Expect positive earnings revisions post C2Q26: Own CGNX, FPS, ITT, NVT, PH, HVAC

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Expect positive earnings revisions post C2Q26: Own CGNX, FPS, ITT, NVT, PH, HVAC

Equity Research

10 July 2026 | 5:01AM EDT

AMERICAS MULTI-INDUSTRY

Expect positive earnings revisions post C2Q26: Own CGNX, FPS, ITT,

NVT, PH, HVAC

Expect positive earnings revisions post C2Q26: Own CGNX, FPS, ITT, NVT, PH, Joe Ritchie

+1(212)357-8914 |

HVAC. Our Multis coverage was +10% in C2Q, underperforming the broader market joseph.ritchie@gs.com

Goldman Sachs & Co. LLC

(S&P: +15%) though dispersion was very high (FPS: +91%, VNT/ROP: -18%/-4%).

Aanvi PatodiaSince the start of July though, Mulits have pulled back providing a better entry point +1(332)245-7804 |

for some of our favorite stocks. In the AI/DC complex, our top picks heading into aanvi.patodia@gs.comGoldman Sachs India SPL

earnings are FPS and NVT, where we expect the growth outlook to be revised Ken Chen

upward. From an idiosyncratic perspective, CGNX and ITT remain our top ideas and +1(617)204-2203Goldman Sachs & Co.| ken.chen@gs.comLLC

we believe ITT is particularly compelling here given the underperformance Luke McCollester, CFA

intra-quarter and our view that CCT growth and SPX Flow synergies will likely +1(617)204-2141 | luke.mccollester@gs.com

surprise to the upside. PH will provide its initial FY27 guide, which we expect to be Goldman Sachs & Co. LLC

higher than consensus. Lastly, we are constructive on all of the HVAC OEMs into Devashish Sharma

+1(332)245-7787 |

results. CARR is our preferred Resi HVAC stock heading into earnings, while we came devashish.x.sharma@gs.com

Goldman Sachs India SPL

away from JCI‘s Gemba Day with renewed vigor on the long-term story. On the flip

Jatin Khanna

side, given the political uncertainty, high interest rates and labor shortages, we +1(212)934-2034 |