Shares of life sciences company Avantor (NYSE:AVTR)
fell 2.7% in the afternoon session after RBC Capital Markets lowered its price target on the stock to $16 from $17.
RBC Capital upgraded Bio-Techne, citing M&A confidence, margin gains, and growth potential after a sharp stock drop and alignment with sector valuations.
Shares of diagnostic company Exact Sciences Corporation (NASDAQ:EXAS)
jumped 1.5% in the afternoon session after RBC Capital Markets raised its price target on the company. The investment bank increased its forecast for the stock's price to $50 from a previous target of $46. This move suggests that the analyst sees a higher potential value for the company's shares. However, it is important for investors to note that RBC maintained its "Sector Perform" rating on Exact Sciences. This type of rating indicates that the firm expects the stock to perform in line with the broader healthcare diagnostics sector, rather than significantly outperforming it. The price target adjustment without a formal rating change often reflects updated financial modeling or a revised view on market conditions.
Shares of biopharmaceutical company Incyte Corporation (NASDAQ:INCY)
jumped 2.4% in the afternoon session after Barclays initiated coverage on the stock with an Overweight rating, helping the shares reach a new 52-week high. The investment bank noted a "compelling inflection point" for the biotechnology firm, highlighting multiple maturing assets that could drive future revenue growth. Further bolstering investor confidence, RBC Capital raised its price target on Incyte to $72, citing strong demand-driven growth from its products. The stock's climb to a 52-week high of $87.27 reflects significant positive momentum, building on a 22.5% year-to-date return. The move was also supported by broader strength in the biotechnology sector and a positive technical trend, with the stock trading above its key 50-day and 200-day moving averages.
Shares of alcohol company Brown-Forman (NYSE:BF.B)
fell 2.4% in the afternoon session after competitor Constellation Brands warned of macroeconomic headwinds affecting consumer demand.
Shares of beer, wine, and spirits company Constellation Brands (NYSE:STZ)
fell 7.4% in the morning session after the company lowered its financial outlook for fiscal year 2026, citing a challenging macroeconomic environment and weakening consumer demand. The owner of popular brands like Corona and Modelo now projects comparable earnings per share of $11.30 to $11.60, a significant reduction from the prior forecast of $12.60 to $12.90. The company also expects a 4% to 6% decline in organic net sales. Management attributed the revision to a sudden drop in beer sales, noting that purchasing declines among Hispanic consumers—a key demographic—were particularly pronounced. This trend, combined with lower volumes and the impact of tariffs, prompted the more cautious outlook.
As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at engineered components and systems stocks, starting with RBC Bearings (NYSE:RBC).
Shares of alcohol company Brown-Forman (NYSE:BF.B)
fell 4% in the afternoon session after RBC Capital expressed caution about the company's near-term outlook, citing pressure in the U.S. market and challenges with its distribution network.
Shares of beer, wine, and spirits company Constellation Brands (NYSE:STZ)
fell 3% in the afternoon session after a downgrade from Bank of America Securities, which lowered its rating on the stock to Underperform from Neutral and slashed its price target.
Shares of beer, wine, and spirits company Constellation Brands (NYSE:STZ)
fell 3.3% in the afternoon session after RBC Capital trimmed its price target on the stock to $230 from $233, though it maintained an Outperform rating.
A number of stocks jumped in the afternoon session after the major indices rebounded, as Fed Chair Jerome Powell delivered dovish remarks at the much-awaited Jackson Hole symposium. Powell suggested that with inflation risks moderating and unemployment remaining low, the Federal Reserve might consider a shift in its monetary policy stance, including potential interest rate cuts. This outlook eased market concerns about prolonged high interest rates and their impact on economic growth. The prospect of lower borrowing costs bolstered investor confidence, particularly in sectors that have lagged, leading to a broad rally across the market.
Shares of video communications platform Zoom (NASDAQ:ZM) jumped 10.8% in the afternoon session after the company reported second-quarter financial results that beat analyst expectations. The company's revenue grew 4.7% year-over-year to $1.22 billion, its fastest pace in 11 quarters, while adjusted earnings per share of $1.53 also surpassed estimates. The company also raised its full-year guidance for both revenue and adjusted EPS. The solid results prompted at least one analyst to become more bullish on the stock's prospects. Following the report, RBC Capital raised its price target on the stock to $100 from $95, maintaining an Outperform rating. The strong earnings and positive analyst sentiment fueled the stock's upward momentum.
