Core Insights - Piper Sandler's "Macro Select" stock-picking model significantly outperformed the S&P 500 in 2025, achieving a return of approximately 22% compared to the S&P 500's 16% gain [1] - The updated Macro Select list for 2026 focuses on stocks with strong earnings surprises, earnings revisions, attractive earnings yield, and high return on equity (ROE) [3] Stock Performance - AT&T Inc. (Ticker: T) in the Communication Services sector had a 1-year return of 10% [5] - Graham Holdings (Ticker: GHC) in the Consumer Discretionary sector had a 1-year return of 4% [6] - Par Pacific Holdings (Ticker: EAT) in the Consumer Discretionary sector had a 1-year return of 12% [7] - Deluxe Corporation (Ticker: PARR) in the Energy sector had a 1-year return of 13% [8] - Mueller Water Products (Ticker: MWA) in the Industrials sector had a 1-year return of 14% [10] - Kilroy Realty (Ticker: KRC) in the Real Estate sector had a 1-year return of 6% [11] - UGI Corporation (Ticker: UGI) in the Utilities sector had a 1-year return of 33% [12] - Clearway Energy (Ticker: CWEN) in the Utilities sector had a 1-year return of 23% [13]

Group 1 - A top-rated analyst at Piper Sandler has set a new price target of $400 for Micron Technology, representing a significant 45% increase from the previous target of $275, indicating strong confidence in the stock's performance [1] - Micron's stock has surged 43% in the past month, significantly outperforming the S&P 500, which gained just under 1% during the same period [1] - The new price target implies an 18% upside from Micron's January 7 close of $339.55, showcasing the stock's potential for further growth [2] Group 2 - The bullish outlook on Micron is supported by a tight memory supply and strong pricing power, which are expected to persist [5] - Micron's memory output for 2026 is already sold out, and increasing production capacity involves complex engineering challenges and significant investment in facilities [6][8] - The process of expanding production capacity is likened to the complexities of redesigning a Formula 1 car while simultaneously expanding the factory, highlighting the difficulties in quickly ramping up supply [7]

Core Insights - Piper Sandler Companies has announced new leadership appointments in healthcare investment banking, consumer investment banking, and equity capital markets, reflecting the firm's growth and commitment to client service [1][2] Healthcare Investment Banking - Brandon Rice and Chad Huber have been appointed as co-heads of healthcare investment banking, with Rice focusing on M&A advisory and capital markets for medical technology companies, while Huber previously led equity capital markets for life sciences [5] - Peter Day will continue as co-head of healthcare investment banking [5] Consumer Investment Banking - Carlos Sanchez has been appointed co-head of consumer investment banking, focusing on M&A advisory across consumer sectors, while Damon Chandik and Janica Lane will continue in their roles as co-heads [5] Equity Capital Markets - Paul Scansaroli has been appointed global co-head of equity capital markets, previously managing healthcare equity capital markets, while David Stadinski will remain in his role as global co-head [5]

Core Viewpoint - Virtus Investment Partners, Inc. is actively expanding its presence in the private credit market through the acquisition of Keystone National Group, which is expected to enhance its asset management capabilities and provide innovative investment strategies to clients [3][4]. Group 1: Company Developments - Piper Sandler analyst Crispin Love has lowered the price target for Virtus to $218 from $225 while maintaining an Overweight rating, indicating a positive outlook on the company's credit fundamentals [2]. - Virtus has reached a definitive agreement to acquire a majority stake in Keystone National Group for $200 million at closing, with potential additional payments of up to $170 million based on future revenue targets [4]. - The acquisition is expected to close in the first quarter of 2026, with RBC Capital Markets and Goodwin Procter LLP advising Virtus on the transaction [5]. Group 2: Market Context - Deal activity in the asset management sector is increasing, with a focus on private credit amid concerns over rising defaults; however, these fears are viewed as overblown due to solid loan-to-value ratios of 30%-40% [3]. - The acquisition of Keystone allows Virtus to offer innovative asset-centric private credit strategies, catering to clients seeking alternative income sources and diversification beyond direct lending [4].

Core Insights - Landmark Bancorp, Inc. has been recognized in Piper Sandler's SM-All Stars Class of 2025, being one of only 24 banks in the U.S. to receive this honor [1][2] - The recognition is based on metrics such as growth, profitability, credit quality, and capital strength, with Landmark being one of 6 new banks included this year [2] - The CEO of Landmark expressed that this achievement reflects the dedication of the team and the support from the Board, emphasizing the bank's commitment to community relationships and growth [3] Company Overview - Landmark Bancorp, Inc. is the parent company of Landmark National Bank, listed on the Nasdaq Global Market under the symbol "LARK" [4] - The bank operates 29 locations across 23 communities in Kansas, focusing on providing quality financial and banking services [4]

Core Insights - Landmark Bancorp, Inc. has been recognized in Piper Sandler's SM-All Stars Class of 2025, highlighting its status as one of the top-performing small-cap banks in the U.S. [1][2] - The recognition is based on metrics such as growth, profitability, credit quality, and capital strength, with Landmark being one of 6 new banks included this year [2] - The CEO of Landmark expressed that this achievement reflects the dedication of the team and the support from the Board, emphasizing the bank's commitment to community relationships and growth [3] Company Overview - Landmark Bancorp, Inc. operates as the holding company for Landmark National Bank, listed on the Nasdaq Global Market under the symbol "LARK" [4] - The bank is headquartered in Manhattan, Kansas, and serves 29 locations across 23 communities in Kansas [4] - Landmark National Bank focuses on providing quality financial and banking services as a community banking organization [4]

Group 1 - The Value Lab focuses on long-only value investment ideas, aiming for a portfolio yield of approximately 4% and has performed well over the last five years by engaging in international markets [1][2] - The Valkyrie Trading Society consists of analysts who share high conviction investment ideas in developed markets, targeting downside protection and non-correlated, outsized returns in the current economic environment [2] - The Value Lab provides members with real-time portfolio updates, 24/7 chat support, regular market news reports, feedback on stock ideas, monthly new trades, quarterly earnings write-ups, and daily macroeconomic opinions [2]

Core Viewpoint - Piper Sandler's Craig Johnson predicts a modest upside for the S&P 500, estimating a target of 7,150, which represents a 5% increase, but anticipates a choppy market ahead that will test investor patience [1][4]. Group 1: Market Outlook - Johnson expects the S&P 500 to experience a "jump, slump, and pump" pattern rather than a smooth upward trajectory, even with the influence of AI on stock prices [3][5]. - The market is anticipated to grind higher throughout the year, but not in the manner most investors desire, as early momentum may fade into a weaker middle period due to political noise and investor fatigue [4][5]. Group 2: Historical Context and Volatility - Midterm election years are historically volatile for U.S. stocks, with turbulence linked to political power shifts and policy uncertainty [7]. - The S&P 500 has shown an average return of 14% with a split Congress, compared to nearly 10% under unified Democratic control since 1932, indicating that political dynamics significantly impact market performance [7]. - The pre-midterm period typically sees weak gains, with the S&P 500 averaging only 0.3% in the 12 months leading up to midterms, which is significantly lower than the long-term average of 8.1% [7].

Group 1: Investment Activity - David Tepper has purchased 285,000 shares of Zions Bancorporation (ZION) valued at $16.1 million as of Q3 2025 [1] - The average price target for ZION suggests an upside of 6%, with the Street high indicating an upside of 26% [1] Group 2: Analyst Ratings - Anthony Elian from JPMorgan maintains a Neutral rating on ZION with a price target increase from $62 to $67, citing solid upside potential for regional banks in 2026 [2] - Matthew Clark from Piper Sandler reiterated a Hold recommendation on ZION with a price target of $63 [3] Group 3: Corporate Update - Paul Burdiss, President and CEO of the Zions Bank segment, will retire effective December 31, 2025, and will be succeeded by Nathan Callister, the bank's Executive Vice President and Executive Director of Commercial Banking [4] Group 4: Company Overview - Zions Bancorporation is a Utah-based regional bank that provides commercial and small business banking, retail banking, investment banking, real estate financing, and wealth management services [5]

Group 1 - Advanced Micro Devices, Inc. (AMD) has been added to David Tepper's portfolio, with a significant purchase of 950,000 shares valued at $153.70 million in Q3 2025, marking it as his largest new position during that quarter [1] - The average price target for AMD suggests a potential upside of 34%, while the highest target indicates an upside of 77% [1] - Speculation surrounds a potential deal between Samsung and AMD for 2nm AI chips, which could be finalized in January 2026, following a meeting between Samsung's Executive Chairman and AMD's CEO [1] Group 2 - Piper Sandler maintains an Overweight rating on AMD with a price target of $280, indicating a 33% upside from current levels, supported by a consensus Strong Buy rating from Wall Street analysts [2] - Analysts are optimistic about AMD's short- and mid-term growth drivers, particularly the MI300 series ramp and MI400 series rollout, alongside expected sales growth this year [2] - AMD is investing in the Helios rack, set for release in mid-2026, and aims to expand its clientele beyond OpenAI, despite some new business expected from that partnership [2]