SMid Portfolio Managers‘ Monthly: U.S. Equity Thematic Research

研报英文原文证据摘录

SMid Portfolio Managers‘ Monthly: U.S. Equity Thematic Research

J P M O R G A N North America Equity Research

06 July 2026

SMid Portfolio Managers' Monthly

U.S. Equity Thematic Research

Discover key market insights, highlighted stories, initiations, rating changes, our Head of North America Equity

Analyst Focus List and Catalyst Watch, all designed to guide your investment Research

decisions. Ken Goldman AC

(1-212) 622-0359

Visteon Corporation ken.goldman@jpmorgan.com

Head of North America Equity

Rajat Gupta; Visible Revenue Inflection Nearing; Move to OW from N, $165 Research Product Management

Dec 2027 PT (p 2) William Funke

Move to OW from N on VC shares and establish a Dec 2027 PT of $165. While (1-212) 622-2597

select auto suppliers have re-rated on optimism around exposure to non-auto william.c.funke@jpmorgan.com

verticals, particularly AI/DC related, we believe VC is uniquely positioned to drive J.P. Morgan Securities LLC

significant outgrowth within automotive and related verticals with less execution

risk.

Kratos

Seth M. Seifman, CFA; More Attractive Following Sell Off; Moving to

Overweight (p 3)

Growth remains the long-term focus in Defense and the outlook for Kratos on this

front remains compelling, with margin rate expanding as well.

Cytokinetics

Tessa T Romero; Remain Very Positive into 2H26 on HCM-Driven Upside

Potential (p 4)

At a high level, we remain very positive on CYTK driven by i) the ongoing

Myqorzo (aficamten) launch in obstructive HCM (oHCM), which has shown

strong early signals, on which we remain bullish, and ii) the potential expansion

opportunity in non-obstructive HCM (nHCM) supported by the positive topline

results from the phase 3 ACACIA-HCM trial which would represent a potential