As this change in leadership does not affect our free cash flow assumptions, we are maintaining our $349 fair value estimate.
It appears to us that we are now in a holding pattern for rates.
Cheniere and Plains All American Pipeline rank favorably on sustainabilty issues and are attractively priced.
We plan to maintain our fair value estimate, leaving shares undervalued.
We recommend waiting for a pullback before taking a new long position in the stock.
We view shares as slightly undervalued but would wait for a larger margin of safety before investing.
We are maintaining our fair value estimate of $186 and view shares as attractive.
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.
The transaction is expected to close in the middle of 2020 after approvals of Tiffany's shareholders and regulatory bodies.
We think no-moat Gap, although troubled, is undervalued.
We do not anticipate changes to our moat rating or our fair value estimate as a result of the change of leadership.
We expect no significant change to our fair value estimate and view shares as undervalued.
If a deal is announced, we anticipate multiple hurdles including a headline risk of antitrust, but we currently believe it's surmountable.
The no-moat retailer posted exceptional third-quarter results, and shares are overvalued.
We expect to reduce our fair value estimate by a single-digit percentage.
No changes are planned to our fair value estimate, and we view shares as rich.
We are maintaining our fair value estimate and view shares as slightly undervalued.
Our fair value estimate remains with the shares now trading at only a modest discount.
We are maintaining our wide moat rating and expect to raise our fair value estimate.
We view Gap as undervalued but expect to reduce our fair value estimate based on the sales trends and expected margin deterioration.
We are raising our fair value estimate, but shares of the narrow-moat firm look expensive.
Shares of the narrow-moat firm look attractive today.
No details of the takeover offer were provided, and we are maintaining our fair value estimates for the firms.
We view shares of the narrow-moat firm as undervalued.
We suggest investors await a more attractive entry point before buying shares of the narrow-moat firm.
We believe that investment in narrow-moat Uber requires patience, and view the stock as attractive.
Easterbrook's departure is a surprise, but there is no change to our fair value estimate for the wide-moat firm, and we see shares as modestly undervalued.
Insurance gains offset slightly weaker operating results for the wide-moat firm.
We suggest investors employ patience with the no-moat name.
With shares up 54% year-to-date, we recommend prospective investors seek a wider margin of safety.
We recommend waiting for a wider margin of safety before investing in this wide-moat and high uncertainty name.
We think a base case of “no more cuts for now” seems very reasonable.
CEO Larry Culp is effectively leading the firm through a multiyear turnaround.
Shares of the wide-moat firm are fairly valued today, and we believe it becomes attractive on any pullback.
We are cutting our fair value estimate and reaffirming our very high uncertainty and no-moat ratings.
We view the narrow-moat firm's shares as fairly valued.
We are maintaining our fair value estimates for the wide-moat firms as we await details on pricing.
The wide-moat firm remains our top pick in online retail, with the pullback offering an entry point to invest.
We reiterate our view that shares look attractive at current levels for the wide-moat firm.
We recommend waiting for an additional margin of safety before investing in this very-high-uncertainty name.
Tesla is a volatile name and fair value estimate changes may be frequent as its story changes.
We believe wide-moat Microsoft is firing on all cylinders and remains a relatively safe harbor.
Our optimism is tempered by a market valuation that assumes unrealistic long-term expectations.
We'd seek a wider margin of safety before investing in this wide-moat firm.
Our fair value estimate for the wide-moat firm remains intact, and shares are modestly undervalued.
We assign a 30% probability of approval of the wide-moat firm's Alzheimer's drug.
We view shares as overvalued, and we plan to increase our fair value estimate.
Wide-moat Procter & Gamble chalked up another quarter of strong sales and profit gains.
We are retaining our narrow moat rating and fair value estimate.
We view shares as slightly undervalued but would wait for a better risk for reward entry point.