Rabbit Research

My approach on X: I share both original and curated research memos, along with market insights and beyond. My goal is to provide informative and useful content for my followers, and occasionally, ideas that can generate significant alpha. No investment advice.

Stifel raised the price target on Limbach $LMB to $81 from $75 and keeps a Buy rating. Limbach delivered a Q3 revenue beat, driven by 54% GCR organic growth, and expects results near the high end of guidance, with an improving outlook supported by an 87% backlog increase, data center opportunities, improving PPI margins, favorable GCR project mix, and potential 2027 SG&A leverage.

B. Riley raised the price target on SmartRent $SMRT to $2.25 from $1.75 and keeps a Buy rating following the Q3 beat. The higher target gives SmartRent credit for four quarters of positive EBITDA, a booked backlog well ahead of deployments, and hub amortization that is nearly gone.

Bank of America Securities reiterated a Buy rating on IQVIA $IQV with a price target of $320. The analyst highlights robust third-quarter clinical awards, healthier commercial activity, and improving win rates as evidence that the company’s recovery is durable and can support growth through 2027, with revenue conversion and margin expansion expected to sustain momentum. The Buy rating is based on broad-based demand across large pharma and emerging biopharma, solid full-service bookings, and margin gains driven by cost efficiencies, AI adoption, and productivity improvements despite pass-through headwinds. He also points to growing commercial services pipelines, faster decision cycles, AI-enabled offerings, and the upcoming Analyst Day as catalysts.

KeyBanc downgraded Reddit $RDDT to Sector Weight from Overweight without a price target following the Q3 report. The firm says its thesis is not playing out. Reddit's search traffic is a larger headwind than envisioned, and this creates more uncertainty around the company's revenue and EBITDA in 2027 and 2028. KeyBanc believes Reddit shifting to a logged-in only experience might benefit long-term traffic and monetization, but says it also carries risks of higher marketing spend for app installs and slower top of funnel growth.

KeyBanc raised the price target on Microsoft $MSFT to $630 from $600 and keeps an Overweight rating following quarterly results. Azure is set to top 50% growth at a $125B plus run-rate, the Copilot business is driving acceleration in the M365 line, and capital expenditure is shifting around but at least is holding steady in terms of the dollars needed to fund this growth. Not to mention GAAP EBIT margins continue to benefit from operating expense moderation and a better pricing environment for the major businesses.

Piper Sandler raised the price target on Microsoft $MSFT to $650 from $610 and keeps an Overweight rating. The firm notes the company delivered on an already heightened bar with Azure growth of 48% year-over-year that beat the midpoint by about 400bps, followed by a 49%-50% constant currency growth guide that answered the call for a sustained acceleration even with capacity delays that are pushing deliveries to the second half of the year. Over the last few quarters Microsoft has demonstrated a strong ability to identify and monetize engineering efficiencies within the infrastructure business to deliver capacity to its customers.

JPMorgan lowered the price target on Alphabet $GOOGL to $375 from $425 and keeps an Overweight rating. The stock's post-earnings selloff shows the margin for error when a hyperscaler spending hundreds of billions on the AI infrastructure buildout and flipping to negative free cash flow posts disappointing results. JPMorgan points out that Google faced a tough search compare in Q3 and that management indicated currency was the single largest driver of the deceleration. The firm believes Google's search headwinds are more navigable than permanently structural.

Truist raised the price target on Iqvia $IQV to $346 from $329 and keeps a Buy rating. The company reported strong Q3 results yesterday morning but the stock fell slightly, reflecting high expectations heading into the print as well as investor concerns around implied Q4 guidance and organic growth trends of commercial solutions.

Wells Fargo keeps an Overweight rating and $725 price target on Microsoft $MSFT. The company offered buyouts to 60,000 workers today, and at a one-third acceptance rate, the cost actions could yield a 2 pts annualized operating margin benefit. The firm adds that it sees a bright future ahead for Microsoft, driven by differentiated positioning and sustained market leadership in major categories of IT spend - most notably cloud and AI - with a financial profile that continues to exhibit a durable margin trajectory in the long term.

Truist raised the price target on Microsoft $MSFT to $600 from $575 and keeps a Buy rating ahead of its Q1 results. Beyond Azure growth acceleration expected in the quarter, the firm is incrementally confident in Azure growth remaining elevated for longer. Truist adds that it anticipates continued AI and agentic momentum not only via Copilot success but also as the harness/orchestration/control plane for broadening set of first party and third party AI workloads. Long term durable growth, Azure efficiencies, and high value franchises like M365 could continue to support one of the best free cash flow profiles in AI on relative basis.

UBS raised the price target on Amazon $AMZN to $348 from $318 and keeps a Buy rating. Amazon's muted post-Q2 share performance reflects investor concerns that 2027 capex could exceed $300B and eliminate free cash flow, while AWS margin expectations remain a key upside opportunity, as strong incremental revenue may outpace the operating expense growth required to offset AI-related margin pressure.

Bernstein raised the price target on SpaceX $SPCX to $267 from $248 and keeps an Outperform rating. The firm is raising its SpaceX outlook primarily on terrestrial AI build plans. Bernstein believes the case for a multi-trillion dollar valuation rests on success of orbital data centers. But the company's outlook for terrestrial AI is a material add to the overall revenue path, it notes. The Enterprise & Government Connectivity subsegment also appears to be outperforming.

BofA raised the price target on SpaceX $SPCX to $275 from $235 and keeps a Buy rating after Q3 results beat the Street across metrics and the company raised the ante on what's coming in 2027. Last quarter's $100B run-rate revenue guidance by end of 2026 is not only on track, its approaching rapidly, says the analyst, who notes that the company now anticipates $33B-$37B of revenue in Q1 of 2027, well ahead of the roughly $22B consensus coming into the report.

Pivotal Research raised the price target on Meta Platforms $META to $960 from $930 and keeps a Buy rating. The company reported strong better than expected Q3 revenue, driven by a 10% increase in ad impressions and a 14% rise in average pricing. The company also announced the creation of a non-voting Class C stock, which current shareholders will receive in January 2027 that it will use for potential deals/capital raises/employee comp, and this likely puts to bed short-term speculation that Meta would announce an equity deal.

Barclays raised the price target on Meta Platforms $META to $880 from $780 and keeps an Overweight rating following the Q3 report. The firm says Muse is off to a great start and represents a game changer for Meta's narrative. Barclays says Meta is one of the few mega caps both participating in AI but insulated from the labs, representing a unique uncorrelated opportunity.

DA Davidson raised the price target on Meta Platforms $META to $800 from $700 and keeps a Buy rating after its better-than-expected Q3 results. The quarter was highlighted by another raise to Meta's capital expenditures guide that now calls for $140B at the midpoint as the company continues to ramp spend on compute to service new AI experiences to consumers and enterprises. Meta management also emphasized the success their Muse personal agent has had, and that they intend to scale the product with future compute investments.

DA Davidson raised the price target on Salesforce $CRM to $250 from $225 and keeps a Neutral rating. The firm is positive on the strategic implications of the company's deal for Braze $BRZE as it is acquiring a competitor and strengthening a weak point in its platform with incremental capabilities that layer on top of core data features. D.A. Davidson adds that it also sees the deal as a positive use of capital given the current valuation of Braze relative to historical levels and as an opportunity for Salesforce to take advantage of lower market multiples and revive its core marketing business.

Truist raised the price target on Atlassian $TEAM to $250 from $185 and keeps a Buy rating as part of a constructive broader research note previewing Q3 results for Infrastructure Software names. Partner checks are pointing to healthy spending, continued consolidation, and increasingly tangible AI-driven consumption. Enterprises continue to consolidate technology spending around broader platforms as they look to reduce complexity, improve interoperability and drive greater value from existing investments.

Piper Sandler raised the price target on Capital One $COF to $269 from $260 and keeps an Overweight rating. After reporting Q3 results and hosting its earnings call, Capital One shares were up about 4% in after-hours trading on a solid PPNR beat and materially better-than-expected credit. The call increased Piper's confidence in Capital One's long-term earnings power.

Cantor Fitzgerald raised the price target on SpaceX $SPCX to $345 from $246 and keeps an Overweight rating. SpaceX is expected to sharply outperform on a bullish outlook for $500B-$1T in 2027 year-end ARR, potentially self-funded compute expansion, and semiconductor supply constraints supporting pricing power and industry consolidation, with Intelligence-led growth and Space and Connectivity adding upside.