U.S. First to Market

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U.S. First to Market

North America Equity Research

U.S. First to Market 01 July 2026

Top Stories

U.S. Mid- and Small-Cap Banks 2Q26 Earnings Preview (Anthony Elian, CFA)

With Headwinds Including Deposit Cost Competition Still At Play for Regional Banks, We Remain

Cautious

Heading into 2Q26 earnings season for regional banks, we expect fundamental trends for the quarter to be highlighted by (1)

loan and deposit growth each in the mid-single digit annualized range, (2) NIMs to increase a couple bps q/q on average, and

(3) credit trends remaining stable overall. Although regional banks have significantly outperformed the broader markets over

the past month, with the KRX +8.2% vs.

Init | Allegiant Travel Company (James M Kirby) (ALGT, OW, PT $156.00)

Here Comes the Sun (Country), Opportune Time to Buy Leader of New-Look LCCs

We are initiating coverage of Allegiant Travel Company with an Overweight rating and a Dec 2027 price target of $156. The

demise of the Ultra-Low-Cost Carrier model has been widely reported given their paucity of premium, international, and loyalty,

which has driven a sustainable advantage for Legacy carriers. Spirit’s cessation of operations in early May (accelerated, though

not caused, in our view, by fuel), preceded by its second bankruptcy filing in a 12-month span, is the most notable proof point.

Mentions

Analyst Focus List (Ken Goldman)

U.S. Equity Thematic Research

PepsiCo (Andrea Teixeira, CFA) (PEP, OW, PT $170.00)

2Q26 Preview: Pullback Provides Opportunity on Delayed, Not Derailed, Recovery

NIKE, Inc. (Matthew R. Boss, CPA) (NKE, N, PT $47.00)

4Q Exit Rate Moderation = 1H27 Top-Line Cut; Mgmt Follow-Up Takes; Neutral

Medical Devices (Robbie Marcus, CFA)