Author: slightbourne@noblecapitalmarkets.com

Bitcoin’s New Heights: Rally, Risk, and the Shape of 2025’s Crypto Market

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin continues to dominate headlines with a historic rally that swept its price above $125,000, renewing debate among investors about the line between long-term potential and speculative excess. The world’s largest cryptocurrency has reached new all-time highs amid a turbulent global backdrop, embodying both optimism for the digital asset’s future and sharply increasing risk in the growing crypto derivatives market.

The current rally, widely referred to as the “debasement trade,” finds its roots in persistent economic and political stress—most notably, the sustained U.S. government shutdown and mounting fiscal uncertainty. Investors have flocked to alternative assets, with gold racing past $3,900 per ounce at the same time. However, Bitcoin’s ascent is being fueled by more than just a search for safety: speculative forces, particularly in the options market, are now exerting substantial influence on the price.

U.S. Bitcoin exchange-traded funds (ETFs) have drawn $3.2 billion in inflows over the past week, marking the second-largest week since their inception in 2024. The size of these inflows, and the recent milestone of $49.8 billion in open interest for BlackRock’s iShares Bitcoin Trust (IBIT), highlight a marked shift: traditional finance is now inseparably linked with crypto, and its traders are helping to amplify price moves—both up and down.

The rapidly expanding ecosystem of derivatives is supercharging Bitcoin’s momentum. Combined open interest across IBIT and Deribit, the largest crypto derivatives platform, now approaches $80 billion—a near tenfold increase since the beginning of 2024. Options have become a principal driver of price activity; currently, over 60% of open Bitcoin options positions are call options, reflecting bullish bets on further gains.

Analysts warn, however, that the concentration of leveraged positions adds new complexities. The use of options amplifies both rallies and corrections, raising the possibility that sudden shifts in sentiment could trigger cascading liquidations—heightening volatility past even Bitcoin’s usual standards. This dynamic is not lost on traders who recall similar risk patterns during past bull runs.

From a technical perspective, Bitcoin is now consolidating gains with key support levels at $120,000 and crucial resistance at $135,000. Short-term projections place $150,000 as the next psychological barrier if upward momentum holds. October holds special attention for crypto traders; dubbed “Uptober,” the month has historically returned more than 22% on average for Bitcoin during the last decade. Some technical analysts, however, suggest a period of sideways movement could precede any fresh breakout, and algorithmic models signal breakout odds remain subdued in the immediate term.

Institutional adoption remains a powerful force, with legacy finance giants and individual investors alike piling into exchange-traded funds and options. Yet the rapid growth in derivatives and the surge in leveraged bets have made the market especially sensitive to sentiment reversals. Investors should be mindful: now, more than ever, Bitcoin’s greatest rallies often coincide with its sharpest corrections.

As 2025’s crypto market takes shape, this rally is a clear sign of Bitcoin’s maturity and mainstream adoption—but it also serves as a timely reminder that reward and risk, in the world of digital assets, are never far apart.

Xcel Brands (XELB) – Exiting A Successful Run

Posted on by slightbourne@noblecapitalmarkets.com


Monday, October 06, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.  

Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

SKYX Platforms (SKYX) – Strengthening Position Among Residential Developers

Posted on by slightbourne@noblecapitalmarkets.com


Monday, October 06, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.

Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Alliance Entertainment Holding (AENT) – Delivering Music To Our Ears: Cash Flow And Earnings Growth

Posted on by slightbourne@noblecapitalmarkets.com


Monday, October 06, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating coverage with Outperform rating. Alliance Entertainment is a leading distributor of physical products, including vinyl records, music CDs, Blu-ray and 4K Movies, Video Games and Electronics, and Collectibles. While some of its business lines are mature, there are attractive growth opportunities in developing revenue streams that carry higher margins. As such, we believe that the company is on the cusp of generating significant cash flow and earnings growth.

Expanding margin outlook. In spite of anticipated modest revenue growth of 2.4% in fiscal 2026, we anticipate a nearly 140 basis point improvement in adj. EBITDA margins in fiscal 2026, given our expectation of higher margin, developing revenue streams and the company’s focus on efficiencies. We expect an acceleration in revenue in fiscal 2027 to 3.1% with another 60 basis point improvement in margins. 


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Wall Street Boosts S&P 500 Targets on AI Momentum and Earnings Strength

Posted on by slightbourne@noblecapitalmarkets.com

Wall Street’s bullish sentiment is gaining momentum as the S&P 500 hovers near record highs ahead of earnings season. Despite political uncertainty in Washington and lingering concerns about an “AI bubble,” several top strategists are raising their forecasts, pointing to what they describe as “fundamental strength” across corporate earnings and continued support from Federal Reserve rate cuts.

Ed Yardeni of Yardeni Research lifted his S&P 500 target to 7,000, calling the ongoing rally a “slow-motion melt-up” fueled by resilient profits and Fed easing. Similarly, Evercore ISI’s Julian Emanuel maintained a 7,750 base-case target for 2026, assigning a 30% probability to a “bubble scenario” that could propel the index to 9,000 if AI-driven capital investment accelerates.

Signs of that exuberance are already visible. On Monday, OpenAI revealed a multibillion-dollar deal with AMD, granting the ChatGPT maker rights to acquire up to 10% of the chip giant as part of what executives have dubbed “the world’s most ambitious AI buildout.” The announcement sparked renewed optimism in semiconductor and software names, reinforcing the view that AI investment remains the market’s primary growth engine.

Yet, opinions remain divided. Amazon’s Jeff Bezos recently described the AI boom as a “good kind of bubble” that could fuel long-term innovation and economic expansion. In contrast, Goldman Sachs CEO David Solomon urged caution, suggesting that some capital deployed in the AI race may not yield the expected returns, potentially setting up a correction in the next year or two.

That debate is playing out against elevated valuations. The S&P 500 is trading near 25 times expected 2025 earnings, a level DataTrek Research says “reflects complete confidence” that companies will deliver. Analysts project 13% earnings growth in 2026 and another 10% in 2027, driven primarily by the same mega-cap technology stocks that have led markets higher this year.

Big Tech now represents nearly half of the S&P 500’s market cap, with Alphabet, Amazon, Meta, Tesla, and other AI-focused firms comprising 48% of the index. Analysts note that “multiple expansion” in these names is the foundation of the bull case, with a record number of tech giants issuing positive earnings guidance last quarter — a signal that earnings momentum remains intact heading into Q3 results.

Goldman Sachs strategists led by David Kostin argue that Wall Street’s current earnings forecasts are too conservative, citing strong macro data and robust AI-driven demand. Morgan Stanley’s Mike Wilson echoed that optimism, noting that lower labor costs and pent-up demand could spark a return of “positive operating leverage” — where profits grow faster than revenues — not seen since 2021.

While some investors remain wary of inflation’s potential return, Wilson believes it could be a tailwind rather than a threat, with the Fed likely to tolerate higher prices as long as growth remains solid.

As earnings season begins, the question for investors is not whether the rally can continue — but whether it is still being driven by fundamentals or increasingly by momentum.

Release – AZZ Inc. Announces Fiscal Year 2026 Second Quarter Cash Dividend

Posted on by slightbourne@noblecapitalmarkets.com

Oct 02, 2025, 16:15 ET

FORT WORTH, Texas, Oct. 2, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced its Board of Directors has authorized a second quarter cash dividend in the amount of $0.20 per share on the Company’s outstanding shares of common stock. The dividend is payable on November 6, 2025, to shareholders of record as of the close of business on October 16, 2025.

While AZZ currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends will be reviewed on an individual basis and declared by the Board of Directors at its discretion. AZZ remains committed to enhancing shareholder value based upon its consideration of various factors, including operating results, financial condition, and business outlook at the applicable time.

About AZZ Inc.

AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein.  This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process, paint used in our coil coating process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States and other foreign markets in which we operate; tariffs; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov.
You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:
David Nark, Chief Marketing, Communications, and Investor Relations Officer
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin, Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com

SOURCE AZZ, Inc.

Gold Miners Outshine AI Stocks in 2025 With 135% Rally, Drawing Small-Cap Investor Interest

Posted on by slightbourne@noblecapitalmarkets.com

Gold stocks have emerged as one of the most powerful performers in 2025, eclipsing the high-flying semiconductor sector and catching the attention of investors seeking value beyond artificial intelligence. While much of the market narrative this year has revolved around chipmakers riding the AI boom, gold miners have quietly delivered staggering gains — up more than 135% — and positioned themselves as an unexpected leader in global equities.

The rally has been fueled by multiple forces. Central banks have accelerated purchases of gold as part of a broader de-dollarization trend, while investors have sought safe-haven assets amid heightened economic uncertainty. Federal Reserve rate cuts and growing inflows into gold-backed exchange-traded funds have further supported the surge. As a result, gold itself has climbed more than 45% this year, setting new all-time highs and marking its strongest annual performance since 1979.

This has translated into significant upside for miners. Global heavyweights such as Newmont Corp. and Agnico Eagle Mines have seen their shares more than double, while Zijin Mining has surged over 130% in Hong Kong. In London, Fresnillo Plc has nearly quadrupled, becoming the standout performer in the FTSE 100. Yet, the momentum is not limited to large caps. Smaller mining companies — particularly those with scalable production capacity and strong cost control — are increasingly attractive to investors looking for opportunities that combine growth with relative undervaluation.

One of the striking differences between gold equities and semiconductor stocks lies in valuations. The MSCI Gold Miners Index currently trades at around 13 times forward earnings, slightly below its five-year average, suggesting the rally is backed by fundamentals. In contrast, the semiconductor index trades near 29 times earnings, well above its historical trend. For small-cap investors, this dynamic suggests gold miners may still offer more sustainable upside, especially as earnings growth outpaces share price appreciation.

Beyond valuations, sector fundamentals point to further resilience. Elevated margins, robust cash flows, and disciplined capital management have allowed gold miners to reinvest in operations while returning capital to shareholders. The sector is benefiting from margin expansion as gold prices remain elevated, giving even mid-tier and junior miners the potential to outperform. For small-cap investors, this creates a unique entry point into a sector often overlooked during periods of tech dominance.

While enthusiasm around AI-driven chipmakers is unlikely to fade, the current cycle underscores the importance of diversification. Investors chasing technology gains may risk overlooking industries where fundamentals remain strong, valuations are reasonable, and long-term demand drivers are intact. The outperformance of gold miners in 2025 serves as a reminder that market leadership can emerge from unexpected places — and for small-cap investors willing to broaden their focus, the precious metals sector offers compelling opportunities.

Bitcoin Depot (BTM) – Favorable Preliminary Results and Tuck-in Acquisition

Posted on by slightbourne@noblecapitalmarkets.com


Friday, October 03, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.

Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Federal Reserve Navigates Uncertainty Amid Missing Jobs Report

Posted on by slightbourne@noblecapitalmarkets.com

With a pivotal government jobs report missing due to a shutdown, the Federal Reserve faces an unusual challenge: steering monetary policy without its most relied-upon labor data. For small cap investors, these developments could signal both opportunity and risk in the months ahead.

Traditionally, the monthly nonfarm payrolls report serves as a critical guidepost for Federal Reserve officials setting interest rates. This month, that data’s absence leaves policymakers “flying blind,” navigating with only private sector and anecdotal sources. Despite this, markets remain confident that Fed rate cuts are still on the horizon. Traders currently price in a 97% chance of a quarter-point cut to 3.75–4% at the upcoming October meeting, with another probable reduction at the year’s end.

Without federal data, Fed officials are turning to private sources. ADP’s recent payroll report showed a surprising 32,000 job decline for September, while the Indeed Job Postings Index revealed a cooling labor market, with overall postings down 2.5% month-over-month, though still above pre-pandemic levels by 2.9%. Banking and finance was the only sector to show growth in job postings year-over-year, suggesting broad-based weakness elsewhere.

Wage growth, tracked by the Indeed Wage Tracker, has also lagged behind inflation in recent months, underscoring ongoing stagnation in the labor market. Layoff announcements reflect a mixed picture: Challenger, Gray & Christmas reported 54,064 planned job cuts in September—a 37% drop from August—but overall layoff plans for Q3 are at their highest since 2020, possibly breaching one million for the year.

The lack of official jobs data has heightened uncertainty within the Federal Reserve. “Reliable federal data, especially related to price levels and inflation, is hard to replace,” said Cory Stahle, senior economist at Indeed, emphasizing the difficulty policymakers face in making informed decisions in uncertain times.

Policymaker opinion is split. Some, like Kansas City Fed president Jeff Schmid and Chicago Fed president Austan Goolsbee, advocate caution, supporting one rate cut now but warning against aggressive easing that could stoke inflation risks. Conversely, Fed governor Michelle Bowman sees the central bank “at serious risk of being behind the curve” and suggests a more forceful response to what she calls a “deteriorating labor market.” Fed governor Stephen Miran even called for five additional cuts this year.

For small cap investors, these crosscurrents create a dynamic environment. The expected rate cuts could ease borrowing costs and fuel risk appetite, aiding smaller companies that depend on credit and consumer demand. However, if labor market weakness deepens or inflation stays stubbornly high, downside volatility could increase.

Private estimates suggest the government’s jobs tally for September would have been modest—workforce intelligence firm Revelio Labs forecasts a gain of 60,000 jobs, while economists estimate around 50,000, with the unemployment rate holding steady at 4.3%. This reinforces views of a slow recovery, not a robust rebound, and calls for careful positioning in sectors with demonstrated resilience.

OpenAI’s Record $500 Billion Valuation: What Small Cap Investors Should Watch

Posted on by slightbourne@noblecapitalmarkets.com

OpenAI has become the world’s most valuable startup, eclipsing SpaceX after a secondary share sale valued the ChatGPT developer at $500 billion. The deal allowed current and former employees to sell $6.6 billion worth of stock to a group of major investors—a milestone that signals not just enthusiasm for artificial intelligence, but also fast-rising competition in global tech.

Why This Matters for Small Cap Investors

While OpenAI itself is not a small cap, surging valuations and investor demand for AI companies can create ripple effects across the market. The AI boom is leading to massive investment in data centers, cloud infrastructure, and semiconductor supply chains. Small cap companies—especially those in tech, chip manufacturing, data management, or specialized software—may find new opportunities and challenges, as larger firms race to build out AI capabilities.

OpenAI’s multibillion-dollar partnerships with Oracle and SK Hynix, among others, illustrate how the AI sector’s expansion could push demand down the supply chain. Small caps that supply hardware, data services, or niche AI solutions could see increased interest and valuations. Investors might want to look for companies linked to these large infrastructure projects or those with potential for strategic collaborations.

What the Secondary Sale Reveals

The secondary share sale let employees cash out stock without a public offering, a sign of strong investor appetite in the sector. OpenAI capped the sale at $10 billion, but only $6.6 billion changed hands—possibly reflecting employee belief in the company’s long-term prospects despite generous offers from competitors like Meta. For small cap investors, this speaks to the broader narrative: in a high-growth sector, early stakeholders may choose patience over liquidity, betting on future gains.

Strategic Shifts: Implications for Rivals and Partners

OpenAI’s rumoured shift toward a public benefit corporation and its ongoing governance debates with board members and investors suggest a business model evolution typical of high-growth, high-stakes tech startups. Smaller players often emulate these changes, or become attractive acquisition targets as legacy giants update their strategies. As the AI sector matures, small cap investors can benefit by tracking governance shifts—these often precede market-wide impacts.

Trends and Sectors to Monitor

  • AI infrastructure and hardware
  • Data management and analytics
  • Specialized software companies
  • Semiconductor manufacturers
  • Small tech firms entering strategic partnerships

The unprecedented capital flow into generative AI signals that more companies—big and small—will compete for a share of this rapidly expanding market. Tracking small caps that play a critical supporting role in AI’s supply chain could provide early exposure to growth as the sector matures.

Bottom Line

OpenAI’s $500 billion valuation is more than headline news: it’s a signal that the AI sector is entering a new phase, with opportunities extending beyond the headline giants. For small cap investors, paying attention to the companies beneath the surface—those building, supplying, and adapting to the needs of AI leaders—could be the key to capturing upside in this evolving landscape.

V2X (VVX) – Some More Awards

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, October 02, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Awards. V2X has been the recipient of new awards, including one focused on extending the life-cycle of existing platforms and another driving connectivity and communications. In total, the three new awards total over $580 million of contract value, assuming all funds are spent. We view the recent wins as further confirmation of V2X’s ability to provide full mission lifecycle solutions.

Center Display Units. V2X’s Vertex Modernization and Sustainment unit was awarded by the Air Force a five-year ID/IQ contract with a single five-year option (10 years total) with a contract ceiling of $425 million for center display units (CDU), according to the Department of War’s daily contract awards. V2X will supply the Air Force with the following hardware during this period: CDU full kits, CDU line replaceable units, CDU shop replaceable units, and various other support hardware as required.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

CoreCivic, Inc. (CXW) – An Award for Diamondback

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, October 02, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Diamondback. Yesterday, CoreCivic announced it was awarded a new contract under an Intergovernmental Services Agreement between the Oklahoma Department of Corrections and U.S. Immigration and Customs Enforcement (“ICE”) to resume operations at the Company’s 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.

Details. The new contract commenced on September 30, 2025, for a term of five years and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. The facility should begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – Strategic Vessel Sale and Improving Capesize Fundamentals

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, October 02, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.

Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.