting 2025, with a higher share of backlog at over 30-40%, according to National Bank.US Section 232 tariffs create margin timing pressure, particularly on standard product, but HPS has moved on price and larger custom contracts often include tariff protection, the bank said.Price: $297.29, Change: $-2.32, Percent Change: -0.77%

$HPS-A.TO

Wire46d ago

Nike Turnaround Could Take Longer Despite New Growth Drivers, RBC Says

Nike's (NKE) turnaround is likely to remain slow through the rest of 2026 as product progress, inventory cleanup, direct sales recovery and new growth drivers may take longer to have an effect, RBC Capital Markets said in a note Wednesday.Nike is making progress under CEO Elliott Hill, including changes to the organization, wholesale business, sports-focused teams and running category, but product improvement is still not broad enough and Nike's revenue growth outlook remains weaker than the wider sector, which could point to further market share pressure, the investment firm said.Nike needs better full-price direct-to-consumer sales, while tighter buying from Dick's Sporting Goods (DKS) and Foot Locker (FL) could affect underperforming styles in wholesale, RBC said.The company could beat Q4 expectations if North America wholesale demand and World Cup-related orders are strong, but RBC said an improvement in direct-to-consumer sales is also necessary, but not as likely.RBC downgraded Nike to sector perform from outperform and cut its price target to $50 from $70, saying there are limited near-term reasons for the stock to move higher.Price: $44.21, Change: $-0.44, Percent Change: -0.99%

$DKS$FL$NKE

Insider Trading46d ago

Horizon Technology Finance Insider Bought Shares Worth $434,000, According to a Recent SEC Filing

Michael Balkin, Director, Chief Executive Officer, on June 09, 2026, executed a purchase for 100,000 shares in Horizon Technology Finance (HRZN) for $434,000. Following the Form 4 filing with the SEC, Balkin has control over a total of 347,054 common shares of the company, with 327,054 shares held directly and 20,000 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1487428/000143774926020103/xslF345X05/rdgdoc.xmlPrice: $4.35, Change: $+0.04, Percent Change: +0.93%

$HRZN

Wire46d ago

Update: Wedbush Raises Price Target on Datadog to $260 From $220, Keeps Outperform Rating

(Updated to include Wedbush commentary)Wedbush raised its price target on Datadog (DDOG) to $260 from $220 following the company's DASH annual technical conference where it rolled out over 100 capabilities and innovative products for DevOps and Security.Full-stack visibility and autonomy continue to become more important for observability and security, and the company's place in that intersection remains strong as it capitalizes on rapid AI development and demand, analysts led by Dan Ives wrote in a Wednesday note.Datadog has an average rating of buy and mean price target of $232.21, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $227.08, Change: $-0.26, Percent Change: -0.11%

$DDOG

Treasury46d ago

Bank of Canada's Monetary Hold Signals Balancing Risks From Oil Prices and Trade, Says TD

The Bank of Canada held its policy rate at 2.25% on Wednesday, noting that maintaining the current setting balances the competing risks of economic weakness and rising inflation, said TD.The opening statement pointed to the weaker growth backdrop. It noted that "GDP edged down 0.1% in the first quarter, weaker than expected at the time of the April Report," with the economy expected to "remain in excess supply" despite an anticipated near-term rebound, as higher energy prices, global conflict, and trade uncertainty weigh on activity.The statement also pointed out that oil prices have been higher than assumed in April's Monetary Policy Report, likely nudging up the inflation outlook.Importantly, in the Opening Statement, the BoC emphasized policy flexibility, noting that "uncertainty is unusually elevated, and the risks could shift," with the Governing Council prepared to adjust as needed. It stated it could cut rates if United States trade restrictions weaken growth or potentially deliver "consecutive increases" if Middle East-related energy shocks lead to persistent, broad-based inflation.Another meeting, another hold, added TD. Growth to start the year came in materially lower than the BoC's last projections, showcasing just how much slack there is in the economy. This slack is expected to continue to help offset the inflation pressures coming from higher energy costs.Whether it is sufficient to prevent broader pass-through to core prices is likely to depend on just how long oil prices stay elevated.The outlook remains highly uncertain. Oil prices have come off their peaks but are still high as uncertainty about the course of the conflict in the Middle East persists. On the other hand, negotiations around the CUSMA review between Canada and the U.S. have yet to get started, casting a pall over trade prospects, according to the bank.Recent data suggest a Q2 bounce-back in growth, but one that is insufficient to absorb all of the excess capacity in the economy. Given the competing forces on inflation, TD expects Canada's central bank to stay on hold through the balance of the year.

$CXY

Wire46d ago

Market Chatter: TASS Says Roblox Gaming Platform Access Restored in Russia

Access to Roblox's (RBLX) gaming platform has been restored in Russia, Bloomberg reported Wednesday, citing a report by Russian news agency TASS.Roblox didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $42.76, Change: $-0.24, Percent Change: -0.57%

$RBLX

Wire46d ago

Market Chatter: America's Car-Mart Seeks Capital to Stave Off Bankruptcy

America's Car-Mart (CRMT) is working on raising capital to avoid a bankruptcy filing as it sits on the verge of default, Bloomberg reported Wednesday, citing people familiar with the matter.The used-car seller and subprime lender's banker, Houlihan Lokey (HLI), contacted investors to gauge interest in providing at least $500 million in new capital, the report said, citing one of the people familiar with the matter.America's Car-Mart didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $3.24, Change: $-2.03, Percent Change: -38.52%

$CRMT$HLI

Wire46d ago

TASS Says Roblox Gaming Platform Restored in Russia, Bloomberg Reports

$RBLX

Commodities46d ago

APA Strengthens Alaska Growth Plans With $70 Million Savant Acquisition, TPH Says

APA (APA) acquired Savant Alaska for about $70 million upfront, securing 104,000 gross acres and critical North Slope infrastructure that could accelerate future development, TPH Energy Research said in a Wednesday note.APA's eastern North Slope position will increase to about 487,000 gross acres under the transaction, which also includes contingent payments tied to future development activity and is expected to close by the end of 2026, according to TPH.The acquisition adds about 1,500 barrels of oil per day of production from the Badami and Grey Owl units, providing APA with immediate operating output.APA also gains the Badami facilities, with a nameplate capacity of about 40,000 b/d, and the Nutaaq Pipeline, which can transport about 80,000 b/d to the Trans-Alaska Pipeline System.The package includes accommodation facilities, a grind-and-inject system, a barge landing and other field infrastructure that can support operations during the upcoming winter drilling season, TPH said.Management expects the adjacent infrastructure to improve development flexibility, shorten project timelines and reduce future development costs across its Alaska portfolio, according to the report.APA has assumed operatorship of the existing joint venture with Armstrong and Santos and plans to advance exploration and appraisal activity on its North Slope acreage.The company plans a two-well program during the 2026-2027 winter season, including the Chinook exploration well and the Hungry Horse appraisal well to help define the scale of Sockeye.Price: $38.02, Change: $+1.41, Percent Change: +3.85%

$APA

Wire46d ago

Nice's Story Sounds Good But Questions Remain, Wedbush Says

Nice (NICE) provided a sound story at its Investor Day event but questions remain, Wedbush said in a Wednesday note.Nice laid out its evolution from a seat-based contact center as a service firm into an orchestrated CX-AI platform, with recently acquired Cognigy now integrated into CXone, the note said.The firm's core thesis is that point solutions cannot replicate its combined conversational AI, voice, workforce management, and data intelligence on one platform, the report said."While we came away more constructive on the platform vision and the AI monetization data, the persistent gap between that narrative and mid-single-digit reported revenue growth rates keeps us on the sidelines," the report said.Wedbush maintained its neutral rating while lowering its price target to $100 from $120, saying that "many questions still remain about growth and the AI challenges ahead."Price: $87.82, Change: $-0.80, Percent Change: -0.90%

$NICE

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Asia Markets46d ago