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

0833 GMT - Legrand's higher merger-and-acquisition ambitions, paired with its first explicit asset-sale program, suggest the French electrical-equipment maker is taking a more active approach toward reshaping its portfolio, Jefferies analysts say. This should come as little surprise given that the company has stepped up dealmaking activity over the past couple of years, the analysts say. The company now expects deals to contribute around 5% to sales on average through the end of the decade, up from between 3% and 5% previously, and to clean up its portfolio by shedding businesses that generate between 500 million and 1 billion euros in sales. Moreover, its new sales growth targets should be taken well given that the company tends to be conservative in its guidance, the analysts add. Shares rise 6.9%. (adria.calatayud@wsj.com)

0829 GMT - Local talent shortages could limit earnings growth in Malaysia's semiconductor sector despite strong global sales and AI infrastructure demand, MBSB Research analyst Martin Foo Chuan Loong says in a note. Southeast Asia has benefited from the so-called China plus 1 and Taiwan plus 1 strategies, but Malaysia faces competition from Vietnam given the similar undertaking, he says. Most local outsourced semiconductor assembly and test stocks have gained 41%-53% year to date, while valuations at 35X-42X forward price/earnings ratios have surpassed their five-year mean. That suggests the earnings recovery is largely priced in, he writes. Any easing in 2H earnings growth could trigger share-price pullbacks, he adds. MBSB maintains a neutral rating on Malaysia's tech sector, with Inari Amertron as its top pick. (yingxian.wong@wsj.com)

0825 GMT - EssilorLuxottica should keep its leading position in smart eyewear, helped by the recent portfolio expansion, Jefferies analysts say in a note. The adoption of glasses featuring artificial intelligence is cooling a bit, but remains strong, they say. Despite competition in the category, Meta and EssilorLuxottica should be able to maintain the lion's share of the booming market due to customer-appealing brands and unique distribution capabilities, among other factors, they say. The stock jumps 1.5%. (andrea.figueras@wsj.com)

0821 GMT - Legrand's upgraded targets point to strong growth in data-center sales and details on this segment look reassuring, Bernstein analysts say in a research note. The French electrical-equipment maker raised its organic sales growth guidance more than expected and it also lifted its adjusted operating margin goal, which was unanticipated given its typical conservatism, the analysts say. The new targets signal confidence in the company's data-center offering, they add. Assuming all other business area targets are unchanged, Legrand's new sales guidance implies data-center sales growth at about 15% annually, which should be taken well, according to Bernstein. Shares jump 7%. (adria.calatayud@wsj.com)

0811 GMT - Adidas has more growth drivers than the market might currently recognize, AlphaValue's Jie Zhang says. The German sporting goods company has gained ground against major competitors and continued to invest in its sporting roots beyond lifestyle products, the analyst writes in a note. "Adidas can build its next growth phase around performance rather than rely on another lifestyle hit," she says. Furthermore, Nike's ongoing reset gives Adidas a valuable window to gain share, the analyst says. Adidas is also benefiting from its local approach to markets like China. "Giving local teams greater influence over design and assortments allows Adidas to respond to demand that a single global product plan might miss," Zhang adds. Shares rise 1%. (andrea.figueras@wsj.com)

0810 GMT - Shein's results should be seen as positive for Zalando and the broader European fashion market, Stifel analyst Clement Genelot says. Shein cutting marketing spend and raising prices are likely to ease discounting for competitors, the analyst writes in a research note. Zalando has limited customer overlap with Shein, but investor sentiment is improving thanks to a less discounted market and a tighter regulatory environment in the European Union, Genelot says. Stifel reiterates its buy recommendation on Zalando, waiting for a reassuring 2027 guidance in March to move shares. The stock trades 1% lower. (andrea.figueras@wsj.com)

0758 GMT - Legal & General Group has weaker-quality earnings while competition intensifies in the U.K. pension risk transfer market, Citi's Alejandra Chavez says. Higher competition in the market is driving margin compression, lower pension buyout volumes and tighter credit spreads, causing Citi to take a "cautious stance". L&G also has the lowest operating profit and earnings per share annual growth expectations through 2028 compared to peers in the U.K. life insurance sector, based on Citi's forecast and consensus estimates. "Our valuation frameworks broadly point to fair value below the current share price implying risk-reward ratio skewed to the downside," Chavez writes. Citi reiterates its sell recommendation with a target price of 248 pence, up slightly from 245 pence. Shares rise 0.1% to 297.10 pence. (michael.hennessey@wsj.com)

0756 GMT - Eutelsat needs to deliver a stronger growth trajectory as it deals with intense competition from its European and U.S. rivals, Bernstein's Aleksander Peterc writes in a note. Since the French satellite operator reported its results in August, Lufthansa has put its first Starlink aircraft into service and SAS has completed installation across 81 A320neos, he notes. Meanwhile, the contracts Amazon LEO has won with JetBlue and Delta show a new potential competitor in the low Earth orbit satellite market, he adds. Bernstein now expects Eutelsat to book fiscal 2029 revenue of 1.43 billion euros, down 3.5% compared with its previous forecast and around 4% below the lower end of management's medium-term target range of 1.5 billion euros to 1.7 billion euros. Shares are down 1.7% at 1.63 euros. (najat.kantouar@wsj.com)

0735 GMT - Lindt has now made its second guidance cut this year, which is denting the chocolatier's reputation for reliable outlook, Vontobel analyst Jean-Philippe Bertschy says in a note. Lindt's prior ability to give consistent guidance had been a key support for its premium valuation, Bertschy writes. Lindt's pricing power is now being tested, Bertschy added. Lindt's shares are down 6.7 % at 83,300 Swiss francs. (aimee.look@wsj.com)

0723 GMT - The polarization of trade and artificial-intelligence development between China and the U.S. is likely to continue for the foreseeable future, says Eastspring Investments in a note. The meeting between President Trump and Chinese leader Xi Jinping "delivered much pageantry, but essentially no tangible economic results," says Eastspring. The continuing divergence between the two economic powers suggests investment in China has to be centered on earnings streams supported by government policy and specific areas of local demand, Eastspring adds. Meanwhile, elevated oil prices stemming from the U.S.-Iran conflict and a potential ban on U.S. diesel exports could push diesel prices in certain parts of Asia higher, bleeding into inflation and likely pressuring regional currencies including the Korean won, Indian rupee and Thai baht, the asset manager says. (megan.cheah@wsj.com)

0720 GMT - European stock indexes edge higher in early trade. Mining and AI-related stocks gain, though energy-intensive sectors weaken as oil prices surge higher. The Stoxx 600 rises 0.2%. In Paris, the CAC 40 adds 0.2%, led by a 6.2% gain for Legrand after the company raised targets. Chip maker STMicroelectronics jumps 2.95%. Peer Infineon gains 2.5% to lead the German DAX, which inches up 0.1%. Meanwhile, software group SAP extends losses--down 0.9%--while Rheinmetall drops 0.9%. London's FTSE 100 gains 0.2%, lifted by metals miners, though utilities weigh on the index, with National Grid falling 1.5%. Spain's IBEX 35 adds 0.4%, while the Italian FTSE MIB gains 0.5%. The semiconductor-heavy AEX adds 0.4% in the Netherlands, with ASML climbing 2.3%. (josephmichael.stonor@wsj.com)

0712 GMT - Eurofins Scientific's 2027 target of an improvement in profitability seems firmly within reach, but this is no longer enough as the debate among investors shifts back to growth, Bernstein analysts say in a research note. The French lab-testing company has historically delivered sustainable organic sales growth above 6%, but its growth engine now appears structurally weaker, the analysts say. Eurofins is heavily exposed to Europe, where clinical and research-and-development activity remains weak, and this might explain why organic growth in its biopharma business has remained subdued for the past two years, they add. Bernstein cuts its recommendation on Eurofins stock to market perform from outperform, and trims its target price to 73.90 euros from 77.20 euros. Shares fall 2.1% to 77.08 euros.