U.S. SMID FIRST TO MARKET

研报英文原文证据摘录

North America Equity Research

U.S. SMID First to Market

05 August 2026

Mentions

Mattel (Christopher Horvers, CFA) (MAT, UW, PT $13.00)

Visibility to Accelerating Profits Remains Low; Maintain Underweight Rating

PM’s take: potential for better backhalf but Barbie remains the big overhang. Overall, extrapolating 1H sales results for

the likes of MAT is premature, at best, with it typically representing ~one-third of annual revenues and a small fraction of

earnings. That said, sales are up ~6% in constant currency YTD with 2Q essentially in-line with our forecast. Holding the

typical seasonal ratio would appear MAT is poised to beat.

OPENLANE Inc (Rajat Gupta) (OPLN, OW, PT $45.00)

Another Solid Q + Guide; See Continued Room For Revisions as D2D Penetration Hits a Tipping

Point, Ongoing Commercial Recovery, Platform Synergies and High ROIC GTM Investments

We maintain our OW rating on OPLN shares with a $45 PT, as execution remains best-in-class, with continued strong share

gains in US D2D (>30% y/y unit growth) and US commercial (>50% y/y unit growth, ~30% ex-new customer), and continued

operating leverage.

ACADIA Pharmaceuticals (Tessa T Romero) (ACAD, OW)

It’s a Beautiful Day for Daybue with 2Q26 Beat; FY26 Total Rev Guidance Raised to $1.24B-$1.30B

We are highly pleased by Acadia's strong commercial performance in 2Q26 with GAAP total revenues of $308.0M (~+16% YoY

on a GAAP basis), beating JPMe/company-compiled consensus of ~$294M/~$295M. The quarter was marked by strong

commercial execution with a nice Daybue 2Q26 revenue beat, driven by robust Daybue STIX adoption which has been

exceeding expectations.

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