Top Construction Stocks to Watch as Non-Residential Cycle Bottoms

Investing.com -- Jefferies upgraded DTE Energy to Buy from Neutral, saying the utility is set to benefit from a faster build out of data center demand that should lift earnings growth above 8% a year through 2030.

Brokerage bumped its price target to $150 by $1.

The brokerage said it now expects an 8.1% EPS compound annual growth rate for 2026 to 2030, up from its prior 7.6% view and ahead of the company’s latest guidance.

It raised its long term earnings forecasts by about 1.5% on average after adding 1.5 gigawatts of expected data center load to its model. That follows a 1.4 gigawatt agreement with Oracle announced in October.

Jefferies said DTE’s first major data center power contract is likely to win regulatory approval at a Michigan Public Service Commission meeting on December 18, supported by state level backing and customer benefits.

It said any timing delays would be procedural and not alter the outcome.

The firm said additional projects appear likely, citing about 3 gigawatts of load in late stage talks that could push capital spending above the company’s already large plan.

It now models 1.5 gigawatts of new load announced in early 2026, adding about $4 billion to its 2026 to 2030 capex assumptions and lifting expected rate base growth to about 11%.

Jefferies said shares trade at a discount to peers despite the company’s data center pipeline. It expects a re rating as more deals are announced and the earnings outlook moves in line with other data center exposed utilities.

“We see DTE, trading at a ~5% discount vs. peers on a 2028E P/E multiple basis, as an attractive entry point,” analysts at Jefferies said.

Investing.com – Norway stocks were higher after the close on Thursday, as gains in the Healthcare Equipment & Services, Pharma Biotech & Life Sciences and Utilities sectors led shares higher.

At the close in Oslo, the Oslo OBX added 0.78% to hit a new 1-month high.

The best performers of the session on the Oslo OBX were Yara International ASA (OL:YAR), which rose 3.39% or 13.00 points to trade at 397.00 at the close. Meanwhile, TGS NOPEC Geophysical Company ASA (OL:TGS) added 3.31% or 2.95 points to end at 92.00 and Tomra Systems ASA (OL:TOM) was up 2.14% or 2.80 points to 133.80 in late trade.

The worst performers of the session were Cmb.Tech NV (OL:CMBT), which fell 1.57% or 1.60 points to trade at 100.20 at the close. Mowi ASA (OL:MOWI) declined 0.51% or 1.20 points to end at 234.80 and SalMar ASA (OL:SALM) was down 0.49% or 3.00 points to 604.00.

Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 147 to 109 and 26 ended unchanged.

Crude oil for January delivery was down 1.80% or 1.05 to $57.41 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 1.72% or 1.07 to hit $61.14 a barrel, while the February Gold Futures contract rose 1.47% or 62.05 to trade at $4,286.75 a troy ounce.

EUR/NOK was up 0.55% to 11.85, while USD/NOK unchanged 0.03% to 10.08.

The US Dollar Index Futures was down 0.97% at 97.81.

Investing.com -- UBS initiated coverage on 20 U.S. brokers and asset managers in a note to clients on Thursday, highlighting four top picks. 

Analyst Michael Brown says the firm launches coverage “with a bullish outlook on sector fundamentals but a more mixed view on the stocks,” citing valuation and “a high consensus bar” as constraints.

UBS prefers alternative asset managers, diversified wealth brokers and select investment bank exposure. 

Brown writes that “asset managers are our top sector,” adding that secular growth drivers such as wealth, retirement and insurance “still have long runways.” 

For 2026, UBS says it favours companies with a private-equity tilt, emerging wealth strategies and strong growth profiles.

Among asset managers, TPG and Apollo are highlighted as the top two “GARPy” names. UBS expects TPG to “lead alts with 23% FRE CAGR,” citing fundraising momentum and margin expansion, while Apollo’s fee-related earnings are seen inflecting toward a “20% CAGR through 2029.”

The view is more cautious on brokers. While UBS says the fundamental setup for wealth brokers and independent investment banks is “upbeat,” valuations and already-high expectations limit upside. 

Even so, Charles Schwab and Stifel are named top picks, with UBS pointing to diversification and optionality.

Schwab’s “15% EPS CAGR through 2028” and potential “50% price upside” in a blue-sky scenario are said to stand out, while Stifel is valued attractively with UBS “above the street on top line and net income.”

UBS also assigns Buy ratings to KKR, Carlyle, Hamilton Lane and Jefferies, citing improving private-equity conditions and solid capital markets exposure.