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

0944 ET - Bank of America upgrades First Abu Dhabi Bank to buy from neutral, saying the lender's earnings growth and return potential aren't reflected in its current valuation. BofA expects about 8% compound annual EPS growth through 2028 and return on tangible equity of 17%-18%, supported by government-related lending, funding strength, pricing discipline and fee-income growth. It raises its price objective 10% to AED23.20, implying around 18% upside. Geopolitical risk remains the main swing factor, but First Abu Dhabi Bank's domestic franchise, sovereign-linked activity and balance-sheet strength provide buffers, BofA says.(farhan.rafid@wsj.com)

0938 ET - Canadian policymakers have an opportunity to propel the country into an investment supercycle lasting a decade or more, analysis by Toronto-Dominion Bank says. Economists Beata Caranci and Derek Burleton argue recent the escalation in the U.S.-Canada trade war makes the case more compelling for Canada to seize the opportunity in front of it. They note there are more than C$1 trillion in announced projects already approved or on the table through 2035 and beyond, which because of varying timetables can create rotating waves of investment. They add this reflects only publicly announced projects, and there is scope for upside that could mean C$1.5 trillion-C$1.7 trillion could materialize over a longer term. Getting there will need bold policy action improving competitiveness on tax and regulations, they say. (robb.stewart@wsj.com; @RobbMStewart)

0928 ET - National Bank of Canada achieved another strong quarter, supported by broad growth across its operations. The big lender's 3Q adjusted EPS at C$3.39 was ahead of what analysts expected, a beat Raymond James' Stephen Boland says was driven by strong operating leverage and an in-line quarter for credit. "Results showcased strength across the franchise, although market-sensitive businesses remained the key growth drivers," the analyst says. National Bank's credit-loss provision ratio was 31 basis points, including 28 points of impaired provisions, up modestly on-quarter and in line with management's guidance, Boland says. Adjusted return on equity remains strong at 16.8%, he adds. (robb.stewart@wsj.com)

0924 ET - Abercrombie & Fitch CFO Robert Ball says the company expects to recognize $120 million worth of tariff refunds this year. "We recognized $100 million in the second quarter and expect to recognize the remaining $20 million in the third quarter," he says on a call with analysts. Looking ahead, Abercrombie raises its full-year adjusted earnings and sales outlooks, in part to account for the tariff refunds. "While we benefited from a $100 million in tariff refunds (during the recent quarter), we beat our outlook by more than that on the bottom line," CEO Fran Horowitz adds. Abercrombie shares jump 16% premarket. (connor.hart@wsj.com)

0921 ET - Abercrombie & Fitch CEO Fran Horowitz says the company is diligently executing against its goals for the year. The clothing company's four strategic priorities are to grow sales across brands, stabilize gross margins by mitigating external cost pressures, invest in tools and technologies including artificial intelligence to improve speed and efficiency, and maintain strong profitability to return excess cash to shareholders, Horowitz says on a call with analysts. "We've made meaningful progress across all four of these objectives in the first half of 2026," she adds. Abercrombie shares jump 16% premarket after the company lifts its outlook on the back of higher profit and sales. (connor.hart@wsj.com)

0921 ET - Kohl's same-store sales fall 0.9% for 2Q, which was slightly softer than Wall Street had expected, Citi analysts say in a research note. That may be pulling attention from what the analysts say was a solid quarter for profitability. 2Q earnings were ahead of market expectations thanks to slightly lower costs and higher credit income, giving management confidence to raise its full-year profit guidance while narrowing its outlook for sales, they say. The results are solid overall and better-than-expected on the bottom line, even as the macro backdrop remains challenging, but the same-store sales may be slightly lower than investors wanted to see, the analysts say. Shares fall 5% to $16.76 premarket. (dean.seal@wsj.com)

0918 ET - Abercrombie & Fitch CEO Fran Horowitz says on a call with analysts that both the company's namesake and Hollister brands achieved record 2Q sales. The namesake brand notched sales of $596.8 million, up 8% from a year ago. "The brand also returned to comparable sales growth of 4% on improvements in conversion, average unit retail and full-price selling, particularly in the Americas," Horowitz says. "Growth was balanced by gender and category, with knits and wovens contributing, along with a solid bottoms business across pants and shorts." Abercrombie shares jump 15% premarket after the company lifts its outlook on the back of higher profit and sales. (connor.hart@wsj.com)

0911 ET - Bath & Body Works' digital business returned to growth for the first time since 2021, executives tell analysts on a call. The retailer expanded e-commerce distribution on Amazon, where net sales more than tripled from the first quarter to the second quarter. Bath & Body Works is now one of Amazon's biggest candle brands, executives say. Amazon is also attracting younger and more affluent customers, which is delivering a higher average selling price than other channels, management says. The executives say that growth in digital is an early sign that the company's Consumer First Formula strategy is working. (katherine.hamilton@wsj.com)

0911 ET - Coffee prices provided a jolt to J.M. Smucker's sales during the latest quarter. CEO Mark Smucker says in prepared earnings remarks that net sales from coffee grew 13%, reflecting higher prices and volume/mix growth. "Net sales growth was driven by increases across all brands, demonstrating the strength of our portfolio, which includes three of the top six brands in the at-home coffee category," he adds. Still, green coffee commodity costs remain volatile, and the company says it will continue to adjust pricing as its cost structures evolve. "In a sustained deflationary environment, we would consider additional pricing actions as lower costs flow through our results," Smucker says. J.M. Smucker is up 5% premarket after lifting its outlook for the year. (connor.hart@wsj.com)

0904 ET - Bath & Body Works says more than a third of its tariff refunds were offset by existing tariffs and input cost inflation in the second quarter. The fragrances retailer recorded a benefit of $80 million from refunds during the quarter. However, tariff and input costs dinged results by $30 million. Incremental investments in the company's Consumer First Formula strategy also offset the refunds by $35 million, mainly due to marketing costs. Adjusted earnings were 62 cents a share in the quarter, and would have been 31 cents a share without the refunds, Bath & Body Works says. Analysts were projecting 24 cents a share. (katherine.hamilton@wsj.com)

0846 ET - Siemens Energy could increase shareholder returns after separating its Transformation of Industry division, Jefferies analysts write. The German energy equipment maker said it was preparing to spin off the unit while keeping a "meaningful minority stake." "We see the move favorably, refocusing the business on higher growth & margin gas and grids' segments," the analysts say. Jefferies has a buy rating on the stock and 215.00 euro target price. Shares are down 0.5% at 151.94 euros. (ian.walker@wsj.com)

0830 ET - Siemens Energy's plan to separate its transformation of industry unit isn't a surprise given previous reports that the company was considering options for the division, Citi analysts write. They add that while no timeline has been provided by the German energy equipment maker, they expect it to take some time. Citi values the business at 8.6 billion euros. The analysts add that while portfolio streamlining is sensible, they don't see any material financial benefit from a separation of the unit, and expect investors to focus on the company's gas and grid divisions. Citi has a neutral rating on the stock and 185.00 euro target price. Shares are down 0.5% at 151.96 euros.