Canadian Research Monitor: Research Highlights: Week of July 13 - July 17

Research evidence excerpt

Canadian Research Monitor: Research Highlights: Week of July 13 - July 17

J P M O R G A N North America Equity Research

20 July 2026

Canadian Research Monitor

Research Highlights: Week of July 13 - July 17

Discover key market insights, highlighted stories, initiations, rating changes, our

Analyst Focus List and Catalyst Watch, all designed to guide your investment

decisions.

US Retailing & Leisure

Matt’s Macro Monitor: June Consumer Spending - Key Takes - Matthew R. Head of North America Equity

Boss, CPA, 13-July-2026 Research

We are providing an update to our monthly macro monitor notably on consumer Ken Goldman AC

spending trends in June leveraging our Chase Credit/Debit Card data, recent (1-212) 622-0359

fieldwork, and management access across both our Retailing and Leisure sectors. ken.goldman@jpmorgan.com

Head of North America Equity

Research Product Management

Hardware & Networking

William Funke

C2Q26 Preview: Fundamentals Progress Even as Valuations Retreat; Favor (1-212) 622-2597

Optical, EMS & Hardware; Place GLW on -VE Catalyst Watch - Joseph william.c.funke@jpmorgan.com

Cardoso, 16-July-2026 J.P. Morgan Securities LLC

Heading into C2Q26 earnings season, valuation once again stands out as the largest

incremental change across our Hardware & Networking coverage relative to the

prior quarter; though, this time the shift has largely been to the downside, unlike

in previous quarters.

Etsy

Raising Estimates Above Guidance into 2Q Earnings; Focus on Social

Commerce Initiatives, GMS Growth, & Frequency; Neutral w/$85 PT - Bryan

M. Smilek, 15-July-2026

We’re raising our 2Q & 2026 GMS estimates above mgmt’s guidance into

upcoming 2Q26 earnings. ETSY shares are +50% YTD (vs. SPX +10%) and are

+31% since 1Q earnings (vs. SPX +6%), driven by Etsy Marketplace GMS growth