Technical Analysis – 4 June 2026

Macy’s, Inc. (M) 

• 1Q26 Revenue: $4.86B, +1.7% YoY, beat estimates by $280M 

• 1Q26 Non-GAAP EPS: $0.13, beat estimates by $0.10 

• FY26 Guidance: Raised FY26 net sales guidance to $21.50B to $21.75B from $21.40B to $21.65B and raised adjusted EPS guidance to $2.00 to $2.20 from $1.90 to $2.10. Comparable sales are now expected to rise 0.5% to 1.2%. 

• Dividends: The board had previously declared a quarterly dividend of $0.1915 per share, payable April 1, 2026. 

• Comment: This was a strong quarter relative to expectations. Net sales rose 1.8% to $4.68B, comparable sales increased 3.0%, and this was the company’s best first-quarter comparable-sales performance in four years. Bloomingdale’s remained the standout, with comparable sales up 10.2%, while Bluemercury grew 6.4%, indicating the higher-income consumer and luxury-oriented parts of the portfolio are carrying the recovery. The key positive is that Macy’s converted the beat into a full-year guidance raise rather than treating it as one-off upside. Management’s focus on full-price selling, better brand mix, store optimization, and stronger execution in beauty, shoes, handbags, and contemporary apparel appears to be working. The stock reaction was modestly positive, with shares up around 1% premarket after the release. The principal variables to monitor are whether core Macy’s stores can sustain positive comps, whether Bloomingdale’s and Bluemercury continue to offset weakness in more value-sensitive categories, and whether macro pressure from fuel and tariffs starts to weigh more noticeably on the middle-income customer. 2Q26 recommended trading range: $18 to $24. Neutral Outlook. 

 

Macy’s, Inc.（M) 

 

• 26财年第一季度营收：48.6亿美元，同比增长1.7%，超出预期2.8亿美元 

• 26财年第一季度非公认会计准则每股收益：0.13美元，大幅超出预期0.10美元 

• 26财年全年指引：上调全年净销售额至215亿–217.5亿美元（原为214亿–216.5亿美元）；上调调整后EPS至2.00–2.20美元（原为1.90–2.10美元）；同店销售增长指引上调至0.5%–1.2% 

• 股息：董事会此前已宣布季度股息每股0.1915美元，于2026年4月1日支付 

• 短评：本季度表现显著优于市场预期。净销售额同比增长1.8%至46.8亿美元（注：财报公布总营收为48.6亿，此处或含其他收入），同店销售额大增3.0%，为近四年来最佳一季度表现。增长由高端品牌驱动：Bloomingdale’s同店销售飙升10.2%，Bluemercury增长6.4%，显示高收入客群及奢侈品板块正引领复苏，有效对冲大众消费疲软。核心亮点在于，管理层将超预期转化为全年指引上调，而非视为一次性利好，反映其“全价销售、优化品牌组合、门店效率提升”战略在美妆、鞋履、手袋及当代服饰等品类已见成效。财报发布后股价盘前微涨约1%，反应温和——市场或仍担忧中产消费者承压。后续关键变量包括：（1）核心Macy’s门店能否维持正向同店增长；（2）Bloomingdale’s与Bluemercury能否持续抵消价值敏感品类的弱势；（3）燃油成本与关税压力是否进一步侵蚀中等收入家庭支出能力。26财年第二季度建议交易区间：18美元至24美元。中性前景。 
   

Broadcom Inc. (AVGO) 

• 2Q26 Revenue: $22.19B, +47.9% YoY, beat estimates by $70M 

• 2Q26 Non-GAAP EPS: $2.44, beat estimates by $0.04 

• 3Q26 Guidance: 3Q26 revenue guided to about $29.4B, above consensus. Management expects AI semiconductor revenue to reach about $16B in 3Q26 and reiterated its view that AI revenue can exceed $100B by 2027. 

• Comment: This was a strong quarter. Semiconductor revenue reached about $15.0B, infrastructure software revenue was about $7.18B, and AI revenue surged 143% YoY to $10.8B. The print confirms Broadcom remains one of the clearest beneficiaries of hyperscaler AI capex, especially through custom AI chips and networking exposure. The main issue was expectations rather than execution. Although 3Q guidance was above consensus, the market had been positioned for an even larger upside surprise after a very strong run into the print. The stock fell sharply after hours, ranging from roughly 6% to as much as 15%, which indicates investors were looking for a higher AI revenue step-up or a larger revision to the longer-term AI outlook. The principal variables to monitor are AI revenue conversion through 2H26, customer concentration within custom silicon, software revenue mix as semis grow faster, and whether hyperscaler AI spending remains aggressive enough to sustain the current valuation. 3Q26 recommended trading range: $370 to $550. Positive Outlook. 

 

Broadcom Inc.（AVGO) 

 

• 26财年第二季度营收：221.9亿美元，同比增长47.9%，超出预期7000万美元 

• 26财年第二季度非公认会计准则每股收益：2.44美元，超出预期0.04美元 

• 26财年第三季度指引：营收约294亿美元（高于市场共识）；AI半导体收入预计达160亿美元；重申2027年AI相关收入有望突破1000亿美元 

• 短评：本季度表现强劲，进一步巩固Broadcom作为AI基础设施核心受益者的地位。半导体业务收入约150亿美元，其中AI收入同比暴增143%至108亿美元；基础设施软件收入71.8亿美元，整体结构健康。公司深度绑定超大规模客户（hyperscalers），通过定制AI芯片与高速网络解决方案持续捕获高价值订单。然而，市场反应却显著负面——盘后股价大跌6%–15%，主因在于：尽管Q3指引超预期，但投资者在财报前已price in更大幅度的AI收入跃升或长期目标上调，实际结果被视为“虽好但不够惊艳”。当前估值高度依赖AI支出持续高增长，任何增速边际放缓都可能引发重估。后续关键变量包括：（1）2026年下半年AI收入转化节奏；（2）定制芯片业务对少数大客户的集中度风险；（3）随着半导体增速远超软件，整体收入结构变化对利润率的影响；（4）超大规模客户是否维持激进的AI资本开支。26财年第三季度建议交易区间：370美元至550美元。积极前景。 
   

CrowdStrike Holdings, Inc. (CRWD) 

• 1Q27 Revenue: $1.39B, +26.4% YoY, beat estimates by $30M 

• 1Q27 Non-GAAP EPS: $1.10, beat estimates by $0.03 

• 2Q27 Guidance: 2Q27 revenue is guided to about $1.439B and adjusted EPS to $1.16 to $1.17. 

• FY27 Guidance: Raised FY27 revenue guidance to $5.91B to $5.96B from $5.87B to $5.93B. Raised FY27 adjusted EPS guidance to $4.88 to $4.96 from $4.78 to $4.90. 

• Comment: This was a strong quarter. Revenue grew 26% YoY, annual recurring revenue rose 24% to $5.51B, and net new ARR increased 32% to $256M, which indicates solid platform adoption and healthy enterprise demand. The swing to GAAP profitability is also a positive signal, even though the market continues to focus more on recurring growth than on near-term accounting earnings. The main issue was expectations. Even with the beat and raised full-year outlook, the stock fell about 12% after hours because the shares had already run hard into the print, and some investors viewed the Q2 guide as only roughly in line rather than a major upside surprise. 2Q27 recommended trading range: $580 to $800. Neutral Outlook. 

 

CrowdStrike Holdings, Inc.（CRWD) 

 

• 27财年第一季度营收：13.9亿美元，同比增长26.4%，超出预期3000万美元 

• 27财年第一季度非公认会计准则每股收益：1.10美元，超出预期0.03美元 

• 27财年第二季度指引：营收约14.39亿美元，调整后每股收益1.16–1.17美元 

• 27财年全年指引：上调全年营收至59.1亿–59.6亿美元（原为58.7亿–59.3亿美元）；上调调整后EPS至4.88–4.96美元（原为4.78–4.90美元） 

• 短评：本季度表现强劲。营收同比增长26%，年度经常性收入（ARR），净新增ARR达2.56亿美元（+32% YoY），显示其平台化战略持续获得企业客户认可，安全需求保持健康。公司亦首次实现GAAP口径盈利，虽市场更关注增长质量而非会计利润，但仍属积极信号。然而，股价盘后大跌约12%，主因在于：（1）财报前股价已大幅上涨，透支部分乐观预期；（2）Q2指引仅略高于或基本符合共识，未带来显著上修惊喜。投资者对“完美兑现”要求提高，导致利好出尽式回调。后续关键变量包括：（1）ARR增长能否维持在20%+区间；（2）平台交叉销售（如Identity、LogScale、Workload等模块）是否加速；（3）利润率扩张路径是否清晰；（4）宏观环境是否影响企业安全预算。尽管短期波动，长期云原生安全龙头地位稳固。27财年第二季度建议交易区间：580美元至800美元。中性前景。 

 

Veeva Systems Inc. (VEEV) 

• 1Q27 Revenue: $882.95M, +16.3% YoY, beat estimates by $25.22M 

• 1Q27 Non-GAAP EPS: $2.24, beat estimates by $0.10 

• 2Q27 Guidance: Expects revenue of $902M to $905M, with a midpoint of $903.5M exceeding the consensus of $888.4M. Adjusted EPS guidance of $2.21 to $2.22 also topped the $2.19 estimate. 

• FY27 Guidance: Expects revenue of $3.635B to $3.645B, with the $3.64B midpoint above the $3.6B consensus, while adjusted EPS guidance of $9.05 surpassed the $8.87 estimate. 

• Comment: Veeva Systems delivered a strong first quarter, with revenue rising 16% YoY to US$882.9mn and adjusted EPS of US$2.24, both exceeding analyst expectations. Growth was broad-based across the business, with subscription revenue, the company’s largest segment, growing 15% to US$730.2mn, while professional services revenue also increased significantly. Profitability remained strong, with adjusted operating income and adjusted net income both rising 13% YoY. The company continued to gain traction with its next-generation Vault CRM platform, adding 27 new customers during the quarter and surpassing 150 live customers, while the acquisition of Ostro expanded its AI capabilities through conversational AI solutions already serving more than 50 brands. Management raised guidance for both fiscal 2027 revenue and earnings, reflecting confidence in continued execution and demand across the life sciences industry. Looking ahead, Veeva appears well positioned to benefit from ongoing digital transformation within pharmaceutical and biotech companies, increasing adoption of Vault CRM, and growing demand for AI-enabled workflows. With a large addressable market, strong recurring subscription revenue, and expanding product ecosystem, the company has the potential to sustain double-digit growth while further expanding margins over the medium term. 2Q27 recommended trading range: $160 to $190. Neutral Outlook. 

 

Veeva Systems Inc.（VEEV) 

 

• 27财年第一季度营收：8.8295亿美元，同比增长16.3%，超出预期2522万美元 

• 27财年第一季度非公认会计准则每股收益：2.24美元，超出预期0.10美元 

• 27财年第二季度指引：营收9.02亿-9.05亿美元（中值9.035亿，高于市场共识8.884亿）；调整后EPS 2.21–2.22美元（高于预期2.19美元） 

• 27财年全年指引：营收36.35亿-36.45亿美元（中值36.4亿，高于共识36亿）；调整后EPS 9.05美元（显著高于预期8.87美元） 

• 短评：本季度表现强劲，增长全面且高质量。核心订阅收入（占总营收约83%）同比增长15%至7.302亿美元，专业服务收入亦显著提升；调整后营业利润与净利润均增长13%，显示在高增长同时仍维持优异盈利能力。公司持续推进产品创新：下一代Vault CRM平台新增27家客户，活跃客户数已超150家；通过收购Ostro，其对话式AI解决方案已服务50多个品牌，强化了在生命科学领域AI工作流的布局。管理层同步上调全年营收与盈利指引，反映对行业数字化需求及自身执行力的高度信心。Veeva深度绑定制药与生物科技行业，受益于该领域持续的云迁移、CRM升级及AI集成趋势，具备清晰的长期增长路径。尽管估值已反映部分乐观预期，但其高能见度的经常性收入模式与扩展中的产品生态支撑中期双位数增长潜力。27财年第二季度建议交易区间：160美元至190美元。中性前景。 

 

PVH Corp. (PVH) 

• 1Q26 Revenue: $2.0B, +1.0% YoY, in-line with estimates  

• 1Q26 Non-GAAP EPS: $2.01, beat estimates by $0.19 

• FY26 Guidance: Revised revenue projections to be approximately flat compared to a slight increase previously. Projected to decrease slightly on a constant currency basis compared to flat to a slight increase previously. Reaffirmed operating margin outlook of approximately 8.8% on a non-GAAP basis and EPS outlook of a range of $11.80 to $12.10 on a non-GAAP basis. 

• Comment: PVH Corp. reported a resilient first quarter, with revenue of US$2.03bn slightly exceeding expectations, supported by strong direct-to-consumer performance as sales through stores and e-commerce grew across its Calvin Klein and Tommy Hilfiger brands. The company benefited from successful spring marketing campaigns, continued customer acquisition, investments in digital capabilities and store upgrades, while product categories such as Calvin Klein denim and underwear and Tommy Hilfiger sweaters and outerwear delivered solid growth. Operating margin came in at the high end of guidance, reflecting disciplined execution and product innovation. However, management revised its full-year outlook to account for the prolonged impact of the Middle East conflict on consumer spending in the EMEA region, resulting in an expectation for roughly flat fiscal 2026 revenue despite maintaining its non-GAAP operating margin target of approximately 8.8%. Looking ahead, PVH’s growth trajectory will likely depend on its ability to sustain brand momentum at Calvin Klein and Tommy Hilfiger, expand direct-to-consumer penetration, and execute marketing initiatives, while navigating ongoing geopolitical uncertainty and softer consumer demand in Europe. If macro conditions stabilize, the company could be well positioned to translate its improving brand strength and operational discipline into renewed revenue growth and margin expansion. 2Q26 recommended trading range: $70 to $100. Neutral Outlook. 

 

PVH Corp.（PVH) 

 

• 26财年第一季度营收：20亿美元，同比增长1.0%，符合市场预期 

• 26财年第一季度非公认会计准则每股收益：2.01美元，超出预期0.19美元 

• 26财年全年指引：将全年营收预期从“小幅增长”下调至“大致持平”（按固定汇率计略有下降）；重申非GAAP运营利润率约8.8%、调整后EPS指引11.80–12.10美元 

• 短评：本季度表现稳健且具韧性。尽管宏观环境承压，营收仍略超预期，主要受益于直营渠道（DTC）——Calvin Klein与Tommy Hilfiger的门店及电商业务均实现增长。春季营销活动成效显著，客户获取持续，叠加数字能力建设与门店升级投入，推动核心品类如CK牛仔/内衣、Tommy毛衣/外套表现亮眼。运营利润率落在指引区间高端，反映公司在产品创新与成本纪律上的有效执行。然而，管理层下调全年营收展望，主因中东冲突对欧洲、中东和非洲（EMEA）地区消费者支出造成持续拖累，导致国际需求疲软。尽管如此，公司维持利润率与盈利指引，显示其通过定价、产品组合优化及运营效率部分抵消了收入压力。后续关键变量包括：（1）两大品牌在全球（尤其欧美）的品牌势能能否维持；（2）DTC渗透率提升速度；（3）地缘政治风险是否缓和；（4）若宏观环境改善，公司能否快速重启增长并扩大盈利空间。26财年第二季度建议交易区间：70美元至100美元。中性前景。