The Point for North America

Research evidence excerpt

The Point for North America

Point |

Tuesday, 30 June 2026

Morning Call Highlights | Company | Banking Previews | Industry | Economics & Strategy | Key Rating

and Target Price Changes

Morning Call Highlights Must Read

US Banks - 2Q Earnings Preview, Rating Changes (BKU, TCBI, TFC), and Our North America Road Ahead 2026 -

Preferred Banks ST and LT Navigating a Multi-Lane Highway

The key debate over the last 3 months has been - “What is more important: NIM or

NII?” While most investors would agree that NII drives EPS while NIM is just an

output on an income statement, the spirit of the quarter digs into a deeper focus of

how banks manage their deposit franchises as growth continues to prove stronger

than expected. While we view NII as being the key driver to not only EPS growth

but also the valuation multiple, leveraging the balance sheet (and weighing on

NIM) is unlikely to be rewarded near-term as incremental NIMs weigh on back-

book profitability. We believe the best-positioned banks check the boxes of

commercially focused (both loans and deposits), healthy capital bases, and limited

credit concerns.

Benjamin Gerlinger

Recent estimate changes for Large Cap and Recent estimate changes for SMID and

Regional Banks - Citi vs Cons Regional Banks - Citi vs Cons

Enphase Energy (ENPH.O) - Takeaways from Investor Call with ENPH

We hosted a call with Zach Freedman, Senior Director and Head of IR. The U.S.

market remains largely soft near-term (~30% Y/Y decline in 2026) with 1Q as the

trough for sell through. In Europe, solar sales appear to be cooling off post the Iran

conflict, but storage sales in Netherlands and France continue to be strong. On

SST, ENPH continues to build out its offering targeting data center and utility