A Wolfe Constellation - When Technicals And Fundamentals Align

Research evidence excerpt

A Wolfe Constellation - When Technicals And Fundamentals Align

June 11, 2026

Market Underweight (MU): Expect the industry to underperform the primary market index for the region (S&P

500 in the U.S.) by at least 10% over the next 12 months.

Wolfe Research, LLC Distribution of Fundamental Stock Ratings (As of June 11, 2026):

Outperform: 52.46% 4.81% Investment Banking Clients within the previous 12 months

Peer Perform: 42.62% 2.54% Investment Banking Clients within the previous 12 months

Underperform: 4.92% 0.00% Investment Banking Clients within the previous 12 months

Other Disclosures:

Wolfe Research, LLC does not assign ratings of Buy, Hold, or Sell to the stocks it covers. Outperform, Peer Perform, and

Underperform are not the respective equivalents of Buy, Hold, and Sell but represent relative weightings as defined

above. To satisfy regulatory requirements, Outperform has been designated to correspond with Buy, Peer Perform has

been designated to correspond with Hold, and Underperform has been designated to correspond with Sell.

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Securities.