FirstLook

Research evidence excerpt

FirstLook

May 18, 2026

First Look

Payments, Processors & IT Services Evercore ISI Focus

Hooked on Fintech: The Weekly Catch 5/16: AFRM Investor

Retail Broadlines & Hardlines Day recap, CLARITY Act updates, 1Q26 earnings summary,

EPS Preview: Big Beautiful EPS Season Page 4 and more... Page 9

Greg Melich Adam Frisch

Global Retailing, Softlines & Luxury Brands Industry Updates

Navigating the Macro Storm: Our 1Q Offprice Preview Global Household & Personal Care

Diaper War: Procter Counterpunches Page 10

Michael Binetti

Robert Ottenstein

Company Survey Report

Global Retailing, Softlines & Luxury Brands

Company Surveys Improve, Following Recent Moderation.

Page 5 The Rundown: Evercore Softlines Weekly Recap Page 10

Oscar Sloterbeck Michael Binetti

Equity Strategy Beverages, Household & Personal Care

When Worlds Collide: Investing in an Age of Certain Week in Review: Industry data & roundtables provide more

Uncertainty Page 5 info post earnings; Big Geyser trade show; ELF F4Q

Julian Emanuel preview; Latest scanner Page 11

Upgrades / Downgrades

Global Energy

F5, Inc. (FFIV) Muddle Through Becoming the Base Case Page 12

5 Reasons to Buy F5. Moving to OP. Page 6

Stephen Richardson

Amit Daryanani Outperform

Brokers, Banks & Asset Managers

TAP List Changes Courtside View From Our 3rd Annual Private Markets

Advance Auto Parts, Inc (AAP) Forum Page 12

Adding AAP to the Outperform Tactical Action & Positioning Glenn Schorr

List into F1Q26 Page 6

Greg Melich In Line Healthcare Technology & Distribution

Replay - Prior Auth, Rewired: What CMS-0062 Could Mean

Price Target Changes for the PA Ecosystem Page 13

Elizabeth Anderson

Reinsurance Group of America Inc. (RGA)

Quick Thoughts on RGA After 1Q26 Earnings and Our 10-Q Biotechnology / SMID Cap

Review Page 7