Citi‘s Most Read - North America

Research evidence excerpt

Citi‘s Most Read - North America

has traded roughly flat but with outperformance by Health Care, Financials,

Utilities, Industrials and Energy while the

Scott T Chronert

Micron Technology Inc (MU.O) - Adding Upside 90-Day Catalyst Watch

We expect DRAM memory prices to continue to see upside (Citi revised

2Q/3Q/4Q26E ASP growth to be +44%/+20%/+13% QoQ vs prior

+37%/+13%/+11% QoQ) on stronger AI CPU demand. As such, we see upside

potential to Micron non-contracted ~60% of sales. Citi Aug-Q sales/EPS are

above Street.

Buy | Target price US$1400.00

Atif Malik

NVIDIA Corp (NVDA.O) - What Are Investors Asking?

We recently spoke with NVIDIA's investor relations team to synthesize the answers

to key investor topics. We maintain NVDA as our top buy-rated mega-cap data

center semis pick on strong access to DRAM memory amidst constrained industry

supply (see note).

Buy | Target price US$300.00

US Machinery - Digging Into a Better Construction Outlook

Deep Dive

We have updated our proprietary construction starts-to-spending model ahead of

2Q26 earnings, based on May’26 starts and CPIP data. While we anticipate total

non-residential construction spending (buildings + non-buildings) to be flattish in

2026, we see building blocks for an acceleration in 2027 and sustained growth in

2028. This is supported by combined non-res buildings + non-buildings starts

that are up ~20% over the trailing-twelve-months (as of May’26), and up by a

similar amount YTD. We think this bodes well for our construction & access

equipment OEMs and rental names under coverage. URI stands out within our

rental coverage as we think the company can comfortably grow rental revenue by

HSD %’s in 2026-2028, helped by its outsized exposure to mega projects – we