Stock Analyst Update

Despite three consecutive quarterly losses, we're maintaining our $74 fair value estimate and narrow moat rating.

With new restaurant formats and operational efficiencies, we think Starbucks is poised for profitable market share gains in the years to come. We plan to raise our fair value estimate.

With the better-than-expected third-quarter results and increasing confidence in digital ad demand, we have increased our projections.

We are increasing our fair value estimate and view the wide-moat stock as fairly valued.

The natural question investors might be asking is how much of wide-moat Amazon's recent momentum is tied to pandemic demand and how much reflects structural changes?

We are raising our fair value estimate for narrow-moat Apple to $85 per share from $71 as we incorporate a stronger near-term outlook for the Mac and iPad segments due to ongoing work- and learning-from-home dynamics.

The wide-moat brewing company had an encouraging performance in the third quarter. We retain our fair value estimate.

Narrow-moat General Electric surpassed our expectations year to date on its top line, earnings per share, and industrial free cash flow.

We are slightly reducing our fair value estimate for Boeing to $260 per share from $264 as management indicated they do not expect to return to free cash flow positivity until 2022 due to a buildup of 787 inventory.

We are slightly reducing our fair value estimate for the wide-moat company as management indicated they do not expect to return to free cash flow positivity until 2022.

Ford had a strong third quarter with adjusted diluted EPS of $0.65 up 91% year over year and far ahead of the $0.19 Refinitiv consensus. We are raising our fair value estimate to $13 from $8.

We are leaving our $125 per share fair value estimate in place.

We have once again lowered our fair value estimate for Gilead, and now value the firm at $75 per share following third-quarter earnings.

The company finished the fiscal year roughly in line with our expectations, and we will maintain our fair value estimate and wide moat rating.

Our fair value estimate and moat rating remain the same, but we have increased our 2020 and 2021 forecasts to reflect a better-than-expected recovery.

We plan on maintaining our fair value estimate and wide moat rating.

AMD reported strong third-quarter results that exceeded our expectations led by PC, server, and game console growth. The firm also announced it will purchase narrow-moat Xilinx in an all-stock transaction valued at $35 billion.

A variety of generally minor model refinements drive our Microsoft fair value estimate to $235 from $228 per share. We still see more than 10% upside to this high-quality wide-moat name.

We raise our fair value estimate to $180 per share, from $166 previously. It is our hope that the company continues to deliver on growth once again and re-earn both its premium multiple and reputation as a reliable short-cycle business, whose stocks are best to buy in the early parts of the cycle.

The wide-moat drug manufacturer plans to release key data on COVID-19 vaccine shortly.

We continue to view Merck as undervalued, with the market not fully appreciating the firm’s strong immuno-oncology platform.

The wide-moat drug manufacture plans to acquire Asklepios BioPharmaceuticals.

The reported buyout price is a 42% premium to our $75 fair value estimate.

The transaction will align two integrated companies and reduce exposure to the heavy oil discount.

This wide-moat company's long-term future is still promising as we view shares as undervalued.

We don’t expect to materially change our $37 fair value estimate or narrow moat rating; we believe the stock is attractive.

We expect Alphabet’s network effect and intangible asset moat sources to remain intact and are maintaining our wide moat rating amid antitrust suit.

We don’t plan to change our $54 fair value estimate for the wide-moat company.

After taking Tesla out from under review as explained in our Oct. 19 note to upgrade its moat to narrow from none, our new fair value estimate is $319.

We consider shares fairly valued for the narrow-moat company.

We continue to view shares as undervalued for the wide-moat company.

We intend to edge up our $111 fair value estimate, but we don’t believe investors should rush to stock up on this wide-moat name.

Subscriber growth at Netflix in third quarter came in below our estimate and management’s forecast.

IBM continued to refrain from publishing an outlook for the quarter or full year, but we expect the final quarter will see strong sequential growth due to IBM’s seasonality despite another expected quarter of annual declines. We’ve also increased our expectations for the year, leading us to raise our fair value estimate for the narrow-moat name to $125 per share from $120.

We lowered our fair value estimate for Gilead to $77 per share.

We don’t anticipate making a material change to our $56 fair value estimate for Morgan Stanley and assess shares as fairly valued.

We don't anticipate on changing our fair value estimate for the wide-moat company, and we assess the shares as undervalued.

We’re hoping that fourth quarter results will show a bottom for net interest income, and that a gradual recovery in fees will continue for Wells. Regarding expenses, management said it will give more details on the next call. After updating our projections with the latest results, we are decreasing our fair value estimate to $45 per share from $46.

Despite uncertainty regarding economic outlook and future credit developments, we are maintaining our fair value estimate for the wide-moat firm.

We plan to increase our fair value estimate to $112 for this wide-moat bank.

Despite a conservative 2021 outlook, we're maintaining our fair value estimate for the narrow-moat company.

We believe shares are overvalued for this narrow-moat tech company.

We are modestly raising our fair value to $43 per share from $42.50 after adjusting our model for quarterly results. We see the stock as the best value in our U.S. airline coverage.

After updating our projections for the latest quarterly results, we decrease our fair value estimate to $68 per share from $71 per share.

We're raising our fair value estimate to $620 for the wide-moat asset manager.

The wide-moat company reported above our expectations, and we expect to slightly increase our fair value estimate.

We expect to increase our fair value estimate for the wide-moat fast-food chain.

Our fair value estimates remain for both of the technology companies, but we think this deal would give AMD and Xilinx a competitive edge against Intel and Nvidia.

We don't expect to change our fair value estimate for narrow-moat Morgan Stanley.

The narrow-moat company claims this will help its remaining business focus on its hybrid cloud solutions.