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BMO Downgrades Chemtrade to Market Perform

BMO Capital Markets on Wednesday lowered its rating on the units of Chemtrade Logistics Income Fund (CHE-UN.TO) to market perform, while maintaining its C$18.50 price target.BMO said the downgrade reflects the rejection of Chemtrade's planned rezoning for its North Vancouver chlor-alkali plant.According to BMO, more predictable earnings, index inclusion, rezoning approval, and valuation catch-up to U.S. commodity-chemical peers were key catalysts for continued outperformance by Chemtrade.But with uncertainty linked to the North Vancouver facility beyond 2030, BMO said it now awaits more clarity.Price: $14.70, Change: $+0.20, Percent Change: +1.38%

$CHE-UN.TO

Wire146d ago

Johnson & Johnson Q1 Reinforces Growth Outlook on New Product Cycle, Morgan Stanley Says

Johnson & Johnson's (JNJ) Q1 results reinforced Morgan Stanley's confidence in the company's growth trajectory, driven by its new product cycle, including Icotyde.The company reaffirmed its long-term outlook and sees a path to double-digit revenue growth by 2030. Johnson & Johnson also highlighted key Pharma growth drivers, including Icotyde, Rybrevant and Inlexzo. It further pointed to cardiovascular launches and the Orthopedics separation as tailwinds in MedTech.Johnson & Johnson posted a Q1 beat and slightly lifted 2026 revenue guidance to $100.3 billion to $101.3 billion. This compares with Morgan Stanley's estimate of $101.1 billion and Street estimate of $100.6 billion. New adjusted EPS guidance was $11.45 to $11.65, versus Morgan Stanley's estimate of $11.82 and consensus of $11.56.The company expects heavier investment in H1, with stronger earnings growth in H2 as new product launches scale, according to the note Tuesday.Upcoming catalysts include additional readouts for Icotyde across plaque psoriasis and psoriatic arthritis. The company also expects data from the phase 2 Duet trials in ulcerative colitis and Crohn's disease. Phase 3 readouts of Milvexian in atrial fibrillation and secondary stroke prevention are also expected.Morgan Stanley maintained an overweight rating on Johnson & Johnson and raised its price target to $283 from $267.Price: $238.95, Change: $-1.15, Percent Change: -0.48%

$JNJ

Wire146d ago

Citigroup Builds Momentum Toward 2026 Profitability Goals After Landmark Q1, RBC Says

Citigroup's (C) strongest revenue quarter in a decade, driven by record markets performance and continued strength in services, backs management's confidence in reaching a 10% to 11% return on tangible common equity in 2026, RBC Capital Markets said Tuesday in a report.The bank reported Q1 earnings of $3.06 per diluted share, up from $1.96 a year earlier, as revenue rose 14% to $24.6 billion with all major business lines contributing to growth, the report said.Citigroup's services segment generated $6.1 billion in revenue in Q1, up 17% from a year earlier, as the bank's "crown jewel," RBC said. Markets revenue surpassed $7 billion for the first time, rising 19% to $7.2 billion on broad strength across fixed income and equities, the report said.Management reiterated confidence in its medium-term financial goals, supported by modest revenue growth and expense discipline, the report said.RBC raised its price target on Citigroup stock to $139 from $121 and maintained its outperform rating.Price: $132.05, Change: $+2.47, Percent Change: +1.91%

Wire146d ago

Earnings Flash (WINA) Winmark Posts Fiscal Q1 EPS $2.50, vs. FactSet Est of $2.70

$WINA

Wire146d ago

Johnson & Johnson Highlights Pipeline Catalysts, Reaffirms Growth Outlook After Q1 Beat, RBC Says

Johnson & Johnson (JNJ) outlined strong pipeline catalysts across Innovative Medicine and MedTech, reinforcing its long-term double-digit growth outlook after delivering a Q1 2026 earnings beat and raising full-year guidance, with its growth acceleration thesis remaining intact, RBC Capital said in a Tuesday note.RBC highlighted strength in key growth drivers including Tremfya, Carvykti, and newly launched Icotyde, which management said could become one of its largest future products, while MedTech growth remains steady with expectations to reach high single-digit growth by the end of the decade.Management modestly raised 2026 guidance to about 6.1% operational sales growth and $11.55 in adjusted earnings per share at the midpoint, while also reporting an estimated around 2% sales beat and 1% EPS beat, according to the report.The company highlighted pipeline opportunities across oncology, cardiovascular, and bladder cancer therapies, along with device innovation, supporting mid- to high-single-digit growth acceleration through the end of the decade, RBC added.RBC maintained its outperform rating on the stock and raised its price target to $265 from $255.Shares of Johnson & Johnson were down 0.7% in Wednesday trading.Price: $238.44, Change: $-1.66, Percent Change: -0.69%

$JNJ

Treasury146d ago

Prince Edward Island's Deep Deficits May End A Decade of Balanced Provincial Budgets, Says BMO

The province of Prince Edward Island (P.E.I.) is projecting a $410 million budget deficit for FY26/27, following a much larger-than-expected shortfall of $450 million now expected for FY25/26, said Bank of Montreal (BMO).The bank recalled the original budget plan had estimated a $184 million deficit, but somewhat softer revenues and sharply higher spending have dragged the province deeper into the red.At roughly 3.5% of gross domestic product, the FY26/27 shortfall is on track to be the largest in Canada this year, BMO said.Deficits persist in future years, narrowing modestly to $338 million by FY28/29.The deep deficits will put upward pressure on net debt this year, which is pegged at $4.5 billion, or just over 38% of GDP. Persistent deficits will push that ratio to 40% by FY28/29, toward the high end of the provincial spectrum, BMO pointed out.Long-term borrowing is estimated at $900 million for FY26/27, down very slightly from the prior fiscal year.This is a much deeper run of deficits for P.E.I., potentially closing the book on a decade of effectively balanced budgets, according to the bank.

$CXY

Wire146d ago

Baird Adjusts Price Target on Centene to $37 From $36, Maintains Neutral Rating

Centene (CNC) has an average rating of hold and mean price target of $42.65, 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: $37.01, Change: $-0.25, Percent Change: -0.67%

$CNC

Wire146d ago

Baird Adjusts Price Target on ResMed to $254 From $272, Maintains Neutral Rating

ResMed (RMD) has an average rating of overweight and mean price target of $304.80, 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: $228.68, Change: $-2.01, Percent Change: -0.87%

$RMD

Wire146d ago

Baird Adjusts Price Target on Elevance Health to $317 From $340, Maintains Neutral Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $373.48, 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: $309.43, Change: $-3.92, Percent Change: -1.25%

$ELV

Wire146d ago

JPMorgan Adjusts Price Target on Intercontinental Exchange to $183 From $182, Maintains Overweight Rating

Intercontinental Exchange (ICE) has an average rating of buy and mean price target of $200.53, 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: $164.65, Change: $+2.61, Percent Change: +1.61%

$ICE

Wire146d ago

Albertsons Making Progress on Margins, But Top-line Outlook Muted, RBC Capital Markets Says

Albertsons (ACI) is making tangible progress on margins, but its top-line outlook remains muted, RBC Capital Markets said in a note Tuesday.Analysts said management's soft guidance is primarily related to the pharmacy business since grocery trends have largely remained stable. The brokerage subsequently lowered its fiscal Q1 and fiscal 2026 ID sales estimates.RBC said a key positive from the company's fiscal Q4 earnings report was an increase in its productivity savings target to $2 billion over the next three years from $1.5 billion.Analysts said Albertsons' customer lifetime value will likely increase over time as it converts pharmacy customers to grocery customers.The brokerage added that sales could deteriorate if inflation eases and retailers don't see an equal lift in volumes.RBC Capital Markets retained an outperform rating on the stock, but lowered its price target to $20 from $21.Price: $16.60, Change: $+0.25, Percent Change: +1.56%

$ACI

Wire146d ago

JPMorgan's Business Model, Investments Have Resulted in 'Highly Profitable' Diversified Banking Model, RBC Says

JPMorgan Chase's (JPM) business model combined with its investments worth billions have results not have resulted not only in a "fortress" balance sheet but also a "highly profitable" diversified banking model, RBC Capital Markets in a research note.Noting the company's better than expected Q1 results, RBC said on Tuesday it has revised its 2026 earnings per share estimate to $21.48 from $21.43 but reiterated its 2027 EPS estimate of $23.RBC said that that JPMorgan Chase is well positioned to benefit from the Basel III banking regulations re-proposal that was released in March and that the bank will continue to reward long-term shareholders with "above-average profitability and returns in the future," under Jamie Dimon's leadership.RBC maintained its outperform rating with a $330 price target.Price: $305.87, Change: $-5.25, Percent Change: -1.69%

$JPM

Wire146d ago

ServiceNow Seen Facing Tough AI Disruption Narrative Ahead of Q1 Results, Oppenheimer Says

ServiceNow (NOW) is expected to report Q1 results with positive business trends, but the current artificial intelligence disruption narrative is likely to remain in place, Oppenheimer said in a Wednesday report.Oppenheimer models Q1 revenue of $3.74 billion and pro forma EPS of $0.96.The firm said its checks on demand activity, AI momentum, performance and execution were slightly positive for ServiceNow in the quarter.Industry checks remain constructive for AI spending, but point to a less robust enterprise software buying environment compared with the previous quarter, the firm said.The firm added that ServiceNow could become the first enterprise software company to generate more than 10% of revenue from AI by Q4.Oppenheimer maintained its outperform rating on ServiceNow and lowered its price target to $130 from $175.ServiceNow shares were 6.6% higher in Wednesday trading.Price: $92.99, Change: $+5.20, Percent Change: +5.92%

$NOW

Asia Markets146d ago

European Equities Traded in the US as American Depositary Receipts Trending Lower in Wednesday Trading

European equities traded in the US as American depositary receipts were heading lower late Wednesday morning, declining 0.54% to 1,835.78 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by medical device maker EDAP TMS (EDAP) and biopharmaceutical firm Grifols (GRFS), which advanced 3% and 2.6%, respectively. They were followed by software company SAP (SAP) and biopharmaceutical company argenx (ARGX), which increased 2.5% each.The decliners from continental Europe were led by furniture maker Natuzzi (NTZ) and telecommunications company Nokia (NOK), which dropped 4.2% and 1.6%, respectively. They were followed by telecommunications company Ericsson (ERIC) and petroleum refiner Equinor (EQNR), which lost 1.5% and 1.2%, respectively.The gainers from the UK were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and software company Endava (DAVA), which rose 3.2% each. They were followed by biopharmaceutical companies Amarin (AMRN) and NuCana (NCNA), which were up 3% and 2.3% respectively.The decliners from the UK and Ireland were led by biotech firm Trinity Biotech (TRIB) and biopharmaceutical company Mereo BioPharma Group (MREO), which fell 2.9% and 2.6% respectively. They were followed by pharmaceutical company AstraZeneca (AZN) and utilities company National Grid (NGG), which were down 1.3% and 1.2% respectively.

$AMRN$ARGX$AZN$DAVCA$EDAP$EQNR$ERIC$GRFS$MREO$NCNA$NGG$NOK$NTZ$SAP$TRIB$VDRZ

Commodities146d ago

Var Energi Seeks to Boost Goliat Output, Extend Field Life to 2050

Eni (E) subsidiary, Var Energi, said Wednesday it had submitted revised development plans to Norwegian authorities to increase oil production and extend the lifespan of its Goliat field in the Barents Sea.The energy firm, alongside partner Equinor, filed an amended Plan for Development and Operation for the Goliat Gas Export project with the Ministry of Petroleum and Energy.The project is designed to increase oil recovery by optimizing reservoir management once the gas currently reinjected into the field is produced and exported.Var Energi said incremental oil volumes will be sold immediately, while gas will be sent to the Hammerfest LNG plant under a gas bank arrangement tied to the Snohvit development, and marketed when processing capacity becomes available.The company said the development targets 112 million barrels of oil equivalent in proved and probable reserves, of which about 15% is oil. First production is expected in Q3 2029.Torger Rod, chief operating officer at Var Energi, said the project would extend Goliat's operational life by about a decade to 2050, while supporting future developments in the Barents Sea."This is an effective, value-creating project with significant upside. The project expands the infrastructure in the Barents Sea and unlocks future developments," Rod said.The plan includes new subsea infrastructure linking the Goliat floating production, storage and offloading vessel to the Snohvit pipeline system. The scope covers a gas riser, an umbilical, and a 12-kilometer export pipeline, alongside modifications to the FPSO to integrate the new facilities.The GGE project is also expected to enable additional tie-ins, including the planned Goliat Ridge development.Total investment is estimated at $360 million before tax, with Var Energi's share at $233 million. The company said the project meets its breakeven targets and offers upside through further optimization.Var Energi holds a 65% operating stake in the license, with Equinor owning the remaining 35%.Price: $54.99, Change: $-0.41, Percent Change: -0.73%

Mining & Metals146d ago

Queen's Road Capital Raising $23 Million in a Private Placement of Shares

Queen's Road Capital Investment (QRC.TO) on Wednesday said it will raise up to $23 million from a non-brokered private placement of shares.The company said it will look to place 1.48-million shares priced at $15.50 each..Proceeds will be used to fund additional investments "in accordance with the company's investment policy"."This private placement gives us the opportunity to welcome new long-term, supportive institutional shareholders to our register as we embark on the next growth phase of QRC," said chief executive Warren Gilman. "The added diversification of our shareholder base should result in an increase in the liquidity of the shares which will benefit all shareholders."The company's shares last traded Tuesday, closing at $16.25 on the Toronto Stock Exchange.

$QRC.TO

Wire146d ago

Sonoco Products Raises Quarterly Dividend to $0.54 From $0.53, Payable June 10 to Holders of Record May 8

$SON

Oil & Energy146d ago

Market Chatter: EU Weighs Energy Rationing as Iran War Disrupts Supply

The European Union issued a stark warning to member states, cautioning that a prolonged Middle East conflict could trigger a prolonged supply shock that would force cuts to fuel consumption, Reuters reported on Wednesday, citing EU diplomats.The closure of the Strait of Hormuz, which usually handles 20% of the world's oil and liquefied natural gas, has roiled global energy markets since the outbreak of the conflict on Feb. 28.Though Europe has not yet faced supply shortages, a deepening energy crisis is sending shockwaves through the continent's economy. Record-high oil and gas prices are squeezing consumers, while a fresh threat looms over the aviation sector.The European Commission is considering two main scenarios in the face of the looming energy crisis, the report said.The Commission said that if a ceasefire between the US and Iran holds and Washington lifts its blockade of the Hormuz, oil and gas flows could normalize within months, helping to drive prices lower.The Commission did not immediately respond to' request for comment.Diesel and jet fuel markets would take longer to rebalance, with prices expected to ease toward the end of the summer. The global LNG market, however, is likely to remain tight through 2030, reflecting damage to key infrastructure in Qatar.However, if the conflict continues, energy markets risk a prolonged supply shock and sharp price spikes, with knock-on effects across industrial supply chains. Sustained disruptions to oil flows would increasingly trigger "demand destruction," curbing fuel consumption, the report said.The EU said that in such a scenario, it may struggle to replenish gas storage ahead of winter, while localized shortages of jet fuel could emerge.The Commission is preparing a package of measures to cushion the energy shock, including proposals to reduce electricity taxes and accelerate the rollout of clean technologies. The aim is to curb the bloc's reliance on fossil fuels and shield it from future oil and gas disruptions.(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.)

Commodities146d ago

Spire to Sell Wyoming, Oklahoma Storage Assets for $650 Million

Spire (SR) said Wednesday it will sell its natural gas storage assets in Wyoming and Oklahoma to I Squared Capital for $650 million.The transaction includes $600 million in cash at closing along with a fixed $50 million fixed, non-contingent deferred payment scheduled for receipt in Spire's fiscal year 2027.Spire said the proceeds will partly fund its acquisition of Piedmont Natural Gas Tennessee, which closed Mar. 31.I Squared said it aims to grow the platform by improving operations and pursuing expansion as demand for natural gas storage rises across western and mid-continent US regions.Spire Storage comprises two assets, including Spire Storage West in southwestern Wyoming, which operates two fields with capacity of up to 55 billion cubic feet of working gas.Spire Storage Salt Plains, located in north-central Oklahoma, provides up to 17 Bcf capacity and connects to major pipeline systems including Southern Star Pipeline and Oklahoma Gas Transmission.Spire Chief Executive Officer Scott Doyle said the sale aligns with its strategy to focus on regulated utility operations, while improving risk profile and supporting long-term growth as natural gas demand remains strong.The deal is expected to close in the second half of fiscal 2026, subject to regulatory approvals and standard closing conditions, including antitrust clearance requirements.Price: $91.70, Change: $-0.91, Percent Change: -0.98%

$SR

Wire146d ago

Citigroup Likely to Map 'Mid-Teens' Returns at Investor Day After Strong Q1, Morgan Stanley Says

Citigroup (C) is likely to outline a path to "mid-teens" returns on tangible common equity at its May 7 Investor Day after posting a strong Q1 beat across fees, net interest income, expenses and buybacks, Morgan Stanley said in a report Wednesday.The investment bank raised Citigroup's price target to $144 from $140, reiterated an overweight rating and a "top pick" status, citing another quarter of "ROTCE improvement" and better-than-expected capital returns, including $6.3 billion in buybacks versus $4.4 billion expected, according to the report."[E]xpense ratio and buybacks" remain the key levers for further returns improvement, with Citigroup reporting a 58% expense ratio in Q1, below consensus of 61%. The investment bank models the bank's expense ratio to continue its descent, reaching 56.4% by 2030 as transformation projects reach 90% completion, "up from 80% last quarter," the report said.Citigroup ruled out acquisitions of a "regional bank" and remains focused on "organic growth," with strong performance across core businesses including services, markets, banking and wealth supporting the outlook for higher returns.Shares could gain further as the bank provides "more clarity" on its strategy to achieve mid-teens ROTCE at Investor Day, with current valuation not fully reflecting that potential, the analyst added.Price: $131.47, Change: $+1.89, Percent Change: +1.46%

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Oil & Energy146d ago