The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1028 GMT - Puma's 2025 is a lost year but the German sporting-goods company should return to profit in 2026, Warburg analyst Joerg Philipp Frey says in a note. The group issued a profit warning in July, as it continues to face a lengthy turnaround process. The phasing of the sales and earnings drop as well as the magnitude remain unclear, he says. The analyst anticipates a sharp deterioration in the third quarter, but the toughest blow could come in the last three months of the year. The company is due to publish third-quarter results on Oct. 30, when the new CEO Arthur Hoeld will also unveil a new strategy. Warburg keeps its buy rating on the stock. Shares rise 2%. (andrea.figueras@wsj.com)

1010 GMT - Grab could benefit from Delivery Hero's Foodpanda potentially exiting Singapore and Malaysia, promoting DBS to lift its 2026 group adjusted Ebitda forecast for Grab by 11%, now 28% above market consensus. Grab's expansion in solo meal delivery and grocery services strengthens its lead in Foodpanda's core areas, notes DBS analyst Sachin Mittal, saying Foodpanda's Ebitda is unlikely to break even in the two countries. The scaling of GrabMart and dine-out offerings should further lift margins in 2026. DBS maintains a buy rating on Grab's shares, raising its target price to $7.55 from $6.35. Grab closed at $5.92 overnight. (kimberley.kao@wsj.com)

1008 GMT - RELX results are likely to ease investor concerns about potential AI disruption, Bank of America Global Research analysts write in a note. The London-listed information-and-analytics group appears less susceptible to be exposed to AI interference due to its high-value content and data and a decades-long presence in high-stakes industries, they say. Additionally, momentum in the company's legal division should accelerate into 2026, helping to counter remaining AI concerns, they add. The analysts expect commentary in the upcoming nine-month update to reinforce confidence in sustained growth. Shares are down 0.3% at 33.62 pounds. (najat.kantouar@wsj.com)

0947 GMT - LVMH's appointment of Maria Grazia Chiuri as Fendi's creative director is a strategic positive move for both the company and the Italian brand, analysts at Morgan Stanley write in a research note. The French luxury-goods conglomerate announced the appointment earlier with week amid a wider creative shake-up at other brands of the group. Previously, she was the creative director of women's collections at LVMH's Dior. "Her nine-year tenure at Dior proved her ability to balance creative vision with commercial success, driving significant brand and revenue growth through a modern, feminist lens," the analysts say. Fendi's new CEO Ramon Ros noted that her appointment as the brand's first unified chief creative officer will bring consistency across womenswear, menswear, and couture. Shares rise 0.3% to 599.80 euros. (andrea.figueras@wsj.com)

0946 GMT - Nestle's new chief executive might need to make other difficult decisions after outlining plans to cut 16,000 jobs, such as asset sales and more favorable deals with raw-material suppliers, AJ Bell's Russ Mould says in a note. "New CEO Philipp Navratil might have made more enemies than friends since taking the top job in September," he writes. The workforce cuts, three-quarters of which were white-collar jobs, will boost annual savings but won't be seen positively by employees, Mould adds. Nestle's share climbs on the news as job cuts typically bump up profits by removing costs, he adds. However, Navratil's comment that Nestle needs to change faster suggests other difficult decisions could follow, Mould says. Shares jump 8.9%. (aimee.look@wsj.com)

0945 GMT - TSMC is taking a disciplined approach to expanding capacity amid soaring AI-related demand, Morningstar analyst Phelix Lee says after the chip maker's 3Q results. Management emphasized that it's engaging more closely with indirect customers to validate end-market demand signals and avoid overbuilding. The analyst thinks it's "a prudent strategy aimed at balancing capacity expansion with sustainable returns." Meanwhile, management opted not to elaborate on 2026 capex plans. The analyst thinks this restraint aligns with the company's cautious stance amid heightened enthusiasm around AI. He says Morningstar's estimate of high-single-digit capex expansion in 2026 remains consistent with current indications. TSMC's shares closed 1.4% higher at NT$1,485.00. (sherry.qin@wsj.com)

0930 GMT - AstraZeneca's experimental breast cancer drug Camizestrant is unlikely to stand out from treatments already on the market, Deutsche Bank's Emmanuel Papadakis writes. Shares in the U.K. pharmaceutical giant continue to perform well due to investor optimism, but the breast cancer treatment likely won't outperform the market, the analyst says. That reflects broad weakness in AstraZeneca's pipeline compared with previous years. Looming patent expirations starting with heart-failure treatment Farxiga also weigh on growth, he adds. Deutsche Bank cuts its recommendation on AstraZeneca stock to sell from hold and trims its price target to 105 pounds from 110 pounds. Shares fall 1.3% to 124.82 pounds. (william.gray@wsj.com)

0929 GMT - Pernod Ricard's sales decline for its fiscal 1Q was worse than feared as spirits face a challenging macroeconomic environment, UBS analysts say in a note to clients. The maker of Absolut vodka and Martell cognac reported a 8% drop in sales for the quarter through September compared with the same period last year. Analysts had forecast a 7.1% fall, according to company-compiled consensus estimates. The main negative aspect from the results is the miss in both Europe and Latin America, UBS says. The performance in China and India was slightly better than expected, they note. Pernod Ricard's shares are up 1.1%. (andrea.figueras@wsj.com)

0910 GMT - Pernod Ricard's sales decline for its fiscal first quarter was worse than feared at a time when spirit names face a challenging environment, UBS analysts say in a note to clients. The maker of Absolut vodka and Martell cognac reported a 8% drop in sales for the quarter through September compared with the same period last year. Analysts had forecast a 7.1% decrease, according to company-compiled consensus estimates. The main negative aspect from the results is the miss in both Europe and Latin America, UBS says. The performance in China and India was slightly better than expected, they add. Shares are up 1.1%. (andrea.figueras@wsj.com)

0909 GMT - Investors are pleased that Nestle's executive turmoil seems to be over, and excited by the plans of new CEO Philipp Navratil to turn around the business, Interactive Investor's Victoria Scholar says. The Swiss food giant has been able to boost prices without hindering demand, Scholar adds in a note to clients. Navratil has much to do at the company with headwinds like tariffs, rising debt, currency fluctuations and tough competition, but he is off on the right foot, Scholar says. Shares in Nestle are up 8%, trading at 82.21 Swiss francs. (aimee.look@wsj.com)

0903 GMT - LVMH should see a return of positive earnings momentum, analysts at UBS write in a note to clients. Despite LVMH's historical resilience, the French luxury-goods conglomerate underperformed its peers over the past two years, they say, as most high-end brands have been grappling with lower demand. While the sector context undoubtedly remains complex, the LVMH's third-quarter results showed that the actions it has taken to put its brands within the core fashion and leather goods division back on track are paying off, the analysts say. These measures include new products and a shift in the creative direction of some brands. UBS upgrades the stock rating to buy from neutral. Shares are flat at 598.20 euros. (andrea.figueras@wsj.com)

0852 GMT - Citi expects iQiyi's 3Q earnings to weaken as higher spending on diversified summer content drives costs up to CNY4 billion, analysts write in a research note. The bank now forecasts adjusted net loss for the period to reach CNY143 million, wider than its previous CNY18 million loss estimate. Content costs have risen in 3Q as the video-streaming platform introduces more diversified content to consumers during the summer holiday season, they note. Citi maintains a buy rating, and slightly adjusts its target price of iQiyi's ADRs to US$2.7 from US$2.8. The ADRs last traded at US$2.14. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

October 16, 2025 06:28 ET (10:28 GMT)

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