Names We Like into the Prints; Plus 2Q Earnings Calendar

研报英文原文证据摘录

Names We Like into the Prints; Plus 2Q Earnings Calendar

USA | Large-Cap & Mid-Cap Banks EquityJulyResearch8, 2026

KEY STOCKS FEATURED INCLUDE:Names We Like into the Prints; Plus 2Q Earnings

TICKER RATING PRICE TARGETCalendar

BAC BUY $70.00

This is a follow-up to our 2Q bank preview published 6/24 titled "2Q Preview: PNC BUY $290.00

Staying Constructive as Banks Have More Room to Run" We highlight names ZION BUY $80.00

we like into the prints (PNC, BAC, ZION, USB, & VLY), key trends to watch for USB BUY $75.00

each company, conference call info, and EPS & PPNR forecasts vs. consensus. VLY BUY $17.00

We also add BAC to Jefferies Franchise Pick list and remove CFG.

Bank of America (BAC): We expect a positive 2Q with NII tracking toward the high end of

management's 6%-8% FY26 outlook, supported by fixed asset repricing, balance sheet growth,

and asset sensitivity. Fee revenue remains strong with global markets up 15%+ Y/Y, investment

banking fees on track for 28% growth, and wealth management momentum. Expenses remain well

controlled with operating leverage expected to exceed 400 bp, while credit quality and deposits

remain stable. Capital return remains attractive with a CET1 target of 10.5% vs 1Q at 11.2% and

net benefits from B3E and G-SIB reform. We view BAC favorably given its fixed asset repricing

opportunity, durable NII growth, positive operating leverage, and excess capital return potential.

PNC Financial (PNC): We expect a strong 2Q with loan growth tracking management's 11% FY26

outlook, supported by C&I, specialty lending, and expansion markets, while NII remains on track

for 14.5% growth driven by fixed asset repricing and NIM expansion. Fee income remains strong,

supported by advisory, capital markets, and asset management, while credit quality and deposits