The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1126 GMT - Hershey presented a clear vision of how it can drive growth over time at Tuesday's investor day, JPMorgan analysts say in a research note. The company laid out a plan to drive sustainable sales and earnings growth in the coming years, agnostic of cocoa prices, in part by focusing on in-store merchandising, marketing and pricing. Hershey will also lean more heavily on occasions, such as next year's "Super Valentine's Day," when the Super Bowl and Valentine's Day occur simultaneously. "We also heard about plans for rebrands, a push toward premium chocolate, functional products and renewed growth internationally," the analysts say. (connor.hart@wsj.com)
1102 GMT - Adidas should offer a degree of reassurance amid concerns around the implications of the war in the Middle East, analysts at UBS write in a note to clients. "Sentiment across consumer sectors amid rising oil prices is, unsurprisingly, quite negative," they say. In this landscape, maintaining the sales momentum is as critical as gross margin resilience, particularly as the conflict raises concerns around cost pressures into late 2026 and 2027, UBS says. The analysts expect the German sporting-goods company to deliver broadly stable margins for the first quarter. This could alleviate concerns for the remainder of 2026, as the first quarter has historically been a reliable barometer for full-year performance, they add. Shares trade 0.5% higher. (andrea.figueras@wsj.com)
1044 GMT - Puma faces an increasingly complex operating environment while it continues to pursue its turnaround strategy, UBS analysts say in a note. "Since the onset of the Middle East conflict and Nike's actions, the operating environment has become materially more complex," they say. The U.S.-based Nike is also pursuing a brand revamp plan. This makes "upside surprises harder to deliver," the analysts say. Puma's ambition to deliver a meaningful gross margin expansion in 2026 appears achievable, but the current environment might introduce risk beyond this year, they say. Despite this, the analysts believe that the German athletic wear group's first-quarter results might once again demonstrate that it is tracking ahead of conservatively set guidance. Shares are up 3.9% at 22.56 euros. (andrea.figueras@wsj.com)
1032 GMT - Vestas first-quarter orders could be somewhat soft, but the fundamentals for wind are improving as the Middle East conflict increases focus on energy security, boosting the appeal of renewables, JPMorgan analysts write. The additional demand will take some time to materialize, they add. The company received two very large offshore orders in the U.K. during the quarter, which will provide visibility on revenue through the end of 2028. Large onshore orders have been weak amid uncertainty in the U.S., which has put several customers on hold. Outside of the U.S., order bookings could see some delays in light of the Middle East conflict, the bank adds. Shares fall 0.5%. (dominic.chopping@wsj.com)
1001 GMT - Barratt Redrow's share-price decline has gone too far despite the house builder's disappointing 1H performance, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say in a note. Although its model may be a little damaged while the CEO is retiring, it hasn't lost all of its muscle memory and its skills aren't confined to the boardroom, the analysts say. Although the company will make significantly less money than previously expected over the next few years, longer-term investors might see the current situation as a rare opportunity to get involved, the analysts say. RBC raises its rating on the stock to outperform from sector perform and cuts its target price to 350 pence from 425 pence. Shares are down 0.4% at 259.20 pence.(anthony.orunagoriainoff@dowjones.com)
0948 GMT - Unilever's deal to combine its food business with McCormick will create a simpler and more focused company for Unilever, but might bring a complicated 15 months ahead, analysts at UBS write in a note. Unilever separating its food business will reduce its geographical exposure to Europe and increase its exposure to emerging markets, they add. Until at least mid-2027, there will be complexities from this separation and one-off restructuring costs, the analysts say. Unilever's share price might be affected by McCormick's in coming months, too. Unilever shares are down 1.2% at 41.48 pounds. (aimee.look@wsj.com)
0943 GMT - Berkeley Group's significant targets of a 564 million-pound buyback by 2030 and healthy margins are positives, but are likely to be overshadowed by the limited recovery the company foresees, Goodbody's Lewis Roxburgh says in a note. The London-listed house builder expects no near-term recovery and sees a downsizing of its business as the right move, Roxburgh says. Berkeley forecasts an average pretax profit of 350 million pounds over the next four years compared with an average of around 420 million pounds in the previous four. "We see numbers coming down materially in consensus, particularly past 2028," Roxburgh says. Shares are down 16% at 2,898 pence. (anthony.orunagoriainoff@dowjones.com)
0937 GMT - Inari Amertron's radio frequency sales volume could continue to decline throughout FY2026, as its key customer shifts away from discrete and mid-band products, Citi analyst Steven Chan says in a note. While Inari might shift to higher-end radio frequency modules to meet customer demand, the impact on earnings is likely to become more visible only in the next smartphone launch cycle, once qualification and validation processes are fully completed, he says. The company's second-largest segment, Datacom, could offer some support, but its contribution remains small, he adds. Chan cuts Inari's FY2026-FY2028 earnings estimates by 21%-24% to factor in lower RF loading volumes. Citi downgrades Inari's rating to sell from neutral and cuts its target price to 1.20 ringgit from 2.20 ringgit. Shares closed at 1.39 ringgit. (yingxian.wong@wsj.com)
0930 GMT - EssilorLuxottica could report a slowdown in sales growth, which would still be relatively strong, JPMorgan analysts say. The analysts forecast first-quarter sales growth of 4% to 7.15 billion euros. This implies a material moderation of growth compared with the exceptional performance in the fourth quarter of 2025, which benefited from very large shipments, with new launches and into peak trading season, the analysts write in a note. Still, first-quarter figures would seem "very robust," given the broader economic and geopolitical backdrop, they add. The Franco-Italian eyewear company has been under pressure from worries of new competition coming into the smart glasses market. That said, EssilorLuxottica remains the only player in the space in Western markets, with a continuously expanding portfolio, JPMorgan says. Shares fall 2.8%. (andrea.figueras@wsj.com)
0929 GMT - CJ ENM's earnings per share could decline due to a sluggish margin recovery in its television advertising segment, says CGS International's Joshua Kim in a note. The South Korean entertainment company's stock valuation discount already reflects structural overhangs, such as weak earnings-per-share visibility and balance sheet concerns, Kim says. Improving execution in certain businesses should gradually support earnings visibility and help narrow the valuation gap. He expects a muted 1Q with likely modest segment revenue growth across media, pictures music and commerce, while television advertising revenue could decline. He trims his 2026-2027 EPS estimates by 16%-20% and cuts the target price to 78,000 won from 116,000 won. CGS International maintains an add rating on the stock, which closed 1.1% higher at 57,100 won.(megan.cheah@wsj.com)
0912 GMT - Hugo Boss could post a soft start to the year, as expected, UBS analysts write in a research note. The German company is at the early stage of a transition year as it continues to pursue a brand turnaround plan. "The current environment may make the transition more difficult," the analysts say. "It is still too early to see any direct impact from the Middle East conflict," UBS says. However, the company could face dampened consumer demand in Europe, where it is highly exposed, as seen in previous energy shocks, which raises questions around potential freight and raw material impacts into 2027, they add. UBS expects the group to report first-quarter sales of 880 million euros, down 8% on year excluding currency movements. The stock is up 0.1%. (andrea.figueras@wsj.com)
0854 GMT - Hugo Boss faces difficulties as it continues to push ahead with its brand revamp strategy, analysts at JPMorgan say. The German premium-apparel group is expected to report a sales decline of 11% in reported terms to 887 million euros for the first quarter. "We think visibility on this turnaround journey remains low at this stage," the analysts write in a note to clients. This is due to a challenging consumer environment, high market volatility and early days in the brand turnaround plan, they say. JPMorgan reiterates its neutral rating on the stock. Shares are up 0.3% at 36.84 euros. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
April 01, 2026 07:26 ET (11:26 GMT)
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