Top Research Reports for Philip Morris, Lam Research & Goldman Sachs

Monday, March 16, 2026

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Philip Morris International Inc. (PM), Lam Research Corp. (LRCX) and The Goldman Sachs Group, Inc. (GS), as well as two micro-cap stocks Palladyne AI Corp. (PDYN) and The Eastern Co. (EML). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Ahead of Wall Street

The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.

You can read today's AWS here >>> Pre-Market Up on Cooler Oil Prices, Data

Today's Featured Research Reports

Shares of Philip Morris have gained +7% over the past six months against the Zacks Tobacco industry’s gain of +7.3%. The company has been benefiting from strong pricing power and an expanding smoke-free portfolio. Philip Morris has been making significant progress with the smoke-free transition, with products like IQOS and ZYN contributing to strong performance and margin expansion.

In the fourth quarter of 2025, Philip Morris' net revenues increased 6.8% year over year, driven by higher combustible tobacco pricing and increased smoke-free product volumes. Smoke-free products accounted for about 43% of total gross profit in full-year 2025.

The company is also advancing cost-saving initiatives to support long-term goals. For 2026, adjusted earnings per share are likely to be $8.38-$8.53, up 11.1%-13.1% year-over-year. However, Philip Morris faces premium valuations, ongoing global cigarette volume declines and rising regulatory pressure.

(You can read the full research report on Philip Morris here >>>)

Lam Research’s shares have outperformed the Zacks Electronics - Semiconductors industry over the past six months (+74.9% vs. +3.9%). The company is riding on its strength across 3D DRAM and advanced packaging technologies. Growing etch and deposition intensity owing to increasing technology inflections in 3D architectures is a plus.

A rebound in the System business due to improving memory spending is an upside. Strategic investments in research and development activities position it well to capitalize on the growing wafer fab equipment (WFE) spending. Foundry/logic, DRAM and NAND investments are expected to be higher year over year. Solid demand related to high-bandwidth memory is an upside.

However, global spending on mature nodes is likely to remain soft in the near term. Growing trade and tariff tensions between the United States and China are a concern.

(You can read the full research report on Lam Research here >>>)

Shares of Goldman Sachs have outperformed the Zacks Financial - Investment Bank industry over the past year (+44.8% vs. +25.1%). The company beat earnings estimates in each of the trailing four quarters. It is refocusing on the core strengths of investment banking (IB) and trading businesses through restructuring and scaling back its consumer banking footprint, which will likely support top line growth in the upcoming period.

However, its high dependence on overseas revenues is worrisome. The rising expense base due to ongoing investments in technology and elevated transaction-based costs during periods of higher client activity might hamper near term profitability.

Nonetheless, the company's expansion in the private equity credit market is expected to diversify revenues base and will support its growth over the long run. Further, a solid liquidity profile will support its capital distribution activities.

(You can read the full research report on Goldman Sachs here >>>)

Palladyne’s shares have declined -4.3% over the past six months against the Zacks Technology Services industry’s decline of -16.1%. This microcap company with a market capitalization of $322.21 million is facing risks which include sustained cash burn relative to revenues, early-stage product maturity, intense competition from large robotics and defense contractors, and potential revenue variability tied to government procurement cycles. Shares are up 63% year to date but trade at a high valuation of 51.95X trailing EV/sales.

Nevertheless, Palladyne is approaching a potential revenue step-up as recently acquired businesses (GuideTech, Warnke and MKR) contribute a full year of operations, supporting management’s 2026 revenue outlook of roughly $24–$27 million versus about $5–$5.5 million in 2025, aided by backlog growth to nearly $18 million.

The company is also advancing commercialization of its Palladyne IQ autonomy software following early paid deployments, while expanding defense and aerospace engagements, including spacecraft engineering work, an AFRL swarm autonomy initiative and a missile manufacturing program.

(You can read the full research report on Palladyne here >>>)

Shares of Eastern have declined -16.2% over the past six months against the Zacks Security and Safety Services industry’s decline of -17.9%. This microcap company with market capitalization of $126.45 million, is facing cyclical weakness in heavy truck and automotive markets drove an 8.7% sales decline and margin compression. Rising tariffs, weaker operating cash flow, and deteriorating working capital metrics add cost and liquidity risks. Customer concentration also increases earnings sensitivity. The stock trades below sector valuation multiples.

Nevertheless, Eastern’s 2025 strategy centered on portfolio simplification, product innovation, and balance-sheet strengthening. The divestiture of the underperforming ISBM business sharpened focus on core transportation and industrial hardware operations, improving earnings quality.

New product introductions partially offset volume declines, while international expansion — particularly in Asia — supported incremental growth. The company also improved financial flexibility, lowering leverage and refinancing its credit facility, while maintaining consistent shareholder returns.

(You can read the full research report on Eastern here >>>)

Other noteworthy reports we are featuring today include Ciena Corp. (CIEN), Alcon Inc. (ALC) and Koninklijke Philips N.V. (PHG).

Mark Vickery
Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Philip Morris (PM) Benefits from Strong Smoke-free Revenues

Lam Research (LRCX) Gains From Strength in Etch and Deposition

Focus on IB and trading businesses Aid Goldman's (GS) Growth

Featured Reports

Alcon (ALC) Thrives on New Innovations, Macro Woes Stay
The Zacks analyst is impressed with Alcon executing on several key innovative launches including PanOptix Pro, TruPlus, and Total30 multifocal offerings. Yet, macroeconomic pressures may hurt growth.

Solid Segmental Results Drive Markel (MKL), Cat Loss Ail
Per the Zacks analyst, Markel is set to grow on niche focus and effective management of insurance risk driving solid performance at Insurance and Reinsurance segments. Cat loss adding volatility ails.

Investment on Infrastructure and Clean Assets Aid NiSource (NI)
Per the Zacks analyst, NiSource's planned $28B investment to strengthen its natural gas and electric infrastructure and add more clean assets in generation portfolio will drive its operation

Ovintiv's (OVV) Strong Basin Footprint Supports Cash Flow Growth
The Zacks analyst believes that Ovintiv's premium basin portfolio supports steady cash flows and rapid production additions, but its 2026 stay-flat capital program may cap growth.

Acquisitions, Healthy End-market Demand Aid Reliance (RS)
Per the Zacks analyst, the company will gain from favorable demand in the majority of its end markets and strategic acquisitions amid headwinds from higher aluminum costs.

FTI Consulting's (FCN) Workforce Boosts Appeal, No Dividends Ail
Per the Zacks analyst, FTI Consulting's strong workforce and service quality attract investors, but the absence of cash dividends may deter income-focused shareholders.

Strong Briumvi Sales Aid TG Therapeutics (TGTX) Amid Competition
Per the Zacks analyst, TG Therapeutics' sole drug, Briumvi, approved for relapsing forms of multiple sclerosis, is driving the top line. However, sole dependence on Briumvi for revenues is a concern.

New Upgrades

Ciena (CIEN) Rides on Momentum in Cloud and AI Solutions
Per the Zacks analyst, the rise of cloud and AI technologies has increased bandwidth requirements across global networks, thereby boosting demand for Ciena's solutions.

Strong Demand Across Segments Aids Philips (PHG) Prospects
Per the Zacks analyst, Philips benefits from strong demand in Connected Care and Personal Health, with AI-driven imaging and strategic partnerships supporting growth.

Guidewire (GWRE) Gains from Momentum in Guidewire Cloud
Per the Zacks analyst, Guidewire is gaining momentum from its Guidewire Cloud platform, as insurers increasingly shift from legacy systems to cloud-based solutions, driving strong demand.

New Downgrades

Tariff Driven Cost Inflation Weigh on Macy's (M) Profitability
Per the Zacks analyst, tariff-driven cost inflation is creating headwinds for Macy's margins. Management expects tariffs to add roughly 70-100 basis points of pressure in the fourth quarter.

Weak Residential Market and Volume Decline Hurt TopBuild (BLD)
Per the Zacks analyst, TopBuild business is being hurt by weakness in residential market, leading to lower volumes. Also, affordability issues and high mortgage rates remain concerns.

Mortgage Rate Risks and High Incentives Hurt PulteGroup's (PHM) Growth
Per the Zacks analyst, PulteGroup's subdued prospects stem from ongoing affordability pressures due to mortgage rate volatility. Also, high incentive activity is compressing the margins.

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The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report

Koninklijke Philips N.V. (PHG): Free Stock Analysis Report

Ciena Corporation (CIEN): Free Stock Analysis Report

Philip Morris International Inc. (PM): Free Stock Analysis Report

Lam Research Corporation (LRCX): Free Stock Analysis Report

Alcon (ALC): Free Stock Analysis Report

Eastern Company (The) (EML): Free Stock Analysis Report

Palladyne AI Corp. (PDYN): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research