Wells Fargo Upgrades $FOUR to Overweight from Equal Weight, PT $59 Analyst comments: "Amid weak sentiment, paths to multiple expansion include: progress on int'l/GB synergies, improving FCF, and possible strategic alternatives. Middle East still a wildcard, but exposure well understood. Several potential drivers of multiple expansion. While there has been ample negativity around FOUR (short interest at ~27%), in part due to unforced errors around communication, we think there is headroom for material multiple expansion if investor confidence in one or more of the following scenarios increases: 1) tangible proof points on int'l expansion progress + GB rev synergy initiatives, 2) improving FCF generation, 3) potential strategic alternatives (which FOUR has pursued in the past)." Analyst: Jason Kupferberg

Wells Fargo has hired Alex Gyde from rival Evercore to be a managing director in its M&A group as the bank hunts for talent in a banner year for dealmaking, according to a person familiar with the matter.

Wells Fargo on $AVGO: Estimate the following as it relates to $GOOGL: • Wells' estimates reflect an expectation that Google's TPU end-of-period (EoP) GW capacity deploy would ramp from an estimated ~2.7GWs exiting 2025 to 4.8GWs, 6.3GWs, and 8.2GWs exiting 2026, 2027, and 2028, respectively. • Google's external TPU sales commenced in 2Q26—estimated at $1.15 billion; growing to $21.9 billion in 2026 and $74.8 billion in 2027. Wells' estimates reflect Google TPU purchases from Broadcom growing from $19.0 billion in 2026 to $65 billion in 2027."