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

0654 GMT - Demand from artificial-intelligence servers is expected to continue to support NAND flash market growth in the third quarter, even as smartphone and PC demand remains weak, according to research firm TrendForce. Strong purchases of storage devices for AI data centers kept the NAND flash market undersupplied in 2Q, allowing suppliers to raise prices, TrendForce says. Combined revenue for the world's top five NAND flash brands jumped 77% from the previous quarter to $68.87 billion. Samsung Electronics remained the largest supplier by revenue, followed by SK Hynix and Micron Technology. TrendForce expects limited new production capacity and sustained AI-related demand to support further price increases and industry growth in 3Q. (jie.yang@wsj.com)

0651 GMT - Volvo Car's upcoming strategic update is expected to serve as a timeline reset, Deutsche Bank analyst Nikita Papaccio writes. Management will likely soften its tone and push expectations on both its 8% EBIT margin and positive free cash flow targets into the early 2030s, Papaccio says. Intensifying competition in Europe and China, emerging trade barriers across multiple jurisdictions, and severe manufacturing overcapacity are forcing a pragmatic reassessment, he adds. Aggressive self-help measures, including a 23 billion Swedish kronor cost-reduction program, are being heavily diluted by rising structural costs, raw material inflation, and low capacity utilization. Deutsche Bank rates Volvo Car at hold with a 21 kronor target price. Shares closed at 19.01 kronor. (dominic.chopping@wsj.com)

0649 GMT - Lenovo's infrastructure business could sustain its operating margin in the near term, UOB Kay Hian analysts say in a research note. The segment's operating margin expansion is underpinned by better profitability in its products for enterprise and small and medium businesses, better scale, as well as the mounting bargaining power given the supply shortages, they note. Although management guided for a high single-digit margin for FY 2027, UOB thinks it could top the fiscal 1Q's 9.1%. UOB raises Lenovo's target price to HK$49.00 from HK$32.80. Shares are last at HK$31.22.(sherry.qin@wsj.com)

0644 GMT - AP (Thailand)'s earnings visibility likely to improve, UOB Kay Hian analysts say in a research report. The residential property developer's 2Q results beat expectations due to higher-than-anticipated gross margin stemming from a better product mix, the analysts note. The company has guided that 3Q will be peak season with launches of 17 projects valued at more than 17.90 billion baht, primarily driven by new project launches in Thailand's upcountry market. Also, ownership transfers from major joint-venture projects will probably contribute to 3Q earnings. The brokerage upgrades the stock's rating to buy from hold and raises the target price to 9.25 baht from 8.50 baht. Shares are 0.6% lower at 8.25 baht. (ronnie.harui@wsj.com)

0632 GMT - Artificial-intelligence data centers are expected to move closer to adopting 800V direct-current power systems as demand for more powerful AI chips continues to rise, according to a Digitimes Research report. Although Nvidia isn't expected to introduce major power-related changes in 2026, power semiconductor suppliers are already rolling out products designed for future AI server platforms. Digitimes analyst Chiayang Yao says the transition is likely to accelerate with the mass production of Nvidia's Rubin Ultra GPUs in 2027. The report also highlights growing demand for next-generation power technologies that can boost energy efficiency and support higher computing workloads. As 800V systems become more standardized, competition is expected to center on cost, efficiency, power density and supply reliability, Yao says. (jie.yang@wsj.com)

0553 GMT - AEM's margin uptick is likely to extend into 2H, supported by improved earnings visibility from its AI and high-performance computing business, Citi analyst Arthur Pineda says in a note. Beyond FY26, Citi sees sustained solid growth as revenue from new semiconductor customers is likely to start contributing next year. The bank raises its target price to 14.60 Singapore dollars from S$12.70 and maintains buy/high risk, after revising up FY26-FY28 earnings estimates by 15%-21% to reflect stronger revenue growth and firmer margin trends. Shares are down 3.5% at S$10.11. (venkat.pr@wsj.com)

0552 GMT - ST Engineering is likely to see stronger contract win momentum in 2H, says UOB Kay Hian's Roy Chen in a note. The company is likely to benefit from secular demand growth across its business segments, he says. The Singapore defense engineering company is guiding for total contract wins to be at least as robust as 2025's 18.7 billion Singapore dollar figure. This implies contract wins of S$11 billion or more in 2H, or an average win per quarter of over S$5.5 billion. This would be stronger than its quarterly contract wins between 4Q 2024 and 1Q this year, he adds. The brokerage maintains its buy rating and S$11.75 target price. Shares are flat at S$11.13. (megan.cheah@wsj.com)

0550 GMT - Hana Microelectronics' earnings rebound seems stronger than expected, ttb wealth securities' Pattadol Bunnak says in a research report. The Thai electronics manufacturing service company's earnings rose to 278 million baht in 2Q from 103 million baht in 1Q, thanks to drivers including continued recovery in its core EMS business, the analyst notes. The company also expects new orders for artificial-intelligence data centers, such as packaging for solid-state cooling devices and printed circuit board assembly for data-quality checking devices. The brokerage lifts its 2026-2028 earnings forecasts for the company by 36%-78%. It raises the stock's rating to buy from sell and the target price to 48.00 baht from 24.00 baht. Shares are 1.55% higher at 49.25 baht. (ronnie.harui@wsj.com)

0530 GMT - H&M's fiscal third-quarter earnings could be resilient, prompting Citi to refresh its forecasts and opening a positive catalyst watch. The bank says that while tech investments weighted to the second-half will lead to operating expenditure inflation, it now expects slightly better cost control in the quarter and no longer assumes selling, general and administration inflation in 2026, deviating from previous company guidance. "We expect H&M will separately disclose tariff refunds claimed." Citi's fiscal 2026 and 2027 adjusted EBIT forecast rises by 5% and 6%, respectively, as a result. Its adjusted EPS estimates rise 6% and 7%, leaving the bank 3% and 1% below consensus. The bank lifts its target price on the Swedish fast-fashion retailer's stock to 171 Swedish kronor from 158 kronor and maintains its neutral rating. Shares closed at 172.70 kronor. (dominic.chopping@wsj.com)

0524 GMT - Hermes's growth looks to be converging with that of the wider luxury-goods sector, RBC Capital Markets says, cutting its rating on the stock to sector perform from outperform. The Parisian maker of high-end handbags and silk scarves can no longer expect to book growth in revenue and earnings as far ahead of its rivals as it has in recent years, RBC's Piral Dadhania says. Other names in luxury stand to benefit from a recovery in the sector, he says. "We prefer luxury stocks with valuation support...or stronger earnings growth," Dadhania says. RBC cuts it target-price on Hermes stock to 1,700 euros from 1,900 euros. Shares closed Monday at 1,550 euros. (joshua.kirby@wsj.com)

0521 GMT - Shanghai Chicmax Cosmetic's 1H profit warning has turned investors' focus to guidance from the company about the pace of the recovery for its anti-aging skincare brand KANS, Jefferies analysts Boya Zhen and Anne Ling say in a note. The company expects 1H revenue to fall 8.5%-9.5% and net profit 76.6%-78.4%, with net profit missing Jefferies' estimates. Investors will also watch management's 2H outlook and its ongoing operating expense budget to drive sales, Jefferies says. Chicmax is due to report 1H results Aug. 27. Jefferies maintains its hold rating on the shares, with a HK$28.00 price target. Shares are down 28% at HK$20.82. (venkat.pr@wsj.com)

0510 GMT - Profit growth of Toray Industries' carbon fiber composite materials segment looks positive, SMBC Nikko Securities analysts say, noting stronger-than-expected growth in 1Q of this FY. Carbon fiber composite materials segment's core operating profit increased 71% in 1Q, with growth for all major applications in addition to higher shipments for Boeing 787 Dreamliner, the analysts say in a note. This growth seems sustainable, says the brokerage, which expects the segment to keep reporting major profit growth for a while. The brokerage raises the stock's target price to 1,700 yen from Y1,300 with an unchanged outperform rating. Shares are 1.1% higher at Y1,348.5.