Eu Sporting Goods (ONON +ive Catalyst Watch, ADS OW), DLTR Buyback, AEO CFO Transition, STZ Takes, Gaming Digital Digest: US Consumer Sector Specialist Commentary

研报英文原文证据摘录

Eu Sporting Goods (ONON +ive Catalyst Watch, ADS OW), DLTR Buyback, AEO CFO Transition, STZ Takes, Gaming Digital Digest: US Consumer Sector Specialist Commentary

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 02 July 2026

Eu Sporting Goods (ONON +ive Catalyst Watch, ADS OW), DLTR

Buyback, AEO CFO Transition, STZ Takes, Gaming Digital Digest

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

• DLTR announces $2.5bn share repurchase authorization. Matt Boss (OW/Analyst Focus List) also hosted a HQ visit

and store tour with investors yday in Virginia and this has felt like a name where sentiment is improving recently

following being more negative earlier in the year.

• AEO announces CFO transition and reiterates Q2/FY guidance - incoming CFO Ravi Thanawala joins from Papa

John's.

• EU SPORTING GOODS – Wendy Liu reinstates coverage of EU Sporting Goods - ONON OW and on Positive

Catalyst Watch, ADS OW, JD Neutral, Puma Neutral. The slower comeback at NKE extends the window for mkt

share winners to keep winning and the asymmetry of r/r at ONON/ADS is more attractive today folllowing the selloff.

• STZ - Drew Levine reduces PT to $165 and remains Neutralwith trends improving but the debate being how good is

good enough (sustainability of improvement vs non-recurring) - on the desk our sense is near-term positioning played a

role in the stock -2%

• Gaming Digital Digest from Dan Politzer - while handle decelerated in May June is tracking much better due to World

cup and with the stronger June we think Q2 street handle growth for DKNG (+6% YoY) and Fanduel (-1% YoY) are

both within reach

DETAILED COMMENTARY