Business/Info Services 2Q26 Earnings Preview - From Parking the Bus to Attacking the AI Oppty

研报英文原文证据摘录

Business/Info Services 2Q26 Earnings Preview - From Parking the Bus to Attacking the AI Oppty

Business and Information Services

Business and Information Services - Market Weight

Credit Bureaus - Market Overweight

Business/Info Services 2Q26 Earnings Preview - From July 15, 2026

Parking the Bus to Attacking the AI Oppty

Most Bullish on Capital Markets Names: MSCI/SPGI Top Picks, Also Constructive

MCO

The Wolfe Byte

In this 85-page slide deck, we update our views on the Business and Information Services space heading into C2Q26

earnings season. Top picks include MSCI and SPGI (also constructive on MCO). Most differentiated on estimates

for MCO and FICO (+) and BR (-).

●Signs of Sentiment Shift, but Market Rotation Likely Playing a Role: Stocks in our coverage universe have shown

signs of life in recent weeks, with the Wolfe Business and Information Services Index +4% MTD, vs. the S&P +1%

and the S&P equal-weight flat. Part of this can likely be attributed to capital rotation out of AI-levered names

like semiconductors (SOXX -11% MTD); however, we believe investors are becoming less fearful of potential

negative impacts from AI on our coverage. FDS's F3Q26 earnings print from earlier this month showed early signs

of AI monetization benefits, and we believe we could see more from peers during the on calendar reporting cycle.

Macro uncertainty prevailed during 2Q; however, underlying fundamentals such as debt issuance, equity market

performance, and lending volumes are stable to improving, suggesting numbers across the space should likely

be fine throughout the upcoming earnings season.

●Top Picks and Tactical Calls: Our top picks heading into C2Q26 earnings season are MSCI and SPGI. For MSCI,