Ford F finished 2020 with fourth-quarter adjusted diluted EPS of $0.34, nearly triple the prior year quarter’s $0.12 and well above the Refinitiv consensus of a $0.07 loss.
The company announced CFO Robert Davis will succeed Frazier on July 1. We view the transition in leadership as natural.
We plan to slightly raise our fair value estimate.
We will maintain our $25.50 fair value estimate and wide moat rating.
The company remains one of our favorite names in the Internet and social media space. Our fair value estimate is now at $2,605 per share.
Wide-moat Amazon reported strong fourth-quarter results, including material upside to revenue, an EPS blowout, and upside to its revenue outlook for the first quarter. Amazon also announced that CEO Jeff Bezos will transition to the role of executive chairman in the third quarter and will be replaced by Andy Jassy, CEO of AWS.
Legalization doesn’t change our estimated market potential of $85 billion by 2030.
We don’t plan on making a material change to our $51 fair value estimate for the wide-moat firm.
The wide-moat company posted a solid fourth quarter. We continue to view the stock as undervalued.
We're maintaining our $74 fair value estimate and narrow moat rating.
Altria reported another robust performance at the top line in the fourth quarter of 2020. Although we are not changing our $54 fair value estimate, this performance increases our conviction that Altria is undervalued.
The data doesn't significantly alter our valuation or U.S. herd immunity forecast.
Chevron’s dividend remains safe, in our view, with relatively low leverage levels, an improved cost structure, and the likelihood of improving cash flow.
Visa’s fiscal first-quarter results mirrored results from peer Mastercard in many respects, although on the whole it appears Visa is outperforming a bit at the moment. We will maintain our $194 fair value estimate and wide moat rating.
We think the wide-moat company offers investors an attractive risk-reward proposition at current prices.
We're increasing our fair value estimate for the wide-moat asset manager.
This wide-moat name has become attractive as it is now trading at a 19% discount to our fair value estimate.
We are raising our fair value estimate for narrow-moat Apple to $98 per share from $85 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.
Tesla reported fourth-quarter results that missed the Refinitiv consensus adjusted diluted EPS of $1.03. EPS instead grew 95.1% year over year and by 5.3% sequentially to $0.80.
We’re lowering our fair value estimate, implying that Boeing’s commercial deliveries do not sustainably reach 2018 levels until 2025.
We still expect accommodative lean.
Our fair value estimate remains $36, and we believe the stock is attractive.
We are raising our fair value estimate by $1 for the wide-moat company.
GE’s 2021 industrial free cash flow guide calls for $2.5 billion to $4.5 billion of industrial free cash flow, above our prior expectations. As a result, we are raising our fair value estimate.
We raise our fair value for no-moat AMD to $77 per share on a probability-weighted basis. We assess AMD’s standalone fair value at $67 per share. We assign a 75% probability of AMD’s acquisition of Xilinx closing, and our fair value for the combined entity would be $80 per share.
A year after the coronavirus pandemic first shuttered Starbucks stores in China, the company demonstrated its continued dominance in the coffee space in the first quarter of fiscal 2021, with adjusted EPS of $0.61 that exceeded both our forecast of $0.52 EPS and its own guidance. We will not be making any material changes to our fair value estimate of $100, and shares strike us as fully valued.
Microsoft is benefiting from a second wave of digital transformation as well as strength in gaming, which helped the company once again drive material upside compared with its revenue and EPS outlook for the quarter. Our fair value estimate moves to $263 from $235 per share.
We're maintaining our $57 fair value estimate.
The Beyond Meat-Pepsi joint venture has strategic merit, although the stock reaction is likely overdone.
We plan to moderately increase our fair value estimate based on the improving outlook.
The two most salient differences--portfolio composition and geographic footprint--will prove decisive for anyone looking to reconcile their divergent performances in 2020.
We believe tighter environmental regulations are a net positive for most utilities.
IBM reported fourth-quarter results that beat CapIQ earnings consensus expectations--but top line performance weighed on overall results, as the company’s revenue came behind CapIQ consensus estimates. We maintain our fair value estimate of $125 per share for the narrow-moat name.
Intel reported fourth-quarter results that significantly exceeded its guidance, primarily due to stronger than expected PC demand related to the ongoing work- and learn-from-home trends stemming from COVID-19. Due to the impending CEO transition from Bob Swan to Pat Gelsinger (effective Feb. 15), management did not elaborate on its outsourcing plans or provide full-year guidance.
The company announced that it will suspend the project, and we don’t expect any attempts to build the project to be successful under the Biden administration.
We intend to hold the line on our long-term expectations for 4% annual sales growth and operating margins in the mid-20s for the wide-moat company.
The organic growth for the narrow-moat firm is dependent on market returns.
We do not plan on changing our moat rating or fair value estimate for the company.
Despite the subscriber beat, revenue was in line with our projections for the quarter.
We are raising our fair value estimate for the wide-moat firm.
We may increase our current $47 fair value estimate by up to 10%.
Narrow-moat Citigroup reported mixed fourth-quarter earnings, with EPS of $2.08 handily beating the Factset consensus estimate of $1.34 per share.
We don't plan on changing our $45 fair value estimate for the wide-moat bank.
The wide-moat bank beat our expectations for investment banking, trading, asset management, and mortgage fees.
No-moat-rated Delta reported a challenging fourth quarter to end 2020, as the pandemic continues to dramatically reduce air travel demand. Despite the pandemic, we continue to see clear reasons to expect a resounding recovery post-vaccine in both leisure and business travel. We are maintaining our $43 per share fair value estimate for Delta.
While there was little in wide-moat BlackRock's fourth-quarter earnings to alter our long-term view of the firm, we expect to increase our fair value estimate to around $750 per share from $620 to account for the continued recovery in the equity, credit and currency markets following the steep COVID-19 induced sell off in the first quarter of 2020.
After updating our model for the increased purchase price, we are maintaining our $48 fair value estimate for Cisco.
New CEO Pat Gelsinger has a rich technology background, having served as CEO of VMware since 2012.
We are maintaining our fair value estimate of the narrow-moat company and view the shares as undervalued.
We reiterate our view that the delisting of the ADS will have negligible impact on the companies' operations or underlying value.