Morning Call - Jul 2 2026

Research evidence excerpt

Morning Call - Jul 2 2026

TD Cowen Morning Call

Research July 2, 2026

Additional Research

Financials

Apollo Global Management

Another Weak Quarterly Alts Return Update; Miss To Us/Street Estimates

BUY (1) THE TD COWEN INSIGHT

Symbol NYSE: APO

Post 7/1 market close, APO reported preliminary 2Q26 alternative net investment income

Price Target $146.00

of ~$350M, or ~9% return, rounded, lagging typical 11% quarterly guide, and a recurring

Price (07/1/2026) $118.44 headline issue. The update is a miss vs. our $402M-E though a lesser shortfall to the

Market Cap (MM) $68.3B Street's $369M-E; we pencil to ~$0.02 dilution vs. Street's ~$2.22 in ANI. Expect stock to

trade mixed on 7/2.

Bill Katz

212 468 7802

bill.katz@tdsecurities.com Link to Full Note

Energy

Baker Hughes

2Q Preview - Base BKR Business On Track, Uncertainty on GTLS

Symbol NASDAQ: BKR

Our sense is BKR's base OFSE and IET businesses remain largely on track. IET orders

Price Target $77.00 (Prior $75.00)

are likely down from a strong 1Q, but still pacing in line or above the annual guidance

Price (07/1/2026) $53.82 midpoint. Recent weak results from GTLS remain in focus, and while widely appreciated,

Market Cap (MM) $53.6B the overhang may persist until combined guidance is provided, which we expect in early

September.

Marc Bianchi, CFA

646 562 1393

marc.bianchi@tdsecurities.com Link to Full Note

Sustainability and Disruptive Technology

Chart Industries

Model Update

HOLD (2) THE TD COWEN INSIGHT

Symbol NYSE: GTLS

We're updating our GTLS model to reflect the 1Q26 report and 10Q. These updated

Price Target $210.00

estimates are now also incorporated into our BKR model which was concurrently published

Price (07/1/2026) $208.68 (HERE). Our GTLS price target remains $210, consistent with BKR’s acquisition price.