We don't at this time anticipate a material change in our fair value estimate for Morgan Stanley.
We don’t anticipate making a material change to our per share fair value estimate and assess shares as fairly valued.
We don’t anticipate making a material change to our fair value estimate, and we assess the shares as being fairly valued.
The wide-moat firm looks fairly valued.
Shares of the narrow-moat firm are fairly valued today.
Market overestimated likelihood of a recession; financial-services stocks trading at a premium to our fair values.
We believe that Schwab's already strong business model will be enhanced by the merger with TD Ameritrade, and we expect to assign a wide moat to the combined entity.
If a deal is announced, we anticipate multiple hurdles including a headline risk of antitrust, but we currently believe it's surmountable.
We explain our latest views on Charles Schwab, TD Ameritrade, and E-Trade.
We're reducing fair value estimate for the narrow-moat firm.
The narrow-moat firm is reducing commissions on U.S.-listed equities, ETFs, and options to $0.
We expect to decrease our fair value estimate for wide-moat Charles Schwab amid news of its pricing cut.
Investors have to be pickier with financial-services stocks this quarter.
The sector overall is slightly undervalued.
Narrow-moat Goldman Sachs isn't getting enough credit for its new initiatives.
We think it should be positive for those with a long-term investment horizon.
About half of our banking coverage is trading at 4 or 5 stars.
The large increase in fourth-quarter net income was due to tax reform, but the strong revenue and operating income growth were due to positive trends in the company's business model and expense discipline.
Moderating expectations for interest rate hikes and lower asset prices have created some buying opportunities in some financial firms.
The economy remains relatively strong, but we’re seeing pressure in funding costs, net interest margin growth, and credit costs.
Wide-moat CoStar's dominance is only growing, and it's led by great management.
We've boosted our fair value estimate of the narrow-moat investment bank by nearly 20%.
Some robo-advisors have a good chance of becoming profitable, but Credit Suisse, UBS, Invesco, and BlackRock will be able to fend off the threat.
We don't expect a material change to our fair value estimate for the narrow-moat firm.
The narrow-moat bank's efforts for increasing profitability are showing results.
We continue to expect positive results from the narrow-moat bank, but there are signs of both macro and micro pressures that can slow earnings growth.
While tightening of financial regulations is uneven across the globe, rising deposit costs are nearly universal.
We're maintaining our fair value estimates and moat ratings for investment service and wealth management firms, as much of the costs to prepare for the rule have already been incurred.
We are maintaining our fair value estimates for financial firms as the U.S. moves closer to a best interest standard.
Though the narrow-moat firm had a great quarter, this profitability level isn't sustainable.
We think the wide-moat firm has buffers to its earnings in the event of a market correction.
We see financial services stocks across the globe as fairly valued today.
Wide-moat Charles Schwab and narrow-moat TD Ameritrade are poised to benefit from tax reform and rising rates.
The narrow-moat company expects to realize significant synergy savings in the coming months--and may experience revenue synergies, too.
With the help of tax reform, the company’s earnings should more than double in five years.
Major competitive and regulatory developments with asset managers prevail, while interest rates are a key trend for financials in general.
With the bill nearing the finish line, we don’t foresee material changes to our fair value estimates or economic moat ratings since lower rates are already baked into our models.
With the outlines of tax reform aligning with our previous assumptions, we don’t expect any major changes to fair value estimates or moat ratings.
Many financial service firms have already adjusted their business models ahead of greater fiduciary obligations, so we don't anticipate material beneficial or adverse consequences from changes to the rule.
The House tax bill will see significant changes, but we still see cuts coming and are standing by our lower tax rates assumptions.
We expect to modestly increase our fair value estimate for narrow-moat Morgan Stanley.
The unified framework doesn’t change our fair value estimates or moat ratings.
The macro economy remains generally benign, but banks continue to strive for increased operational and capital efficiency.
The exchange is acquiring eVestment, a data and analytics platform for institutional investors.
We think the major trends that the rule accelerates remain firmly in place.
We see the CCAR results as most positive for Wells Fargo, Capital One, and Citi.
Our financial sector valuations and moat ratings already account for the new standard, and these three firms look undervalued today.
Department signals that firms should start implementing changes sooner rather than later.
We think tax reform is more likely than not to occur, and we’re building lower rates into our valuation models.
Class action lawsuits stemming from the fiduciary rule may cause some pain, but they could serve a useful purpose in the long run, says Morningstar's Michael Wong.