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Florida Governor Ron DeSantis announced the return of $878 million in federal funds to the government, a move facilitated by a meeting with Elon Musk, head of the Department of Government Efficiency (DOGE). DeSantis criticized the Biden administration for ideological conditions tied to the funding and expressed hope that other states would emulate Florida's actions. He also highlighted ongoing efforts to identify additional surplus federal funds for potential refunds.
JPMorgan Chase & Co. (NYSE:JPM) saw a 4.3% reduction in shares held by Intact Investment Management Inc., while other institutional investors increased their stakes significantly. CEO Troy L. Rohrbaugh and COO Jennifer Piepszak sold shares, reflecting a decrease in their holdings. Analysts maintain a Moderate Buy rating, with some suggesting alternative stocks for investment.
Brookline Bancorp has received a "hold" rating from analysts, with Keefe, Bruyette & Woods downgrading it to "market perform" and setting a target price of $14.50. The bank, which offers a range of banking services, reported a quarterly EPS of $0.23, missing estimates, and has a dividend yield of 4.97%. Institutional investors hold 78.91% of the stock, with recent trading showing a market cap of $967.68 million.
UBS analyst Tim Chiodo has reaffirmed a Buy rating and a $47 price target for Toast Inc. (NYSE:), which is currently trading at $35.08, following a strong 47% gain over the past year. The company anticipates surpassing 10,000 growth market locations by 2025, with analysts projecting net new location additions that require capturing 35-37% of new U.S. restaurant cloud POS locations from 2025 to 2030. Recent earnings exceeded expectations, prompting several analysts to raise their price targets, reflecting confidence in Toast's growth potential across various market segments.
UBS analyst Dennis Geiger has raised the price target for Darden Restaurants to $225, maintaining a Buy rating, as the company shows strong sales trends despite challenges. Darden's same-store sales grew 2.6% in the third fiscal quarter, with continued momentum expected, and plans to open 60-65 new locations in fiscal year 2026. The partnership with Uber is seen as a growth opportunity, enhancing delivery sales, particularly at Olive Garden.
Oil prices rose on Friday, marking a second consecutive weekly gain, driven by new US sanctions on Iran and OPEC+'s plan to cut output. Brent crude futures increased to $72.14 per barrel, while US West Texas Intermediate rose to $68.23. Analysts predict a significant reduction in Iranian crude exports due to tighter sanctions, alongside OPEC+'s commitment to further output cuts until June 2026.
JPMorgan Chase & Co. has received several upgrades from analysts, with price targets ranging from $220 to $330, reflecting a consensus rating of "Moderate Buy." The company reported strong quarterly earnings, exceeding expectations with $4.81 EPS and $42.77 billion in revenue, marking a 10.9% year-over-year increase. Additionally, JPMorgan announced a dividend increase to $1.40 per share, yielding 2.34%.
Deutsche Bank has lowered its price target for Accenture plc to $290 from $365 while maintaining a Hold rating, following the company's report of $16.7 billion in revenue for 2025, which reflects a 5.4% year-over-year increase. Despite strong fundamentals, Accenture faces challenges in its Federal Services business due to government spending cuts and macroeconomic uncertainties. Analysts from TD Cowen and Stifel have also adjusted their price targets to $365 and $355, respectively, while noting the company's strategic focus on digital transformation and AI as key to navigating current market conditions.
Nvidia CEO Jensen Huang labeled Huawei as China's "single most formidable technology company," highlighting its growing influence in artificial intelligence despite US restrictions. He criticized the US government's approach to curbing Huawei, stating it was "done poorly" and acknowledging the company's success in various markets.In other news, Huang denied involvement in any consortium to acquire a stake in Intel, clarifying that he had not been approached regarding such a deal, amidst reports of discussions involving TSMC and other tech firms.
In 2024, the global telecom equipment market experienced an 11% revenue decline, the steepest in over 20 years, driven by excess inventory, macroeconomic challenges, and slow 5G adoption. Huawei emerged as the leading supplier with 31% market share, while Nokia and Ericsson followed. Despite the downturn, market conditions are expected to stabilize in 2025, though challenges remain.
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DeSantis returns 878 million in federal funds after meeting with Musk
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