US Multis Preview (Vertiv / nVent): Re-iterate long-term Outperform on both names but tactically prefer NVT in 3Q

This preview covers Bernstein's U.S. electrical equipment sub-segment, including Vertiv (VRT) and nVent (NVT). On VRT, we re-iterate our long-term Outperform but remain tactically neutral into 3Q. We are not worried about product/service quality issues, the pace of build slowing, or their ability to meet their back-half weighted guide, but buyside EPS of ~$7 for 2026 implies HSD beats are needed in 3Q and 4Q, and the guide is quite backweighted, so we are unsure they can deliver above it. We forecast 3Q26 revenue of $3.73B, adj. operating margins of 24.9% and EPS of $1.81, largely in line with guidance and consensus. On NVT, our top pick across our entire coverage, we think investors underestimate the earnings torque from liquid cooling, especially now that Rubin has started to ship, and we expect the valuation discount to VRT to converge over the next couple of quarters. We forecast 3Q26 revenue of $1.43B and EPS of $1.39, with investors expecting a 10%+ EPS beat given management cons