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

1342 ET - When it comes to Coach-owner Tapestry, investors are focused on the fashion cycle and missing the bigger picture around AI, UBS analysts say in a note after attending an AI event hosted by the company. Tapestry is using AI to leverage consumer insights, data and analytics to make better decisions across the business, the analysts say. The company is also using the technology to optimize the design process, allowing it to reduce mold making time in its footwear business by 90%, and to create a gift assistant chatbot that improves conversion, among other AI efforts, the analysts say. "This event was unique. We are very confident not more than two other companies in our 45 stock coverage universe could even come close to putting on a demonstration like the one we witnessed," the analysts say. (kelly.cloonan@wsj.com)

1246 ET - Corn typically has the highest demand for fertilizers during its growth process, and the supply chain issues seen this year may have affected how much fertilizer farmers have been able to apply to their fields. This may affect corn yields, says AgResource. The firm hosted its own crop tour last week, and now sees the national corn yield at 178 bushels an acre, which would be down 2 bpa from the USDA's August WASDE report. "It appears that due to high cost and unprofitable production margins, farmers trimmed their nitrogen application rate," says the firm. "This was not universal, but the wet spring also caused nitrogen leaching, which was not fully replaced during the growing season by the application of 32%." CBOT corn is up 1.4%. (kirk.maltais@wsj.com)

1212 ET - Alimentation Couche-Tard long-term bet on European growth could land it a good payoff by the end of the decade. National Bank of Canada analyst Vishal Shreedhar says that while the initial takeover of a 57% stake of Polish convenience store operator Zabka will be "largely neutral" to near-term EPS, the deal is projected to be "5.5% accretive by F2030," a payoff that could jump closer to 10% if Couche-Tard eventually buys the convenience store operator outright. Zabka's "high-growth, franchise-led platform and solid margins" should help Couche-Tard "deliver sustained growth via organic drivers, share repurchases and acquisitions. (adriano.marchese@wsj.com)

1151 ET - Indicators have been mixed heading into Walmart's 2Q earnings report, scheduled for Thursday, Davidson analysts say in a research note. They cite point-of-sale data that shows a deceleration from last quarter, coupled with overall retail sales for general merchandise stores showing an acceleration to the highest growth rate in more than three years. "We are looking for another quarter of comps in the low 4% range," the analysts say, noting their forecast is slightly ahead of Wall Street models. Walmart's stock has underperformed to date, they add, citing concerns of slowing comps against a premium multiple. "We think this lowers the bar in front of the 2Q print and makes for an attractive set up," they write. (connor.hart@wsj.com)

1140 ET - Concerns about JetBlue's balance sheet are put on the front burner with the Iran ceasefire ending today, Seaport Research Partners analyst Daniel McKenzie says in a research note. If oil prices surge again from increased hostilities with Iran, JetBlue could be forced to boost debt, putting its balance sheet at risk of becoming too indebted, the analysts say. "Shares could ultimately become worthless," they say. The analysts had upgraded JetBlue shares to a buy rating in April based on the assumption that the Strait of Hormuz would open. Now, they're downgrading the shares to a neutral rating. Shares slide 5.7% to $5.33. (dean.seal@wsj.com)

1133 ET - L3Harris Technologies having Sam Mehta replace Chris Kubasik as CEO could be a catalyst for the company closing its performance gap against rival defense contractors, Vertical Research Partners analysts Robert Stallard and Karl Oehlschlaeger say in a research note. Kubasik's ouster is tied to a violation of the company's code of conduct, and investors probably don't think it will affect the underlying business, the analysts say. But it isn't going unnoticed that L3Harris lagged its U.S. defense peers under Kubasik's leadership, they say. The analysts have a high regard for Sam Mehta, the president of L3Harris' space and mission systems. They say he has been an effective manager and a good communicator. (dean.seal@wsj.com)

1127 ET - Chris Kubasik is out as CEO of L3Harris Technologies, a departure that likely has investors thinking back to his ouster from defense rival Lockheed Martin in 2012, Vertical Research Partners analysts Robert Stallard and Karl Oehlschlaeger say in a research note. L3Harris says Kubasik, also its chairman, was found to have violated the defense contractor's code of conduct. Kubasik was set to take the CEO role at Lockheed in 2012 before he was ousted for a "lengthy, close personal relationship" with a subordinate. Whatever drove this more recent departure, investors will likely conclude that the management change won't impact the underlying business, the analysts say. (dean.seal@wsj.com)

1113 ET - Gulf tourism is showing early signs of recovery, particularly in travel within the region, although the rebound remains uneven. The UAE is likely to struggle for longer because of its greater reliance on visitors from outside the Gulf, says Nicolas Crittenden at Capital Economics. Hotel occupancy rates in Dubai were down more than 30 percentage points in June from a year earlier, while room rates have been discounted as demand weakened. By contrast, intra-GCC travel is showing signs of recovery, benefiting Bahrain in particular. Saudi Arabia's tourism sector should prove more resilient because a significant share of demand is tied to religious travel, which is geographically removed from the conflict, Crittenden says. (farhan.rafid@wsj.com)

1111 ET - Qatar leads most major Gulf stock markets lower as geopolitical uncertainty continues to weigh on sentiment. Qatar's QE index falls 1.5%, while the Dubai Financial Market General Index declines 0.5% and Saudi Arabia's Tadawul All Share Index slips 0.1%. Abu Dhabi bucks the trend, with its benchmark gaining 0.3%. GCC equities are showing a cautious tone, but the divergence across markets shows that domestic fundamentals, earnings, valuations and sector-specific catalysts are also playing a growing role, says Milad Azar of XTB-MENA. Abu Dhabi's relative resilience reflects stronger domestic fundamentals, liquidity and investor confidence in large-cap banking and energy stocks, he says. (farhan.rafid@wsj.com)

1108 ET - Davidson analysts increase their estimates for Target ahead of the retailer's 2Q earnings report on Wednesday. The analysts now expect Target to post comparable sales up 3% during the recent quarter, compared with a prior forecast of up 2%. They say in a research note that they raised their estimates due to the combination of a supportive spending environment and company-specific initiatives. "In particular, we point to the Friday retail sales report, which showed that sales through 'generally merchandise stores' grew 3.9% for the three months corresponding to TGT's 2Q26," the analysts write. "That is an acceleration from 2.5% in 1Q26 and the strongest since 1Q23." Davidson raises its price target to $170 from $155. (connor.hart@wsj.com)

1043 ET - Spin Master's acquisition of Hapiko expands its reach into tech-enabled creative play with Stickerbox, a fast-growing, often-sold-out voice-to-image sticker platform, according to Jefferies in a note. The analysts say Hapiko is "strategically consistent with Spin Master's efforts to expand beyond traditional toy categories and deepen its exposure to technology-enabled creative play." The analysts don't expect the financial impact to be major near term, but the contribution could be bigger, providing "exposure to a potentially scalable platform model with recurring consumables and future content opportunities." The question for investors, say the analysts, is whether Spin Master can leverage its distribution and licensing capabilities "to accelerate adoption and establish Stickerbox as a broader ecosystem rather than a single-product success." (adriano.marchese@wsj.com)

1013 ET - With stock-market valuations sky-high as investors make big bets on artificial-intelligence technology, a market correction looks probable, European Central Bank economists say in a blogpost. The rally in the tech sector has brought valuations to levels last seen during the dot-com bubble, they say. "Economic research on past technological revolutions points to a worrisome conclusion: a correction of current stock-market valuations is likely." Unlike during the dot-com bubble, there is less room this time to cut interest rates or use fiscal policy to cushion the fallout, they say. A correction would have severe consequences for the eurozone through investors' direct exposure to the U.S.'s Magnificent Seven tech stocks, and the "overexuberance" in European stock markets themselves, the economists add.