Post-Q2 Earnings Surge, Analyst Upgrades and Valuation Debate

Q2 growth, approximately $2.132 billion in U.S. commercial bookings, $3.37 billion in total contract value, 157% net retention, and approximately $8.154 billion 2026 revenue guidance remain the bull case ahead of Q3 results expected after market close November 2. Preview coverage cites consensus EPS of $0.46 and an options-implied move of about 11%, a volatility signal rather than a directional forecast. RBC’s reported Sell/$90 view contrasts with higher targets from Deutsche Bank, Mizuho, and Rosenblatt; conversion of commitments into recognized revenue remains the execution test.