North America Equity Research U.S. First to Market 18 August 2026 Top Stories US Tactical Derivatives Strategy (Bram Kaplan, CFA/Arda Sebuktekin) PayPal: Deal or No Deal? Strategy: We recommend buying January put options on PayPal (PYPL) as current risk/reward remains compelling to position for potential downside if the reported buyout offer does not occur. With new CEO Enrique Lores still early in executing a turnaround and fundamentals remaining challenged, the company could ultimately choose to prioritiz ...

J P M O R G A N North America Equity Research 18 August 2026 Starwood Property Trust Still Finding Ways to Deploy Capital Despite Volatile Markets STWD reported 2Q26 distributable EPS of $0.40, above JPMe of $0.39 but in line with consensus of $0.40. Undepreciated book value per share was $18.62, below our forecast of $18.80 (vs $18.97 Q/Q). We are revising our Dec 2027 price target to $18.50 from $19.00 and reiterate our Overweight rating. Our Dec 2027 PT assumes a 1.025x multiple applied to our 2027 TBVPS ...