MONDAY’S TOP WALL STREET CALLS ❖ Evercore ISI: Reiterates $NFLX Outperform — expects modest Q3 beat. ❖ Mizuho: Downgrades $RIVN, $TXN, $SWKS, $QRVO to Underperform. ❖ Wolfe Research: $DLR to Outperform. ❖ Evercore ISI & Loop Capital: Turn more bullish on $AAPL — upgrade to Buy, PT $315. ❖ Bank of America: Reiterates $NVDA and $AVGO as top picks. ❖ Morgan Stanley: Initiates $AVPT Overweight; downgrades $PGR to Underweight. ❖ Goldman Sachs: Upgrades $DRI to Buy. ❖ Wedbush Securities: Reiterates $TSLA Outperform. ❖ Barclays: Upgrades $KLAC, downgrades $MRVL; upgrades $SRE ❖ BofA: Reiterates $GOOGL Buy, raises PT to $280. ❖ TD Cowen: Upgrades $ALLY to Buy. ❖ Wolfe Research: Initiates $SAIL Buy, PT $27. ❖ Citigroup: Initiates $WSC Buy; downgrades $GIL to Neutral.

MIZUHO: POSSIBLE CHINA TARIFF RELIEF FOR SOME U.S. SEMIS Mizuho analyst Vijay Rakesh notes unconfirmed reports that China may ease the 125% tariff on some U.S. semiconductors (under code 8542), excluding those for storage use. Exemptions might include ICs, but most U.S.-made semis may still face the full tariff. No official statement yet. Analog semis ( $ON, $ALGM, $MCHP, $TXN), handset RF ( $SWKS, $QRVO), and possibly PC CPUs ( $INTC) are seeing strength on hopes of easing tensions. More clarity could come from Intel’s earnings today.