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

1017 GMT - Vestas Wind Systems' near-term demand fundamentals seem in good shape, and shares look attractive at current levels, JPMorgan analysts write. The company reported third-quarter large orders of 2.75 gigawatts, a decline of 31% on year. The weakness is at odds with the fundamentals and underlying market demand, in the bank's view. This could be explained by either Vestas deciding not to announce a few large U.S. orders, or some bookings moving to the fourth quarter amid continuing uncertainty on tariffs. The positive in orders: Australia coming back with around 1 gigawatt of orders announced on the final day of the quarter, it adds. The bank rates Vestas at overweight with a 295 Danish kroner price target. Shares fall 2.2% to 191.80 kroner. (dominic.chopping@wsj.com)

1002 GMT - Micron Technology's decisive beat-and-raise earnings print suggest the company has a strong, multiyear earnings narrative, J.P. Morgan analysts write. The chip maker guided for revenue in the next quarter of $61.5 billion--ahead of consensus estimates of $56.6 billion. Micron will be able to maintain wide margins, as supply tightness in memory chips continues through 2028 at a minimum, they say. Micron's management signaled a willingness to initiate a stock repurchase program, according to JPM. "The capital return story in our view represents a substantial multiyear value-unlock lever," the analysts say. Micron shares fall 0.25% premarket. (josephmichael.stonor@wsj.com)

1000 GMT - European telecommunications companies' concerns over SpaceX and agentic artificial intelligence are overdone, Berenberg analysts write in a note. Telcos shares fell by 15% in June, as concerns about SpaceX weighed on the global telecommunications sector, and dropped another 5% in September due to fears around agentic AI, they note. "Spectrum issues and fragmentation in Europe provide the greatest protection, with larger risks in the U.S.," they say, while personal agentic AI represents a new threat, they add. Digi Spain is down 0.2%, while Orange shares are trading 0.3% higher. (najat.kantouar@wsj.com)

0940 GMT - Micron Technology executives' expectation for chip supply to tighten in 2028 was the most important comment in the group's earnings call, Citrini analyst Jukan Choe says in a post on X. Market valuations of chip stocks suggest supply tightness for memory chips will be short lived, Choe says. "What this comment tells us is that a substantial portion of 2028 volume is already contracted." If chip makers have guaranteed demand through 2028, their valuations should be higher, the analyst adds. Micron shares edge down 0.3% premarket. (josephmichael.stonor@wsj.com)

0935 GMT - BMW's capital markets day highlighted an evolution, not revolution, Citi analysts write. The company laid out new plans and targets of 3%-5% auto EBIT margins for 2028 and 8%-10% for early next decade. Despite BMW's profitability falling to 25-year lows, even as global demand outside China remains robust, BMW's plans assume business as usual, requiring simply better execution on costs, Citi says. "Investor sentiment is clearly concerned with a much more structural industry deterioration, which would in turn require a much more structural BMW response - as especially VW has detailed in recent months." It seems likely that investors will remain cautious on BMW, Citi adds. The bank rates BMW at neutral with a 64 euro target price. Shares fall 0.4% to 55.10 euros. (dominic.chopping@wsj.com)

0929 GMT - Hong Kong equities appear to be at attractive valuations, OCBC Group Research says in a note. OCBC analysts estimate that the city's benchmark Hang Seng Index trades at 10.2X 12-month forward price/earnings ratio, with a dividend yield of 3.5%. That compares favorably with the Chinese CSI 300 index's forward price/earnings ratio of 12.4X and dividend yield of 3.0%, they say. External risks to the market eased in September following the Trump-Xi summit and the extension of the U.S.-China trade truce, they note. A vibrant Hong Kong IPO market and steady flow from mainland China provide support to stocks. Still, OCBC flags potential headwinds from soft Chinese consumption, rising Hong Kong interest rates and volatility in technology names. (megan.cheah@wsj.com)

0906 GMT - Ether's exchange-traded fund picture is cooling, not collapsing, after an inflow streak came to an end, Zaye Capital Markets' chief investment officer, Naeem Aslam, writes. "Institutional participation remains substantial rather than disappearing," he says. U.S. spot ether ETFs recorded net outflows of $2.8 million on Tuesday. The move broke a seven-day inflow streak totaling over $850 million. "Consistent ETF buying helps absorb available ether supply in the spot market and can provide a structural support layer when speculative activity weakens," he adds. Ether is up 0.15% at $2,685. (joseph.wilkins@wsj.com)

0855 GMT - CaixaBank faces a near-term headwind to net interest income, which should be temporary, while artificial intelligence disruption will be a gradual process, UBS' Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. The Spanish bank's share price has weakened recently due to short-term net interest income uncertainty and fears about deposit margins due to the AI threat. The bank will face a temporary drag in the second half of 2026 as liabilities reprice faster than assets, but increased deposit competition remains the main bottom-up risk. Investors also fear CaixaBank's deposits may be challenged by the rise of AI agents. "Having a definitive view about AI-led changes remains challenging, but we still see this as a gradual, rather than a fast-paced, process," UBS notes. Shares are down 3.2%.(michael.hennessey@wsj.com)

0854 GMT - AB InBev is likely to book continued weakness in the U.S. and China, analysts at Bernstein write in a note to clients. Third-quarter results for the world's largest brewer, which counts Bud Light and Michelob Ultra among its labels, should show destocking in China and a weak beer market in the U.S., Bernstein says. The brokerage nudges down its earnings expectations for the year for the Belgium-based group, lowering its target price on the stock to 96 euros from 97 euros and keeping an outperform rating. Shares trade 0.3% lower at 65.12 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0841 GMT - DFI Retail's latest deal involving the Starbucks business in certain Asian markets marks the completion of its asset optimization, Citi analysts say in a note. The retailer's focus now is likely to be on growth through operations. The Starbucks business adds earnings stability given its track record, compared with profit sharing from Maxim's, which faces industry headwinds, analyst Brian Cho and others say. DFI Retail's progressive dividend policy is also intact, and it could consider improving its shareholder returns with the cash received from the deal if there aren't available acquisition options, the analysts add. Citi retains its buy rating and US$4.80 target price. The bank opens a 30-day upside catalyst watch on DFI's shares in Singapore, which rise 4.7% to US$3.34. (megan.cheah@wsj.com)

0839 GMT - Chinese artificial-intelligence labs are facing more pressure from an intensified price war, Jefferies analysts say in a research note. The average application programming interface price gap between U.S. and Chinese frontier models widened to 70% in September from 60% in August, the analysts say. API pricing is a usage-based billing system where AI providers charge users for the services provided. "Sustained high capital expenditure, falling API prices, and more competitors are negative for AI-lab economics, particularly in China," they say. Jefferies continues to prefer platform players, given their "multiple monetization channels and ability to cross-sell AI services into sticky enterprise and consumer user bases," the analysts say. (tracy.qu@wsj.com)

0831 GMT - Land Securities' long-awaited acquisition of a shopping mall near Newcastle in the U.K. is positive, Bernstein analysts say. The real-estate investment trust's purchase of Metrocentre in Gateshead for 516 million pounds is "another top shopping centre in the bag" for Landsec, Bernstein says. The 7.9% net income yield and expected earnings per share accretion in the first full year are also supportive for Landsec, the brokerage adds. "The accompanying equity raise is sizeable but supports further deleveraging and positions the group for further opportunities," Bernstein adds. Shares are down 1.0%.