U.S. FIRST TO MARKET

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U.S. FIRST TO MARKET

North America Equity Research

U.S. First to Market 15 July 2026

Top Stories

AFL | Gaming (Daniel Politzer, CFA/Samuel Nielsen)

Thoughts Heading into 2Q26 Earnings

Heading into 2Q26 earnings, we see a decent setup for Regionals, appropriately low expectations for Macau, and improving

Las Vegas Strip trends that may be less relevant for MGM/CZR given the stocks are now mostly event-driven. Among sports-

centric Digital stocks, we are prepared for noisy results reflecting handle/hold dynamics, World Cup, and prediction markets.

Init | Tango Therapeutics (Brian Cheng) (TNGX, OW, PT $46.00)

It Takes Two to Make a Revolution: Initiate at OW

We initiate coverage on TNGX with an OW rating and a Dec-2026 price target of $46. Following its monotherapy PoC last

year with lead PRMT5i vopimetostat, Tango is leading the way in PDAC and potentially NSCLC through its combo trials with

RAS inhibitors daraxonrasib and zoldonrasib. The first look at the combo data earlier this year with RVMD’s dara showed

impressive response previously unheard of in the 2L+ PDAC setting with a 92% ORR and 6-month PFS rate of 90% in a setting

where, until recently, median OS was ~6 months and ORR of 10%-15%.

Mentions

Bank of America (Vivek Juneja) (BAC, OW, PT $62.50)

2Q Review: Strong Trading/IB but Tepid NII Growth; NII FY26 Outlook Unchanged, Operating

Leverage Better

Citigroup Inc. (Vivek Juneja) (C, OW, PT $149.00)

2Q Led By Services, IB Trading; Strong Mkts-Related Revenue Outlook In 2H But Higher Expenses

Wells Fargo (Vivek Juneja) (WFC, N, PT $93.50)

2Q Led By Tdg, IB, Eq Gains; NIM, NII Tepid, Slower Loan Growth; NIM Further Down In 3Q

Royal Caribbean Cruises (Matthew R. Boss, CPA) (RCL, OW, PT $345.00)