2026-07-15
Recap: Q2 2026
ROTCE 17% and an Op-Leverage Guide Raised to 300–400bps Carry a Fee-Led Beat; NII Was the Quarter’s Lone Miss — Maintaining Outperform, FV $62–72
2026-04-16
Recap: Q1 2026
ROTCE 16% Cleared Lower-End of Target Range, FY26 NII Guide Raised to 6–8%, Equities Best-Ever Quarter — Maintaining Outperform, FV $52–60
2026-01-15
Recap: Q4 2025
FY26 NII Guide +5–7%, 200bps Operating Leverage, ROTCE Glide Path to 16–18%, FY25 EPS $3.81 (+19%) — Upgrading to Outperform
2025-10-16
Recap: Q3 2025
IB Fees +43%, Trading Streak to 14 Quarters, FY25 Q4 NII Exit Guide Reaffirmed at $15.6B+ — Maintaining Hold
2025-07-17
Recap: Q2 2025
Record NII, Asset-Sensitive Book into Easing Cycle, Full Valuation — Initiating at Hold