Morning Summary - May 14 2026

研报英文原文证据摘录

Morning Summary - May 14 2026

MORNING SUMMARY

May 14, 2026

Media, Internet & Communications Daily: MIC Ride Home: Netflix Secures Three Add'l NFL Games - Our Analysis of League's

Fan-Friendly Media Strategy; Netflix Expands Ad-Tier, Touts 250M MAV; Waymo Expands Footprint

Global Biopharmaceuticals: Daily GLP-1 Tracker: Oral Wegovy and Foundayo IQVIA Rx Tracker Up to Monday, May 11

Healthcare Providers & Services: CNC Follow-Up, CI Reaffirms, UHS Thoughts - Wed 5/13 HeartBeats

Media, Internet & Communications Daily: Daily MIC: Netflix Nears Deal to Air NFL Honors; Upfront Updates: YouTube Eyes

Social Budgets, OpenAI Expands AdTech Partnerships, Disney Hypes Super Bowl, WBD Talks Programmatic

RATING CHANGES

DYNATRACE, INC. Neutral

DT F4Q26 Recap - Not Enough; Downgrading to Neutral

Howard Ma

512 354 3458, Howard.Ma@guggenheimpartners.com DT $39.21 PriceNA Target

CLICK HERE TO ACCESS THIS REPORT Current Q Next Q Current FY Next FY

Published on May 13, 2026 $548 $569 $2,324 $2,668

Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

$11,694 Rev($)M 4.2x 3.7x

Key Message: We’re downgrading DT shares and removing our $60 PT following a lackluster finish to the year despite an impressive FY27 ARR guide.

When we upgraded DT shares to Buy in July 2025 (DT down 32% since vs. IGV -20%), we expected an acceleration story starting in F2H26 driven by DPS

early renewals/expansions driving convergence between ARR/revenue and 20%+ consumption growth, per management. That didn’t pan out. F4Q26 CC

NNARR growth of 9% fell short of the guidance high end, and FY26 CC NNARR ultimately grew 12%, which was much better than the average -3% in the

prior three years. But it’s not enough. FY27 ARR guidance of 16% at the midpoint implies NNARR accelerates to 20%, which we don’t doubt will happen