DA Davidson Adjusts STAMPEDE List Names

DA Davidson Adjusts STAMPEDE List Names

• ADD: Target (NYSE: TGT) and Colonial Bankshares, Inc. (NYSE: OBK).
• REMOVE: Dick's Sporting Goods (NYSE: DKS), Destination XL Group (NASDAQ: DXLG), HireQuest (NASDAQ: HQI), Customers Bancorp (NYSE: CUBI), Bluelinx Holdings (NYSE: BXC), and Wabash National (NYSE: WNC).

The analyst comments "We are removing several names from our S.T.A.M.P.E.D.E. list as the expected special situation catalysts have either played out or the time frame in which we expected an event to occur has elapsed. Names are in alphabetical order. • BlueLinx Holdings, Inc. (BXC – NEUTRAL); Category "E" – Excess Cash: We are removing BlueLinx from the STAMPEDE list as the excess cash we believed that could have been allocated towards buying back stock has instead been allocated to the Disdero acquisition for $96M. Our model currently points towards BXC ending the year with a net cash position of $37M excluding leases which would indicate that the company could still buyback ~8% of outstanding shares vs 20% prior to the acquisition at current prices. • Customers Bancorp, Inc. (CUBI – BUY); Category “P” – Portfolio Restructuring: Our STAMPEDE thesis has played out and are taking it off the list. The transition from the team-lift outs hired since 2Q23 have brought in $2.8B in deposits (14% of total deposits) and the remixing of the loan portfolio is done as they have resumed balance sheet growth. CUBI is up 50% YTD, the best performing bank stock in the KRX Index. • DICK's Sporting Goods, Inc (DKS – BUY); Category “T” – Takeout: We are dropping DKS from our S.T.A.M.P.E.D.E. list as the expected catalyst has already occurred. DKS was in S.T.A.M.P.E.D.E. under the “T” for Takeout category due to the announced Foot Locker acquisition, which has now been consummated. • Destination XL Group, Inc. (DXLG – BUY); Category “T” – Takeout: We are removing DXL Group from our S.T.A.M.P.E.D.E. list as the expected catalyst has already occurred. DXLG was in S.T.A.M.P.E.D.E. under the “T” for Takeout category due to an announced, non-binding proposal from Fund 1 Investments in December 2024 to acquire all of the outstanding shares of the company. But, that proposal is now off the board as that investor has agreed to vote in favor of the DXLG, FullBeauty merger of equals that was announced in December 2025. • Hirequest, Inc. (HQI – BUY); Category “T” – Takeout: We are removing HireQuest from our S.T.A.M.P.E.D.E. list. HQI was in S.T.A.M.P.E.D.E. under the “T” for Takeout category due to their proposed takeout of competitor True Blue (TBI) for $7.50 a share, which was first made public in May 2025. But, we now no longer believe that HQI’s proposed takeout offer is likely to succeed. • Wabash National Corporation (WNC – NEUTRAL); Category "D" – Disruptive or Legal Risk: We are removing WNC from our STAMPEDE list, as the legal risk (related to an adverse product-liability verdict) has been settled."

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