J.P. Morgan U.S. FTM 22 Jun 26 Global Data Watch; VC; Digital Banking and More

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J.P. Morgan U.S. FTM 22 Jun 26 Global Data Watch; VC; Digital Banking and More

North America Equity Research

U.S. First to Market 22 June 2026

Top Stories

Global Data Watch (Bruce Kasman)

The fog of Warsh

• Hawkish Fed tilt increases risk of 2026 rate hikes

• Fed up, oil down generates CB cross-currents that tilt slightly dovish

• Global consumers are cooling but business sector is intact

• Next week: PMIs up in Europe; Banxico holds, NBH cuts

| Visteon Corporation (Rajat Gupta) (VC, OW, PT $165.00)

Visible Revenue Inflection Nearing; Move to OW from N, $165 Dec 2027 PT

Move to OW from N on VC shares and establish a Dec 2027 PT of $165. While select auto suppliers have re-rated on

optimism around exposure to non-auto verticals, particularly AI/DC related, we believe VC is uniquely positioned to drive

significant outgrowth within automotive and related verticals with less execution risk. A slate of new wins in recent years should

aid visible HSD GoM over the next 3-5 years, with the kicker from potential traction in the next-gen SmartCore HPC platform

and other adjacent industrial initiatives. We see this resulting in a path to ~$5 bn+ in revenue and ~$700 mn+ in EBITDA by

2029 or ~10/~15% revenue/EBITDA CAGR from 2026 levels. Key notable enablers include upcoming Toyota launches, Honda

2-wheelers, TRATON, China AI-HPC wins (and more) and India penetration. Importantly, we see higher visibility and limited

execution risk when compared to new products/new end-markets at peers, and the diverse nature of wins/exposure also

provides a hedge to growing structural risks for EU OEMs in China (recent BMW pre-announcement reinforced this) and in

export markets. Beyond medium-term targets, at the upcoming investor day on 6/25, we look for more clarity on the company’s