US Research "Monthly Research Recap - June 2026" Parkhill

研报英文原文证据摘录

US Research "Monthly Research Recap - June 2026" Parkhill

a proven IgAN track record and outline a potentially accelerated

development path, including ongoing Phase II trials, interim proteinuria data

expected in 2027, and possible Phase III initiation ahead of full readout.

Valuation is based on risk-adjusted peak sales, supporting a $45 price target.

Key risks to the investment case include uncertainty around translation from

IgA reductions to clinically meaningful proteinuria outcomes, intensifying

competition from emerging APRIL/BAFF agents, regulatory variability despite

improving FDA flexibility, execution challenges tied to an accelerated timeline,

and potential safety or durability issues as development advances. (Full Report)

Industrials

Building Manufactures: Manufacturing a path towards affordable

housing; Initiate SKY & CVCO at Buy

Given an underbuilt U.S. housing market (~7M unit deficit) and improving

fundamentals, John Lovallo and team initiate coverage of SKY and CVCO with

Buy ratings, viewing both as leveraged to a cyclical recovery into 2026. They

forecast better housing conditions driven by stabilizing inventory, above-

average homebuying intent (36% vs. 30% historical), and modestly lower

mortgage rates YoY. They expect manufactured housing shipments to grow

~3% annually through 2028, supported by ~2% single-family starts growth

and incremental share gains given a ~$285K affordability advantage versus

site-built homes. SKY and CVCO are positioned to benefit via pricing, cost

controls, and expanding retail exposure despite near-term diesel cost pressures.

The team believes current valuations price in persistently depressed CFROI and

cyclical weakness, overlooking improving volumes and earnings leverage. Key