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

Sempra (SRE) announced a 20% increase in Oncor's five-year capital plan due to strong electricity demand in Texas. The company also plans to sell a 45% stake in Sempra Infrastructure Partners to KKR. Sempra, with a market cap of $51.1b, focuses on grid and energy infrastructure in the U.S. and Mexico. The capital plan uplift and sale align with Sempra's long-term Texas grid expansion and capital recycling strategy.

Scribe Therapeutics (SCTX) presented data at AHA 2026 showing its gene therapy STX-1150 maintained LDL cholesterol control for two years in non-human primates. The therapy uses epigenetic gene silencing to target PCSK9. Separately, Scribe's STX-1200, a CRISPR-based LPA gene editor, showed durable Lp(a) reduction in preclinical models. Novartis' pelacarsen failed to reduce cardiovascular events in a Phase 3 trial, impacting competitors.

California regulators may reduce PG&E's plan to bury 5,000 miles of power lines to 1,100 miles, pending a November 19 vote. PG&E argues undergrounding reduces wildfire risk by 98% and is cost-effective long-term, with the project costing $16 billion and adding $9/month to customer bills, according to the company.

Sempra Energy (SRE) guided toward the high end of its 2026 adjusted earnings range of $4.80-$5.30 per share, affirmed 2027 guidance of $5.10-$5.70, and maintained a 7-9% long-term growth rate. A California decision may impact 2027 earnings, but no long-term guidance changes are expected. The company plans to sell a 45% stake in SI Partners to reduce debt and strengthen its balance sheet.

Marvell Technology (MRVL) fell 28.1% this week after announcing a $115 billion all-stock deal to acquire Lumentum (LITE). The acquisition, valued at a significant premium, raised dilution concerns, leading to downgrades from analysts. Marvell's stock is down 57.2% from its 52-week high, and the deal faces regulatory hurdles and potential channel conflicts.

Marvell (MRVL) and Western Digital (WDC) each fell 28% in the week ended November 6, 2026, their worst weekly performance since 2001. Both companies had raised guidance in their latest earnings reports. The selloff was driven by election results and broader market reactions to AI data center policies. Marvell also faced deal risk due to its acquisition of Lumentum (LITE). Western Digital appears more resilient post-selloff, with a simpler business and a deeper discount to its record high.