We see an opportunity to invest in the exceedingly cheap shares.
While this is a setback for Capital One, investors should view it as an opportunity to purchase the shares at a discount.
Shares are mostly fairly valued for the wide-moat credit card firm.
Fiserv faces an uphill battle to extract sustainable value from this deal, and we expect to adjustment to our fair value estimate downward.
It's able to hold less capital against credit card loans compared with its larger, more regulated rivals.
The wide-moat firm’s recent growth has been exceptionally diverse and widespread and we see shares as modestly undervalued.
Given the recent strength in employment, we would expect the wide-moat firm's payroll revenue to be growing at a faster rate.
Despite slowing growth, margin contraction, and headwinds from weaker buy-side customer demand, the market continues to award FactSet with a higher multiple.
We have some concerns about Automatic Data Processing's moat.
The company should finally realize the benefits of its growth strategy this year.
The company continues to benefit from its expansive scale and the low incremental costs of providing payroll and new offerings to customers.
The wide-moat firm will only be able to achieve growth of 5%-5.5% over the next two fiscal years.
Capital One is the standout performer of the first quarter.
We believe the current share price already reflects much of what could go wrong.
We believe Pershing Square's argument for doing so is flawed and nearsighted.
Shares of the wide-moat firm are significantly overvalued and do not reflect the modest rise in competition.
Activist Bill Ackman's claims that ADP can radically boost profitability don't hold water, and shares are already pricing in a rosy scenario.
Despite raised guidance and an alluring dividend yield, shares of the wide-moat firm are too rich.
The firm’s competitive positioning is eroding, leading us to cut our fair value estimate and stewardship ratings.
The company’s growth has been impressive, but we worry about approaching headwinds.
We think investors are overreacting to the bank's higher charge-offs.
This mildly undervalued narrow-moat firm should continue to enjoy a significant tailwind from store-branded credit cards.
Volatility driven by Brexit and the Trump administration should give the bank another solid year of trading results, but we don't expect any changes to our fair value estimate.
Despite the benefit from higher interest rates, deregulation could ding the wide-moat firm, which has historically benefited from increasing regulation.
Additional funding with ETFs could re-accelerate growth, but gains likely would be short-lived, says Morningstar's Colin Plunkett.