Citi‘s Most Read - North America

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Citi‘s Most Read - North America

earnings powers. Incrementally, we are bullish on NAND equipment demand as a

widening gap between required DRAM and available supply helps adoption of

complementary solutions such as KV cache off-loading.

Atif Malik

North America Trucking - What’s priced in? LTL edition – Fundamentals support

rising earnings, but stock upside looks challenging; Downgrade

Following our “What’s priced in? Truckload” note last month, we now examine

upside scenarios for LTLs given their similarly strong start to 2026. Based on this

analysis, we move ODFL to Sell. We also downgrade SAIA, KNX and CHRW to

Neutral, as it becomes increasingly difficult to identify meaningful upside on

fundamentals. With many trucking stocks near all-time highs, we believe elevated

optimism appears reflected in valuations. Bulls have argued that truckers are well-

positioned to deliver strong earnings upside in 2Q26, and while we generally agree

(note Citi estimates are above sell-side consensus on many names), we also

believe this view is well-understood and widely shared across the buy-side (per

our investor discussion), implying a high-bar for stocks to outperform relative to

lofty expectations. We also believe investors may be under-appreciating medium-

term risks, including industry-wide capacity growth, PE multiple contraction, and

increased competition on improving margins.

Ariel Rosa | Ben Mohr | Adrian Baran

US Equity Market Outlook (Post #47) - Iran Conflict Unwind And The

Broadening Set Up

Markets are clearly encouraged that the current Iran negotiations will have a good

chance of success. This is most evident in the price of WTI Crude, which has

broken to its lowest levels since the early days of the conflict (Figure 1). To be fair,