JL Research — Equity Research Dashboard

Ticker	Company	Rating	Price	Target	Upside	Conviction	Report
AAPL	Apple Inc.	HOLD	$312.33	$332	+6%	Med-High	View →
AMD	Advanced Micro Devices, Inc.	BUY	$485.39	$557	+15%	High	View →
AMZN	Amazon.com, Inc.	BUY	$263.65	$309	+17%	Medium	View →
DDOG	Datadog, Inc.	HOLD	$274.89	$289	+5%	High	View →
FROG	JFrog Ltd.	BUY	$79.48	$86	+8%	Med-High	View →
FTNT	Fortinet, Inc.	HOLD	$154.25	$164	+6%	Medium	View →
GSAT	Globalstar, Inc.	HOLD	$84.21	$90	+7%	Medium	View →
INTC	Intel Corporation	HOLD	$89.30	$99	+10%	Low	View →
LULU	Lululemon Athletica Inc.	HOLD	$120.81	$125	+3%	Medium	View →
TDG	TransDigm Group Incorporated	BUY	$1,257.24	$1,512	+20%	Med-High	View →
META	Meta Platforms, Inc.	HOLD	$569	$639	+12%	Medium	View →
MU	Micron Technology, Inc.	BUY	$874.66	$1,126	+29%	High	View →
NOW	ServiceNow, Inc.	BUY	$94	$139	+48%	High	View →
NVDA	NVIDIA Corporation	BUY	$195.04	$261	+34%	High	View →
ODD	ODDITY Tech Ltd.	SELL	$14.65	$13.70	-6%	Low	View →
PANW	Palo Alto Networks, Inc.	HOLD	$325.68	$364	+12%	High	View →
PLTR	Palantir Technologies Inc.	BUY	$122.26	$184	+50%	High	View →
RBRK	Rubrik, Inc.	BUY	$93	$111	+19%	Med-High	View →
SHOP	Shopify Inc.	BUY	$122.40	$147	+20%	High	View →
SRFM	Surf Air Mobility Inc.	SELL	$0.75	$0.85	+13%	Low	View →
TSLA	Tesla, Inc.	HOLD	$339.30	$362	+7%	Low	View →
ASTS	AST SpaceMobile, Inc.	HOLD	$84.10	$85	+1%	Low	View →
CBRS	Cerebras Systems Inc	HOLD	$181.59	$240	+32%	Medium	View →
ISRG	Intuitive Surgical, Inc.	BUY	$404.70	$564	+39%	Med-High	View →
UBER	Uber Technologies, Inc.	BUY	$70.18	$101	+44%	High	View →
GOOG	Alphabet Inc.	BUY	$333.68	$403	+21%	Med-High	View →
BE	Bloom Energy Corporation	HOLD	$207	$225	+8.7%	Medium	View →
QTEX	QTREX Quantum Ltd.	SELL	$0.94	$0.83	-12%	Low	View →
TSEM	Tower Semiconductor Ltd.	HOLD	$263.73	$278	+5%	Medium	View →
INLF	INLIF Limited	SELL	$4.92	$1.80	-63%	Low	View →
FRSPF	First Phosphate Corp.	HOLD	$1.62	$1.80	+11%	Low	View →
HYLN	Hyliion Holdings Corp.	HOLD	$3.32	$3.70	+11%	Low	View →
AAL	American Airlines Group Inc.	HOLD	$13.84	$15.30	+10.5%	Low	View →

Record Q2 2026 revenue of $16.735B (+16.3% y/y) on genuine premium and corporate momentum, but an 83% fuel cost spike crushed operating margin to 2.7% and diluted EPS to $0.11 from $0.91. AAL does not hedge fuel — every cent per gallon swings annual expense by about $45M — and a $9.2B market cap sits behind $28.9B of debt and finance leases with negative book equity. A levered option on fuel normalizing, not a value-screen winner.

Q2 Rev: $16.7B EPS: $0.11 Op Margin: 2.7%

HOLD

Hyliion Holdings Corp.

Hyliion is a pre-commercial power story trading on option value: Q2 revenue grew 226% to $4.9M and a $41.7M Navy award lifted FY26 guidance to ~$15M, but gross margin is just 7.4% and the 200kW commercial module slipped into 2027. At 49.8x EV/revenue, roughly 78% of the market cap is option value on non-binding LOIs, a third of which a June short report put directly in question. The offset is a genuine floor: $132.4M of cash and investments, no debt, and about three years of runway.

Q2 Rev: $4.9M EPS: -$0.08 Gross Margin: 7.4%

First Phosphate Corp.

Quebec phosphate developer with a genuine ex-China LFP supply-chain story: C$1.59B after-tax PEA NPV, definitive offtakes, G7 export-credit LOIs, and a fresh Nasdaq uplisting. But it's +438% off the low at ~0.26x PEA NAV with a C$675M financing gap ahead — the feasibility study (end-2026) is the real decision point.

PEA NPV8: C$1.59B PEA IRR: 33% First Prod.: 2029E

Real Chinese injection-molding robotics business ($18.4M revenue, +16.5%) trapped inside a broken cap table: two reverse splits in four months (3,200:1), a $100M ATM against a $31M market cap, and 8 billion shares newly authorized. Dilution, not operations, sets the price.

FY25 Rev: $18.4M Net Loss: -$5.45M Gross Margin: 23.3%

Tower Semiconductor Ltd.

The pure-play foundry for AI optical interconnects: SiPho run rate $180M to $680M in a year, $1.3B of prepaid 2027 contracts, and a customer-backed $3.6B 2028 model. But the ~5x run leaves it at ~68x FY26 EPS with the CEO selling — right business, demanding price. Buy pullbacks to $244-248, not the chase.

Q2 Rev: $460M EPS: $0.79 Gross Margin: 30%

Ex-medtech Inspira rebranded as a quantum-interconnect play in May 2026 and round-tripped a 10x spike. Real DoD lab traction, but pre-revenue with a going-concern opinion, ~6-month stated runway, $0.70 warrant overhang and reverse-split risk. Avoid until a named, funded contract lands.

Quantum Rev: $0 (pre-rev) TTM EPS: -$0.45 Cash Runway: ~6 mo stated

Bloom Energy Corporation

Q2 FY26 was the inflection: $1.065B revenue, up 165.5%, with 33.4% gross margin and the first real GAAP profits. But one customer was ~73% of the quarter, audited performance obligations are $494.1M against a promoted ~$20B backlog, and at 76.6x guided FY26 earnings the growth is fully priced. Own the execution, not the multiple.

Q2 Rev: $1.07B EPS: $0.62 Gross Margin: 33.4%

Q2 2026 beat on every operating line — revenue +24% to $119.8B, Cloud +82% to $24.8B, backlog at $514B — and the stock still fell, because free cash flow went negative at −$5.9B for the first time in company history. The debate is no longer whether Alphabet can grow, but whether it can outspend its own cash generation for three years and keep a premium multiple. At 22.7x FY2027E with every published analyst target above the current price, the setup pays you to wait for the FCF inflection.

Q2 Rev: $119.8B Cloud Growth: +82% Free Cash Flow: −$5.9B

Uber Technologies, Inc.

A profitable, FCF-generative compounder trading near its 52-week low on autonomous-vehicle disruption fears. Q1'26 grew bookings +21% cc and Adj. EBITDA +33% while shares sit ~31% below their high. Strong Buy consensus (~$106 mean PT) and a ~19x forward / 0.68 PEG offer favorable risk/reward for investors betting Uber aggregates AV demand rather than loses to it.

Q1 Rev: $13.2B Adj. EBITDA: $2.5B Non-GAAP EPS: $0.72

Intuitive Surgical, Inc.

Wide-moat robotic-surgery leader compounding a 11,395-system installed base with a razor-and-blade recurring model. Four straight beats and raised 2026 procedure guidance (13.5–15.5%) collide with a premium ~39x multiple, leaving shares near a 52-week low. Probability-weighted target of $564 (+39%) suggests the de-rating has overshot.

Q1 Rev: $2.77B EPS: $2.50 Proc Growth: +17%

Wafer-scale AI compute pioneer with explosive growth (FY25 revenue +76% to $510M, $25B OpenAI-anchored RPO) but real near-term overhangs. ~86% of revenue is UAE-linked (G42 + MBZUAI), Q2 gross-margin guidance was cut to 36–38%, and a ~171M-share lockup (5x float) unlocks by mid-November. Unanimous sell-side Buy ($299 avg PT) vs. extreme ~60x forward sales. HOLD — accumulate into lockup weakness.

Q1'26 Rev: $193.4M FY25 Rev: $510M Gross Margin: 46.5%

AST SpaceMobile, Inc.

Pre-revenue space direct-to-cell moonshot with ~60 MNO partners (AT&T, Verizon, Vodafone) and ~$3.5B cash, but deeply unprofitable (Q1'26 -$0.66 EPS) and funded by relentless dilution. New Glenn launch failures pushed continuous service to 1H 2027; with a Hold consensus and the stock near a ~$85 weighted target, it is a binary, speculative HOLD.

Cash: $3.5B Q1'26 Loss/sh: -$0.66 Sats in Orbit: ~7

FQ3 delivered the strongest June quarter ever — revenue $109.4B up 16%, iPhone up 21.7%, gross margin above 50% for the first time — and the stock still fell, because management cut the FQ4 growth guide to 9–11% from 14–17% on memory cost inflation Cook called a hundred-year flood. Roughly 2 points of that record margin came from one-off tariff refunds. The franchise is intact and free cash flow is $129.2B, but a 6% expected return is not enough to pay up for.

FQ3 Rev: $109.4B iPhone: +21.7% TTM FCF: $129.2B

Advanced Micro Devices, Inc.

Q1 2026 revenue of $10.25B grew 37.9% with Data Center up 57%, and the AI case has moved from share-gain hope to roughly 8 GW of contracted capacity — 6 GW with OpenAI, up to 2 GW with Anthropic, plus Azure Helios racks. The first OpenAI gigawatt ships in 2H 2026. The constraint is price: at 161.9x trailing and 54.5x forward earnings with up to 9.8% warrant dilution, a 15% expected return is the thinnest cushion of any Buy in the book.

Q1 Rev: $10.25B Data Center: +57% Contracted AI: ~8 GW

The first $200B quarter, and AWS answered the only question that mattered — growth reaccelerated to 37%, the fastest in five years, with segment operating income rising to $16.6B from $10.2B and backlog up 92.6% to $364B. North America retail margin expanded to 7.8%. Trailing free cash flow is −$7.6B on $54.2B of quarterly capex, but that is a deliberate choice against $161.4B of operating cash flow, and the market funded it: the stock rose 12% on the print.

Q2 Rev: $200.6B AWS Growth: +37% AWS Backlog: $364B

Q1 2026 was the first $1B quarter with growth re-accelerating to 32.1% from 29.2%, on $1.06B of trailing free cash flow at a 29% margin and $3.47B of net cash. The business is executing; the price has run ahead of it. Shares trade fractionally above the $268.55 consensus target at 109x forward earnings and 25x sales, 1.4% off the high, while insiders sold $343M over 90 days with zero purchases. High confidence in the analysis, low expected return.

Q1 Rev: $1.01B Rev Growth: +32.1% TTM FCF: $1.06B

JFrog is positioning as the system of record for software and AI artifacts, with Q1 2026 cloud revenue up 50%, net dollar retention re-accelerating to 120%, and $1M+ ARR customers up 48%. NVIDIA NIM, JFrog ML and security cross-sell broaden the platform moat. The main risk is valuation: the stock sits at its 52-week high near $80 at ~13x forward sales while FY26 growth is guided to step down to roughly 18.5%, leaving limited multiple cushion.

Q1 Rev: $154.0M Cloud Growth: +50% NDR: 120%

Q2 2026 revenue of $2.048B grew 25.6% with product revenue up 52% and billings up 33% as the FortiGate end-of-support refresh cycle inflected, on 80.2% gross margins and $3.12B of trailing free cash flow. The problem is the shape of that growth: a hardware refresh is by construction a pull-forward, and at 44x forward earnings with a PEG near 3.0 the market is capitalizing a cycle peak as a run rate. The stock closed the earnings session at $152 after printing $169 intraday.

Q2 Rev: $2.05B Product Rev: +52% TTM FCF: $3.12B

Globalstar has transformed from a speculative Apple-anchored satellite-spectrum growth story into a merger-arbitrage hold after Amazon's April 2026 definitive agreement to acquire it for ~$10.7B at $90.00 cash (or 0.3210 Amazon shares) per share, closing in 2027. Q1 2026 revenue grew 17% to $70.1M on Apple wholesale capacity (66% of revenue) with ~50% EBITDA margins, but the stock now trades near the $90 cash floor, leaving a thin ~7% spread against binary deal-break, milestone-haircut and regulatory-timeline risk.

Q1 Rev: $70.1M Adj EBITDA: $33.5M Deal Price: $90/sh

Q2 2026 was a genuine operational inflection: GAAP operating income swung to +$1.80B from -$3.18B, gross margin added 12.9 points to 40.4%, and revenue grew 25.4% led by DCAI up 59%. The headline -$2.16 GAAP EPS is almost entirely a non-cash mark-to-market on shares escrowed for the US government. The problem is price: 53.9x forward earnings is dearer than AMD, Nvidia and TSMC on the worst gross margin of the four, Foundry still lost $2.09B on just $293M of external revenue, and free cash flow was -$8.4B.

Q2 Rev: $16.1B Non-GAAP EPS: $0.42 Gross Margin: 40.4%

Lululemon Athletica Inc.

A broken stock more than a broken brand: ≈9.8× trailing earnings, $1.5B cash with zero borrowings, and a 10.3%-shorted float heading into a dense September — Q2 earnings Sep 3, ex-Nike CEO Heidi O'Neill starting Sep 8. But Americas comps have fallen five straight quarters and the Street is braced for a third guidance cut, so stabilization is the bar. HOLD — scale in only on post-event weakness below $112.

Q1 Rev: $2.47B Q1 EPS: $1.69 Gross Margin: 54.2%

TransDigm Group Incorporated

Best-in-class aerospace aftermarket compounder with ~61% gross margins and a sole-source proprietary-parts moat. Q2 FY26 beat-and-raise (sales +18%, EPS $9.85) and capital-return optionality support ~20% upside; ~5.5x net leverage and a premium multiple keep conviction at Med-High.

Q2 Rev: $2.54B Adj. EPS: $9.85 Gross Margin: 59%

The best ad engine in the market is attached to the worst cash quarter in a decade. Q2 2026 revenue grew 28% to $60.8B while $31.1B of capex left just $784M of free cash flow, and management has not put a number on 2027 spend. Cheapest mega-cap multiple in the group, but the multiple has no cash-flow floor until the Q4 print.

Q2 Rev: $60.8B EPS: $6.18 Gross Margin: 81.8%

Micron Technology, Inc.

Fiscal Q3 revenue of $41.46B grew 346% with non-GAAP gross margin at 84.9%, and fiscal Q4 is guided to $50B — more in one quarter than all of fiscal 2025. HBM output is sold out through calendar 2026 under fixed-price contracts, converting a normally spot-priced commodity into contracted revenue, yet the stock trades at 6.1x forward earnings. The entire debate is 2027: roughly $200B of industry capacity lands into 2027-28, which is why the bear case carries a 28% weight.

FQ3 Rev: $41.46B Gross Margin: 84.9% Forward P/E: 6.1x

Best-in-class enterprise workflow compounder still growing 20%+ with ~31% FCF margins, yet trading at ~22x forward earnings (~0.9 PEG) after an April AI-disruption selloff cut the stock ~18% on a beat. Now Assist hit $750M ACV with the FY26 AI target raised to $1.5B — early proof AI is additive, not cannibalistic. The debate is multiple durability, not growth quality.

Q1 Rev: $3.77B EPS: $1.04 Gross Margin: 82%

Q1 FY2027 revenue of $81.6B grew 85% with Data Center at $75.2B and free cash flow of $48.6B, while the Blackwell-plus-Rubin order book doubled to $1T through 2027. The stock trades at 21.7x forward earnings on a 0.44 PEG and sits on its 200-day moving average — visibility improved and the multiple compressed at the same time. The risk has shifted from competition to customer balance sheets: hyperscaler capex now approaches their entire operating cash flow.

Q1 Rev: $81.6B Data Center: $75.2B Forward P/E: 21.7x

Q1 2026 revenue fell 26.2% year over year — the first decline since IPO — with gross margin compressing from 74.9% to 69.7% and adjusted EBITDA turning negative. The cause was a reset in paid-social acquisition costs, not a fall in product demand, which exposes an AI growth engine that was advertising arbitrage rather than a moat. Not one of ten covering analysts rates it Buy and the $11.07 consensus target sits 24% below the current price.

Q1 Rev: $197.9M Rev Growth: −26.2% Gross Margin: 69.7%

Palo Alto Networks, Inc.

Fiscal Q3 revenue of $3.00B grew 31.1% with next-generation security ARR up 60% to $8.1B and RPO up 36% to $18.4B — roughly 1.7x trailing revenue in contracted backlog, the clearest evidence yet that platformization is working. The rating is a price call, not a business call: the stock has nearly doubled in three months to sit 3.4% below consensus at 83x forward earnings, with the quarter's revenue upside partly inorganic from CyberArk and GAAP still loss-making.

FQ3 Rev: $3.00B NGS ARR: $8.1B RPO: $18.4B

Palantir Technologies Inc.

Q1 FY2026 revenue of $1.633B grew 84.7% — a fifth consecutive quarter of acceleration from 48% — with FY26 guidance raised to $7.65B and adjusted free cash flow guided to $4.2–4.4B at a 57% margin. The stock is nonetheless 41% below its high, the widest gap between operating momentum and share price in the coverage universe. The multiple is the entire risk: at roughly 80x forward earnings there is no valuation floor, which is why position size is capped at 2-4%.

Q1 Rev: $1.63B Rev Growth: +84.7% Adj FCF Margin: 57%

Rubrik has turned a backup franchise into a cyber-resilience platform compounding subscription ARR at 33% to $1.66B, and the Aug 27 2026 Q2 print delivered its first positive non-GAAP EPS at $0.20 against $0.04 consensus with guidance raised on every metric. GAAP losses, negative book equity and over $1B of long-term debt keep the risk real. At roughly 9x forward EV/revenue the multiple already pays for durable growth, so own it small and add on volatility.

Q1 FY27 Rev: $387.1M EPS: -$0.21 Gross Margin: 80.5%

Q1 2026 marked a fourth straight quarter above 30% revenue growth — $3.17B, up 34%, on GMV of $100.7B — with free cash flow of $476M at a 15% margin and ten consecutive double-digit FCF quarters. The stock nonetheless sits 33% below its high on multiple compression rather than execution, leaving it 20% under a consensus target that 40 of 52 analysts rate Buy. The valuation is the risk, not the business: roughly 64x forward earnings means the August 5 print has to keep delivering.

Q1 Rev: $3.17B GMV: $100.7B FCF Margin: 15%

Surf Air Mobility Inc.

Q1 2026 revenue grew 8.9% to $25.6M and Wheels Up signed as BrokerOS launch customer, but the balance sheet governs the outcome: $4.16M of unrestricted cash against $90M of debt, a 0.16 current ratio, a shareholders' deficit of $63.2M, defaults on federal excise and state property tax, and an explicit going-concern qualification. A July NYSE listing notice adds a reverse-split clock. The weighted target sits above spot only because of a thin 12% right tail; the modal case is $0.15.

Q1 Rev: $25.6M Unrestricted Cash: $4.16M TTM FCF: −$68.0M

Record Q2 revenue ($28.2B) and 13.5 GWh of storage, but a 1.4% operating margin and negative FCF as the ~$25B AI capex cycle (plus a $17B Terafab) runs ahead of robotaxi proof. At ~190x FY26 EPS the multiple is pure autonomy optionality while Waymo holds the operating lead. Range trade between $300 support and the declining 200-DMA; size it like an option.

Q2 Rev: $28.2B EPS: $0.32 Auto GM ex-credits: 16.3%

Ticker	Company	Rating	Price	Yield	Div Streak	Target	Upside	Report
ABBV	AbbVie Inc.	BUY	$217.72	3.10%	53 yr	$250	+15%	View →
ADP	Automatic Data Processing, Inc.	HOLD	$221.84	3.00%	51 yr	$246	+11%	View →
AFL	Aflac Incorporated	HOLD	$114.85	2.10%	44 yr	$118	+3%	View →
CVX	Chevron Corporation	BUY	$182.46	3.90%	39 yr	$211	+16%	View →
HD	The Home Depot, Inc.	BUY	$318.00	2.90%	15 yr	$362	+14%	View →
JPM	JPMorgan Chase & Co.	BUY	$299.31	1.98%	16 yr	$331	+11%	View →
KO	The Coca-Cola Company	BUY	$79.01	2.70%	64 yr	$84	+6%	View →
LOW	Lowe's Companies, Inc.	BUY	$218.37	2.20%	54 yr	$258	+18%	View →
TROW	T. Rowe Price Group, Inc.	HOLD	$104.50	5.00%	40 yr	$105	+0.5%	View →
XOM	Exxon Mobil Corporation	BUY	$145.26	2.78%	42 yr	$159	+9%	View →
IBM	International Business Machines Corporation	HOLD	$224	3.02%	31 yr	$232	+4%	View →

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