FirstLook

Research evidence excerpt

FirstLook

June 18, 2026

First Look

Housing Evercore ISI Focus

The Road to Housing Act is Arriving Soon Page 9

Economics & Central Banking Strategy

Stephen Kim

JUNE FOMC COMMENTARY – WARSH HAWKISH, VOL

HIGHER AND THE RISK OF A CREDIBILITY TRAP Page 4

Software

Krishna Guha

Takeaways from Databricks Summit 2026 and A-Day Page 9

Equity Strategy Kirk Materne

Independence Day Fireworks Arrive Early: Overnight

LodgingStrategy EDGE Page 4

Julian Emanuel EVRISI RevPAR Tracker: US +7% for the week ended June

13th Page 10

Meta Platforms Inc. (META) Duane Pfennigwerth

Time To Subscribe Page 5

Company Updates

Mark Mahaney Outperform

SLB (SLB)

AB Inbev (BUD) SLB Digital Day - Bigger TAM, Cleaner 2030 Targets;

Market Asking if Adjacent or Core Page 11Diving into Cutwater: Incrementally bullish on ABI; Rough

waters for spirits? Page 5 Stephen Richardson Outperform

Robert Ottenstein Outperform

Moderna, Inc. (MRNA)

Healthcare Technology & Distribution Background on mFlusiva ahead of VRBPAC Meeting

April Strata Data Shows Step-Up in Inpatient Utilization &

Outpatient Moderation Page 6 Cory Kasimov In Line

Elizabeth Anderson

Summit Therapeutics Inc (SMMT)

Does Ivonescimab really have an OS imbalance in 65+?Europe Sales Survey

Europe Sales Survey Steady Following Recent Softness

Cory Kasimov Outperform Page 6

Oscar Sloterbeck

Alkermes plc (ALKS)

SLEEP NT2 data is better than what meets the eye Page 12 Price Target Changes

Umer Raffat Outperform

CarMax, Inc (KMX)

Turnaround Gains Traction, Several Key Risks Remain Everpure (P)

"TOP 5" Key Takeaways from Pure//Accelerate 2026

Michael Montani In Line Keynote Page 12

Amit Daryanani Outperform

Travere Therapeutics, Inc (TVTX)

BTK Deal DEEP DIVE (FSGS, MCD, pMN) - PT up to Apple Inc (AAPL)

$60/sh Page 7