U.S. SMID FIRST TO MARKET

Research evidence excerpt

U.S. SMID FIRST TO MARKET

North America Equity Research

U.S. SMID First to Market 21 July 2026

Top Stories

Live Entertainment (David Karnovsky, CFA)

Funflation Endures: Q2 Previews for LYV, FWONK, TKO, SPHR, MSGS, MSGE

Ahead of calendar Q2 earnings, we’re updating forecasts and establishing Dec 2027 price targets for LYV, FWONK, TKO,

SPHR, MSGS, and MSGE. Overall, we remain bullish on the live entertainment sub-sector, seeing secular demand trends for

concerts and sporting events as intact with room for growth through volume and premiumization. Within sports, we also view

Netflix’s recent earnings commentary on the value of live events and their outsize benefit to engagement and acquisition as

indicative to long-term media demand amid a changing ecosystem.

Telecom Services, Cable & Satellite 2Q26 Preview Webinar (Sebastiano C Petti)

How could Starlink enter the U.S. wireless market?

Scenario 1 (our base case): Build a standalone terrestrial network

Without an MVNO, SpaceX builds its own U.S. network.

2Q26 U.S. Wireless and Broadband Preview (Sebastiano C Petti)

Expect Postpaid Phone Adds to Slow to 1.99m; EBITDA Upside and a Healthy Pricing Backdrop for

the Big-3

Ahead of 2Q26 earnings season, we preview our subscriber and financial expectations for the U.S. wireless, broadband, and

video industries. In wireless, we estimate postpaid phone net adds of 1.99m in 2Q26 , comprising 1.13m MNO adds and 863k

MVNO gains. In total, we estimate 2Q phone net adds (postpaid + prepaid) of 2.07m. For broadband, we estimate residential

net adds of 612k in 2Q26, driven by higher telco fiber adds (footprint expansion plus converged bundles), a steady FWA

contribution, and scaling satellite growth, with the latter two likely contributing to TAM expansion amid new use cases.