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The desk research, the way the analysts wrote it. 分析师原文研报，原汁原味呈现。

Showing the latest saved institutional reports.Refreshing the latest institutional reports. New buy-side and sell-side desk reports land here hourly — read the ones that touch what you hold. 正在显示最近保存的机构研报。正在刷新最新机构研报。买方与卖方研究每小时更新至此 —— 挑与你持仓相关的读。

The research the desks write for their clients — now on yours. 机构写给客户的研报 —— 现在也在你手中。
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Refreshing the latest reports…正在刷新最新研报…
Goldman SachsSELL

EOG Resources Inc. (EOG) First Take In Line Quarter vs GS and Consensus, Focus on Outlook for Future UAE Development and Sh...

  • **UAE Development as Strategic Growth Driver**: UAE well results (25k bbl/day avg) and production guidance (546-551 Mb/d oil) highlight UAE as core growth catalyst, with capex guidance ($1.60-$1.70bn) undershooting consensus.
  • **Capital Discipline & Debt Reduction**: Net debt down to $3.02bn (from $4.08bn), $1.84bn returned to shareholders ($540m dividends + $1.3bn buybacks), signaling strong cash flow management amid macro uncertainty.
  • **Overvaluation Risk & Declining Targets**: Current price ($139.64) exceeds 12-month target ($127.00) by 13.1%, with neutral rating and 11.5% downside; historical targets declined from $139.00 (11-May-26) to $127.00 (28-Jul-26).
Aug 5, 2026 · 03:21 UTC
Goldman SachsSELL

Ternium (TX) 2Q26 Solid Beat

  • **Q2 EBITDA Beat & Mexico Infrastructure Tailwinds**: Ternium's Q2 2026 EBITDA of $717M (+50% q/q, 78% y/y) beat consensus by 18%/14%, driven by Mexico infrastructure projects (PEMEX, CFE) and steel substitution amid trade restrictions since 2025, supporting Q3 volume/margin guidance.
  • **Sustained Pricing Momentum & Policy Support**: Mexico HRC prices up 30% YTD (vs.
  • 10% historical premium) with trade barriers ensuring sustained earnings; reiterated Buy with 16-20% FCFF growth (2027-28) and 3.9-3.3x EV/EBITDA.
  • **Valuation Upside & Key Risks**: Goldman Sachs sets $59.00 price target (17.2% upside from $50.34) but highlights risks: USMCA uncertainties slowing Mexico growth, raw material cost surges, and operational risks (Usiminas competition, Pesquiera capex, CSN litigation).
Aug 5, 2026 · 03:21 UTC
Goldman SachsSELL

NRG Energy Inc

  • **Texas Grid Directive Alignment**: NRG’s BYOP/BTM model directly addresses Governor Abbott’s grid reliability directive (474 GW peak demand, 90% data centers), reducing interconnection risks and favoring self-generation projects, with late-2029 COD and island mode flexibility navigating audits.
  • **Robust Financials & Cash Flow**: Projected 2028 EBITDA of $6,427M and $4,260M operating cash flow signal strong profitability and operational resilience, supporting capital allocation strategy amid Texas regulatory headwinds.
  • **Valuation Upside & Reaffirmed Guidance**: Buy rating with $169 target (46% upside), driven by revised 8.75x EV/EBITDA (down from 9.0x), while management reaffirms 2026 guidance despite Texas softness, funded via $721M Texas CCGT allocation (cumulative $0.8B by 2026).
  • **Data Center Opportunity & Expansion**: 1.2GW plant with hyperscaler (late 2029 COD, 12–15% IRR) and 2.4GW expansion potential, leveraging regulatory alignment to secure financial commitments despite hurdles, positioning for AI-driven demand.
Aug 5, 2026 · 03:21 UTC

786 more institutional reports还有 786 篇机构研报

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Not investment advice. The Research Vault hosts third-party institutional research for reference and education. Highlighted reports are chosen for the quality of their argument, not as recommendations to buy or sell. Documents are provided by their authors; ratings and views are the authors', not ours. Access is metered and every download is watermarked — not for redistribution. 非投资建议。研报库仅收录第三方机构研究，供参考与学习之用。精选报告因其论证质量入选，并非买卖建议。文档由作者提供，其中评级与观点均属作者本人，与本平台无关。访问受配额限制，下载均加水印 —— 不得转发。

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