Core Viewpoint - Morgan Stanley identifies Techtronic Industries (00699) as a top pick for 2026, citing a return to growth in the power tools industry driven by supply chain normalization, favorable interest rate cycles, and company-specific catalysts [1] Group 1: Industry Outlook - The power tools industry is expected to outperform the market for the remainder of the year as attention shifts back to growth potential [1] - The channel destocking cycle in the industry is nearing completion, with strong pricing power maintained [1] - The impact of supply chain migration on the industry is largely over, and both professional and DIY demand are showing clear signs of recovery [1] Group 2: Company-Specific Insights - Revenue growth for the Milwaukee brand is anticipated to accelerate due to the rapid expansion of the total addressable market (TAM) [1] - Following the exit from Walmart's HART brand, the company will refocus on consumer business, particularly the Ryobi brand at Home Depot [1] - The industry consolidation is accelerating, benefiting large brand suppliers [1]