Stock Analyst Update
Our take on the latest news affecting the market's biggest stocks.
Latest
National Bank of Canada Earnings: Revenue Pressure Emerging, but Mortgage Book Better Positioned
Eversource Earnings: Offshore Wind Sale Imminent; Utilities’ Growth on Track
Advance Auto Parts Earnings: Disappointing Period but Not the Disaster Suggested by Stock Plunge
With more turnaround work ahead, we expect to cut our fair value estimate on Advance Auto Parts stock.
American Electric Power: Near-Term Headwinds Provide Opportunity for Long-Term Investors
Franklin Resources: Putnam Purchase Seems to Be More About Distribution Than Asset Management
HP Earnings: Sales Remain Soft, Although Improvement Is on the Horizon; Shares Fairly Valued
HPE Earnings: Networking Shines and Margin Strength Offsets Weak Server Demand; Maintain $16 FVE
Oshkosh To Acquire AeroTech for Approximately $800 Million; We Increase Our Fair Value 9% to $99
Box Earnings: Content Collaborator Kicks Off Fiscal 2024 as Customers Optimize Spending
Comerica: Potential Legal and Regulatory Issues Not Ideal but Manageable
Equitrans: In Debt Limit Deal, the Mountain Valley Pipeline Emerges as a Winner
Tilray: Shares Plunge on Dilutive Convertible Notes Offering, but Magnitude Is an Overreaction
Shenzhen Inovance: Annual Meeting Affirms Our View on Robots, EVs, and Automation Growth
China Vanke: Reinitiating With No Moat and Fair Value of CNY 21; Margins Rebound, but Growth Lags
Uni-President China: Green Tea, Ready Meals and Catering Channels as Key Medium-Term Growth Drivers
Lenovo Earnings: PC Shipments To Return to a Growth Trajectory in Late 2023; Shares Undervalued
Cloud Music Earnings: Strategic Pivot Out of Livestreaming Means Accelerated Breakeven
Meituan Earnings: Strong Recovery Prospects Offset by Margin Decline and Intensifying Competition
NetEase Earnings: Underlying Profitability Improves; Raising Fair Value Estimate 5% to $146
PDD Earnings: Managed Finances Well Despite Temu’s Expansion; China Outlook Upbeat This Year
Xcel Energy: Recent Regulatory Activity Supports Our Outlook
NiSource: Minority Interest Sale Is the Best Option for Investors; Remains Top Utilities Pick
Japanese Insurance: Hard Market Benefits P&C Insurers’ Returns, but Share Prices Look Fair
Fortive: Poised to Continue Compounding Cash Flows
Gap Earnings: Encouraging Signs of Stability While Much Work Remains; Shares Very Undervalued
Orsted: Acquires Stake of Its Partner Eversource in Seabed Leases at a Decent Price; Shares Cheap
Costco Earnings: Moderating Growth Pressures Margin, but Long-Term Bright; Shares Trade Fairly
Autodesk Earnings: Resilient Product Despite Headwinds to Open the Year; Shares Undervalued
RH Earnings: Luxury Home Spending Pause and Transitory Costs Crush Near-Term Profitability
Marvell Earnings: We’re Confident About AI Goals, Coming Rebound for Storage; Raising FVE 13% to $61
Ulta Beauty Earnings: Investors Have Concerns Despite Solid Start to 2023; Shares Expensive
UCB: Pipeline Makes Progress Amid Pressure From Generics; EUR 99 Fair Value Estimate Maintained
Workday Earnings: Shares Approach Our $229 Fair Value Estimate Upon Strong Start to the Year
AMD: Raising Our Fair Value Estimate To $130 From $115 as Data Center Acceleration Takes the Stage
New Jersey Resources: More Confidence in Diversified Business Model; Raising Fair Value Estimate
Toronto-Dominion Earnings: Pressure Emerging From Bank’s U.S. Exposure
Berkshire Hathaway: Detangling New England Asset Management From Gen Re’s Holdings Alters Our View of Portfolio Changes
We suspect holdings in Bank of New York Mellon and US Bancorp reported by NEAM in past periods should also be ascribed to the insurer.