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

0914 GMT - Kion Group's sales should recover to around 6% growth next year, Citi analysts write as they upgrade the stock to buy from neutral, and increase the target price to 62 euros from 46 euros. Citi says a potential inflection in the industrial truck demand cycle should drive shares in the near term. "Improving German macro data, including from the infrastructure bill, points to acceleration in industrial trucks into 2027," the analysts say. Shares in the German industrial truck supplier are up 6.4% at 48.20 euros and leading the Stoxx 600 index risers. (ian.walker@wsj.com)

0906 GMT - ASML Holding is poised to benefit from Taiwan Semiconductor Manufacturing Co.'s plans to use its high numerical aperture technology to make advanced semiconductors toward the end of the decade, UBS analysts write in a note to clients. "This provides important validation of the commercialization timeline and supports potential high NA revenue contributions for ASML beginning in 2029-30," analysts say. The Dutch semiconductor-equipment maker is working with TSMC to transition to a larger-format photomask, a high-precision master template or stencil that contains the circuit pattern for an integrated circuit. The companies expect the shift to 12-inch masks from 6-inch masks to increase productivity and lower chip-making costs. ASML shares trade 0.1% higher at 1,501.60 euros. (mauro.orru@wsj.com)

0840 GMT - Sentiment towards Chinese AI stocks may take time to recover, but long-term investors could consider rebuilding their exposure given a strong earnings outlook, Julius Baer analyst Richard Tang writes in a note. China's 2Q earnings per share grew 24% on year while 1H grew 14% on year, in which the profit growth of onshore companies was notably higher than offshore, Tang adds. The earnings results underpins the bank's constructive view on Chinese equities. The global environment of higher rates is likely to support value stocks more than growth stocks, Tang says. This sentiment may spill over to China, particularly offshore stocks, even though Chinese rates are following a different path from those in most other major markets, Tang adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0840 GMT - Auto Trader is seen as a sector leader of the agentic artificial intelligence future, Jefferies analystsGiles Thorne and Weng Lum Khoo say. The digital-automotive marketplace's massive trove of proprietary data is a key shield against the rise of general AI. The online car marketplace relies on its AI-powered "Co-Driver" system to deliver deep, real-time market insights, Jefferies says. "The conditions are there to accelerate product ARPR [average revenue per retailer] growth into fiscal 2028, with growth potential thereafter remaining good," the analysts say. Jefferies upgrades its rating on the stock to buy from hold and raises its target price to 640 pence from 545 pence. Shares are up 2.6% at 518.60 pence. (anthony.orunagoriainoff@dowjones.com)

0835 GMT - Shares of European semiconductor companies are in negative territory after solid gains on Monday that were fueled by jumps in South Korea's SK Hynix and Samsung Electronics. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 0.2% and 2.3%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 4.5%. German chip maker Infineon Technologies declined 3.5%. STMicroelectronics shares fell 2.4%. Meanwhile, the E-mini Nasdaq 100 futures contract edged 0.2% lower, pointing to a weak opening for tech stocks in the U.S. after Labor Day. (mauro.orru@wsj.com)

0817 GMT - Novartis's latest clinical-trial failure suggests the company might need more dealmaking to deliver on its ambition for steady growth beyond 2030, Jefferies analysts say in a research note. The Swiss drugmaker maintained its 2025-30 sales guidance as it said its neuromuscular drug del-desiran missed the main goal in a late-stage study. However, no comment was provided on the ambition to grow by mid-single percentage digits beyond 2030, the analysts say. Even with the recent success of a new multiple-sclerosis pill, it will be challenging to get confidence on the company's growth for the 2030s without del-desiran and del-brax, two drugs Novartis acquired from Avidity Biosciences, Jefferies says. As a result, dealmaking will likely remain part of Novartis's story, the analysts add. Shares fall 10%. (adria.calatayud@wsj.com)

0807 GMT - European energy stocks trade higher Tuesday morning as oil continues to gain on fears of prolonged supply disruptions in the Middle East. Brent, the global oil benchmark, rises 1.8% to $98.74 a barrel, while WTI futures are up 3.1% to $94.32 a barrel. This pushes Britain's BP up 1.4% and Shell 0.9% higher. Norway's Equinor gains 1.3% and Italy's Eni rises 1.1%. Spain's Repsol climbs 1%.(adam.whittaker@wsj.com)

0750 GMT - Com7's 3Q outlook appears upbeat thanks to double-digit same-store sales growth recorded in July and August, says Maybank Securities (Thailand)'s Wasu Mattanapotchanart in a note. The Thai IT product retailer's sales have benefited from higher average-selling prices across product categories, the analyst says, noting that smartphones such as the iPhone 17 have contributed to rising ASPs. The analyst expects 3Q core profit to rise 46% on year on wider gross margins and stronger revenue contribution from laptops and Com7's flexible financing service Ufund. iPhone maker Apple's upcoming launch with new models could offer scope for higher product ASPs, the analyst adds. Maybank Securities reiterates its buy rating and 35.00 baht target price. Shares decline 1.7% to 29.50 baht. (megan.cheah@wsj.com)

0748 GMT - Mobico's second-quarter performance update shows a continuation of the key trends seen in its 15-month results. with revenue growth accelerating to 5% and reiterated adjusted operating guidance of 215 million to 230 million pounds, Berenberg analysts Jack Cummings and Luka Trnovsek say. Strength at its ALSA division more than offset a deceleration in the U.K. Coach business, which continues to see revenue declines. Closing the UK Bus sale by November should derisk the business and provide a clear structural catalyst, Berenberg says. "This was an encouraging 2Q update, although we remain at Hold with a 35 pence price target as we await evidence of a sustained turnaround in the UK Coach business and a clear path to deleveraging," the analysts say. Shares are up 1.9% at 23.82 pence. (anthony.orunagoriainoff@dowjones.com)

0744 GMT - The founder of Japan's Terra Drone says that defense contractors' reliance on Taiwanese components leaves drone supply chains exposed to geopolitical conflict. While Taiwanese parts offer a cost-effective alternative to expensive Western components, Toru Tokushige noted that a potential naval blockade of Taiwan would instantly halt critical supplies. "If Taiwan gets encircled by fleets, no supplies will be able to get through," he said in a recent interview with The Wall Street Journal. Terra Drone's government contract win contributed to a surge in its share price, which last closed 0.9% higher at 20,280 yen. (megumi.fujikawa@wsj.com)

0739 GMT - HD Korea Shipbuilding & Offshore Engineering is set to benefit from strong growth at its subsidiaries, says Lee Jae-hyuk at LS Securities. The analyst expects the share of higher-end LNG and LPG carriers in the total shipbuilding lineup to expand through 2029 at the South Korean holding company's unlisted local subsidiary HD Hyundai Samho, which posted an industry-leading operating profit margin of 22.5% in 2Q. Lee is also positive about brisk contract wins by the holding company's affiliated overseas shipyards in the Philippines and Vietnam to build tankers. LS maintains a buy rating and 440,000-won target price on the stock. Shares closed 1.4% lower at 346,500 won. (kwanwoo.jun@wsj.com)

0737 GMT - It may take time for AI monetization to translate into higher valuations for Chinese tech companies, Daiwa analysts say in a research note. Chinese foundation models are gaining credibility, but economics remain under assessment. Investors are aware of the competitiveness of Chinese models, but continued evidence on sustainable pricing power and margin improvement will likely be required, they say. "We are likely more positive than the market on the path of AI monetization, particularly through cloud revenue growth, gaming productivity gains and foundation-model adoption," Daiwa says.