FirstLook

Research evidence excerpt

FirstLook

June 25, 2026

First Look

Food & Restaurants Evercore ISI Focus

Some thoughts and exhibits in Food & Restaurants Page 8

Surface Transportation

David Palmer

Rails: You See Them Rollin'? Beats & Raises Forthcoming;

Upgrade CNI to OP Page 3

Energy Commodities

Jonathan Chappell

Chart Crimes: Axes Adjusted (again) Page 8

Airlines Stephen Richardson

Another Hurdle Cleared; Positive 3Q Setup for Airlines

Page 3 Global Insurance - Life

Duane Pfennigwerth A Few Quick Points on the EQH / CRBG Schedule 14A

Merger Proxy Page 9

Brokers, Banks & Asset Managers Thomas Gallagher

DFAST ’26 Felt More Like a Friendly Than a Final Page 4

Global Automotive

Glenn Schorr

EvrISI Autos Pitstop: ++ Q2 Preview / Waymo's Physical AV

Push / TSLA Regs / Pony AV Fleet / LCID Prod Cut Page 9

Alphabet, Inc. (GOOGL)

Chris McNally

Search Remains The Same Page 4

Mark Mahaney Outperform Medical Supplies & Devices

Medtech – Quick survey on ACA subsidy impact AI

Samsara Inc (IOT) usage/spend Page 10

Getting Physical With AI: Takeaways From User Vijay Kumar

Conference & Analyst Day Page 5

Kirk Materne Outperform Healthcare Technology & Distribution

Replay - The 2027 Commercial PBM Selling Season: A

Walmart, Inc (WMT) Broker's View Page 10

Walmart Buys Vibe.co: Another Brick in the Connected-TV Elizabeth Anderson

Wall Page 5

Greg Melich Outperform IT Hardware & Networking

IT Hardware – Lateral Reads from MU May-qtr EPS Page 11

Upgrades / Downgrades Amit Daryanani

Prologis (PLD)

Suspending Coverage Page 6 Company Updates

Steve Sakwa Rating Suspended Casey's General Stores, Inc. (CASY)

Investor Day - Top Quartile EBITDA Growth, with Degrees

Price Target Changes of Freedom Page 11

Michael Montani OutperformGeneral Mills (GIS)

Anticipating declining EPS in FY27; Lowering target; In Line