Tuesday, September 29, 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 Visa Inc. (V), Intuitive Surgical, Inc. (ISRG) and The Williams Companies, Inc. (WMB), as well as two micro-cap stocks: Friedman Industries, Inc. (FRD) and Jones Soda Co. (JSDA). 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-Markets Rebound Moderately After Monday's Selloff

Today's Featured Research Reports

Visa’s shares have outperformed the Zacks Financial Transaction Services industry over the year-to-date period (+5.5% vs. -11.5%). The company’s scale and brand strength keep it at the center of global digital payments, with growth still driven by higher payment volumes, cross-border activity and rising transaction counts. 

Fiscal Q3 2026 results showed broad momentum across consumer payments, commercial and money movement solutions and value-added services. Investments in agentic commerce and stablecoin settlement, along with targeted acquisitions and disciplined capital returns, should continue to enhance the value of its network over time. 

However, rising client incentives and marketing expenses are weighing on V’s profitability, with adjusted net margin declining to 54.1% in fiscal Q3 2026. Cash activity remains uneven across regions, while the valuation remains elevated and regulatory and litigation risks persist. As such, we have a Neutral rating on the stock.

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

Shares of Intuitive Surgical have underperformed the Zacks Medical - Instruments industry over the year-to-date period (-26.8% vs. -3.8%). The company’s U.S. procedure growth has moderated in deferrable categories, bariatric volumes remain weak, and China faces lower tender activity, local competition and pricing constraints. Tariffs, product mix and the planned extended-use instrument program may also limit margins and instruments revenue per procedure. Hospital budget cycles can still disrupt placements outside the United States.

Nevertheless, Intuitive Surgical beat second-quarter estimates for earnings and sales. The company’s broad robotic platform, rising installed base and recurring revenue model support durable growth. 

Da Vinci 5, SP and Ion adoption should widen procedure reach, while digital tools deepen customer engagement. Procedure growth remains healthy, and the balance sheet supports product development and manufacturing investment.

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

Williams Companies’ shares have outperformed the Zacks Oil and Gas - Production and Pipelines industry over the year-to-date period (+16.6% vs. +13.4%). The company being a premier energy infrastructure provider in North America delivered meaningful growth opportunities as second-quarter adjusted EBITDA rose 6% year over year, while its raised 2026 Adjusted EBITDA guidance signals healthy momentum ahead. 

Williams Companies lifted its 2025-2030 EBITDA and EPS growth target to more than 11% annually. The Momentum acquisition expands its Haynesville footprint and adds fee-based cash flows, while Power Innovation and pipelines offer exposure to LNG, power and data-center demand. 

However, debt-to-capitalization reached 64.7%, with 2026 growth capital spending of $7.3-$7.9 billion. A higher P/E leaves valuation high. Momentum carries integration risks, while Power Innovation remains unproven. Rising costs could also limit gains. A Neutral stance is well justified for Williams.

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

Shares of Friedman have outperformed the Zacks Metal Products - Procurement and Fabrication industry over the year-to-date period (+99.5% vs. -8.3%). This microcap company with a market capitalization of $284.33 million has its investment case supported by the Century acquisition, improving capacity utilization and continued expansion of its flat-roll platform. 

Broader product offerings, geographic reach and processing capabilities could strengthen customer penetration and support organic growth, while Sinton investments and improving tubular operations add further scale and diversification. 

However, earnings remain sensitive to steel-price cycles, inventory movements, hedge timing and shifts in utilization. Higher working-capital needs, financing costs and a larger expense base could also pressure returns if demand or steel spreads weaken. 

The current valuation suggests investors are recognizing FRD’s stronger earnings profile and growth investments, while still assigning a relatively measured value to the business given its cyclical exposure and execution risks.

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

Jones Soda’s shares have underperformed the Zacks Beverages - Soft drinks industry over the year-to-date period (-8.1% vs. +13.9%). This microcap company with a market capitalization of $30.58 million faces risks from regulatory pressure on adult beverages, ongoing liquidity and working-capital needs, and continued reliance on major branded collaborations. Margin performance also remains sensitive to freight, input and royalty costs.

Nevertheless, Jones Soda’s investment case is supported by expanding retail, club and direct-to-consumer distribution, which is broadening access to its core beverages and collaboration-led products. 

Branded partnerships are emerging as a repeatable growth platform, while Zero Sugar provides a more focused portfolio-extension opportunity following weaker performance from other newer categories. A broader North American footprint and improved e-commerce fulfillment could further diversify revenue channels.

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

Other noteworthy reports we are featuring today include Cenovus Energy Inc. (CVE), The Hershey Co. (HSY) and W. P. Carey Inc. (WPC).

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>>>