J.P. Morgan U.S. FTM 30 Jul 26: META; SBUX and More. Thu Jul 30 2026

研报英文原文证据摘录

J.P. Morgan U.S. FTM 30 Jul 26: META; SBUX and More. Thu Jul 30 2026

North America Equity Research

U.S. First to Market 30 July 2026

Top Stories

Meta Platforms Inc (Doug Anmuth) (META, N, PT $640.00)

Continued Ad Strength, But Limited Visibility Into Newer Forms of AI Monetization; Raising 2027

Capex Meaningfully, With More Optionality in 2028; Remain Neutral; $640 PT

Meta shares traded down ~7.5% post-close as visibility into monetizing AI spend beyond advertising remains limited.

2Q revenue growth (+27% FXN) & the 3Q guide (+20%-26% FXN)—while still strong—came in slightly below expectations, but

the focus coming out of earnings likely remains on Meta’s ability to prove out returns on heavy AI capex beyond advertising.

Starbucks (John Ivankoe) (SBUX, OW)

Sales Momentum Continues as Cost Investments Nearly Lapped. Focused on Aug 25 HQ visit

Starbucks delivered yet another quarter of solid performance with headline global F3Q26 SSS of +7.1% that included +8.1%

North America, vs our 6%, underpinned by 4.5% growth in same-store traffic and 3.5% in ticket/check. We continue to believe

one simple observationally based theme for the SBUX turnaround - whenever there are significant investments in store labor

hours and experience-oriented capex made in company operated systems matched with robust product platform extensions,

we have never seen the turnaround not work.

Mentions

Lam Research (Harlan Sur) (LRCX, OW)

Beat-and-Raise on NAND Reacceleration and Continued Momentum on Leading-Edge F/L and

DRAM; CY26 WFE Raised to $150B+ with Strong CY27 Setup; LT GMs Move to Mid-50% Range; Reit

OW

Arm Holdings Plc (Harlan Sur) (ARM, OW, PT $255.00)

Multi-Year Framework Firms Up as ARM Cements Position as AI-Era Compute Platform; AGI CPU