The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0719 GMT - XLSMART Telecom Sejahtera is likely still being integrated as a combined entity post-merger between XL Axiata and Smartfren in mid-April 2025, Nomura's Heng Siong Kong says in a research report. According to management, merger synergies between XL Axiata and Smartfren are expected to kick in 2Q 2027, the analyst notes. There will also probably be some one-off costs on employees' downsizing to optimize synergies post-merger around 1Q 2026, according to management. Nomura maintains a neutral rating on the stock, while raising its target price to IDR3,300.00 from IDR3,000,00, noting a discounted cash flow analysis using factors, including a risk-free rate of 6.2%. Shares are 6.3% higher at IDR3,040.00. (ronnie.harui@wsj.com)
0646 GMT - Addvalue Technologies is likely a rare growth stock in space and drone industries, Maybank Research's Jarick Seet says in a research report. Its 'Inter-Satellite Data Relay System' and 'Advanced Digital Radio Services' will benefit from the surge in customer satellite launches and demand for anti-drone solutions, the analyst says. The Singapore-listed communications technology products developer turned around to profitability in FY 2025, together with rising demand and investment in the space sector. The company's Advanced Digital Radio Services segment capitalizes on its expertise in reconfigurable embedded platforms and software-defined radios. Maybank Research initiates coverage of the stock with a buy rating and a target price of S$0.12. Shares are 2.3% higher at S$0.09. (ronnie.harui@wsj.com)
2359 GMT - Spark NZ loses a bear in Forsyth Barr after its 1H result met expectations in mobile, broadband and free cash flow. Spark's mobile segment delivered its first year-on-year growth in service revenue in two years. That was due to a strong rise in post-paid average revenue per user. Still, connections were again soft, indicating Spark is still losing share, analyst Ben Crozier says. In broadband, gross profit was up 1% on year. "The lack of a clear, meaningful growth driver for Spark leaves us uninspired by the earnings outlook," Forsyth Barr says. "However, at a 10% FY 2027 gross yield, we no longer see risks skewed to the downside." Forsyth Barr upgrades Spark to neutral, from underperform. Spark NZ is up 1.8% at NZ$2.21. (david.winning@wsj.com; @dwinningWSJ)
1644 GMT - Booking Holdings' 4Q may not have been persuasive enough for investors worried about AI supplanting online travel agencies, according to Truist in a note. The analysts think that some of management's commentary in its outlook around technology, specifically the phrase "As we look ahead to 2026, the pace of change across both travel and technology continues to accelerate," could be creating more caution among investors already worried about increasing AI competition. Booking Holdings slides 8%. (katherine.hamilton@wsj.com)
1629 GMT - Reports of EBay's demise may have been greatly exaggerated, that's the view of Benchmark analyst Daniel Kurnos in a note. He says that despite years of bearish cases that the company's platform was outdated and not primed for growth, EBay just "blew both 4Q25 results and FY26 guidance out of the water." Kurnos says all this is coming through integrating AI across its ecosystem in a very user-friendly way. He says AI was never a big threat to the company anyway, given its focus on consumer-to-consumer and re-commerce sales, as well as its global scale and built-in shipping and payment moat. "Maybe it is time for investors to really reengage on a name that continues to be largely left for dead despite time and again surprising to the upside," he says. EBay climbs 5%. (elias.schisgall@wsj.com)
1602 GMT - DoorDash seems to be in "full investment mode" after its 4Q print, pursuing major investments in revamping its tech stack, building new products, and expanding its global footprint, according to Mizuho in a note. But while growing at a healthy clip, Analyst Lloyd Walmsley says DoorDash is less likely to show upside gross order value or adjusted Ebitda, as the company signals continuing investment in 2027. Still, he says the company should be investing given the scale of opportunities. "We believe best-in-class execution at DASH, combined with compelling product opportunities, has earned management the room to invest to drive stronger-for-longer top-line growth and long-term profit growth." DoorDash is up 4.8%. (elias.schisgall@wsj.com)
1518 GMT - DoorDash is eyeing markets outside the traditional restaurant, grocery, and retail delivery business, Benchmark analysts Mark Zgutowicz and Alex Lavigne say in a note. The company sees potential to expand in merchant software and services, fulfillment and logistics infrastructure, autonomous delivery, and advertising, according to the analysts. "Net-net, management reiterated intent to move penetration outside restaurant materially higher over time as selection, quality, and affordability improve," the analysts say. DoorDash climbs 5%. (elias.schisgall@wsj.com)
1503 GMT - DoorDash's 2026 investment plans are likely to weigh on near-term margins, but the spending implies more durable long-term growth, Wedbush analysts say in a note. The company's investments this year will focus on creating an integrated global technology platform, building new products and verticals, and expanding the geographic footprint, according to the analysts. "We believe these initiatives are justified, as they expand DoorDash's addressable market on a global scale," the analysts say. They add that DoorDash has a path to around 28% compound annual growth in adjusted Ebitda over the next three years, even with the increased spending. DoorDash is up 5%. (elias.schisgall@wsj.com)
1451 GMT - Shares in software company RELX continue to show signs of recovery as the stock rises 4.6% in afternoon European trade. RELX was among the first companies to suffer at the hands of investors fearing competition from artificial intelligence-powered agents early this month. The stock remains down 23% so far this year, and down 10% since Feb. 2--the day before the first wave of AI fear-induced selling. The share pushes higher today after analysts at J.P. Morgan raise their earnings per share estimate to 1.582 pounds, up from a current estimate of 1.404 pounds. (josephmichael.stonor@wsj.com)
1309 GMT - Walmart's investments in technology are paying off, CEO John Furner says on a call with analysts. Automation efforts are cutting down labor costs, increasing productivity and improving delivery speeds. Currently, about 60% of Walmart's stores are receiving freight from automated distribution centers, and about half of the company's ecommerce fulfillment center volumes are entirely automated. At the same time, Walmart is leveraging artificial intelligence to create customer solutions, reduce friction and simplify decision making, Furner adds. Shoppers who use Sparky, Walmart's AI shopping assistant, have average order values about 35% higher than non-users. The company will continue to enhance Sparky, while also building new tools and experiences with partners like OpenAI and Alphabet. (connor.hart@wsj.com)
1234 GMT - Uncertainty remains around the potential acquisition of Altice Group by Orange and two of its telecoms peers, analysts at Berenberg write. Orange announced earnings ahead of expectations after the close Wednesday. However, questions at the company's capital markets day Thursday will focus on the status of talks with Altice, the analysts say. Altice rejected an offer from Orange, Bouygues Telecom and the Iliad Group for large parts of the group's French business in 2025. Orange and its peers are in a strong position to complete the takeover as Altice shareholders' options seem limited, the analysts write. Orange shares rise 5.9%.(josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
February 20, 2026 04:20 ET (09:20 GMT)
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