GS Early Morning Research Recap Ratings and Target Price Changes July 31, 2026 as of 5 30 AM ET

Equity Research 31 July 2026 | 6:03AM EDT

GS EARLY MORNING RESEARCH RECAP

Ratings and Target Price Changes - July 31, 2026 as of 5:30 AM ET

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

Macro/Global n Global Credit Trader, Lynam: The Increasing Importance of Demand Technicals in Credit n Asia in Focus, Wang: China H2 Fiscal Outlook: Reversing the Tightening

Americas n Amazon.com Inc. (AMZN, Buy), Sheridan: Q2’26 Review: AWS Revenue Growth & Operating Margins Support the RoIC Behind AI Investments; Overall Profit Margin Multi-Year Thesis Building in Momentum n Apple Inc. (AAPL, Buy), Ng: F3Q26 review: Guidance miss on supply constraints & forex headwinds

Europe n Hexagon AB (HEXAb.ST, Neutral), Costa: Global leader in precision measurement and positioning technologies; reinstate at Neutral n Pharmaceuticals, Quigley: The Obesity Evolution: Cost of sema production nudges down, but still likely too high for widespread oral generics

Asia n Japan Aerospace & Defense, Isayama: RR.L 1H results read-across: OE shipment volumes rising, but aftermarket drives profit growth n China Smartphones, Chang: Jun shipments -17% YoY/ -36% MoM; High memory costs weigh on demand

The Macro Round-Up ECONOMICS Global Markets Daily: What Could Spark a Reset Higher in FX Vol?

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