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

2200 ET - CyberAgent's earnings sustainability rests on the visibility of its game title pipeline, Jefferies analyst Hiroko Sato says in a note. The Japanese internet and entertainment company's earnings momentum remains solid, supported by the strong performance of its popular game title Umamusume, for the fiscal year ending September. Earnings are likely to normalize for the new year starting in October, due to the lack of major new game launches, Sato says, forecasting declines in game-segment sales and operating profit. Jefferies cuts its target price for CyberAgent to 1,740 yen from Y1,850 while maintaining a buy rating. Shares are down 0.9% at Y1,224.0. (kosaku.narioka@wsj.com; @kosakunarioka)

2134 ET - Delfi's 2027 earnings are still likely to grow despite potential cocoa price volatility stemming from a "super El Nino" weather pattern, says DBS Group Research's Zheng Feng Chee in a note. The Singapore-listed confectionery producer likely remains supported by lower hedged cocoa input costs, he says, noting that 2026 cocoa prices are still below 2025 levels. However, he reckons the risk of weather-related disruptions from El Nino could keep cocoa prices elevated for longer than previously anticipated. He therefore trims his 2027-2028 earnings estimates by 5%-7%. DBS cuts the stock's target price to 80 Singapore cents from S$1.00 and maintains a hold rating. Shares are down 0.7% at S$0.73. (megan.cheah@wsj.com)

2120 ET - IHH Healthcare is likely to face minimal operational and financial impact from an unfavorable Tokyo court ruling for its unit Northern TK Venture, says Citi analyst Megat Fais in a note. The unit was ordered to bear litigation costs after the court dismissed its claims against Daiichi Sankyo. NTK filed the lawsuit in October 2023 alleging that it suffered damages, including suspension of a tender offer due to the interference of Daiichi Sankyo. Legal expenses, even of several million ringgit, would be small relative to IHH's more than 2 billion ringgit profit base, Fais says. Investors may remain focused on IHH's volume growth, margins, capacity expansion and earnings prospects across core markets, he adds. Citi has a buy rating and target price of 10.40 ringgit on IHH. Shares are unchanged at 7.89 ringgit. (yingxian.wong@wsj.com)

2111 ET - Crude palm oil prices could range between 4,400 ringgit a ton and 4,600 ringgit a ton near term, driven by favorable biofuel economics, strengthening El Nino conditions, and tighter global vegetable oil supply, CIMB Securities analyst Ivy Ng Lee Fang says in a note. Elevated energy prices are improving biodiesel economics, supporting demand for palm oil, while dry weather in Malaysia and Indonesia could weigh on production from 2027, she reckons. Reduced sunflower-oil exports from Russia and Ukraine could also encourage substitution towards palm oil. However, high Malaysian inventories may cap near-term gains, she adds. CIMB maintains an overweight rating on Malaysian plantation sector, pegging IOI Corp., Kuala Lumpur Kepong and Hap Seng Plantations as its top picks. (yingxian.wong@wsj.com)

2015 ET - Japanese stocks are lower as fears about the Iran war and rising energy costs have grown. Chip-related stocks are leading declines. Kioxia Holdings is down 5.7%, SoftBank Group is 4.7% lower and Advantest is down 6.0%. Caution ahead of U.S. consumer inflation data due later Friday is also weighing on the market. The dollar is at 154.38 yen, up from Y153.53 as of Thursday's Tokyo stock market close. Investors are closely watching any developments in the Middle East and crude oil prices. The Nikkei Stock Average is down 2.8% at 63458.25. (kosaku.narioka@wsj.com; @kosakunarioka)

2001 ET - Bell Potter is wary about the impact AI is having on Australian job site operator Seek. "AI looks to be having a near-term impact on the types of roles employers are actively seeking at present, which may be negatively affecting SEK due to the types of roles advertised on platform," the broker says. It says clerical and administrative roles and sales workers are underperforming other jobs categories such as technicians, trades, managers and laborers. "The pivot to a hawkish rate backdrop is also likely to be impacting volume and types of jobs required," Bell Potter says. It cuts its stock price target to A$13.80/share from A$15.20/share, saying it awaits a positive shift in sentiment or visibility on a recovery in jobs volumes. Shares are down 2.6% at A$12.37. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1941 ET - Japanese stocks may decline as rising concerns over the Iran war and higher energy costs mount. Nikkei futures are down 2.1% at 63745 on the SGX. Caution ahead of U.S. consumer inflation data due later Friday is also likely to weigh on the market. The dollar is at 154.53 yen, up from Y153.53 as of Thursday's Tokyo stock market close. Investors are focusing on developments in the Middle East and crude oil prices. The Nikkei Stock Average rose 0.2% to 65270.95 on Thursday. (kosaku.narioka@wsj.com)

1930 ET - Fisher & Paykel Healthcare gains a bull in Citi, which thinks it offers investors both growth and reliable delivery. Citi expects "sustainable double-digit earnings growth in the midterm and lower exposure to consumer dynamics" from the medical-device maker than other healthcare stocks across Australia and New Zealand. It upgrades the stock to "buy" from "neutral." It raises its price target to NZ$51.00/share from NZ$40.00/share previously. The stock is down 1.3%, at NZ$43.37. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1915 ET - Xero's U.S. brand investment is showing early traction, with an impact on growth likely from 2H FY2027, says Citi. The bank says the ASX-listed accounting-software provider "is beginning to see improved unaided brand awareness from increased U.S. brand spend, which is also supporting performance marketing." It cites a discussion with management at a conference in New York. "Management reiterated that brand investments take time to translate into subscriber and revenue growth, with meaningful benefits likely a 2H27 story," Citi says. The bank has a "buy" rating and A$113.60/share target on Xero. Shares ended Thursday at A$68.79. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1837 ET - Adobe CEO Shantanu Narayen takes a moment on the company's third-quarter earnings call to congratulate his incoming successor, Anil Chakravarthy--and to thank David Wadhwani, the Adobe creative executive many analysts assumed would be helming the company after Narayen's exit. Analysts have seen Chakravarthy's selection as a signal that Adobe will focus more closely on its customer experience orchestration business. Narayan, who says Adobe had "two great internal candidates," says the board was seeking "somebody who would embrace everything that the company had in terms of the opportunity and then figure out how they wanted to transform it moving forward." Chakravarthy says he sees opportunity "across the three product categories and across the entire range of customers." (elias.schisgall@wsj.com)

1807 ET - Oracle doesn't know when it will return to generating positive free cash flow. "We haven't given a particular time frame on that yet, and we don't expect to give that today," CFO Hilary Maxson says on a call with analysts Thursday. "What I would say, though, is that each of the projects that we're doing, by nature, is a strong free cash flow generating project," she continues. By that logic, Maxson expects Oracle's current projects to generate positive free cash flows "very shortly after" they ramp up. Oracle shares are up 4.5%, after the company posts sharply higher fiscal 1Q profit and revenue. (connor.hart@wsj.com)

1722 ET - Australian stocks are poised to begin another day in the red after U.S. stocks fell for the fourth straight session. ASX futures are down by 0.9% ahead of Friday's open, suggesting that the S&P/ASX 200 will build on losses that total 2.1% week to date. Weakness for U.S. equities came as Treasury yields hit multiyear highs and U.S. oil prices topped US$100 a barrel.