JULY DEALER SURVEY: Leaner Channel Sets Up for Pipe Fill Into 2H

Research evidence excerpt

JULY DEALER SURVEY: Leaner Channel Sets Up for Pipe Fill Into 2H

ons or views expressed

in this research report.

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 20, 2026 17:06 P.M.

Recommendation Distributed July 21, 2026 0:00 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-