Core Insights - The article discusses potential investment opportunities in VWAGY, indicating a possible long position in the stock within the next 72 hours [1]. Group 1 - The analyst has no current stock or derivative positions in the companies mentioned but may initiate a beneficial long position in VWAGY [1]. - The article expresses the author's personal opinions and is not influenced by any compensation from companies mentioned [1]. - There is no business relationship with any company whose stock is mentioned in the article [1].

Group 1 - Wolfe Research upgraded Trex (NYSE: TREX) to Outperform from Peer Perform and set a $47 price target, with shares rising more than 1% in pre-market trading [1] - Trex shares had fallen nearly 50% in 2025, underperforming the broader building products group by approximately 27 percentage points [1] - Wolfe acknowledged investor concerns regarding future market share gains after James Hardie's acquisition of AZEK, but noted that the selloff created an excessive valuation discount [1] Group 2 - Trex was trading at 12.3x Wolfe's 2026 EBITDA estimate, which is a 44% discount to its long-term average multiple and a 53% discount to its 2018–2024 average [2] - Returns had declined as Trex invested in capacity, maintained higher inventory under its even-flow production model, and increased SG&A spending amid muted market growth [2] - Wolfe projected a 16% ROIC in 2026, the second-highest in its coverage universe, and stated that the decking industry's growth profile warranted a premium valuation [2] - The $47 target implies a roughly 15x EV/EBITDA multiple [2]

Valuation Disconnect - Lazard's research note highlights a significant valuation disconnect between US tech stocks and global counterparts, with US tech stocks trading at approximately 30 times forward non-GAAP EPS estimates [1] Market Comparison - The report indicates that while US tech stocks are highly valued, many international markets are trading at lower multiples, suggesting potential investment opportunities outside the US [1] Investment Implications - The disparity in valuations may lead investors to reconsider their allocation strategies, potentially favoring international equities over domestic tech stocks [1]

Market Overview & Policy Impact - Washington's decisions significantly impact markets and underlying businesses [2] - Passage of the "one big beautiful bill" (OB3) is anticipated in July, potentially removing debt ceiling overhang and uncertainty regarding tax cuts [2][3] - The bill's passage is expected to provide market comfort and reduce volatility, paving the way for improved performance [3] Lyft Valuation & Opportunity - A significant valuation disconnect exists between Uber (market cap of $180 billion) and Lyft (market cap of $6 billion), despite Lyft holding 30% of the US ride-share market compared to Uber's 70% [5][6] - The valuation skew is considered excessive, suggesting a potential reset for Lyft [6] - Lyft is actively pursuing interesting business strategies in tier 2 markets like Indianapolis and Charlotte, supported by a strong management team [7] Planet Fitness Turnaround & Growth - Planet Fitness is viewed as a turnaround story with a new and strong management team [9] - The company is reorienting gym equipment, shifting towards strength-intensive offerings to attract and retain Gen Z customers [10] - Planet Fitness is operating systematically with close collaboration with franchisees, employing a "test, read, repeat" approach [10] - The company aims to return to a level of 200 gym openings [11] - Planet Fitness possesses the largest advertising fund in the industry, exceeding $300 million, with a new chief marketing officer to effectively utilize it [12]