Wide moats keep payment networks safe, but competition rages at the outskirts of the ecosystem.
We think the no-moat company will struggle as it moves into even more competitive markets, and shares look overpriced today.
The wide-moat card network was not immune from competitive pressures in 2016, but we think its long-term advantages remain.
We'd like to see the wide-moat company to continue to differentiate its offerings more in a changing competitive environment, writes Morningstar's Jim Sinegal.
We think profitability for the narrow-moat bank will improve over time and think shares are trading at an attractive valuation today.
Fourth-quarter results show signs that the wide-moat bank is managing through the turbulence created by its sales scandals.
The narrow-moat bank had another solid quarter, but the post-election rally has left shares looking pricey.
We’re modestly raising our fair value estimate for the bank and see cost cutting and capital return as the key to further upside.
As consumer spending around the world grows and digital methods continue to take share from cash, this wide-moat company should continue to flourish for years to come.