[cid:image001.png@01DCC122.9142B870] [cid:image002.png@01DCC122.9142B870] [cid:image003.png@01DCC122.9142B870] [cid:image004.png@01DCC122.9142B870] Andrew Weinberg Managing Director, Outsource Trading [A picture containing text, furniture, table, console t…

SALES & TRADING COMMENTARY (NOT A PRODUCT OF MORGAN STANLEY RESEARCH) FOR INSTITUTIONAL USE ONLY MS Baskets | Managing Your Beta Hedges - IGV v MSXXSAAS Update: As of Friday’s close, IGV completed its quarterly rebalance. The updated weights confirms that IGV remains …

SALES & TRADING COMMENTARY (NOT A PRODUCT OF MORGAN STANLEY RESEARCH) FOR INSTITUTIONAL USE ONLY MS Baskets | Managing Your Beta Hedges – SPX & NDX Update: Following last Friday’s quarterly rebalance, concentration levels across major indices remain elevated with the …

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. 27 Mar 2026 04:00:00 ET │ 14 pages MasTec (MTZ.N) Más Growth at Mas Tec CITI'S TAKE After traveling with MTZ management, we continue to believe MTZ is one of the best posit…

Industry Update March 26, 2026 Philip Shen Managing Director, Sr. Research Analyst pshen@roth.com (949) 720-7198 Matthew Ingraham, CFA Associate, Research mingraham@roth.com (949) 720-7149 Oscar Chim Associate, Research ochim2@roth.com (949) 720-5781 Sales (800) 933-6830, Trading…

EQUITY RESEARCH COMPANY UPDATE Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors sho…

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should…

March 27, 2026 | 00:33 ET~    Energy Transition & Infrastructure    Updating Our Brackets After Earnings Season   Bottom Line: We update our views on our solar, power infrastructure and midstream coverage exiting 4Q after an eventful earnings season that transitioned to a geopol…

Company Report March 27, 2026 Rating: OUTPERFORM Price: $372.11 12-Month Price Target: $600.00 Analysts Dan Ives (212) 344-2073 Dan.Ives@wedbush.com Scott Devitt (646) 604-4230 scott.devitt@wedbush.com Steven Wahrhaftig (212) 931-7059 steven.wahrhaftig@wedbush.com Sam Bra…

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should…

March 27, 2026 | 00:27 ET~    Quanta Services, Inc. PWR-NYSE   Rating ↑ Outperform Price: Mar-26 $545.64 Target ↑ $650.00 Total Rtn 19%   Upgrade PWR to Outperform and Raise Target to $650; In-Organic Chemistry  Bottom Line: Upgrading PWR to Outperform; raise our target price to…

Equity Research Price Target Change — March 26, 2026 Clean Energy Ballard Power Systems Inc. Post Q4 Update—Gross Margin & EBITDA Above Estimates — Raising PT, but Stay UW Underweight Price Target: $2.00    Our Call Q4 gross margin/EBITDA above estimates, revenue was in line. BLD…

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Action | 30 Mar 2026 17:02:57 ET │ 12 pages First Quantum Minerals Ltd (FM.TO) 1Q26 Preview: Ops On Track; Higher Energy Costs To Flow Into 2Q CITI’S TAKE We update our FM mode…

March 31, 2026 Baird Equity Research Industrial Sustainable Energy and Mobility Assessing Valuations for Our Coverage Valuation check-in as we near the end of Q1. Global uncertainty at the macro level has heightened investor scrutiny on the outlooks across our coverage. Secular …

Equity Research Company Update — March 31, 2026 Clean Energy GE V ernova Inc. Q1'26 Preview: All Segments Tracking Overweight Price Target: $896.00    Our Call We expect a solid Q1 print with strong gas turbine bookings and positive commentary on pricing. We update our GEV gas t…

Equity Research Industry Update — March 30, 2026 Independent Power Producers IPP Bear Traps Ahead? Why We’re Not Taking the Bait: Answering Bear Arguments on the IPPs, and Reiterating Our Bullish Stance    Our Call We are still bullish on the IPP space despite weak YTD performa…

ENERGY AND INFRASTRUCTURE INDUSTRY REPORT Energy: Offshore Services Monthly Floater Activity Rebounds to Highest Level Since June and Some Thoughts around the Longer-Term Impact on Offshore Barrels from the Ongoing War in Iran. WHAT YOU SHOULD KNOW: March floater activity average…

ab 31 March 2026 Global Research US Equity Strategy Simply U.S.A.: Stagflation probability rising Earnings revisions have driven Energy to the top of our scorecard this month ˜ Energy, Comm Srvcs, and Cons Staples are at the top of our S&P 500 sector scorecard. While Energy an…

ab 31 March 2026 Global Research Global Strategy CTAs' Positioning and Flows - Biweekly Update Details on the methodology/model can be found in our Q-Series report Short everything with no intention to buy back • CTAs have sold another $40/50bln of global equities since our last …

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should…

See page 4 for Analyst Certification, Important Disclosures, Non-US Research Analyst disclosures and BNP Paribas Group Corporate Social Responsibility ("CSR") policies. BNP Paribas has adopted strict CSR policies that govern financing and investment in certain sectors. For time …

Equity Research Beyond the Tape — March 30, 2026 Equity Strategy No Real Flush Yet. Marking Down SPX Target to 7300.    Our Call • Iran War wasn't our base case. We trim YE26 SPX target to 7300 from 7800. • We remain structurally bullish. SPX pricing in more war risk than oil. •…

New England Governors Announce Commitment To Explore Advanced Nuclear Energy Bipartisan Group of Governors Direct State Energy Agencies To Explore Advanced Nuclear Energy Technologies, Support Continued Operation of the Region's Existing Nuclear Resources Link To Story from CT.g…

SALES & TRADING COMMENTARY (NOT A PRODUCT OF MORGAN STANLEY RESEARCH) FOR INSTITUTIONAL USE ONLY MS Market Technicals: The Beginning Of The End? Why This Rally Could Be Durable The Beginning of the End? Trump is in 'deal mode' recognizing there is 'regime change'…

Sales & Trading Commentary (Not a Product of Morgan Stanley Research) | For Institutional Use Only Momentum exhibited its own version of March Madness this past month. The Momentum L/S Pair (MSZZMOMO) fell an average of -4.5% on four separate occasions this month (citing 3/3…