Morning Call - May 14 2026

Research evidence excerpt

Morning Call - May 14 2026

TD Cowen Morning Call

Research May 14, 2026

Financials

Consumer Finance

1Q Roll Rates: Early Roll In-line But Late Roll Somewhat Worse Than Seasonal

THE TD COWEN INSIGHT

Roll rates indicate continued credit stability at the issuers we track, with BFH's early roll

and COF's late roll getting closer to pre-pandemic level. Early roll performance in general

was in line with seasonality in 1Q26, though late roll was worse than seasonality. Since the

reopening, AXP and SYF have outperformed, particularly in early roll rates, though BFH is

now catching up.

Moshe Orenbuch

646 562 1495

moshe.orenbuch@tdsecurities.com Link to Full Note

Technology, Media & Telecom

Cybersecurity & Information Security

CSCO's Strong Q Results Should Reflect Favorably On Cybersecurity Universe

CSCO's strong F3Q26 results and secure networking commentary should reflect favorably

on our cybersecurity universe. CSCO continues to benefit from overall healthy DC demand

build-outs as AI takes center stage. Growing firewall, SIEM, SASE, XDR, and IAM adoption

should reflect positively on leaders such as PANW, FTNT, CRWD, S, SAIL, NET, others. But

for CHKP, covered cos have exceeded Q1 ests.

Shaul Eyal

646 562 1414

shaul.eyal@tdsecurities.com Link to Full Note

Sustainability and Disruptive Technology

Enovix Corporation

Smartphone Qualification Reset with Broad Commercial Launch Set for 2027

HOLD (2) THE TD COWEN INSIGHT

ESG SCORE: 65/100 ENVX delivered slightly better than expected 1Q26 results with 2Q26 guide in-line.

Symbol NASDAQ: ENVX Smartphone qualification experienced a strategic reset following the removal of a barrier

Price Target $7.00 (Prior $7.50) in testing protocols. Smart eyewear and defense programs are emerging as near-term

Price (05/13/2026) $7.29 opportunities.