Model is leaning hard into cheap-vs-bonds cash flows, with short interest as the kicker. Earnings yield vs bonds drives 7 of 10. Book +15.8% to +20.3%, median conf 93. Not a sector bet — Consumer Defe

McCormick & Company, Incorporated ($MKC) +20.3%, conf 93: earnings yield vs bonds leads, short interest right behind — defensive squeeze. The Allstate Corporation ($ALL) +19.1%, conf 93: same earnings yield, less short pressure, P/E adds. Fiserv, Inc. ($FISV) +18.3%, conf 93: short interest is the top driver, then earnings yield, plus 60d vol. Solventum Corporation ($SOLV) +17.8%, conf 93: earnings yield, illiquidity, short interest — less liquid name, so size matters. Edison International ($EIX) +17.7%, conf 93: earnings yield and vol push up, short interest drags. Dollar Tree, Inc. ($DLTR) +17.2%, conf 91: earnings yield and P/E work, short interest headwind. PG&E Corporation ($PCG) +16.0%, conf 91: short interest leads, vol adds. EMCOR Group, Inc. ($EME) +17.0%, conf 93: short interest leads, earnings yield smaller, vol adds. Globe Life Inc. ($GL) +16.6%, conf 92: earnings yield and short interest tied, plus illiquidity. Carnival Corporation Ltd. ($CCL) +15.8%, conf 93: earnings yie

McCormick & Company, Incorporated ($MKC) +20.3%, conf 93: earnings yield vs bonds leads, short interest right behind — defensive squeeze. The Allstate Corporation ($ALL) +19.1%, conf 93: same earnings