Group 1 - BMO Capital reiterated a Market Perform rating and a $31 price target on Halliburton, citing resilience in North American activity and steady international growth [1] - The firm expects Halliburton's fourth-quarter 2025 results to show stronger-than-usual seasonal performance in North America, with fourth-quarter earnings per share projected at $0.56 and EBITDA at approximately $1.02 billion [1] - For full-year 2026, BMO projected EBITDA of $4.01 billion and earnings of $2.21 per share, with EBITDA margins expected to decline about 30 basis points year over year to 18.5% [2] Group 2 - BMO slightly raised its first-quarter 2026 EBITDA estimate to $952 million from $938 million, anticipating year-over-year growth in the second half of the year [2] - The analyst highlighted Halliburton's 20% ownership stake in VoltaGrid and its international partnerships as key areas to monitor, estimating that $2.50 to $3.00 per share of value related to these assets is already reflected in the stock price [3]

Core Viewpoint - William Blair has reaffirmed its Market Perform rating on QuantumScape despite a significant surge in its share price, indicating caution regarding the sustainability of this rally [1][2]. Group 1: Stock Performance - QuantumScape's stock closed at $5.67, reflecting a daily increase of 30.95%, but retraced slightly to $5.57 in pre-market trading [1]. - Historical precedents show that QuantumScape's stock has experienced temporary surges, such as a nearly 50% increase in January 2024 and a 30% jump in July 2024, both of which reverted to previous levels [3][4]. Group 2: Financial Fundamentals - QuantumScape has a strong liquidity position with $860.3 million in cash and a current ratio of 16.66, significantly exceeding its debt obligations [5]. - Despite the strong liquidity, analysts express caution due to ongoing significant financial losses and do not expect QuantumScape to achieve profitability within the current fiscal year [5]. Group 3: Future Considerations - Analysts emphasize the importance of clarity regarding QuantumScape's potential launch customers and unit economics, which are crucial for assessing the company's long-term growth and sustainability [6]. - The recent stock rally should be approached with caution, considering the historical volatility and current financial realities surrounding QuantumScape [6].