Morning

NVDA: Earnings Review

Data-center revenue beat by 9% with guidance ahead of buyside whispers. Networking attach rates keep climbing, which supports the above-consensus FY trajectory. Skew has richened into the print; call spreads still price attractively for follow-through.

J. Nakamura · PT $1450

UNH: Earnings Review

Medical loss ratio came in hot again and management trimmed the low end of guidance. We see the setup as range-bound until utilization normalizes. Collars remain the preferred expression for holders into the investor day.

J. Nakamura · PT $540

CAT: Upgrading to Positive

Upgrading on dealer inventory normalization and a stronger-than-expected backlog in energy and transportation. Pricing has held better than the group. Risk reversals screen cheap given the improving skew.

K. Donnelly · PT $465

SBUX: Downgrading to Negative

China traffic trends deteriorated through the quarter and US ticket growth is decelerating. We cut estimates below the Street for the next two quarters. Put spreads into the next print look favorably priced against our base case.

T. Bellamy · PT $78

GS: Adjusting Price Target

Raising the target on a stronger advisory pipeline and durable trading share gains. Capital return capacity is underappreciated at current levels. Upside calls remain inexpensive relative to realized volatility.

A. Rosetti · PT $720

LLY: Earnings Preview

Into the print we expect incretin supply commentary to drive the tape more than the headline numbers. Channel checks suggest scripts re-accelerated in the back half of the quarter. Straddles price a smaller move than the last four quarters delivered.

T. Bellamy · PT $1050

META: Adjusting Price Target

Ad checks point to continued budget share gains and Reels monetization is closing the gap faster than modeled. Raising estimates and target. The options market underprices the buyback support under the stock.

J. Nakamura · PT $920

XOM: Deep Dive

Full refresh of the upstream portfolio model. Permian efficiency gains are real but crude strip softness caps the upside case. We prefer selling downside puts to outright length here.

R. Okafor · PT $128

Initiating Coverage: ISRG at Positive

Initiating with a Positive rating. Procedure growth is compounding ahead of consensus and the new platform cycle extends the moat. Long-dated calls offer attractive asymmetry given muted implied vol.

D. Whitfield · PT $640

JPM: Earnings Preview

NII guidance is the swing factor into the print; we model a modest raise but see it priced in. Credit normalization continues on schedule. The event straddle looks fairly priced for once.

R. Okafor · PT $305

TGT: Adjusting Price Target

Cutting the target on soft discretionary checks and rising markdown risk into the back half. Inventory is cleaner than last cycle but traffic is the problem. Bearish put spreads into guidance remain our preferred structure.

S. Lindqvist · PT $108

AVGO: Deep Dive

Custom silicon pipeline analysis suggests the AI revenue target has upside optionality not in consensus. Software segment margins keep grinding higher. The name screens as a core holding with call overwriting for entries.

K. Donnelly · PT $2050

Buyer of 15k Jan call spreads, financed by near-dated overwrites

$24.5mm premium · 160 DTE