Recently Published Research

Research evidence excerpt

Recently Published Research

Equity Research

May 14, 2026

Coverage Initiations Equity Research Department

none

Rating Changes

Health Care

AMPH (Equal Weight) Downgrading to Equal Weight; 2026 & 2027 Revenue Is Hard to

Predict w/ Conviction | Benjamin Burnett

DOCS (Equal Weight) Downgrade to Equal Weight: We Think Doximity Is Structurally

Disadvantaged in the Must-Win AI Race; PT to $18 | Stan Berenshteyn

Price Target Revisions

Consumer

Consumer: Hardline Retail Q1 Deep Dive: Rock and a Hard Place for Housing; AZO Sets Up

Best | Zachary Fadem

EYE (Equal Weight) Another Mixed Print, Another Harsh Reaction; but Q1 Does Little to

Relieve Lingering Concern | Zachary Fadem

GO (Equal Weight) Signs of Progress, but Still Plenty to Do in a Tough Low-End

Backdrop | Edward Kelly

Energy

NXT (Overweight) FQ4 Beat, FY27 Guidance Raised; On Pace To Exceed 2030 Targets—

Positive Outlook | Praneeth Satish

OVV (Equal Weight) Post 1Q26 Adjustments—Strong Execution Continues, Though

Upside Appears More Balanced; Raising PT | Hanwen Chang

Financial Services

RWAY (Equal Weight) Recap: Merger Math | Finian O'Shea

MIST (Overweight) Momentum Builds Up for Cardamyst Launch | Mohit Bansal

WAT (Equal Weight) One of the Better Fundamental Stories in a Tough Tools Backdrop

Post 1Q26 Beat; Publishing Updated Model | Brandon Couillard

Materials

MOS (Equal Weight) All the Leaves are Brown—Maintain EW on Phosphate Volume &

Cost Headwinds, Uncertain Fertilizantes Outlook | Michael Sison

Technology & Services

AVGO (Overweight) Gauging FY27 Upside to $100B+ - New GW-Driven Analysis Drives

Estimates Well-Above Consensus; PT to $545 (was $430) | Aaron Rakers

CSCO (Overweight) F3Q26 Review: AI Momentum Continues; Ex-AI Orders +19% (vs

+10% in F2Q26) - Focus on Path to $5.50/sh.+ in CY28 EPS | Aaron Rakers