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

0807 GMT - Adyen is expected to deliver a robust third-quarter performance, supported by easing comparatives, Jefferies analysts Hannes Leitner and Charles Brennan write in a note. The Dutch payments company might use the update to offer an early view of its 2026 guidance, likely in the low-20s range and consistent with its midterm expectation of low- to high-20s growth. The U.S. bank forecasts total payment volume to rise 8% and net revenue growth of 21% on year, both below consensus. Meanwhile, for 2025, the analysts project 21% net revenue growth, in line with guidance and consensus. They also anticipate Ebitda of 1.21 billion euro with a 51% margin, slightly below the guided and consensus figures. Adyen shares are up 1.1% at 1,531 euros. ( najat.kantouar@wsj.com)

0758 GMT - Novartis's $12 billion deal to buy Avidity Biosciences reflects its strategy of targeting cutting-edge technologies primed to generate revenue, and adds three potential blockbuster drugs, Vontobel's Stefan Schneider writes. Avidity's late-stage muscular and neuromuscular treatments could together generate peak sales of nearly $7 billion, with first revenue potentially starting next year, the analyst says. This anchors the Swiss pharma company's expansion in neuroscience, Vontobel says. As a result of the deal, Novartis lifts its 2024-29 sales target to a compound annual growth rate of 6% from 5% previously. Novartis shares closed at 104.08 Swiss francs on Friday, while Avidity closed at $49.15. (william.gray@wsj.com)

0739 GMT - CSE Global's earnings growth outlook remains positive, UOB Kay Hian analysts say in a research report. The technology company is hopeful of securing more major order wins by end-2025 and it's been shifting more resources to its data-center business from its automation segment in the past few months, the analysts note. It looks poised to achieve strong earnings growth of around 40% this year, partly thanks to an order book of S$574 million as of June. Also, its electrification business stands to benefit from growing data-center demand as AI adoption increases. The brokerage maintains its buy rating and target price of S$0.85 on the stock, which is 1.9% higher at S$0.79. (ronnie.harui@wsj.com)

0731 GMT - Nordic markets are seen opening slightly higher, with IG calling the OMXS30 up 0.3% at around 2795. Strong global risk appetite led to new U.S. equity index records on Friday, SEB's Dana Malas writes. Falling policy rates in the U.S., hopes for trade agreements, investor fear of missing the stock market rally, and investment-heavy megatrends with potential to boost growth and productivity are boosting market sentiment, Malas says. Stockholm's OMXS30 also rose on Friday, hitting a new record. October ends with an intense week, with focus on U.S.-China trade talks and the Federal Reserve interest-rate announcement. Stock markets in Asia are following the U.S. higher. OMXS30 closed at 2786.89, OMXN40 at 2405.68 and OBX at 1564.71. (dominic.chopping@wsj.com)

0719 GMT - Innovent's co-development and licensing partnership with Japan's Takeda on two new cancer drugs is expected to accelerate its globalization and unlock the treatments' overseas value, HSBC analysts Linda Shu and Cindy Chai say in a note. The deal should improve Innovent's overseas clinical execution and regulatory knowledge, while its U.S. co-sales model will help build sales capabilities and strengthen market access. Innovent's $2 billion cash position and expected profitability from 2025 should further support global expansion. "We believe this deal should benefit Innovent's 2030 ambition to grow from a leading China biopharma to a global premier biopharma," the analysts add. HSBC views the stock as attractively valued, maintains a buy rating and raises its target price to HK$125.00 from HK$115.00. Shares were last at HK$86.00. (jason.chau@wsj.com)

8GMT - Porsche third-quarter results are consistent with its September profit warning, with total revenue slightly below RBC Capital Markets' estimates, but EBIT came in slightly above. "We think this could potentially be a positive for shares," analyst Tom Narayan writes. The German sports-car maker incurred 1.8 billion euros in full-year 2025 expenses tied to its strategic realignment, which delays battery electric vehicle launches to the 2030s and extends combustion engine/hybrid production. RBC doesn't think consensus numbers reflect this, and as such, comparisons are not useful. Full-year guidance was maintained. (dominic.chopping@wsj.com)

0711 GMT - Porsche remains an obvious buy in a tough sector, with trough earnings and sustained positive free cash flow, Citi analysts write. Shares are now at one third of the price from their peak. EBIT margins won't recover to IPO levels anytime soon, if ever, but the brand, and the company model alone, are worth more than the current market capitalization, in the bank's view. Porsche has an average selling price of 124,000 euros, it is growing annually, de-risked in China with less than 10% of EBIT coming from the country, and has little risk from China price competition in Europe. Citi believes Porsche could see three-four years of reported EBIT margin improvement from full-year 2026. "The shares likely look attractive for many investors." (dominic.chopping@wsj.com)

0709 GMT - Colgate-Palmolive (India)'s earnings growth challenges are likely to persist, Elara Securities (India) analysts say in a research report. It posted weak 2Q FY 2026 results, weighed by goods and services tax-related disruptions, increased competition, and softness in its core brands in India, the analysts note. The brokerage cuts its earnings forecasts for the personal care products company by 3.8% for FY 2026, 4.2% for FY 2027, and 4.3% for FY 2028 to reflect lower revenue growth assumptions. It lowers the stock's target price to INR2,260.00 from INR2,357.00 with an unchanged reduce rating. Shares are 0.9% lower at INR2,218.40. (ronnie.harui@wsj.com)

0656 GMT - Dr. Reddy's Laboratories is set for near-term earnings gains, Nomura analysts say in a note, citing the expected approval from Health Canada for its Semaglutide application. The approval would make the company the sole player in the generic market at its launch in January 2026, though gains could decline as competitors enter, they add. The analysts forecast the firm will generate $55 million and $168 million from Semaglutide sales across markets in FY 2026 and 2027, respectively. Nomura trims its FY 2027-2028 earnings estimates citing higher amortization. Given its shares' underperformance versus peers and its valuation discount, low market expectations may present a favorable risk-reward. The bank lowers its stock target price to INR1,650 from INR1,660. Shares were last at INR1,281.30. (jason.chau@wsj.com)

0619 GMT - Kotak Mahindra Bank's net interest margin seems to be underperforming its peers, Nomura's Ankit Bihani says in a research report. The bank's NIM was expected to outperform peers in 2Q FY 2026, but was likely impacted by unfavorable loan mix and a smaller increase in certificate-of-deposit ratio compared with peers, the analyst says. Also, while stress in unsecured retail and micro-finance loans is moderating, it remains elevated in the bank's retail commercial vehicle loans. Nomura maintains the stock's neutral rating, but raises the target price to INR2,200.00 from INR2,150.00 to reflect valuation roll-forward. Shares are 1.1% lower at INR2,162.35. (ronnie.harui@wsj.com)

0613 GMT - HSBC's booking of a $1.1 billion provision for a lawsuit related to the Madoff Ponzi scheme isn't entirely surprising, says Morningstar's Lorraine Tan. HSBC is appealing the amount, and though the additional charge to earnings this year could weigh on sentiment slightly, the impact should be limited, writes Tan, director of equity research (Asia). HSBC had already announced the suspension of shares buybacks for the next three quarters due to its acquisition of Hang Seng Bank, she notes. The bank guides that the impact to its CET1 ratio is going to be around 15 basis points. Morningstar's assumption is that HSBC's CET1 ratio will hover around 14% over the next 10 years. (fabiana.negrinochoa@wsj.com)

0538 GMT - PTT Oil & Retail Business might face less pressure on its oil marketing margin, CGS International's Amornrat Cheevavichawalkul says in a research report. Based on data from Thailand's Oil Fuel Fund Office, the State Oil Fuel Fund is seeing strong cash inflows, leading to the fund's positive balance at end-September compared with its negative balance at end-December 2024, the analyst notes. Hence, the government could be less pressured to intervene in the company's oil marketing margin. The brokerage lifts its 2025-2027 EPS forecasts for PTT Oil & Retail Business by 6.7%-23.6%. It raises the stock's rating to hold from reduce and the target price to THB14.20 from THB12.50. Shares are 1.4% higher at THB14.10. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

October 27, 2025 04:07 ET (08:07 GMT)

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