Analyst Forecasts

Yossakorn Follett, Chief Executive Officer of XSpring Asset Management, or XSpring AM, sees the personal savings account scheme, TISA, and the idea of reviving an infrastructure fund along the lines of the Thailand Future Fund, or TFFIF, to raise capital as key tools for building a long-term investment base for the Thai capital market. TISA should allow investment across a wide range of assets, not limited to stocks or bonds, similar to the 401(k) system in the United States, even though the format and mechanisms would not be entirely the same. And although the launch of the TISA measure has been pushed back to next year, if it is genuinely driven forward it will help draw more long-term investment money into the Thai capital market. As for the TFFIF concept, it would use state assets that have already been built and generate income, such as roads or expressways, as underlying assets for investment. Meanwhile, XSpring AM has raised its weighting for Thai equities from below normal, or Underweight, back to normal, or Neutral, taking the view that the index around 1,580 to 1,600 points is neither too expensive nor too cheap compared with its historical average, and that an average dividend yield of 3 to 3.5 percent a year still supports investment. For its fourth-quarter 2026 strategy, the company is overweight consumer stocks that benefit from the government's economic stimulus measures, as well as semiconductors and technology. As for banking stocks, although they still stand out for dividends, investment must be selective by individual company, and the impact of flooding, which could affect credit quality in third-quarter 2026 earnings, must be monitored. Pressures to watch include selling from existing long-term equity funds whose holding conditions have matured; if the index rises to around 1,620 to 1,630 points, gradual profit-taking may be seen, along with the reduced weighting of the Thai stock market in the global equity index, because other countries' markets have grown faster in market value, forcing foreign index-tracking funds to cut their holdings of Thai stocks accordingly. XSpring AM estimates the SET index will close 2026 at around 1,600 points, and if there are no severe shocks beyond expectations, there is a chance of seeing the index touch 1,700 points in 2027.

Krungsri Securities said the Social Security Board approved a gradual increase in the wage ceiling for insured persons under Section 33, from 15,000 baht to 17,500 baht in 2026, 20,000 baht in 2029, and 23,000 baht in 2032. The research team estimates that raising the wage ceiling from 15,000 baht to 17,500 baht during 2026-28 will increase the contribution base by 16.7% and generate additional revenue for the fund of about 3,825 baht per insured person per year. Considering only the four-case fund, which directly supports health benefits, it will add revenue of approximately 1,350 baht per insured person per year. Based on a sensitivity analysis assuming a roughly 10% increase in social security medical treatment fees for capitation, IPD treatment, and chronic disease risk burden, similar to the most recent adjustment on May 1, 2023, it is estimated to add a burden to the fund of about 301 baht per insured person per year, or 22% of the incremental revenue of the four-case fund. This reflects that the fund's increased revenue exceeds the higher treatment burden and increases the likelihood of future adjustments to medical treatment rates, which would be an upside for BCH and CHG. On October 19, 2026, the ad hoc subcommittee to review the criteria and rates for medical service payments to contracted hospitals in the social security system will meet to finalize the proposal to adjust social security medical treatment fees after three meetings. It will then propose to the Medical Board and the Social Security Board. The research team assesses the impact on the 2027 earnings forecasts of BCH and CHG under two scenarios. In the first scenario, only the capitation rate is raised by 10%, with an assumed incremental margin of 80%, which would increase 2027 earnings of BCH and CHG by about 11% and 9%, respectively, with additional value from the target price of BCH of about 0.60-0.70 baht and CHG of about 0.10-0.15 baht. In the second scenario, all three items are raised by 10%, with an assumed incremental margin of 70%, which would increase earnings of BCH and CHG by about 13% and 11%, respectively, with additional value from the target price of BCH of about 0.80-1.00 baht and CHG of about 0.15-0.20 baht. The research team maintains a bullish view on the hospital sector, with top picks BDMS (Buy, target price 25 baht) and PR9 (Buy, target price 24 baht), while BCH (Buy, target price 12 baht) stands out in the social security hospital group due to earnings having passed the trough and a high chance of benefiting from the increase in social security medical treatment rates.

Several brokers expect TISCO Financial Group, the first commercial bank to report earnings each quarter, to announce its third-quarter results around mid-October, with profit forecast at approximately 1.76-1.82 billion baht, a slight increase from the same period last year and roughly flat from the previous quarter, with an estimated dividend yield of 6.2% per year. Bank of Ayudhya Securities expects third-quarter net profit of 1.78 billion baht, up 3% year-on-year and 1% quarter-on-quarter, driven by interest income rising 5% year-on-year and 2% quarter-on-quarter on an increase in net interest margin to 4.99%, compared with 4.88% in the third quarter of last year and 4.98% in the second quarter of this year. Trinity Securities expects profit of 1,766 million baht, flat quarter-on-quarter and up 2% year-on-year, maintaining its full-year 2026 profit estimate at 6,861 million baht, up 3% year-on-year, with a hold recommendation and a 2027 target price of 115 baht. Pi Securities maintains its hold recommendation and has revised its fundamental value to 125 baht, expecting third-quarter net profit of 1,761 million baht, up 1.8% year-on-year but down 0.1% quarter-on-quarter, and maintains its full-year 2026 net profit estimate of 5% year-on-year growth. Phillip Securities (Thailand) expects profit of 1.8 billion baht, up 5.3% year-on-year, maintains its full-year 2026 profit estimate at 6.9 billion baht, up 3.2% year-on-year, gives a fundamental price of 131 baht and recommends gradual buying, expecting a dividend of 7.75 baht this year and 8 baht next year, representing dividend yields of 6.2% and 6.4% respectively. DAOL Securities (Thailand) recommends holding with a target price of 125 baht, estimating third-quarter net profit at 1,766 million baht, up 2% year-on-year but flat quarter-on-quarter, and maintains its full-year 2026 profit estimate at 6.9 billion baht, growing 4% year-on-year.

Chewy posted second quarter fiscal 2026 results with adjusted earnings matching forecasts and net sales ahead of expectations, then raised its outlook as Autoship and AI driven efficiencies took center stage. The update lands after a tough stretch for the stock, with the share price down 43.42% year to date and the 1-year total shareholder return declining 51.45%, even as the 3-year total shareholder return remains positive at 11.47%. A 7-day share price return of 4.29% suggests investors are tentatively reassessing the balance between future growth potential and perceived risk at the current US$18.95 level. Chewy is priced at $18.95 against a widely followed fair value estimate of $28.64 that uses an 8.56% discount rate, a gap that turns the Autoship, pet health and AI cost story into a valuation question rather than just an earnings story. On the earnings multiple, Chewy trades at 27.8x earnings compared with a fair ratio of 20.7x, the US Specialty Retail average of 16.5x and a 15.6x peer average, a richer tag that increases the risk any stumble in the thesis affects the multiple first.

Certara's fair value estimate has edged up to US$8.71 from US$8.19, with analyst price targets clustering in the US$9 to US$10 range ahead of upcoming results. UBS resumed coverage of Certara with a Neutral rating and a US$10 price target, while Barclays lifted its target from US$7.50 to US$9 and Baird moved from US$6 to US$7. Revenue growth expectations have shifted from a decline of 0.64% to an increase of 1.49%, while the net profit margin is reported at 3.76% on both the previous and updated figures and the future P/E has changed from 87.9x to 94.4x. Barclays describes an "extremely tough setup" for life science and diagnostic stocks, and UBS says it wants more evidence of a software revenue recovery before taking a more positive view. The discount rate is broadly unchanged, moving from 8.57% to 8.59%.

Venture Global has signed a new long-term LNG sales deal with ConocoPhillips while drawing a cut to its Q3 adjusted EBITDA estimate from RBC Capital Markets. The Sales and Purchase Agreement commits ConocoPhillips to buy 1.0 million tonnes per annum of LNG from 2030 for 20 years. RBC Capital Markets reduced its Q3 adjusted EBITDA estimate for Venture Global, citing basis differential headwinds, while maintaining a positive view on the stock. Venture Global shares trade at US$13.16, having pulled back around 14% on a 1 month share price basis after an 87% year to date share price return, with a 1 year total shareholder return of about 40%. The most followed narrative pegs fair value at about $16.67 per share, implying the stock is 21% undervalued, though that view could fray if Calcasieu Pass arbitration outcomes absorb more cash than expected or if LNG pricing weakens faster than analysts currently model.

J.P. Morgan Asset Management is making a bullish call on high-quality fixed income, with portfolio manager Priya Misra calling it a once in a generation opportunity for investors. Misra told CNBC's "ETF Edge" that investors can take credit risk in the highest quality companies and still get a 6.5% yield without going down in credit quality, a strategy she said suits those worried about too much exposure to artificial intelligence stocks. Misra co-manages the JPMorgan Core Plus Bond Fund ETF, which holds almost $16 billion in assets under management, with just over three-quarters of its holdings in BBB-rated debt and above as of Aug. 31. She said the firm has been increasing some double-B and single-B exposure amid widening high yield spreads, likes some investment grade, and has started in the last few days to increase duration, thinking the rate move may be nearing its end. The JPMorgan Core Plus Bond Fund ETF is down more than 5% so far this year as of Friday's close, according to FactSet. In the same interview, BondBloxx co-founder Joanna Gallegos advised investors to take advantage of historically attractive yields across debt markets, saying corporate debt can offset portfolio volatility because base rates are high and stable and corporate fundamentals remain strong.

BlackBerry's analyst price targets have diverged, with one firm raising its fair value estimate from CA$11.96 to CA$12.71 while another cut its target to US$9.50 from US$10.30. Canaccord pointed to QNX as the main pillar of the BlackBerry story, highlighting record Q2 revenue of $80.3M and an 87% gross margin in that segment, and noted that BlackBerry lifted its FY27 QNX revenue guidance to $320M and secured a first Alloy Kore design win that adds more than $100M to the royalty backlog. Despite that strength, Canaccord cut its price target to US$9.50 from US$10.30 and kept a Hold rating, citing continued weakness in Secure Communications. RBC Capital maintained a Sector Perform rating and a US$9 price target, expecting a healthy Q2 update with revenue, EBITDA, and EPS possibly slightly exceeding its own and street estimates, but flagging that sentiment could be sensitive to commentary on the timing of Alloy Kore design wins and progress in physical AI and GEM. The fair value revision also lifted the revenue growth assumption from 9.41% to 9.55%, raised the net profit margin from 18.39% to 21.15%, lowered the future P/E from 43.53x to 37.86x, and edged the discount rate down from 7.83% to 7.81%.

Evercore ISI upgraded Procter & Gamble to Outperform from In Line and raised its price target to $166 from $161, citing improving U.S. execution, stabilizing category volumes, and signs the company's new organization is beginning to deliver. Analyst Robert Ottenstein lifted his fiscal first-quarter organic sales growth estimate to about 3% versus a consensus of 2%, saying the quarter could mark the end of downside risk to P&G's sales, and expects the company to exit fiscal 2027 growing about 4%. Goldman Sachs upgraded Palantir to Buy from Neutral on recent underperformance, with analyst Gabriela Borges saying the stock is setting up for another phase of outperformance into 2027, and set a $230 price target. BNP Paribas downgraded GlobalFoundries to Neutral from Outperform, with analyst Karl Ackerman cutting his price target to $51 from $80 and saying growth drivers are priced in. FBN Securities downgraded SentinelOne to Sector Perform from Outperform on concerns about CrowdStrike encroaching on its business, while BNP Paribas raised its NVIDIA price target to $345 from $285 and its Intel price target to $125 from $75, and Citi lifted its AMD price target to $800 from $575, saying it now sees the CPU market hitting $300 billion by 2030.

Emerson Electric has drawn heightened investor attention as analysts project double-digit year-over-year earnings growth for its upcoming quarterly report, supported by higher revenue estimates and positive revisions, reflected in a favorable Zacks Rank #2 (Buy). The company recently raised its full year 2026 guidance to about 5% net sales growth and roughly US$4.89 in EPS, tying the upbeat analyst revisions to management's own outlook. Emerson Electric's narrative projects $21.9 billion revenue and $3.8 billion earnings by 2029, requiring 5.6% yearly revenue growth and about a $1.2 billion earnings increase from $2.6 billion today, with forecasts yielding a $173.68 fair value, a 7% upside to its current price. Some of the lowest analysts were already cautious, assuming only about 4.8% annual revenue growth and US$3.7 billion of earnings by 2029. Key risks remain around China softness, Middle East disruption and large project timing.

Yuanta Securities estimates that the airline group's profit in the third quarter of 2026 will fall 68% year on year, but will swing back to a positive 1.7 billion baht from a loss of 560 million baht in the second quarter of 2026, driven by THAI and BA, while AAV's loss narrowed. The fourth quarter of 2026 is a high season, but if oil prices rebound sharply on a quarter-on-quarter basis, it could pressure the group's profitability. The research team expects the group's profit in 2027 to recover year on year, supported by fleet efficiency gains and revenue per passenger that bolster profitability, and sees the airline group's long-term growth led by improved profitability from a tourism structure shifting toward value over volume and more consistent fuel hedging, alongside airport expansion and aviation hub goals. It therefore maintains a neutral weighting on the airline group, recommending a buy on THAI given the continued improvement in operating trends in the second half of 2026 and in 2027, while valuation is attractive on a higher ROE than the group, a strong financial position, and clear long-term growth from aggressive fleet expansion. It also recommends accumulating BA on dips to speculate on third-quarter 2026 earnings, which are expected to recover well quarter on quarter on the arrival of the Samui high season, with an average dividend yield of 6-7% per year expected to help limit downside.

UBS raised its fourth-quarter Dutch TTF gas price forecast to €75 per megawatt-hour from €62 previously, citing major disruptions to Middle Eastern liquefied natural gas exports. In an October 5 report, the bank said Middle Eastern LNG supply fell by approximately 60 billion cubic metres between March and September, while additional production elsewhere contributed nearly 40 bcm, including 17 bcm from the United States. Asian LNG imports dropped around 9 bcm year-on-year and European imports fell approximately 10 bcm, cushioning the price impact. UBS also lifted its 2027 forecast to €45 from €40, reflecting slower recovery in Qatari LNG exports and continued European efforts to phase out Russian gas. European gas storage remains roughly 15% below seasonal averages, with inventories expected to enter winter at 74% capacity and decline to approximately 25% by spring, and the bank estimates Europe could need around 27 bcm more LNG during winter than in this year's summer months. Under a prolonged disruption with colder weather, UBS sees fourth-quarter TTF prices averaging €90/MWh with potential peaks near €120/MWh, while faster Qatari recovery and milder temperatures could bring prices towards €50/MWh.

MLP SE raised its 2026 EBIT guidance to €110 million to €120 million and flagged significantly higher third quarter EBIT, citing performance-based pay, higher assets under management, and ECB rate effects. The guidance upgrade follows a strong rally in the shares, with a 30-day share price return of 17.9% and a 90-day move of 42.7%, while total shareholder return over the past year is 55.3%. MLP's most followed valuation narrative pegs fair value at €11.56, a touch above the last close of €10.72, and the company's P/E of 16.9x sits above both peers at 13.1x and the German Capital Markets average of 14.5x. The company points to rapid growth in assets under management and managed non-life insurance premium volumes, supported by expanding recurring revenues of nearly 70%, as a foundation for sustainable revenue growth. MLP warns the story can change quickly if capital markets remain volatile and if real estate development continues to deliver uneven earnings contributions.

Morgan Stanley has been named a lead underwriter for Solidigm's planned US initial public offering, which could raise about US$10.00 billion, and is also participating in merger interest discussions around UBS AG. The bank is preparing to report earnings on 14 October 2026, with consensus pointing to a 7.7% year over year revenue increase to US$19.63 billion and modest EPS growth. Morgan Stanley's own narrative projects $89.6 billion in revenue and $20.2 billion in earnings by 2029, requiring 4.8% yearly revenue growth and about a $0.7 billion earnings increase from $19.5 billion today, while some of the lowest estimate analysts see revenue growth closer to 3.9% annually and earnings dipping toward about US$17.4 billion. The developments come alongside a planned Dallas expansion and upcoming presentations on digital assets and tokenization, as fee compression from passive products and evolving regulation remain key risks.

Analysts have flagged Ameriprise Financial's positive Earnings ESP of 0.23% and Zacks Rank 3 (Hold), signaling growing optimism ahead of its late-October 2026 earnings release after the firm beat estimates in each of the past two quarters. The company has repurchased more than 7.0 million shares for roughly US$3.4 billion under its current buyback plan, a capital return that can support per-share results even as net client flows and institutional outflows weigh on asset growth. Ameriprise's narrative projects $22.9 billion in revenue and $4.8 billion in earnings by 2029, requiring 4.8% yearly revenue growth and about a $0.9 billion earnings increase from $3.9 billion today, and yields a $579.45 fair value, a 16% upside to its current price. Before this earnings signal, the most optimistic analysts assumed revenue of about US$23.2 billion and earnings of roughly US$5.0 billion, a brighter scenario than consensus that could be challenged if adviser legal or recruiting risks matter more than expected.

Quanta Services said earlier this month that it expects data center and technology customers to contribute about 18% of its 2026 revenue, up from roughly 10% a year earlier. The disclosure reinforces the company's AI-driven power theme and suggests its infrastructure business mix is tilting further toward large technology and AI-related power needs, potentially making those clients a bigger driver of future contract activity and backlog composition. The most relevant recent announcement remains Quanta's July 2026 guidance raise to US$39.3b to US$39.7b of revenue and US$1.74b to US$1.82b of net income, an outlook that already assumes strong execution on record backlog and contribution from acquisitions. Quanta's valuation has been flagged as stretched, and insiders have sold about US$123m of stock. The company's narrative projects $54.6 billion in revenue and $2.7 billion in earnings by 2029, requiring 18.4% yearly revenue growth and roughly a $1.4 billion earnings increase from $1.3 billion today, while some of the most optimistic analysts already assumed Quanta could reach about US$64.6b of revenue and US$3.2b of earnings by 2029.

Pobchai Pattarawich, equity and derivatives market strategist at InnovestX Securities Research, said the Thai stock market has still not been able to recover and stand above 1,600 points, even though some recovery has been seen, with the main support still concentrated in electronic component stocks. Meanwhile, further upside remains significantly limited because the market still lacks new positive factors and faces macroeconomic pressure from abroad, including US bond yields holding above 5% and Brent crude oil prices staying at high levels, amid concerns over fiscal positions and geopolitical tensions in the Middle East, which are pressuring foreign investment flows to tend to return to dollar assets or the US market instead. On domestic factors, the flood situation is a short-term risk the market is closely monitoring, although economic research centers estimate the net impact on GDP at a limited range of about 0.03% to 0.11% of GDP. Meanwhile, as commercial banks enter the third-quarter 2026 earnings announcement period, the market initially expects a slight slowdown compared with the same period last year, leaving a lack of momentum to drive the index sharply higher. The investment strategy therefore recommends Buy on Dip to gradually accumulate Domestic Play stocks in 3 main themes: first, groups tied mainly to domestic consumption, comprising the commerce group CPALL, CPN and CRC, the medical group BCH and PR9, and the communications group TRUE; second, groups benefiting from the flood situation, from emergency stockpiling of essential goods in the commerce group CPALL, BJC and CRC, through to demand for home repairs after the water recedes in the commerce group HMPRO and GLOBAL, and the construction materials group DCC; and third, groups expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by global events such as the World Bank-IMF meetings from October 12 to 18, namely the tourism group ERW, CENTEL and AOT, and the retail group CPALL, CPN and CRC.

Analysts have lifted the implied fair value of New Era Energy & Digital to about US$11.67 from US$10.50, roughly an 11% increase, as Wall Street weighs progress at the company's Texas Critical Data Centers against sector and regulatory risk. Roth Capital initiated coverage with a Buy rating and a US$10 price target, saying the share price does not fully capture potential commercialization of Texas Critical Data Centers Phases I and II. Northland raised its target to US$12 from US$10 with an Outperform rating, citing progress on the Phase 1 PPA, strong major tenant interest, and management guidance around capacity delivery in 2H27, while B. Riley lifted its target to US$13 from US$10 and kept a Buy rating. B. Riley also noted that the digital mining and HPC peer group has fallen 34% since June 22, compared with 6.2% for the Russell 2000, reflecting regulatory uncertainty, higher yields, and slower leasing activity. The updated model raised the revenue growth assumption to 626.36% from 344.38%, lifted the profit margin forecast to 20.24% from 17.82%, cut the future P/E multiple to 26.88x from 75.20x, and adjusted the discount rate to 7.236% from 7.108%.

Analysts have raised their earnings estimates for Fastenal's upcoming third-quarter results, with consensus EPS now at US$0.34 on US$2,440.0 million of revenue. The 3% estimate increase over the past 30 and 90 days reflects improving confidence in the company's fundamentals, including strong margins and cash generation, and lines up with Fastenal's ongoing shift toward higher value managed inventory and digital sales. The company's narrative projects $11.4 billion in revenue and $1.8 billion in earnings by 2029, requiring 9.2% yearly revenue growth and an earnings increase of about $0.4 billion from $1.4 billion. That forecast yields a $48.84 fair value, a 4% downside to the current price, while some of the most optimistic analysts already assume revenue could reach about US$11.9 billion and earnings US$2.0 billion by 2029. The key tension remains how long Fastenal's premium valuation can coexist with rising cost inflation risks and potential slowing industrial demand.

Nucor closed at $250.33, up 1.7% on the day, outpacing the S&P 500's 0.6% gain. The steel producer is scheduled to report earnings on October 26, 2026, with analysts projecting $5.85 per share, a 122.43% year-over-year increase, on revenue of $10.53 billion, up 23.57%. For the full year, the Zacks Consensus Estimates forecast earnings of $18.89 per share and revenue of $40.57 billion, representing changes of +145.01% and +24.87%, respectively. Over the past month, the consensus EPS estimate has moved 5.22% higher, and Nucor currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E ratio of 13.03, in line with its industry, and a PEG ratio of 0.87.

Phillips 66 closed at $278.18, down 1.21% on the day even as the S&P 500 gained 0.6%, the Dow rose 0.83% and the Nasdaq added 0.64%. The oil refiner's shares have gained 8.93% over the past month, outpacing the 2.1% gain in the Oils-Energy sector and the 1.34% rise in the S&P 500 over the same period. Investors are focused on the company's upcoming earnings report, set for October 28, 2026, with analysts predicting earnings per share of $10.41, a 313.1% increase from the year-ago quarter, on quarterly revenue of $34.31 billion, down 1.92% year over year. For the full year, the Zacks Consensus Estimates call for earnings of $29.01 per share and revenue of $157.49 billion, changes of +350.47% and +15.33% respectively from last year. The consensus EPS projection has moved 18.66% higher over the past 30 days, and Phillips 66 currently carries a Zacks Rank of #1 (Strong Buy), with a Forward P/E ratio of 9.71 versus an industry average of 8.86.

Big Bank stocks will kick off the third quarter earnings season next week, with FBB Capital Partners senior portfolio manager Mel Casey telling Yahoo Finance he expects a strong showing that could support the overall market. Casey pointed to last quarter's strong earnings from both big banks and smaller ones as a sign of good economic growth, lending activity and business activity across the country. Analysts expect a roughly 25% increase in third quarter S&P 500 profits from a year earlier, according to Bloomberg Intelligence data, though Casey cautioned that last quarter included many one-timers and that core operating numbers will matter most. On concentration, Casey said there is no doubt the market remains heavily weighted toward tech, which now makes up 40% of the market, and that the Magnificent Seven effect has grown in recent months after a broader distribution of returns in the first half of the year. He added that valuations have improved, with the market going from 22 times to 20 times earnings, and noted that Nvidia is growing much faster than the market while trading at the same valuation.

UnitedHealth Group closed at $378.81, up 2.12% and ahead of the S&P 500's 0.6% gain, with the Dow adding 0.83% and the Nasdaq up 0.64%. The largest U.S. health insurer is scheduled to report earnings on October 13, 2026, with analysts projecting EPS of $4.12, a 41.1% increase from the year-ago quarter, and revenue of $111.38 billion, down 1.57%. Full-year Zacks Consensus Estimates call for earnings of $19.85 per share and revenue of $446.78 billion, representing year-over-year changes of +21.41% and -0.18%. Over the past 30 days the Zacks Consensus EPS estimate has risen 0.15%, and UnitedHealth Group holds a Zacks Rank of #2 (Buy). The stock trades at a Forward P/E of 18.69 versus an industry average of 20.83, with a PEG ratio of 1.39.

Dell Technologies rose 2.24% to $587.40 in its latest close, outpacing the S&P 500's 0.6% gain, the Dow's 0.83% advance and the Nasdaq's 0.64% rise. Over the past month the stock has appreciated 13.41%, beating the Computer and Technology sector's 4.03% gain and the S&P 500's 1.34% gain. Ahead of its upcoming earnings disclosure, analysts expect Dell Technologies to post earnings of $6.63 per share, a year-over-year increase of 155.98%, on revenue of $50.63 billion, up 87.47% from the equivalent quarter last year. For the full year, the Zacks Consensus Estimates project earnings of $26.09 per share and revenue of $195.68 billion, representing changes of +153.3% and +72.35% respectively from the prior year. The Zacks Consensus EPS estimate has moved 0.13% higher within the past month, and Dell Technologies currently holds a Zacks Rank of #1 (Strong Buy).

Technoprobe's fair value estimate has been nudged up from €41.88 to €42.80, with analyst price targets clustered between €40 and €50. J.P. Morgan rates the stock with a €45 target, citing Technoprobe's position as a market leader in Vertical MEMS probe cards for wafer testing, while Goldman Sachs points to an estimated roughly 60% market share in advanced Logic probe cards behind its €40 target. Deutsche Bank has lifted its price target over time from €42 to €45 and more recently to €50, reflecting confidence in the company's execution and capacity expansion plans, and BNP Paribas, Goldman Sachs and J.P. Morgan all initiated coverage with positive ratings. The model's euro revenue growth assumption rose from 44.30% to 45.13%, the euro net profit margin assumption slipped from 35.96% to 35.55%, the future P/E moved from 48.7x to 49.6x and the discount rate edged from 14.58% to 14.65%. The company plans to lift capacity to a €1.6b annualized revenue run rate, supported by about €350m of CapEx, vertical integration and new facilities across Italy and Asia.

Stifel analysts highlighted five top AI semiconductor stocks as data center fundamentals strengthened through the summer reporting season, even as stock performance lagged. AI stocks underwent a valuation reset in the September quarter despite underlying fundamentals remaining strong, with median next-twelve-month price-to-earnings ratios compressing from approximately 60 times to 38 times, a drawdown Stifel attributed to macro conditions and sentiment rather than fundamentals. Data center-focused companies in Stifel's coverage guided the current quarter up double digits sequentially at the midpoint, with full-year outlooks also moving higher across the group, and customers placing orders 12 to 18 months out while making significant capacity prepayments. The five names are Monolithic Power Systems, trading at $1,439.73 with a $70.8 billion market cap and a Buy rating and $1,800 price target, which guided 17% sequential growth and raised its CY26E Enterprise Data growth floor to 130% from 85%; Marvell Technology, at $272.29 with a $250.8 billion market cap and a Buy rating and $350 price target, which raised FY28E revenue to approximately $18 billion from $16.5 billion with data center growth exceeding 60%; Texas Instruments, at $293.80 with a $268.5 billion market cap and a Buy rating and $360 price target, which Stifel said is positioned to take share as its largely internal, U.S.-based 300mm manufacturing base leaves it less exposed to foundry and precious-metal cost inflation; MACOM Technology Solutions, at $321.60 with a $25.2 billion market cap and a Buy rating and $450 price target, which guided 23% sequential growth with data center up approximately 35% and posted a record 1.6 times book-to-bill ratio; and Semtech, at $194.88 with an $18.8 billion market cap and a Buy rating and $220 price target raised from $188, which guided 20% sequential growth with data center up 45% and said it is more than 70% booked against FY28. Stifel also flagged networking increasing as a percentage of rack bill of materials as a key theme for the next leg of the AI trade.