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Research & education only — not financial advice.TENK is not a registered investment adviser; calls are impersonal, generated from SEC filings and a delayed/third-party price feed, and may be wrong or out of date. The operator and an affiliated trading operation may hold or trade the securities TENK rates — see Disclosures. Do your own research.

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TTENK/calls
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Home›The Flip Side
The Flip Side · Saturday, July 4, 2026

What flipped this week

18 verdicts flipped
▲ 7 up · ▼ 11 down · net -4

The desk leaned cautious this week — 7 upgrades to 11 downgrades, most-changed in Health Care.

The flip of the week

ADPBuy→Hold

AUTOMATIC DATA PROCESSING INC

Elite, cash-gushing HCM compounder — but at its multiple for ~9% growth, the quality is fully in the price.

Revenue $20.6B · FY2025
🔒 The full re-thesis — 5 risks · 5 catalysts · price target · what we’re watching next. See the re-rate →

The flip ledger

Upgrades
APOHold→Buy
Revenue $32.0B · FY2025
BKRHold→Buy
Operating cash flow $3.81B · FY2025
DELLSell→Hold
Revenue $114B (+18.8% YoY) · FY2026
DLTRHold→Buy
Revenue $19.4B · FY2026
ESHold→Buy
Diluted EPS (FY2025) $4.56 · FY2025
FSell→Hold
Net income -$8.16B · FY2025
PSKYHold→Buy
Revenue $29.2B · FY2024
Downgrades
AOSBuy→Hold
Return on equity 29.4% · FY2025
LHBuy→Hold
Revenue (FY2025) $14.0B · FY2025
ALGNHold→Sell
Revenue $4.03B (YoY +0.9%) · FY2025
EXEBuy→Hold
Revenue $12.1B · FY2025
FOXABuy→Hold
Diluted EPS $4.91 · FY2025
GISBuy→Hold
Diluted EPS (GAAP) $(0.16) · FY2026
INCYBuy→Hold
Revenue (FY2025) $5.14B · FY2025
NVDABuy→Hold
Revenue (FY2026) $216B · FY2026
NWSBuy→Hold
Diluted EPS $2.07 · FY2025
QHold→Sell
Diluted EPS $3.30 (YoY -0.3%) · FY2025

Conviction moves · same call, dial changed

EDHold→
VTRSHold→
ACNBuy→
AEEHold→
BBYHold→
BIIBHold→
CINFBuy→
CMCSABuy→

New this week · 10 first calls

DAVEBuyRevenue (FY2025) $554M · FY2025
GTLBBuyRevenue (FY2026) $955M · FY2026
KVYOBuyRevenue (FY2025) $1.23B · FY2025
KNSAHoldRevenue $678M · FY2025
NTSKBuyRevenue $709M · FY2026
PBFHoldRevenue $29.3B · FY2025
PTRNSellRevenue (FY2025) $2.50B · FY2025
STUBHoldRevenue (FY2025) $1.75B · FY2025

Where the change clustered

Health Care ▼3Information Technology ▲1 ▼2Communication Services ▲1 ▼2Industrials ▼2Energy ▲1 ▼1Consumer Staples ▲1 ▼1

The week ahead, with our stance

ESIMon, Jul 6 · amcHold
CAGWed, Jul 8 · amcHold
PSMTWed, Jul 8Hold
PEPThu, Jul 9 · bmoHold
DALThu, Jul 9 · bmoBuy
CTASThu, Jul 9 · amcHold

Held the line · what we did not flip

KNSL Buy — held all week; Diluted EPS still $21.65 (FY2025).

A Hold — held all week; Revenue still $6.95B (FY2025).

AAL Sell — held all week; Stockholders' equity still -$3.73B (FY2025).

We changed 18 of 1195 calls this week — we re-rate rarely, and only on a filing fact, never on the price. See our live track record →

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The full re-thesis behind each flip — the risks, catalysts, price target and the cited SEC figures — with Pro.

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Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.