Large Cap Banks | North America Key Metrics Pre-2Q26 Earnings

Research evidence excerpt

Large Cap Banks | North America Key Metrics Pre-2Q26 Earnings

UpdatebuyMrecommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.

Other Material Investment Services

Coverage Universe Investment Banking Clients (IBC)

Clients (MISC)

Stock Rating % of Rating % of Total Other

Count % of Total Count % of Total IBC Count

Category Category MISC

Overweight/Buy 1544 42% 453 49% 29% 757 44%

Equal-weight/Hold 1577 43% 390 42% 25% 769 44%

Not-Rated/Hold 3 0% 1 0% 33% 1 0%

Underweight/Sell 544 15% 89 10% 16% 204 12%

Total 3,668 933 1731

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the

last 12 months. Due to rounding off of decimals, the percentages provided in the "% of total" column may not add up to exactly 100 percent.

Analyst Stock Ratings

Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next

12-18 months.

Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over

the next 12-18 months.

Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage

universe, on a risk-adjusted basis, over the next 12-18 months.

Underweight (U).