Top Analyst Reports for Applied Materials, Philip Morris & Valero Energy

Thursday, September 17, 2026

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Applied Materials, Inc. (AMAT), Philip Morris International Inc. (PM) and Valero Energy Corp. (VLO), as well as two micro-cap stocks Crimson Wine Group, Ltd. (CWGL) and Global Self Storage, Inc. (SELF). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Ahead of Wall Street

The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.

You can read today's AWS here >>> Pre-Markets Up on Lower Oil Prices, Strong Data

Today's Featured Research Reports

Applied Materials’ shares have outperformed the Zacks Electronics - Semiconductors industry over the year-to-date period (+64.3% vs. +23.3%). The company is benefiting from AI-driven investment that is concentrating wafer fabrication spending in leading-edge foundry-logic, DRAM and advanced packaging, where its materials engineering portfolio has broad exposure. 

New process tools, rising advanced packaging demand and a larger connected service base support continued share capture and value-based pricing. Longer customer forecasts and planned manufacturing expansion improve visibility into another growth year, while recurring services and disciplined capital returns add resilience. 

However, risks remain from capital spending cyclicality, reliance on large customers, China-related export controls, competitive intensity and the execution burden of scaling capacity. Even so, the current demand mix and margin trajectory support an Outperform view over the next cycle.

(You can read the full research report on Applied Materials here >>>)

Shares of Philip Morris have outperformed the Zacks Tobacco industry over the year-to-date period (+21.4% vs. +17%). The company has been benefiting from strong pricing power, favorable product mix and steady growth in its smoke-free portfolio. IQOS, ZYN and VEEV continue to support the company’s transition across key markets, with smoke-free products contributing about 42% of second-quarter 2026 revenues. 

In the first half, net revenues rose 9.8% and adjusted EPS increased 15.6%, while productivity savings helped offset higher investments in innovation, marketing and commercial initiatives. 

However, cigarette volumes remain in structural decline, with full-year shipments expected to fall 2-3%. The U.S. business also remains under pressure from weaker first-half results, elevated spending and execution risks related to ZYN and IQOS ILUMA. Regulatory restrictions on tobacco products remain another key concern for long-term demand and profitability.

(You can read the full research report on Philip Morris here >>>)

Valero Energy’s shares have outperformed the Zacks Oil and Gas - Refining and Marketing industry over the year-to-date period (+151.8% vs. +138.8%). The company’s performance reflects a favorable mix of refining scale, feedstock flexibility, export reach and disciplined capital returns. Tight global product inventories and constrained refining capacity support margin capture, while access to discounted heavy crude reinforces its complex system.

Renewable diesel and ethanol add earnings diversity, and the St. Charles optimization project should lift high-value output. Ample liquidity and low net leverage support buybacks and operational investment. 

However, risks remain from refining margin normalization, California supply changes, low-carbon policy and Port Arthur repair execution. Commodity volatility can also delay the release of excess cash and make shareholder returns less predictable. Even so, asset quality, earnings breadth and financial flexibility support an Outperform view.

(You can read the full research report on Valero Energy here >>>)

Shares of Crimson Wine have underperformed the Zacks Beverages - Alcohol industry over the year-to-date period (-10.2% vs. +15.1%). This microcap company with a market capitalization of $94.04 million is facing risks which include weakness in wine-club and tasting-room activity, pressure on direct-to-consumer margins, and uncertainty from a major distributor’s bankruptcy. Elevated leverage, reduced liquidity, refinancing concentration and a more constrained capital-allocation profile also increase sensitivity to operating performance and the pace of earnings normalization.

Nevertheless, Crimson’s investment case is supported by its vertically integrated estate model, which strengthens sourcing control, supports premium positioning and promotes long-term cost efficiency. 

The Raeburn acquisition has broadened the brand portfolio and strengthened wholesale scale, while the planned Double Canyon asset sale could simplify the portfolio and improve financial flexibility. Wholesale momentum is supporting growth, and the high-margin direct-to-consumer channel remains strategically important despite softer demand. 

(You can read the full research report on Crimson Wine here >>>)

Global Self Storage’s shares have gained +5.9% over the year-to-date period against the Zacks REIT and Equity Trust - Other industry’s gain of +11.1%. This microcap company with a market capitalization of $58.25 million has its investment case supported by its focus on underserved secondary and tertiary markets, high occupancy, long tenant retention, disciplined pricing and technology-enabled operations. 

Global Self Storage’s fragmented-market opportunity, third-party management platform, redevelopment activity and available liquidity provide multiple avenues for expansion. However, elevated operating-cost growth, weaker net operating income (NOI) and AFFO, limited revenue monetization at already-high occupancy and a relatively small portfolio constrain near-term earnings leverage. 

The high payout ratio also limits dividend flexibility, while rising overhead and potential equity dilution warrant monitoring. The valuation suggests that further upside will likely depend on stronger operating performance, improved cash-flow generation and successful execution of SELF’s growth initiatives.

(You can read the full research report on Global Self Storage here >>>)

Other noteworthy reports we are featuring today include ONEOK, Inc. (OKE), Nebius Group N.V. (NBIS) and Comfort Systems USA, Inc. (FIX).

Mark Vickery
Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Applied Materials (AMAT) Gains From Rising WFE Spending

Philip Morris (PM) Benefits from Strong Smoke-free Revenues

Valero's (VLO) High-Complexity Refinery Network Aids Profitability

Featured Reports

Diversified Operations and Asset Expansion Aid ONEOK Inc. (OKE)
Per the Zacks analyst, ONEOK Inc. benefits from diversified fee-based operations and an expanding midstream asset base through acquisitions and projects, supporting cash-flow visibility and growth.

Comfort Systems' (FIX) Record Backlog Supports Growth Visibility
The Zacks analyst believes that Comfort Systems' record backlog, strong technology and data center demand, modular expansion and solid liquidity support sustained growth and revenue visibility.

Tight West Coast Supply Aids Essex Property Trust (ESS), Debt Load Ail
Per the Zacks analyst, Essex Property gains from tight West Coast supply, resilient rental demand and its strong balance sheet. However, softer Southern California leasing and debt levels pose risks.

Recurring Subscription Model Aids Docusign (DOCU), No Dividends Ail
Per the Zacks analyst, DOCU's subscription model continues to provide recurring revenue growth, but the absence of cash dividends may deter income-focused shareholders.

Service Center Unit Aids Applied Industrial (AIT), Costs Ail
Per the Zacks analyst, Applied Industrial's Service Center Based Distribution segment is driven by increase in demand for technical MRO services. However, high costs remain concerning for the company.

Generac's (GNRC) Data Center Push, Capacity Expansion to Aid Growth
Per the Zacks analyst, Generac's C&I momentum and data-center growth support its outlook, while the Amazon generator deal boosts prospects despite residential headwinds.

High Demand for Repligen's (RGEN) Product Portfolio Aid Growth
Per the Zacks analyst, Repligen's product franchisees are generating significant revenues owing to continued demand. Recent acquisitions to diversify its business are also driving the top-line.

New Upgrades

Advanced Upstream Capabilities & LNG Leadership to Aid Baker Hughes
Per the Zacks analyst, advanced upstream capabilities, LNG leadership, growing power exposure and Chart integration expand Baker Hughes' growth opportunities across energy and industrial markets.

Assurant (AIZ) Set to Grow on Solid Global Lifestyle Business
Per the Zacks analyst, Assurant is set to grow on solid Global Lifestyle business, growth of fee-based capital-light businesses, embedded partnerships, program optimization and capital management.

Abercrombie's (ANF) Balanced Growth Fuels Sales Momentum
Per the Zacks analyst, Abercrombie's broad-based brand and regional growth, improving AUR and store expansion support steady sales momentum in fiscal 2026, while strengthening overall market position.

New Downgrades

Higher Processing Costs to Weigh on MP Materials' (MP) Margins
The Zacks analyst is concerned that elevated processing costs will pressure MP Materials' margins as it ramps up separated rare earth products and finished magnet production.

Rising Net Outflows & Concentration Risk Hurts Lazard (LAZ) Financials
Per the Zacks analyst, persistent net outflows weigh on Lazard's assets under management growth. Also, heavy reliance on Financial Advisory revenues remains a key concern.

Execution Risk Irks Myriad's Profitability Amid Tough Competition
The Zacks Analyst worries about Myriad's weaker profitability outlook as lower reimbursement and slower Prenatal Health demand offset commercial investments. Also, intense competition is a worry.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research