Recently Published Research

Research evidence excerpt

Recently Published Research

Research Summary Early Equity Research

CPB (Underweight) FQ326 First Take—About In-Line, Guide Maintained Helped by One-

Time Tariff Refund Included in Adj Results; Early FY27 Comment | Chris Carey

Financial Services

KEY (Overweight) Meeting w/CEO - Commercial Banking Is Back | Mike Mayo

Health Care

ASND (Overweight) Recent Sell-off Overstates ITC Risk; We See Upside on Base Case

Outcome | Derek Archila

NUVL (Overweight) Potential GSK-NUVL Deal—We Think $9-10B Makes Sense and See

Limited FTC Risk | Eva Fortea Verdejo

INCY (Equal Weight) Deal for VGA039 Could Meaningfully Bolster INCY's Long-Term

Hematology Franchise | Derek Archila

NRIX (Equal Weight) Roche Deal for Bexdeg Is a Positive, but Resets Pipeline to Early-

Stage; Downgrading to Equal Weight, PT to $25 from $28 | Derek Archila

ZEAL-DK (Overweight) At ADA: Petrelintide Tolerability Well-Received; Tough Road

Ahead for Survo | Mohit Bansal

LLY (Overweight) At ADA: Lilly Wants to Become a One-Stop Shop for All Your Obesity

Needs | Mohit Bansal

Industrials

VRSK (Overweight) Expect Sequential Improvement Through FY26 as Headwinds

Abate | Jason Haas

TSLA (Underweight) May '26 Tracker: QTD Deliveries Surprisingly Strong | Colin

M. Langan

Technology & Services

CDNS (Overweight) Expanded Collab w/ Intel Foundry for 14A DTCO | Joe Quatrochi

WIX (Equal Weight) Guidance Update & Management Group Investor Call

Takeaways | Alec Brondolo

AAPL (Overweight) WWDC '26 Quick Notes - Deepening Apple Intelligence Innovation

(New Siri AI); Apple Foundational Models + Gemini | Aaron Rakers

Sector Research Notes

Consumer

Consumer: Restaurants State of the Union; Sentiment Squishy; World Cup

Awaits | Zachary Fadem

Consumer: Gaming: Iowa May Gaming Revs +2% Y/Y to $152m; SB Handle $191m, -6%