Morning Meeting Notes

研报英文原文证据摘录

Morning Meeting Notes

Amgen Inc. | UNDERPERFORM | AMGN US | Mkt Cap:USD196,125mn |

Tazeen Ahmad

2Q26 Earnings Preview

• We update our AMGN estimates ahead of the 2Q26 results on August 4th

• We cite focus on any changes to commercial guidance, insight on dynamics for

new launches and updates to pipeline timelines

• We reiterate our Underperform with $312 PO as we look for upside via

commercial outperformance and pipeline de-risking

Fortune Brands Inc | UNDERPERFORM | FBIN US | Mkt Cap:USD6,505mn |

Rafe Jadrosich

Weekly punch list: CSL bid for OC, FBIN CEO change, and appliance expert

call

• OC: Raise PO on better roofing price outlook. Focus on fundamentals/ attractive

valuation amidst CSL bid speculation.

• FBIN: new CEO Jesse Singh has strong track record, but turnarounds take time and

FBIN still has near-term headwinds.

• Appliance expert: demand improved in 2Q vs. easier comps, but price-mix still

appears negative ( price offset by - mix).

LabCorp | BUY | LH US | Mkt Cap:USD22,698mn | Michael Ryskin

2Q Dx Preview: GH upside, DGX/LH stability

• We consider GH best positioned in Specialty Dx group and expect strong 2Q print.

• We don't expect surprises from Labs (DGX and LH) despite noises around

utilization.

• Multiples have expanded across the group; Raise POs for NEO / LH, but lower for

CAI.

NXP Semiconductors | NEUTRAL | NXPI US | Mkt Cap:USD83,945mn | Vivek

Arya

Q2 Analog Semi Preview: normalization turning into recovery enhanced by

AI

• Cyclical demand recovery tailwinds augment secular AI/A&D drivers to deliver a

favorable setup for Q2/Q3 estimate beats

• Price hikes, rising utilization, and improving mix all support faster GM recoveries.

Disciplined opex helps EPS leverage

• Resilient to broader sector volatility and normal valuations. Top picks ADI, TXN,