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

0858 GMT - AB InBev's third-quarter results are likely to vary by region, analysts at Jefferies write in a note. The Belgium-listed brewer of Bud Light and Stella Artois should book a 0.6% slide in volumes over the period, though sales and earnings are likely to increase on year, according to Jefferies's estimates. Weak performance in China will likely weigh, with total volumes stripping out the Chinese market probably growing, the bank says. North America is also likely still soft, though AB InBev should outperform the market, the analysts reckon. Other markets in Latin America and Europe should meanwhile prove positive, despite less of a boost from the FIFA soccer world championship than in the previous quarter, Jefferies says, keeping a buy rating and an 86-euro target on the stock. Shares are down 2% at 66.2 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0849 GMT - Legrand's new data-center offering will be key to deliver on its growth plans, UBS analysts say in a research note. The French supplier of electrical equipment outlined its plans to transition to so-called low voltage direct current architectures to enable the next generation of AI data centers. Legrand showcased its offering at an industry fair in Singapore, which seemed credible, and the company expects to be able to take orders for the equipment in the second half of next year, UBS says. While its demonstration seemed credible, a fully commercialized offering by the end of 2027 is now key, the analysts say. Shares jump 7.6%. (adria.calatayud@wsj.com)

0849 GMT - HelloFresh's recovery is likely to be delayed as several operational issues still need to be fixed, Stifel's Clement Genelot writes in a note. The German meal-kit company last week issued a profit warning due to weaker-than-expected new customer acquisition volume during the back-to-school period. "A second read of last week's profit warning leads us to believe that the failed back-to-school campaign mostly resulted from an ineffective marketing strategy in meal kits and from persistent operational issues in ready-to-eat affecting user experience," he says. Stifel expects the company's first quarter 2027 performance to disappoint and notes that the prospects for meal kits remain unclear. Shares are down 1% at 2.38 euros. (najat.kantouar@wsj.com)

0836 GMT - CXMT's global revenue share could rise to 13% in 2028 from 10% this year, Bernstein analysts say in a research note. That implies an around 50% self-sufficiency rate for the DRAM needs of Chinese companies, they say. Non-Chinese companies are also likely to use CXMT's products for China and other non-U.S. markets, implying ample growth headroom for CXMT, they add. The chip maker's DRAM prices should largely follow the industry's before gaining resilience in 2028 on Chinese demand, the analysts say. Bernstein maintains its outperform rating on CXMT with a target price of 70 yuan. Shares last ended at 55.55 yuan. (sherry.qin@wsj.com)

0835 GMT - Shares of European semiconductor companies log gains a day after high bond yields pressured tech stocks globally. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 3.5% and 4%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is up 3%. German chip maker Infineon Technologies stock gains 2.6%. STMicroelectronics shares are up 2.5%. Meanwhile, the E-mini Nasdaq 100 futures contract edged 0.1% higher, pointing to a positive opening for tech stocks in the U.S. (mauro.orru@wsj.com)

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.