Deere upgraded, Lumentum initiated: Wall Street's top analyst calls

Industrial and logistics REITs report strong demand and occupancy rates. Prologis (PLD) reported Q3 Core FFO of $1.60, revenue of $2.39B, and 95.1% occupancy. First Industrial (FR) raised its dividend 12.4%, with 94.9% occupancy. EastGroup (EGP) increased payout 12.9%, occupancy at 95.6%. STAG (STAG) changed to quarterly dividends, 95.5% occupancy. Rexford (REXR) has highest yield at 4.68%, 95.7% occupancy, but reported a GAAP net loss due to asset impairment.

Pacific Gas & Electric (PG&E) cut power to nearly 70,000 customers across 25 California counties to reduce wildfire risks. The shutoffs, among the largest in years, affected areas like Calaveras, El Dorado, and Tuolumne counties. PG&E opened resource centers and distributed care packages, while residents questioned the timing of the outages. The utility expects the weather system to persist through Saturday, with power restoration dependent on line inspections.

Lumentum stock fell 10.5% in morning trading, extending a four-day decline. The drop follows a Zacks downgrade and significant insider selling. Broader market concerns, including higher interest rates and a tech selloff, also contributed. The stock hit a session low of $801.26, down 29% from its 52-week high.

PCG (Pacific Gas & Electric Co.) will report Q3'26 earnings on October 22, with revenue expected at 6.82B USD and EPS at 0.42 USD, according to estimates.

Goldman Sachs lowered its price target for Edison International from $77 to $67. The stock is currently trading at $55.44, down 0.07% on the day but up 1.89% over the year. The adjustment follows a court ruling that narrowed fire claims against the company's Palisades plant.

Edison International and PG&E Corp. may cut power to over 345,000 homes and businesses in California due to high fire risk from strong winds and low humidity. The shutoffs could affect multiple counties, including areas impacted by past wildfires. Both companies' stocks fell over 3% on Wednesday.