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Bullish
TSMC 3Q26: above its own guidance again, and still short of capacity
Revenue beat the top of TSMC's guide, the 2026 growth outlook rose to about 44% and management says AI demand still exceeds supply. Margins are drifting down as N2 and overseas fabs ramp. At 19x to 21x next year's consensus earnings, we see value of roughly $444 to $491 per ADR.
Ref $430.37Until Oct 21, 2027
Neutral
SpaceX Q3 2026: a blowout guide, a $10 billion quarterly cash burn, and lock-ups ahead
Revenue rose 161%, the company turned an operating profit and guided first-quarter 2027 revenue far above consensus. It also burned about $10 billion of free cash flow and guided fourth-quarter capex to roughly double. Expiring lock-ups add supply. Neutral, with low conviction.
Ref $158.26Until Oct 21, 2027
Bullish
Netflix Q3 2026: the ads miss is real, but the earnings engine is intact
Netflix beat its own profit forecast, held its 31.5% margin guide through a restructuring and bought back a record $4.8 billion of stock. Ads and U.S. engagement disappointed. We think a year of delivered earnings growth leaves room for the shares to rise from here.
Ref $65.23Until Oct 21, 2027
Neutral
JPMorgan 3Q26: a record-setting franchise that the price already reflects
Every segment grew, the 2026 interest-income guide went up and 2027 looks better still. But expenses outran revenue, buybacks nearly stopped and the stock trades near 3x tangible book at recent prices. We are neutral for the next 12 months.
Ref $334.18Until Oct 21, 2027
Neutral
Johnson & Johnson Q3 2026: strong medicines, soft MedTech, a fair price
Innovative Medicine grew 8% through the Stelara cliff, and the talc settlement caps a long-running risk. But MedTech missed management's own expectations, adjusted EPS fell 7.5% and 2027 absorbs $1.36 of deal dilution. We are neutral.
Ref $256.95Until Oct 21, 2027