The SMID Point

Research evidence excerpt

The SMID Point

Roundup |

Thursday, 09 July 2026 09 Jul 2026 07:00:00 ET

ACCompany | Industry Citi North America Research

+1-212-816-5062

Company

Delek Logistics Partners LP (DKL.N) - 2Q26 Earnings Preview: Creating More

Separation

We estimate 2Q26 adj. EBITDA of $140mm, above the $134mm Street mean

(FactSet). We expect sequentially higher results, primarily driven by the absence of

Winter Storm Fern headwinds (~$10mm 1Q headwind). The April 1 Tyler refinery

tank sale to DK could be a minor offset, but largely immaterial, in our view.

Notably, this transaction was funded in units, resulting in the return of ~0.36mm

units from DK to DKL and representing another small step toward increased

separation between the two companies; DKL continues to point to >80% of cash

flows being generated from third-parties by YE26. Outside of earnings, we'll be

looking for updates around the sour gas gathering buildout tied to Libby 2. We

expect 2Q/3Q to be relatively heavy capex quarters as we continue to expect the

Libby facility to commission and ramp throughout 2H26.

Neutral | Target price US$52.00

Douglas Irwin

Prime Medicine (PRME.O) - Positive Arbitration Decision Clears Clinical and

Commercial Path Forward for PM647 in AATD

This morning, Prime announced a positive resolution to arbitration with Beam

Therapeutics. The arbitration tribunal declared that the PM647, a prime-editing

therapy for AATD, is within Prime's "field" as it relates to the 2019 collaboration

agreement between Prime and Beam. As a result, Prime does not owe any

monetary damages to Beam. The resolution clears an overhang for PRME that will

be viewed favorably by investors as the focus for the company shifts fully to the

clinical development of PM647 (IND/CTA filing guided for 3Q26) and PM577a in