North America Equity Research 07 August 2026 ATI J P M O R G A N A Transformational Quarter, Mainly for AA&S A 12% bump to the 2026 adj EBITDA forecast got the market's attention yesterday, driving nine points of appreciation for ATI in a flat market and mgmt commentary suggested continued momentum behind the earnings outlook. This quarter's upside came primarily from AA&S, though HPMC, which typically receives the bulk of investor attention, seems poised for a strong 2H and beyond. On the back of this stro ...