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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

Fidelity National Information Services (FIS) 2Q26 Takeaways Shares decline on capital markets reset

  • **Capital Markets drag**: Revenue $810mn (-1% below consensus), adjusted EBITDA -$420mn (-51.9% margin) vs consensus $430mn (-53% margin), signaling severe execution issues driving share decline.
  • **2027 guidance re-base**: Lower growth rate (mid-3s revenue) and no M&A imply 2027 revenue toward lower end of models, though long-term GAAP FCF improvement remains positive.
  • **FIS Q3Q6 guidance**: Revenue $3.415–3.445bn, adjusted EBITDA $1.460–1.480bn (42.8%–43.0% margin), EPS $1.58–1.62; 12m price target $52 (17.5% upside vs.
  • $44.26).
Aug 5, 2026 · 11:07 UTC
J.P. MorganSELL

JPM International Market Intelligence Morning Briefing Aug 5

  • **AI/MOMO Correction Over, Tech Reversal Likely**: Secular/cyclical convergence intact; EPS downgrades anticipated but reversal of July tech correction probable amid scaling laws, token demand, and profitability.
  • **Hyperscaler Capex Growth Peak & Total Spend**: Capex YoY growth peaks at 103% (2026E, $901B) before moderating to 65% (2027E, $1489B), signaling sustained tech investment despite growth rate decline.
  • **FX Intervention Thresholds & TOPIX Sensitivity**: USD/JPY <158.7 sustains long JPY positions; TOPIX companies face 0.8%+ operating profit sensitivity to USD/JPY moves, critical for Asian equity allocation.
  • **US LABOR SHARE DYNAMICS**: Labor share at 53.7 cents (Q1 2026) near all-time low; AI-driven decline expected to push below 50% by decade-end, signaling structural earnings reallocation risk.
Aug 5, 2026 · 10:52 UTC
Goldman SachsSELL

Kratos (KTOS) 2Q26 First Take Solid quarter, full year guidance raised

  • **Q2 Outperformance**: Revenue ($458.8M vs.
  • $408.5M est.) +12.3% YoY, EBITDA ($38.2M) and EPS ($0.21) beat estimates; Unmanned Systems segment drove growth (revenue +8.1% YoY, EBITDA +37.8% YoY).
  • **Guidance & Capex Discipline**: Raised 2026 revenue/EBITDA guidance ($1.75–$1.81B/$173–$176M) and reduced capex to $125–$135M (vs.
  • $159M consensus), maintaining FCF.
Aug 5, 2026 · 03:21 UTC

802 more institutional reports还有 802 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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