美洲晨间研究摘要

Company ResearchAlphabet Inc. (GOOGL)Delta Air Lines, Inc. (DAL)Kura Sushi USA Inc (KRUS)The Wendy's Company (WEN)IndustryResearchChina TechnologyU.S. Autos & MobilityU.S. FoodU.S. Machinery & ConstructionU.S. Small & Mid Cap Biotechnology Apple, Inc. (AAPL)Energy Transfer, LP (ET)Penguin Solutions (PENG)European LeisureU.S. Business & Professional ServicesU.S. Gaming, Leisure & LodgingU.S. MediaU.S. Software Brookdale Senior Living Inc. (BKD)Excelerate Energy Inc (EE)Phillips 66 (PSX)North America TransportationU.S. CHPC & BeveragesU.S. InternetU.S. Multi-Industry ConsumerBarclaysScoopU.S. CHPC & BeveragesIndustry ViewU.S. FoodIndustry ViewLauren R. Lieberman+1 212 526 3112lauren.lieberman@barclays.comBCI, USAndrew Lazar+1 212 526 4668andrew.lazar@barclays.comBCI, US8 July 2025ConsumelHighlighting "What if... MAHA accelerates reformulation to naturalingredients?"U.S. CHPC & BeveragesIndustry ViewU.S. FoodIndustry ViewLauren R. Lieberman+1 212 526 3112lauren.lieberman@barclays.comBCI, USAndrew Lazar+1 212 526 4668andrew.lazar@barclays.comBCI, US8 July 2025 s Consumer Equity Research: (Interim) All-Consumer ScannerWe include a high-level cross-Staples review of the latest Nielsen scanner dataNeutralreleased this morning (data through June 28, 2025)View full report on Barclays LiveBack to TopNeutralReformulation to natural ingredients wil likely create winners and losers in individualNeutralproduct briefs. We think the Consumer Ingredients space overall is likely to be a netbeneficiary of this shift if it meaningfully accelerates in the US.NeutralView full report on Barclays LiveBack to Top ConsumerU.S. Consumer Staples: 2Q25 'All Consumer' Foreign Exchange UpdateU.S. CHPC & BeveragesIndustry ViewU.S. FoodIndustry ViewLauren R. Lieberman+1 212 526 3112lauren.lieberman@barclays.comBCI, USAndrew Lazar+1212526 4668andrew.lazar@barclays.comBCI, US8 July 2025ConsumerU.S. Cruise Lines: 2Q25 Preview: Atop the Latest WaveU.S. Gaming, Leisure & LodgingBrandt Montour, CFA+1 212 526 9947brandt.montour@barclays.comBCI, US9 July 2025ConsumerU.S. FRegional Gaming: June Tracker: MD, ILU.S. Gaming, Leisure & LodgingBrandt Montour, CFA+1 212 526 9947brandt.montour@barclays.comBCI, US8 July 2025 In this note, we review changes in foreign exchange rates and the potential impactNeutralon our universe of Consumer Staples companies.View full report on Barclays LiveBack to TopNeutralExpecting RCL to deliver a beat and raise, NCLH not as likely. Uneven 2H quarterlycadence across operators sets up for nuanced 3Q guides. Stocks have run, makingfor a less-than-ideal tactical setup on the print, but medium-term bull cases remainfully intact.View full report on Barclays LiveBack to TopMD regional GGR -1% y/y, IL regional GGR +15% y/y (same-store -2%). JuneRegional GGR for states reported thus far (MD, IL) is +6% y/y (same-store -2%)View full report on Barclays LiveBack to Top EnergyEnergy Transfer, LP: 2Q25Stock RatingIndustry ViewPrice TargetPrice (08 Jul 2025)EPS FY1 (E)EPS FY2 (E)Market Cap (USD bn)TickerNorth America Midstream and RefiningTheresa Chen, CFA+1 212 526 7195theresa.chen@barclays.comBCI, US9 July 2025Energycoupled with partial Jamaica contributionStock RatingIndustry ViewPrice TargetPrice (08 Jul 2025)EPS FY1 (E)EPS FY2 (E)Market Cap (USD bn)TickerNorth America Midstream and RefiningTheresa Chen, CFA+1 212 526 7195theresa.chen@barclays.comBCI, US9 July 2025 5 earnings previewOverweightAs ET's highly diversified base business continues to generate steady earnings, weNeutralthink the partnership's longer-term strategy related to demand-driven natgasinfrastructure growth will remain a key focus and driver of stock performance fromUSD 25.00here.USD 17.801.39View full report on Barclays Live1.5475.9388ETOverweightHeading into earnings, we expect ratable performance from EE's base business.NeutralWe also look for updates on EE's project backlog following the closing of theJamaica acquisition on 5/14, as well as the launching of Hull 3407 and anyUSD 32.00developments on the LNG carrier conversion.USD 27.960.96View full report on Barclays Live1.373.1879EE Back to TopBack to Top EnergyPhillips 66: Looking for 2Q25 improvement in Refining, but headwindsremain in Chemicals and Renewable FuelsStock RatingIndustry ViewPrice TargetPrice (08 Jul 2025)EPS FY1 (E)EPS FY2 (E)Market Cap (USD bn)TickerNorth America Midstream and RefiningTheresa Chen, CFA+1 212 526 7195theresa.chen@barclays.comBCI, US8 July 2025HealthcareAhead of Our Initial EstimateStock RatingIndustry ViewPrice TargetPrice (08 Jul 2025)EPS FY1 (E)EPS FY2 (E)Market Cap (USD bn)TickerU.S. Health Care Facilities & Managed CareAndrew Mok, CFA+12125265496andrew.mok@barclays.comBCI, US8 July 2025 Equal WeightRaising our 2Q25 adj. EPS estimate to $1.75 vs. $1.54 previously. While we areNeutralcautiously optimistic on the Refining fundamentals for the quarter, we thinkUSD 127.00lacklusterChemical margins and continuedregulatoryuncertainty in RenewableFuels will likely pr