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.
Credit Suisse and UBS offer moaty business models, robust profitability, and good earnings visibility.
Even after raising our fair value estimates, though, we still think our coverage is overpriced.
It boasts a big dollar value, but opposition will necessitate revisions.
But we expect a repeat of the 1980s, with a buildup followed by cuts.
We see some attractive entry points for long-term investors.
Halliburton looks especially overvalued.
Some mobile tech marketplaces will gain traction, but stealing freight from traditional providers will be a challenge.
Ad holding firms and their agencies will maintain their market-leading positions, creatively.
New competition may seem inevitable, but moats in the pharma supply chain exist for a reason.
We see no signs of this trend slowing.
We see no winners if free trade ends.
Rising U.S. production is likely to stall OPEC efforts to normalize global crude stockpiles.
The rise of e-commerce has hit shopping malls hard, and we think the pain has just begun.
They've had a nice run, but it probably won't last, and other warning signs are emerging.
We think its distribution network sets it up for success in the race for professional and DIY sales.
We have some concerns, but think a deal would bring operational opportunities.
The winners have emerged in the cloud market.
Despite the prospect of a pricing rebound for truckload carriers due to the electronic logging device mandate, better opportunities exist in truck brokerage.
We think the most likely outcome won't have much effect on defense stocks.
For now, we’re not changing our valuations or moat ratings for the affected companies.
The unified framework doesn’t change our fair value estimates or moat ratings.
Wells Fargo is still the standout in the sector.
But a few low-cost, low-leverage E&P companies remain undervalued, despite looming commodity headwinds.
With fundamentals outside of investor demand looking weak, we expect gold prices to fall through 2018.
Undervalued Delta remains our top pick.
We think a 30% price decline looms.
The proposed tie-up of Praxair and Linde will result in a clear market leader.
Key players in the pharmaceuticals sector are fortifying their moats with emerging immuno-oncology drugs.
BlackRock and T. Rowe Price remain our top picks in the space.
We think the major trends that the rule accelerates remain firmly in place.
Even as smokers turn to substitutes, we expect continued industry domination.
We see the CCAR results as most positive for Wells Fargo, Capital One, and Citi.
Wide-moat Boeing registered 56 wide-body deals.
Our financial sector valuations and moat ratings already account for the new standard, and these three firms look undervalued today.
Affordability could present a larger challenge over the longer term.
Falling unemployment and rising wages are poised to stimulate household formation among younger adults.
We see new growth avenues for CPG companies and online retailers.
Fear could create opportunity, but we advise investors to proceed with caution.
Protectionist trade policies aren't enough to change our long-term view.
The moats of the large aftermarket retailers should be able to keep online competition at bay.
Stronger household formation by millennials is key.
Though none of them have developed a moat, one does look undervalued at current prices.