J.P. Morgan U.S. SMid FTM 10 Jul 26 Top Short Ideas; Semiconductors/Semi Cap Equipment; Transportation & Logistics; Transportation & Logistics; ASH; Traditional Asset Managers and More

研报英文原文证据摘录

J.P. Morgan U.S. SMid FTM 10 Jul 26 Top Short Ideas; Semiconductors/Semi Cap Equipment; Transportation & Logistics; Transportation & Logistics; ASH; Traditional Asset Managers and More

North America Equity Research

U.S. SMID First to Market 10 July 2026

Top Stories

Top Short Ideas (Ken Goldman)

U.S. Equity Thematic Research

We surveyed our top-ranked U.S. equity research analysts to identify their most compelling structural and tactical short ideas

as we enter 3Q26. Presented below is a comprehensive list of their high-conviction selections, exclusive to this proprietary

report. Explore the rationale behind each.

Semiconductors/Semi Cap Equipment (Harlan Sur)

2Q26 Preview: 15% Pullback in Stocks Sets the Stage for 2H Outperformance as Upcoming Positive

Earnings Revision Cycle to Continue on AI-Led Momentum and Broad Cyclical Recovery

We head into 2Q26 earnings season expecting companies to deliver better 2Q results while providing constructive commentary

on the outlook for 3Q, alongside better outlooks for CY27, extending the positive earnings-revision cadence of the past several

quarters (ex-memory, out-year EPS estimates over the past two earnings seasons have been revised higher by 20-40% for

semis/semicaps), and we anticipate this trend to continue — which in turn we think supports continued semis outperformance

through CY26, especially after the recent 13-15% pullback in the group.

Transportation & Logistics (Brian P. Ossenbeck, CFA)

2Q26 Preview: Bumps in the Road Ahead, No Clear Signs of a Cycle Peak Yet

Although we are decidedly less optimistic ahead of this earnings season than we were in 1Q26 (recap here), the current setup

looks more like a near-term plateau heading into a seasonally softer part of summer than a clear cycle peak. Our Summer