We don’t anticipate a change to our $218 fair value estimate.
We are maintaining our fair value estimate for the narrow-moat company and view shares as attractive.
We continue to view shares as undervalued for the narrow-moat company.
Despite a COVID-19-related revenue drop, the long-term outlook is positive as Disney continues to expand its direct relationships with consumers around the world. We maintain our wide moat and our $127 fair value estimate.
We are leaving our fair value in place due to Ford’s high debt load, and we want to see Farley produce meaningful improvement.
We are not immediately changing our fair value estimate for the wide-moat company.
We don't expect to change our fair value estimate or narrow-moat rating.
We don’t expect any major changes to our AbbVie fair value estimate for the narrow-moat company.
Ford reported second-quarter results ravaged by the coronavirus that forced shutdowns, including six weeks of idle time in North America.
Following a paradigm-shifting update from Amazon, we raise our five-year average annual revenue outlook to 22% from 19% and our five-year operating margin target to 10% from 8%. We increase our fair value estimate to $3,500 per share
Due to the strong second-quarter numbers, we have increased our projections for Facebook for this year and 2021 which resulted in a $265 fair value estimate, up from $245.
Cloud partially offsets ad revenue decline.
Management raised its product sales guidance for 2020 by a range of $1.2-$2.8 billion after incorporating coronavirus headwinds and highly uncertain sales assumptions for remdesivir. This guidance fits with our assumption of $2 billion in remdesivir sales in 2020, and we're maintaining our $85 per share fair value estimate for the firm.
CEO Tim Cook noted weak sales in April were offset by better-than-expected demand in May and June led by the cheaper iPhone SE launch.
We see little in the results to warrant a material change to our $48 fair value estimate for this no-moat company.
The pandemic has led to major declines for payment networks, but we maintain our fair value estimate and wide moat rating for this company.
After a respectable second quarter, we maintain our wide economic moat rating fair value estimate for the firm.
We think the company has the wherewithal to withstand impending pressures.
Narrow-moat-rated General Electric had a difficult second quarter. We cut our fair value estimate by about 6.5% to $9.90 (from $10.60 previously).
Diversity of operations cushions results.
The Federal Open Market Committee maintains rates at zero and our current rate forecasts within our bank models remain.
We lower our fair value estimate for the company as it awaits its MAX re-entry and a better environment.
We have added the firm's vaccine candidate to our model with a 60% probability of success.
We are modestly raising our forecasts for this year, but retain our $54 fair value estimate and wide moat rating.
We see several ways that the company is positioned to take market share.
The firm closed out the June quarter with a record $1.22 trillion in managed assets.
After reviewing wide-moat-rated 3M’s latest second-quarter 2020 results, we slightly lower our fair value estimate by about 2% to $166 per share (from $170 previously).
We remain comfortable with our full-year projections for Visa, and will maintain our $166 fair value estimate and wide moat rating.
Despite industry uncertainty, we are maintaining our fair value estimate for the wide-moat company.
We don’t expect any significant fair value estimate changes for this wide-moat company based on the minor outperformance.
We don’t expect these actions by President Trump to significantly affect our fair value estimates or moat ratings due to limited details, challenging implementation, and only minor impacts.
We don’t anticipate making a material change to our $49.50 fair value estimate for the narrow-moat company.
Overall, Verizon is performing broadly in line with our expectations, and we don’t plan to change our $59 fair value estimate or narrow moat rating.
We are maintaining our $70 fair value estimate, as stronger near-term results and lower capital expenditure assumptions for 2020 are offset by lower long-term PC and data center CPU estimates (due to Apple shifting to internal chips for its Mac PCs and greater competition from AMD).
We are reducing our fair value estimate to $14.50 per share from $15, and we remind investors we think that American Airlines' considerable financial leverage widens the dispersion of potential equity values relative to peer airlines.
The no-moat firm was ravaged by coronavirus in the second quarter.
We don't expect to make a change to our fair value estimate for the narrow-moat company.
Tesla reported profitable second-quarter GAAP results, and adjusted diluted EPS of $2.18 rose significantly from the prior year’s quarterly loss of $1.12.
While SMB generally remains weak, Azure remains strong, and gaming revenues surged as the global lockdowns continued throughout the quarter. Importantly, commercial bookings and RPO, two forward looking metrics, both grew in excess of revenues for the quarter. We remain impressed with Microsoft's ability to drive revenue and margins at this scale and we believe there is more to come on both the revenue and margin fronts. We raise our fair value estimate to $228 from $196 per share.
We maintain United's no-moat rating and fair value estimate despite second quarter performance.
TD Ameritrade reported strong fiscal third-quarter results, as high trading volumes are offsetting a decline in interest rate-related revenue.
No one expected a stellar second quarter, but the beverage giant can overcome short-term weakness.
Despite encouraging updates from AstraZeneca and BioNTech/Pfizer, we maintain our fair value estimates.
Chevron announces acquisition of Noble Energy, but this won't change its fair value estimate or moat rating.
We expect to increase our fair value estimate for the wide-moat firm.
We are raising our FVE to $200 from $160 to account for the revenue impact of the larger subscriber base and slightly faster margin expansion than previously expected.
After incorporating these results into our forecast, and after incorporating a 50% probability of Joe Biden being elected and instituting his proposed tax hike, we are lowering our fair value estimate to $28 from $30.
We think the shares are undervalued.
The company's drug group helps offset COVID-19 pressure on device sales.
We are not making any changes to our 2020 outlook and fair value estimate for the narrow-moat company.