How Blockchain Affects Our Coverage
We believe companies with moats from switching costs and intangible assets are less vulnerable.
Jim Sinegal
Jim Sinegal is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers the banking and payment industries.
Before joining Morningstar in 2007, Sinegal worked for a middle-market investment bank and co-founded a software company.
Sinegal holds a bachelor’s degree in biology from the University of Southern California. He also holds a master’s degree in business administration from the University of Pittsburgh, where he received the Stipanovich Award as the program’s outstanding student in finance and the Robinson Prize for academic and professional excellence.
Latest
How Is Blockchain Used?
Financial transactions are the most obvious application, but there are other opportunities as well.
Blockchain: Disruption by Decentralization?
The technology has plenty of potential, but there are still obstacles to world domination.
Wells Fargo Isn't Out of the Woods Yet
Though we think the wide-moat bank's competitive advantages are intact, further changes may be needed to catalyze a comeback in the eyes of investors.
PayPal Wisely Redoubles Point-of-Sale Efforts
The narrow-moat firm's purchase of iZettle is reasonably priced, and we like that Paypal is funding the deal with its richly priced stock.
Effervescent Growth for Mastercard
The wide-moat firm's high growth and minimal reinvestment are alluring, but shares are rich.
Wells Fargo Continues to Pay for Past Mistakes
The primary financial impact of the recently announced $1 billion penalty will come from reputational damage, as negative headlines still dog the bank's brand.
Strong Results From Undervalued American Express
Despite headwinds, the wide-moat firm is continuing to grow thanks to a strong economy.
Bank of America's Results Impress
We are raising our fair value estimate for the narrow-moat firm.
Profitability Up for Citigroup in 1st Quarter
We're not changing our fair value estimate for the narrow-moat firm.
Wells Fargo Is Working to Get Back on Its Feet
Regulators are still eyeing the firm for now, but longer-term capital return prospects look bright.
Banks Off to Strong Start; Wells Undervalued
A strong economy has led to strong early results from banks, and we see value in Wells Fargo.
Strong Start to the Year for JPMorgan
With the bank firing on all cylinders, we're raising our growth expectations and fair value estimate.
Private Equity Pays Up for Verifone
The price paid reflects optimism that Verifone will become a best-in-class solutions provider rather than the harsh realities of the payments hardware business.
As Fed Hikes, Only Pockets of Value in Banks
The banks set to benefit the most from higher rates are quite pricey today, but we do see credit card issuers Capital One and American Express as undervalued.
What a Deeper JPMorgan-Amazon Relationship Means
Reports of talks between the two moaty firms illustrates the growing roles of technology and scale in the financial services industry.
Q&A: Bitcoin and Beyond
As bitcoin grabs the headlines, blockchain technology is just getting started.
Spending Growth Buoys American Express
Competitive pressures remain a concern for the wide-moat company.
Operating Leverage Impresses at Bank of America
We're raising our fair value estimate on the company, incorporating the long-term benefits of lower tax rates and higher growth estimates.
Slow Progress for Citigroup on Core Profitability
We're maintaining our $74 fair value estimate for the firm.
Diversified JPMorgan Wins Some, Loses Some in 2017
Mixed results demonstrate the upside and downside of diversification for the firm, but were consistent with our expectations.
Legal Costs Continue to Impact Wells Fargo's Results
The fact that customers are sticking with the company is encouraging, but the lack of effective growth shows the bank is still suffering from the sales scandal.
Low Inflation Readings Won't Knock Fed Off Course
The central bank sees strength in the employment market and continued growth in household spending and business investment.
Fed's View on Inflation Key at Yellen's Last Meeting
Rates are set to rise this week, but how fast they increase next year under a new Fed chair will depend on if inflation moves back toward 2%.
Low Inflation Continues to Perplex Fed
We agree with the Federal Reserve’s cautious approach given the state of the economy.
Is Amex Setting the Stage for a Comeback?
Promising developments brighten our outlook.
Raising Bank of America's Fair Value Estimate
Rising interest rates and solid expense management helped the bank in the third quarter.
Diverging Fortunes for Bank of America, Wells Fargo
Third-quarter earnings underscored the trouble Wells Fargo is facing and how well Bank of America is doing, says Morningstar's Jim Sinegal.
No Quick Fixes for Wells Fargo; Shares Undervalued
The bank’s third-quarter was a bit of a setback, but we think the firm can still revive revenue growth.
JP Morgan, Citi Fully Appreciated by Market
Both banks reported decent results, but we don’t see value in the shares today.
Capital Return Remains the Highlight For Citigroup
With over $6.3 billion in buybacks and dividends in the third-quarter, return of capital remained the key focus for the bank.
JPMorgan Has Solid Quarter, Upside Limited
The bank is seeing the benefit of a growing economy and rising rates, but shares are fully valued.
Wells Fargo CEO Misses the Big Picture
In testimony before the Senate, Tim Sloan didn't clearly address whether management changes to date have been sufficient to overhaul Wells Fargo's corporate culture.
Fed Takes Its Time in Light of Low Inflation
We think bank stock prices are priced in to higher interest rates, with Wells Fargo offering a better value.
Visa Is Best Positioned in Payment Industry
Competitors' weaknesses allow the firm to maintain a strong position.
Square: Risk Grows Along With Potential
The overpriced company is not the only fintech firm targeting the lending space, and the banking industry is already extremely competitive.
Why We Still Like Wells Fargo
We expect the bank to repair its tarnished reputation given enough time, and the stock remains attractive relative to our fair value estimate--especially with a current dividend yield around 3%.
Fed Chair Yellen's Speech Hampers Deregulation Hopes
Her commentary threw cold water on any ideas for a return to the laissez-faire approach of the early 2000s.
Amex's Focus on Growth Encouraging, Competition Intense
We are maintaining our $88 per share fair value estimate for the wide-moat firm.
More Improvements Harder to Come by at Bank of America
We are maintaining our per share fair value estimate of the narrow-moat firm.
J.P. Morgan Sees Rate Benefit, Wells Still Solid
As earnings seasons begins, bank results are starting to see the upside of a higher rate environment.
Solid Results From JPMorgan Bode Well for the Sector
A combination of scale, scope, and solid execution justifies a premium valuation for JPMorgan Chase.
Wells Fargo's Wide Moat Remains Intact
Negative headlines didn’t stop the bank from growing deposits and maintaining pricing discipline over the last year.
Wells Fargo Is a Sound Dividend Stock
Wide-moat Wells is one of the best dividend values today, with a commitment to returning capital and undervalued shares.
With Banks, More Good News Than Bad, Finally
Wells Fargo and Citigroup are recovering from their struggles, but we think there's room for caution.
Citi's on the Road to Rehabilitation
It's recapitalized and refocused under new management: the perfect conditions for a turnaround.
European Integration Cannot Slow Visa's Momentum
The wide-moat company continues as a growth juggernaut in the financial-services industry.
Healthy Markets Boost Bank of America
Bank of America is clearly making progress, but we are not reading too much into an exceptionally strong quarter, writes Morningstar’s Jim Sinegal.
A Year of Recovery for Undervalued Wells Fargo
Wells had only acceptable results in the first-quarter but signs of stabilization reinforce our view that recent troubles will not have long-lasting effects on growth and profitability.
JPMorgan Off to Another Strong Start in 2017
The banking giant had a solid quarter and a positive outlook, but the optimism is already priced into the shares.