Tactical Ideas: 3Q 2026 Edition

研报英文原文证据摘录

Tactical Ideas: 3Q 2026 Edition

Equity Research

Industry Update — July 1, 2026

Research Product Marketing

8 High-Conviction & Catalyst-Driven Long Ideas for 3Q

Our Call Ticker Price Analyst Rating AEIS $372.87 Quatrochi OW

Our 3Q26 Tactical Ideas list features 8 stocks across 7 subsectors where our analysts see ARGX $927.77 Archila OW

significant 3Q26 catalysts that could drive meaningful upside. The Tactical Ideas list is CMI $712.99 Revich OW

updated every quarter.

KDP $32.73 Carey OW

MSCI $560.04 Haas OW

Latest Equity Strategy Commentary PANW $341.02 Turrin OW

We are bullish and expect a strong summer rally before midterm-led volatility in Sept. We PLNT $52.20 Bonadio OW

believe the recent volatility was at least partly driven by the qtr-end rebalance. Positioning URI $1,132.77 Revich OW

has reset (see Flows) and seasonality now turns positive, especially the 1H of July. We

expect another strong EPS season, also boosted by tariff refunds. Trump Accounts also Source:Factset.CompanyOW = Overweight,data and WellsEW =FargoEqualSecurities,Weight, UWLLC=estimates,Underweight,and

add $20B of price-insensitive inflows mostly in 3Q. Buy the dip in AI infra. (see full note NR = Not Rated

here)

Equity Research Department

Wells Fargo Securities, LLC

Overweight Tactical Ideas equityresearch1@wellsfargo.com

• Advanced Energy Industries, Inc. (AEIS): We view recent share underperformance

(+16% in 2Q26 vs. peers +93%; SOX +88%) as a buying opp'y and upgrade shares to

OW from EW. We expect AE to raise 2026 semi and data center growth expectations

when it reports 2Q26 EPS later this quarter. (jump to section)

• argenx SE (ARGX): We like the setup into Vyvgart's Ph3 readout in myositis, where

our updated stats work suggests a high probability of success for the IMNM subtype