Morning Meeting Notes: QuickNotes

研报英文原文证据摘录

Morning Meeting Notes: QuickNotes

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Morning Meeting Notes

QuickNotes

Morning Call

US EQUITIES RESEARCH 14 May 2026

PO Raised Equity United States

Cisco Systems | BUY | CSCO US | Mkt Cap:USD432,133mn | Tal Liani Investor Support

Networking cycle is strengthening, now expanding from Cloud to non-Cloud BofAS

• 3Q revenue grew 12% supported by Networking up 25%; 4Q revenue growth

guidance of 14.5% is double Street's 7.8% expectations Today’s Events: Economic Indicators

1. 8:00 Fed’s Miran Appears on BBG TV• Product order growth ex-AI accelerated to 19%, with half of the improvement from

pricing and the rest from Enterprise demand 2. 8:30 Import Price Index MoM

3. 8:30 Import Price Index ex Petroleum

• Cisco's EV/FCF multiple expanded to 23x, above historical levels, and flag the risk; yet, MoM

we view the AI cycle as durable 4. 8:30 Initial Jobless Claims

5. 8:30 Retail Sales Advance MoM

Concentra | BUY | CON US | Mkt Cap:USD3,310mn | Joanna Gajuk 6. 8:30 Retail Sales Ex Auto MoM

BofA Conference Takes: Attractive growth, unique payor mix 7. 8:30 Retail Sales Ex Auto and Gas

8. 8:30 Retail Sales Control Group

• Growing faster than end market, continued history of beats.

9. 10:00 Business Inventories

• Confident in mid to high single-digit revenue growth. 10. 10:15 Fed’s Schmid Speaks on Payment

Innovation

• Scale and investments continue to drive market share gains. 11. 13:00 Fed's Hammack Gives Opening

RemarksCopa | BUY | CPA US | Mkt Cap:USD3,471mn | Rogerio Araujo

12. 17:45 Fed’s Williams in Moderated

Strong results ahead of fuel headwinds; pass-through expected through Discussion

2026 13. 19:00 Fed's Barr Speaks at Money

Marketeers• 1Q26 beat on higher yields and jet fuel price lag. EBIT margin was 24.6%, above the