The biotechnology sector’s strong fundamentals and robust innovation could continue to drive outperformance this year, according to Baird analysts.
The firm noted that while macroeconomic risks such as rising interest rates remain, the biotechnology sector’s underlying drivers are supportive.
Canaccord Genuity has initiated coverage of Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) with a 'buy' recommendation and a 62p price target, implying material upside from the current share price of 44.6p, as the broker highlights the scale and quality of the company’s flagship Pitfield titanium project in Western Australia.
The initiation centres on Pitfield’s potential to become a long-life, low-cost producer of high-value titanium dioxide products, positioning Empire as an emerging player in critical minerals supply chains.
If there was one clear message coming out of CES 2026, it was this: advertisers no longer want promises. They want performance, measurement and accountability.
According to a detailed industry note from Wedbush, artificial intelligence is rapidly becoming the engine that ties all three together across media, entertainment and connected television.
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) announced that it has signed new partnerships with nuclear power companies Vistra (NYSE:VST), TerraPower and Oklo (NYSE:OKLO) to secure electricity for its growing artificial intelligence operations, including its Prometheus supercluster in New Albany, Ohio.
The company said the agreements are expected to support up to 6.6 gigawatts of clean energy by 2035, helping meet rising power demand from large-scale data centers.
Shell PLC's (LSE:SHEL, NYSE:SHEL) fourth-quarter 2025 update was slightly below expectations, according to analysts at Deutsche Bank and RBC Capital Markets, who both point to a mix of operational stability offset by earnings and cash flow pressures.
Deutsche Bank described the update as “incrementally negative” with earnings and cash flow hit by deferred tax effects, higher depreciation and increased cash taxes. The bank lowered its quarterly earnings estimate by 11% and cash flow from operations by 6%, expecting consensus to adjust down by around 5% on earnings and 3% on cash flow.
Wells Fargo & Co (NYSE:WFC, XETRA:NWT) analysts expect December’s delayed consumer price index (CPI) report to show firmer monthly inflation following an unusually weak November reading, while still pointing to a continued easing in underlying price pressures.
In a note, the analysts said the prior month’s data were distorted by US federal government shutdown-related issues. “Data collection issues stemming from the longest-ever government shutdown led to a surprisingly soft November CPI report,” the analysts wrote. They added that “most, although not all, of these distortions should be unwound in the December report.”
Bit Digital Inc (NASDAQ:BTBT) earned a repeat ‘Outperform’ rating and $5.50 price target, according to Noble Capital Markets analysts who highlighted the company’s December Ethereum treasury update and reiterated confidence in its strategic positioning.
The analysts wrote that Bit Digital’s latest disclosure shows continued growth in its Ethereum holdings and staking activity.
Gap Inc (NYSE:GPS) shares added nearly 7% on Thursday following an upgrade from UBS, which raised the retailer’s rating from to ‘Buy’ from ‘Neutral’ and increased its price target to $41 from $26.
The move reflects UBS’s confidence in Gap’s ongoing turnaround under CEO Richard Dickson. The analysts cited Gap’s “reinvigoration playbook,” noting that the company is moving from inventory cleanup toward accelerated growth.
Antofagasta PLC (LSE:ANTO) remains a core holding in JPMorgan’s outlook for base metals, as the bank reiterates its structurally positive view on copper heading into 2026 and beyond.
In a note ahead of the fourth-quarter reporting season, JPMorgan said its confidence in copper miners remains intact, underpinned by firm commodity prices and tightening market fundamentals.
JPMorgan is sharpening its focus on what it sees as the next major wave of automation: AI agents that can take on large parts of white-collar work and redirect spending across the global economy.
In a new thematic note, the bank argues that AI agents have the potential to disrupt a roughly $30 trillion pool of annual salary spend worldwide by automating tasks in areas such as finance, customer management and other corporate functions. Over time, this is likely to shift value away from human labour, legacy software and some service providers, towards companies that sell AI agents and the infrastructure that supports them.
ACG Metals Ltd (LSE:ACG, OTC:ACGAF) is shaping up as one of the more interesting small-cap mining stories going into 2026, with a clear operational inflexion point approaching as it transitions from gold into copper-led production.
The company owns 100% of the Gediktepe mine in Turkey, which is currently operating as a gold oxide mine but is due to shift to a copper sulphide operation later this year.
Bank of America has named Agnico Eagle Mines Ltd (TSX:AEM), Cameco Corporation (TSX:CCO) and Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) as its top equity picks for 2026 across the North American metals and mining (M&M) sector, citing supportive macro conditions, selective valuation opportunities and constructive commodity price forecasts.
In a year-ahead outlook, the bank wrote that the recommendations follow its recent commodities update and reflect a preference for precious metals alongside targeted exposure to nuclear fuel and copper.
Uber Technologies Inc (NYSE:UBER, XETRA:UT8) has earned a repeat ‘Buy’ rating from Jefferies analysts who believe that the recent pullback tied to renewed autonomous vehicle (AV) concerns has created an attractive entry point.
Uber shares have fallen about 17% since late September, leaving the valuation near last year’s lows despite what the analysts see as limited near-term competitive impact from AVs.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) has been upgraded by Bank of America, which raised its rating on the biotechnology company to ‘Buy’ from ‘Underperform’ and increased its price objective to $860 from $627, citing improving fundamentals across key products and multiple potential catalysts in 2026.
Shares of Regeneron traded up 3.5% at about $803 on Wednesday afternoon.
First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) has earned an ‘Outperform’ rating from Noble Capital Markets analysts as the company progresses its Begin-Lamarche phosphate project from exploration toward feasibility, supported by a combination of funding initiatives and operational milestones.
The company amended an existing offtake agreement, receiving a US$0.53 million upfront prepayment during the fourth quarter of fiscal 2026. The funds are earmarked to advance the project through a feasibility study and, eventually, production.
Gold and silver prices could come under pressure later this month as large institutional investors rebalance commodity indices, according to Deutsche Bank, in a reminder that technical flows can matter just as much as fundamentals in the short term.
The bank says annual rebalancing of the Bloomberg Commodity Index, which runs from 9 to 15 January, is likely to trigger selling in precious metals while channelling fresh demand into parts of the energy complex, notably crude oil.
Instil Bio (NASDAQ:TIL) shares plummeted 46% to about $7 after the company announced its decision to discontinue development of its lead clinical assets AXN-2510 and AXN-27M and to terminate its partnership with ImmuneOnco.
Analysts at Baird downgraded the stock to ‘Neutral’ on the update. The firm cut its price target to $7 from $180, roughly in line with Instil’s cash value.
OneStream Inc (NASDAQ:OS) is set to go private after agreeing to a $6.4 billion all-cash acquisition by private equity firm Hg Capital, in a deal Wedbush described as a “smart move.”
Under the definitive agreement, OneStream shareholders will receive $24 per share, reflecting a nearly 31% premium to the company’s closing share price on January 5 and a 27% premium to its 30-day volume-weighted average price.
Bank of America analysts have upgraded Brookdale Senior Living (NYSE:BKD) to a ‘Buy’ rating, pointing to an improved asset portfolio, a return to positive free cash flow, and favorable long-term industry dynamics that the firm believes position the company for sustained earnings growth.
The firm also raised its price objective on the shares to $13 from $6.75, implying upside from current levels of about $11.
Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) used its CES 2026 keynote to underline what it described as “very high” demand for AI computing, unveiling its next-generation Vera Rubin platform and reinforcing its leadership across AI chips, networking and systems, according to Bank of America.
At the keynote and analyst Q&A, CEO Jensen Huang laid out Nvidia’s roadmap for the Vera Rubin platform, which is now in full production and on track for launch in the second half of 2026.
Aritzia Inc (TSX:ATZ) has seen its price target boosted by Jefferies analysts to C$140 from C$114, who see brand momentum and the ‘Buy’-rated retailer’s omnichannel strategy driving upside.
The updated price target implies upside of roughly 19% from Monday’s closing price.
Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) is set to report strong fourth-quarter results, driven by better-than-expected realized copper and gold prices, according to Jefferies analysts.
The mining giant disclosed its provisional Q4 2025 results earlier this week, prompting Jefferies to update its model. Assuming Freeport hit operational targets, Jefferies now estimates fourth-quarter EBITDA at $1.62 billion and EPS at $0.35, comfortably above consensus expectations of $1.32 billion and $0.25 per share.
Carvana Co. (NYSE:CVNA) is showing signs of robust end-of-year momentum, according to Jefferies analysts, who reiterated a ‘Buy’ rating and maintained a $550 price target on the used car sales platform.
This price target implies 37% upside from Monday’s close of about $400.
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) is set to deliver a solid finish to 2025 when it reports fourth-quarter results next month, according to JP Morgan, which expects earnings to come in modestly ahead of market expectations and guidance for 2026 to underpin confidence in the growth outlook.
The US bank forecasts fourth-quarter revenues of $15.5 billion, representing 2% growth at constant exchange rates and about 1% ahead of consensus forecasts.
Moderna Inc (NASDAQ:MRNA, XETRA:0QF) on Monday reiterated its 2025 revenue guidance of $1.6 billion to $2 billion and outlined its pipeline milestones for 2026-28, with the company continuing to focus on Covid-19 as its near-term revenue driver.
In its annual letter, Moderna highlighted that its Covid vaccines remain central to 2026, with the mNEXSPIKE vaccine representing roughly 24% of all US retail Covid vaccinations in 2025 and nearly one-third of vaccinations among adults aged 65 and older. The company expects global Covid sales to contribute $300 million to $700 million in the fourth quarter, including $100 million to $400 million from the US, supported by mNEXSPIKE, Spikevax, and mRESVIA.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares added more than 6% at about $6 after the retailer announced its executive chairman Marcus Lemonis has been appointed CEO.
In a shareholder letter released Monday, Lemonis accepted the CEO role while retaining his positions as executive chairman and principal executive officer. The move follows his recent departure as CEO of Camping World, a role he held for nearly 20 years.
Jefferies analysts are advising investors to remain cautious on the software sector heading into 2026, arguing that growth is likely to continue lagging other technology segments even as artificial intelligence adoption expands across enterprises.
The analysts recommend that investors stay underweight software as overall growth decelerates and trails faster-moving areas such as semiconductors.
Canada’s economy showed fresh signs of strain late last year, with retail sales and output contracting in October and labour market momentum expected to weaken, according to a Bank of America review of key data releases published on Monday.
The bank said recent figures underscore an economy that remains fragile despite pockets of resilience, adding that uncertainty over growth and trade could leave room for further interest rate cuts in 2026.
Bank of America upgraded Duolingo Inc to Buy on Monday, arguing the market is undervaluing the language-learning app by viewing it too narrowly as an education product rather than a high-growth entertainment platform.
The bank said Duolingo’s “education app” framing misses a much larger opportunity, with its gamified design giving it entertainment appeal comparable to leading mobile games.
Oracle Corp (NYSE:ORCL, XETRA:ORC) has seen its shares slide 41% from mid-September 2025 highs, reflecting investor unease over the tech giant’s outlook and broader skepticism around OpenAI’s growth, according to UBS.
Despite the sell-off, the bank maintains a Buy rating on Oracle, citing potential revenue acceleration and a rebound in the AI narrative in 1H26.
Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) has been named a top oil and gas pick for 2026 by analysts at Research Capital Corporation, who cited the company’s high-risk, high-reward profile ahead of a pivotal production test.
ReconAfrica is advancing projects in Namibia and Gabon, offering a combination of frontier exploration upside and lower-risk development potential.
CES 2026 in Las Vegas is shaping up to be a pivotal moment for artificial intelligence, according to Wedbush, with the technology-focused investment bank pointing to Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) chief executive Jensen Huang’s keynote as the central event of the week.
In a note to clients, Wedbush said Nvidia continues to sit at the core of the AI ecosystem and is increasingly viewed as the backbone of the AI revolution.
Morgan Stanley has assessed the potential market fallout from the sudden political shift in Venezuela, arguing the most meaningful read-through for investors is how extra-heavy crude could alter regional pricing and sector relative performance.
The American bank noted that Venezuela produced about 900,000 barrels per day and exported roughly 800,000 bpd in 2025, with China the largest outlet and around 140,000 bpd shipped to the US.
The oil market surplus that arrived in the second half of 2025 is predicted, by analysts at Morgan Stanley, to widen in early 2026, pushing the Brent forward curve into contango and dragging on front-month prices.
For the uninitiated, contango is a market condition where a commodity's futures price is higher than its current spot price, indicating the market expects prices to rise, often due to storage, financing, and insurance costs (cost of carry).
Equities should deliver positive returns in the first half of 2026, according to JPMorgan, as easing inflation, steady growth and improving earnings offset lingering concerns over the US labour market.
The bank says December’s consolidation has cleared the ground for gains. The S&P 500 ended 2025 below its level before the Federal Reserve’s December rate cut, but JPMorgan argues that this has improved the risk-reward going into the new year .