Shares crashed at the time of the writing and currently, we view shares as slightly overvalued.
We maintain our wide moat and raise our fair value estimate due to the lower-than-expected streaming losses and stronger subscriber growth.
The narrow-moat firm improved greatly upon its inefficient cost structure as a private company.
The firm reported mixed second-quarter results with revenue beating the FactSet consensus estimates, while losses were a bit more than expected.
We are raising our fair value estimate for the narrow-moat tech company.
The firm receives a $160 per share fair value estimate and no-moat rating.
The strength of Coinbase's performance during the quarter, as well as continued cryptocurrency volatility since end of June, has led us to increase our short-term expectations and increase our fair value estimate to $201 from $194.
We are likely to reassess our $440,000 ($293) per Class A (B) share fair value estimate in the near term.
We maintain our narrow-moat rating and fair value estimate.
Coinbase is the largest cryptocurrency exchange in the US, giving it a strong position in an admittedly uncertain industry.
We continue to view this narrow-moat name with a dividend yield of 2.6% as attractive.
Our $83 fair value estimate is unchanged.
Biden's plans are in line with our thesis for higher U.S. and global EV adoption.
We don’t expect to materially change our $170 fair value estimate and we view the shares as materially overvalued.
Underlying metrics showed worrisome deterioration, and the firm reduced 2021 sales and earnings guidance significantly
We are slightly increasing our fair value estimate, and view the stock as attractive.
We are leaving our fair value estimate in place because we see GM’s aggressive investment in an electric and autonomous future as more important than 2021 results.
However, investors may be disappointed that CVS backed off its 2022 goal of double-digit earnings growth.
The firm is well positioned to capture sales and profit growth from multiple favorable trends.
Q2 brought improved earnings, a stronger financial position, and a brighter market outlook. Our fair value estimate and moat rating are unchanged.
We don’t plan to change our $130 fair value estimate.
The firm's wide moat is supported by a strong portfolio and late-stage pipeline.
Our fair value estimate and narrow moat rating are unchanged.
We believe the transaction has a high chance of succeeding.
We believe the stock is becoming attractive, as it is approaching 4-star territory.
Our fair value estimate and narrow moat rating are unchanged, as increased shareholder returns remain on hold.
We retain our fair value estimate.
We maintain our fair value estimate for the narrow-moat company.
We believe AbbVie’s increased marketing spending on the products are helping to propel growth.
The company did so even against pronounced inflationary headwinds.
Wide-moat Amazon AMZN reported second-quarter results that were within its guidance range but were slightly short of investor expectations for both revenue and operating profit.
Our view for the company is unchanged and we maintain our $570 per share fair value estimate and narrow moat rating.
We expect to raise our fair value estimate to $202 per share from $193 to account for continued improvements in the company's assets under management.
We continue to view the stock as undervalued with the market not appreciating Merck’s strong immuno-oncology position and developing pipeline, key areas that reinforce our wide moat rating.
However, commodity inflation clouds loom in the second half.
Wide-moat ServiceNow delivered strong results. After adjusting our model for results and guidance, we are raising our fair value estimate to $630, from $587.
We are raising our fair value estimate to $20 from $17 on higher revenue growth and improved 2021 profits, a 70-basis-point increase in our midcycle EBIT margin to 5%, time value of money, and a lower cost of debt.
We are raising our fair value estimate for Boeing to $260 per share from $257 as we raise our near-term targets for the defense business this year and we decrease our near-term working capital estimates.
We are increasing our fair value estimate of Facebook to $407 from $390. The firm reported better than expected second quarter top- and bottom-line results driven by user growth and growing monetization.
It’s reasonable to expect tapering to start toward the end of 2021 or beginning of 2022.
We expect to slightly raise Pfizer’s fair value estimate based on the strong growth, but we view the stock as largely fairly valued.
We're raising our fair value estimate to $234 per share for the wide-moat fast food company.
Wide-moat 3M had solid second-quarter results. However, we lower our fair value estimate to $195 per share from $199 due entirely to our probability-adjusted U.S corporate tax rate of 26% beginning in 2022.
We’re raising our fair value estimate for narrow-moat Advanced Micro Devices to $109 per share (up from $101) on a probability-weighted basis as we await AMD’s acquisition of Xilinx.
Quarterly strength along with upside to guidance and the annual roll of our DCF model drive our fair value estimate to $325 from $278 per share. We continue to see upside to this high-quality name from here.
An impressive increase in search ad revenue was accompanied by continuing growth in YouTube advertising and subscription revenue, combined with Google gaining further traction in the cloud market. We continue to believe the stock is attractive.
We anticipate raising our Starbucks fair value estimate to $109 from $107 prior, on operational improvements, an impressive ability to defray inflationary pressure, and sustained strength in consumer-packaged goods.
We are raising our fair value estimate for narrow-moat Apple to $124 per share from $115 as we incorporate a stronger near-term outlook due to the current 5G iPhone cycle and ongoing work- and learning-from-home dynamics bolstering Mac and iPad segments.
We slightly bump up our fair value estimate to $15.90 from $15.70 in what we see as a solid quarter confirming our bullish view.
While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this.