FirstLook

Research evidence excerpt

FirstLook

July 07, 2026

First Look

Software Evercore ISI Focus

Guilty Until Proven Durable: AI Casts A Long (Security)

Electrical Equipment & Multi-Industry Shadow Page 8

Jun'26Q Preview: more of the same Page 3 Kirk Materne

Alexander Virgo

Surface Transportation

Global Automotive The Rail Review: Those 250th Birthday Locomotives Sure

(Literally) Exiting “The Strait of Q1 Blues” – can we Climb Pull a Lot of Volumes Page 9

Cyclical Wall of Worry + Keep AI Momentum Page 3 Jonathan Chappell

Chris McNally

Airlines

Global Insurance - P&C Eye on Supply - Airline Schedule Changes Page 9

Insurance Brokers: EISI Surveys Point to Faster US Duane Pfennigwerth

Nominal GDP Growth, an Offset to Softer Pricing Page 4

David Motemaden Company Updates

Franklin Resources, Inc. (BEN)Economics

Clean Positive Flow Sheet in F3Q With Some Fireworks atLOOKING BENEATH THE JUNE DECLINE IN LABOR

the End Page 10FORCE PARTICIPATION Page 4

Glenn Schorr UnderperformGang Lyu

Vertex Pharmaceuticals Inc (VRTX)

Price Target Changes

CRNX Acquisition a Surprise but Plays into VRTX's

Retail Broadlines & Hardlines Wheelhouse; Webinar Tues @ 11am ET Page 10

Comps Sheet Page 5 Cory Kasimov Outperform

Greg Melich

Guardant Health, Inc. (GH)

Unum Group (UNM) Reports suggest USPSTF activities expected to resume

Page 11Near-Term Underwhelming – But Still a Positive for Tail

Risk Reduction Embedded in Valuation Page 5 Daniel Markowitz Outperform

Thomas Gallagher Outperform

Estimate Changes

Retail AB Inbev (BUD)

Q2 Retail Preview: After A Solid 1H, What's Needed For Consensus looks reasonable; Easy comp in Brazil could

Retail To Outperform in 2H? Page 6 drive upside Page 11

Michael Griffin Robert Ottenstein Outperform

Industry Updates ConocoPhillips (COP)