US Daily Brief "Today's Research – May 19, 2026" Parkhill

Research evidence excerpt

US Daily Brief "Today's Research – May 19, 2026" Parkhill

Global Research

19 May 2026ab

US Daily Brief Equities

AmericasToday's Research – May 19, 2026

Joseph Parkhill

Product Manager

Global Equity Strategy - The Consumer: be selective (Andrew Garthwaite) joseph.parkhill@ubs.com

+1-212-713 3716

consumer sectors face headwinds, but luxury, household products, and select stocks

offer value opportunities. Peter Lennox-King

peter.lennox-king@ubs.com

Spotify Technology S.A. (SPOT, Buy, $735) - Previewing the Investor Day (Batya Levi) +1-212-713 3215

Upcoming event to highlight Spotify's durable positioning as a scaled technology

Ryan Bellcompany while delivering DD revenue growth and margin expansion

ryan-b.bell@ubs.com

Aptiv PLC (APTV, Buy, $80) - Takeaways from NDR with CEO/CFO (Joseph Spak) +1-212-713 1233

See re-rating potential as growth improves

US Airlines - Travel Intentions Among US Consumers is Broadly Resilient - Only Slight

YoY Volume Moderation Per UBS Survey (Atul Maheswari)

UBS Evidence Lab travel survey results highlight that US consumers remain resilient with

respect to air travel intentions for the next 12 months.

Assured Guaranty (AGO, Upgrade to Buy from Neutral, $94) - Upgrade to Buy:

Compelling Entry Point Amid Brightline-Driven Dislocation (Marissa Lobo)

AGO's market leadership makes current levels compelling. Valuation disconnect offers

~23% upside, supported by durable earnings power and capital strength

Jazz Pharmaceuticals PLC (JAZZ, Upgrade to Buy from Neutral, $307 from $188) -

Base business stability brings forward Ziihera launch excitement. Upgrade to

Buy (Ashwani Verma)

Upgrade to Buy /$307 PT. 4Q25 & 1Q26 financial performance has changed our view

that the company can execute robustly & deliver on investor's expectations