GS Early Morning Research Recap Ratings and Target Price Changes August 13, 2026 as of 5 30 AM ET

Equity Research 13 August 2026 | 5:55AM EDT

GS EARLY MORNING RESEARCH RECAP

Ratings and Target Price Changes - August 13, 2026 as of 5:30 AM ET

The Calls Around the World to Focus on Today Global Investment Research

Macro/Global n US Daily, Mericle: PCE Inflation and the Stock Market: The Old Methodology Goes Out with a Bang n Index Strategy, So: MSCI Global Investable Market Indexes Index Review and Flow Implications (August 2026)

Americas n Alphabet Inc. (GOOGL, Buy), Sheridan: Made by Google 2026: Scaling Gemini Intelligence Across a Resilient Hardware Ecosystem n Vail Resorts (MTN, Sell), Dove: Transformation journey to take time as structural headwinds persist and growth levers mature; Initiate at Sell

Europe n European OEMs in China, Frenes: Market Share Jul-26: International brands fell below 30%, yet German premium brands slightly gained share on ICE resilience and first BEV launch n UK Water Utilities, Patel: Re-Openers Draft Decision: More spend allowed but with limited in-period funding

Asia n Tingyi (0322.HK, Buy), Liu: 1H26 Review: Upgrade to Buy on enhanced core category position, improved operation efficiency amid cost volatility, while noodles segment as backbone for product upgrade/profitability resilience n China Education Jul-26 Tracker, Zhao: Strong ASP increase of TAL tablets enabled by content and AI upgrades; Overseas student visa volume yoy decline narrowed

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs GS Early Morning Research Recap

US Daily: PCE Inflation and the Stock Market: The Old Methodology Goes Out with a Bang

12 Aug 2026 | Economics Research - David Mericle, Ronnie Walker, Jan Hatzius, Alec Phillips, Elsie Peng, Pierfrancesco Mei, Jessica Rindels

What’s Top of Mind in Macro Research: Favorable US inflation/weak labor market, further risk asset rebound, issuance surge

12 Aug 2026 | Economics Research - Jenny Grimberg, Allison Nathan, Ashley Rhodes

Australia and New Zealand Economics Analyst: Cost-of-Living Pressures Are Not Lifting Cyclical Participation Much

13 Aug 2026 | Economics Research - Andrew Boak, CFA, Will Maher, Oscar To

Index Strategy: MSCI Global Investable Market Indexes Index Review and Flow Implications (August 2026)

13 Aug 2026 | Portfolio Strategy Research - Alvin So, CFA, Timothy Moe, CFA, Sunil Koul, Kinger Lau, CFA, Bruce Kirk, CFA, John Kwon, Amorita Goel, CFA, Si Fu, Ph.D., Kevin Wang, CFA

FICO 10T, DLP and VantageScore Adoption in Mortgage

12 Aug 2026 | Equity Research - Christian DeGrasse, George K. Tong, CFA, Arun Manohar

Asia-Pacific Portfolio Strategy: Asian equity market daily update

12 Aug 2026 | Portfolio Strategy Research - Timothy Moe, CFA, Alvin So, CFA, Sunil Koul, Kinger Lau, CFA, John Kwon, Amorita Goel, CFA

Rating and Conviction List Changes

Americas Company Name Ticker Rating (New) Rating (Old) Vail Resorts MTN Sell - Europe Company Name Ticker Rating (New) Rating (Old) None Asia Company Name Ticker Rating (New) Rating (Old) Tingyi 0322.HK  Buy Neutral Source: Goldman Sachs Global Investment Research

Links to Rating and Conviction List Changes Americas n MTN: Transformation journey...