The market is warm to the idea, but we don't see a meaningful long-term impact for companies in this space.
Wide-moat 3M had solid second-quarter results. However, we lower our fair value estimate to $195 per share from $199 due entirely to our probability-adjusted U.S corporate tax rate of 26% beginning in 2022.
We slightly bump up our fair value estimate to $15.90 from $15.70 in what we see as a solid quarter confirming our bullish view.
We increase our General Electric fair value estimate to $15.10 from $14.10 previously, primarily due to interest rate tailwinds in GE’s pension liability, as well as time value of money.
Here's how we differ from the bears and why we think long-term fundamentals will improve.
We are maintaining our fair value estimate as the split bears no bearing on the intrinsic value.
We are raising our fair value estimate by $1 for the wide-moat company.
GE’s 2021 industrial free cash flow guide calls for $2.5 billion to $4.5 billion of industrial free cash flow, above our prior expectations. As a result, we are raising our fair value estimate.
We raise our fair value estimate for the wide-moat company.
Narrow-moat General Electric surpassed our expectations year to date on its top line, earnings per share, and industrial free cash flow.
We raise our fair value estimate to $180 per share, from $166 previously. It is our hope that the company continues to deliver on growth once again and re-earn both its premium multiple and reputation as a reliable short-cycle business, whose stocks are best to buy in the early parts of the cycle.
It may not be as bad as it looks.
Narrow-moat-rated General Electric had a difficult second quarter. We cut our fair value estimate by about 6.5% to $9.90 (from $10.60 previously).
After reviewing wide-moat-rated 3M’s latest second-quarter 2020 results, we slightly lower our fair value estimate by about 2% to $166 per share (from $170 previously).
We find several undervalued stocks and one compelling bargain.
Eaton Corporation is trading at a discount to our fair value estimate.
Nothing in GE’s first-quarter results alters our current long-term view of the firm.
Results from this wide-moat rated company are firmly in line with our expectations.
The commercial aerospace environment faces rapid degradation relative to prior expectations.
We're reducing our fair value estimate on the wide-moat firm.
The discounts we see now are several and sometimes compelling.
We maintain our valuation for now as GE’s 2020 outlook is in line with our expectations for revenue, adjusted EPS, and industrial free cash flow.
Despite near-term weakness, we continue to be optimistic in our long-term forecast.
CEO Larry Culp is effectively leading the firm through a multiyear turnaround.
It may not be a pound-the-table bargain, but we like it as a defensive stock.
We don't think so, and we're still confident in CEO Larry Culp.
Despite the risks posed by the 737 MAX groundings, GE maintained its long-term industrial free cash flow outlook in the quarter.
Market sentiment doesn't change our high opinion of this wide-moat firm.
Equity analyst Josh Aguilar gives his take on the first half of the Berkshire Hathaway shareholders' meeting.
Five stocks in this sector have increased their dividends annually for the past 60 years. Here's our top idea today.
We're still evaluating the deal, but we don't expect a change to GE's fair value estimate.
We expect new CEO Culp will successfully lead a multiyear turnaround.
The future for GE looks brighter than it has, but there are still lots of unanswered questions.
GE Healthcare's size would rank as one of the world's largest for a public healthcare company, but we're not making any changes to our fair value estimate on the news.
We are maintaining our fair value estimate as well as our very high uncertainty rating as the narrow-moat firm creates a new digital entity.
Selling part of BHGE sooner is a necessary move, in our view.
Shares of the stock are nearing 5-star territory, where we would be buyers.
Our long-term outlook for the narrow-moat firm remains as new CEO Larry Culp begins his turnaround efforts.
We believe CEO Larry Culp will take action to close the gap between the stock's price and the firm's intrinsic value when it reports Tuesday.
The firm may have reserved growth opportunities, but it remains high-quality and shareholders can benefit from dividends and buybacks.
Our long-term fundamental outlook for the firm remains intact, and we don't expect changes to our fair value estimate.
We expect the firm's core strategy will remain unchanged but do expect to changes in execution.
We don't plan to materially alter our $15.70 fair value estimate after the surprisingly timed move.
Shares may be a bit pricey today, but investors should keep this high-quality name on their watchlist.
New CEO Rich Tobin unveiled plans to cut expenses by $100 million, but we're not making material changes to our fair value estimate as a result.
A cut in guidance has sent shares plunging, but we see no permanent deterioration in the fundamentals of the business.
There were few surprises in GE's second-quarter update as anticipated weakness in the power segment weighed.
Our moat downgrade was prompted by secular threats facing GE power and lingering liabilities at GE capital.
GE Capital and lower revenue in the power segment drag on the firm.
Among a mostly fairly valued industrials sector, some good values remain.