We think both companies' competitive advantages are sustainable.
Our long-term industry assumptions have grown more pessimistic.
We favor Enterprise Products Partners, Tallgrass, and Magellan.
At this point, it looks like more a blip than a roadblock.
TripAdvisor would be most affected; Booking and Expedia less so.
We're not changing our outlook for our midstream coverage.
All three companies still trade at 4 stars, however.
We still think branch networks hold value for customer service and cross-selling.
However, we still expect long-term prices well below current rates and consensus.
The proposal is mostly in line with our expectations, and our valuations haven't changed.
We believe the U.S. banking system is much stronger and more stable than it was a decade ago.
UnitedHealth and CVS are trading at compelling discounts to what we think they’re worth.
A combination is compelling but not without complications.
How economic moats help industrial gas producers consistently deliver lucrative returns.
Heavy-side building materials share prices underestimate the impact of improved funding.
We think the acquiring shareholders are getting a better deal.
Of the contract research organizations we cover, Syneos looks most attractively valued.
We think 3D Systems and Stratasys are both fairly valued.
The road to prohibition will be rocky, but the market assumes a worst-case scenario.
Our long-term outlook for lithium carbonate is unchanged.
The unlikely outcome of a disorderly no-deal Brexit is a risk, but opportunities exist.
We've reduced our long-term pricing forecasts.
Our projection for modest growth in the fiscal 2020 defense budget is now on shakier ground.
Concerns about safety and the fate of private vehicle ownership are just two reasons this technology will stay in first gear for now.
There's too much uncertainty to assume a significant hit to prices.
But we think this is already priced into the shares.
We expect EV sales in China and the EU will accelerate, driving above-consensus global adoption rates.
Online retailers will continue to pressure brick-and-mortar outfits, but we believe that sales at high-quality properties will stay positive.
These companies are finally set to deliver free cash flow, and in several cases the market is missing it.
Although we've raised our estimates, the carriers still look fairly valued.
We have one upgrade but more downgrades as well as fair value estimate cuts.
We see attractive entry points for some wide-moat chipmakers.
Nothing in the results materially changes our valuations.
We think the midterm elections could provide an investment opportunity as uncertainty rises beforehand.
Experian, Equifax, and TransUnion can profitably expand in multiple directions.
As users gravitate to new services, Disney and others could benefit over the long haul.
Three undervalued utilities are positioned to benefit from the shift to natural gas and renewables.
We are reiterating our positive outlook for the combined company.
We maintain our view that the investment case for the yellow metal will weaken.
We believe companies with moats from switching costs and intangible assets are less vulnerable.
Financial transactions are the most obvious application, but there are other opportunities as well.
The technology has plenty of potential, but there are still obstacles to world domination.
The regulatory relief fits our previous outlook and won’t materially change our bank valuations.
Supply disruptions and trade issues have boosted pricing across the supply chain, but stocks remain overvalued.
The quarter featured weather delays and reduced supply.
Capital One is the standout performer of the first quarter.
We see long-term tailwinds and attractive dividend yields.
Even with pricing power in high gear, we'd hit the brakes.
Invesco still offers the best relative value, but BlackRock is starting to look attractive too.
Several high-quality hydrocarbon shippers are currently on sale.