4Q26 preview: Higher installed base supports mask revenue

Research evidence excerpt

4Q26 preview: Higher installed base supports mask revenue

FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators

of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of both a stock’s absolute total return

potential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocks

are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or

increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment

rating of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things,

the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a

stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price

appreciation (depreciation).

Investment rating Total return expectation (within 12-month period of date of initial Ratings dispersion guidelines for coverage clusterR2

rating)

Buy ≥ 10% ≤ 70%

Neutral ≥ 0% ≤ 30%

Underperform N/A ≥ 20%

R2Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.