2026年第一季度美国十大投资理念

IntroducingtheTop10USIdeasforQ12026 Strategy 02 January 2026 Ninelongsandoneshort EquityUnited States We present our new list of ten short-term stock recommendations among US stocksunder coverage based on our view that these stocks could have significant market andbusiness-related catalysts in the quarter ahead. For 1Q26, our Top 10 Ideas include nineBuys and one Underperform across nine industries. Our Buys are Amazon.com, Boeing.Cigna, Constellation Energy, Dollar General, Equinix, Merck, Spotify, and VertexPharmaceuticals. Our Underperform is Lennar Corp. Anthony CassamassinoBofASStrategist+1 212 449 6874anthony.cassamassino@bofa.comSee Team Page for List of Analysts OpportunitiesbeyondAl While we of course have exposure to the theme of Artificial Intelligence via stocks suchas AMZN, CEG, and EQIX, the drivers for the broader list are more diverse. For example,we think healthcare legislation could be impactful for Cigna; commercial productionrates will likely to be the focus for Boeing shares; and potentially higher-than-expectedtax refunds in F1Q26 could benefit Dollar General. For the broader market, our US EquityStrategist, Savita Subramanian says there is "no way to sugar coat it -the S&P 5oO isexpensive". However, as the saying goes there is always a bull market somewhere andSavita highlights Health Care,lT,and Real Estate screen attractive near-term Howthislist will be maintainedandupdated We will publish this list at the beginning of each quarter. Ideas will generally remain onthe list through the quarter unless coverage is dropped or the rating changes. Anysecurity that is removed will not be replaced. If there are changes to the list during thequarter, we will publish the change in a research report. Securities are intended to stayon the list for one quarter, although some may be chosen for the next quarter's list. Wewill publish performance quarterly. Table1:Top10USIdeasList-1Q26 High-conviction, shot-term stock recommendations for the quarter ahead Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors, Investors should have experience in relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report.Investors should considerthisreportas onlya single factorinmakingtheir investment decision.Refer to important disclosures on page 32 to 35. Analyst Certification on page 24. PriceObjective Basis/Risk on page 21. Amazon(AMZN) Justin PostResearch AnalystBofAS+1415676 3547justin.post@bofa.com Michael McGovernResearch AnalystBofAS+14156763520mmcgovern@bofa.com Steven McDermott Research AnalystBofAS+1 646 855 4472steven.mcdermott@bofa.com Buy, PO $303 1Qinvestmentthesis Amazon is our top Large Cap Internet stock given exposure to Al vs AWS, and ourexpectation for AwS revenue growth to accelerate into2026.Our thesis is that AwScan show better relative performance, and upside to Street revenue estimates, as thebusiness enters 2026 in a much better capacity position than 2025.AwS plans to add 1gigawatt of power capacity in 4Q, which we think could be a 5%+ addition to totalcapacity, and double capacity by 2027. We also think there is an opportunity for multipleexpansion for the stock with new LLM deals (see catalysts on next page) and greaterTrainium adoption. Amazon recently announced some Al leadership changes, includingthat Peter DeSantis will lead AGI Labs, the organization responsible for AWS's suite ofNova models, as well as custom silicon development and quantum computing. We wouldearly BAC aggregated credit & debit card data suggests that Online spend has remainedhealthy for the holiday season (stable y/y growth vs 3Q). While tougher comps in 2Q'26could drive deceleration in y/y growth, Amazon should continue to gain share as thecompany adds to its grocery selection and delivery capabilities See BofA on USA report for methodology, limitations and disclaimers related to BACaggregated credit and debit card data. Exhibit 1: AMZN key stock data We highlight Amazon as our 1Q26 top pick Catalysts: Accelerating AwS revenue growth: AwS plans to add 1gigawatt of power capacity in4Q'25 and double capacity by 2027. We think the 4Q addition could be a 5%+ increasein total capacity and could lead to revenue acceleration in 1Q. Medium-term, weestimate that AwS sales growth could accelerate towards mid-20%, up from 20% y/y in3Q'25. While Al workloads are more power intensive and may not have the sameAmazon's growing backlog. train and run OpenAl's models on Trainium chips.While the deal is not expected to bringOpenAl's frontier models to AwS' Bedrock, the deal could have an agentic component.A deal with OpenAl for Trainium usage and Agentic pur