We have maintained our underlying rate hike assumptions for our U.S. banking coverage, which includes no rate hikes in 2019.
We are not changing our 2019 forecast, but there will be a 1% decrease in our fair value estimate.
We believe a potential FAA grounding and suspension of deliveries would pose the greatest risk to Southwest.
This weekend's 737 MAX 8 crash injects more uncertainty into an already high uncertainty name.
The carmaker is closing all stores to sell the $35,000 Model 3.
Closing stores and spinning off Old Navy will allow the firm to better capitalize on consumer trends and nurse the namesake business back to health.
Shares of the no-moat retailer are modestly undervalued, and we do not plan to change our fair value estimate.
The wide-moat firm faces headwinds, but it is best positioned to continue to win modest share.
We're still evaluating the deal, but we don't expect a change to GE's fair value estimate.
The Kraft Heinz impairment and equity market sell-off hurt the wide-moat firm, but we're leaving our fair value estimate in place.
We continue to be concerned about Dropbox's competitive position in what we believe will be a commoditized cloud storage industry.
Despite the dividend cut, profit contraction, and SEC investigation, we think shares are undervalued.
The narrow-moat firm's brand investments should support solid volume performance.
The narrow-moat firm's results blew past expectations.
This will likely be a more onerous transition year than originally anticipated.
The low-cost carrier cut its first-quarter revenue forecast.
Strong domestic performance drove full-year results, showing that the wide-moat retailer enjoys enduring competitive advantages that should allow it to deliver returns even as retail changes.
We continue to believe that the NASH opportunity is not fully baked into shares.
The GPU titan beat recently lowered expectations, but its full-year outlook calls for no growth.
The firm also increased its stake in JPMorgan Chase and other financials.
We expect to trim our fair value estimate and would suggest investors await a more favorable entry point.
We are increasing our fair value estimate for the narrow-moat firm.
The narrow-moat firm is fairly valued, and we believe investors looking for online travel exposure should look to undervalued Expedia.
Management is calling this a transition year, and we are lowering our fair value estimate.
We have confidence in our long-term forecast and see no changes to our fair value estimate for the narrow-moat firm.
The continued strong data in multiple cancers reinforces the strength of Keytruda across multiple indications.
We plan to raise our fair value estimate for the narrow-moat firm.
We are maintaining our wide moat rating but are raising our fair value estimate.
We are reiterating our fair value estimate and our wide economic moat rating for the firm.
The toymaker was hit by a decline in retail sales, but we see improvement after the first half of the year.
The no-moat firm will have to invest heavily to keep users coming back to its platform, and we recommend a wider margin of safety before investing.
The move would create a superregional with roughly $442 billion in assets, the sixth-largest U.S.-based bank.
We're planning to increase to our fair value estimate and would wait for a more attractive entry point.
We're not planning to change our fair value estimate for the no-moat firm.
The wide-moat firm is putting the focus on Fox media assets and direct-to-consumer efforts.
We are maintaining our fair value estimate on the no-moat firm, and it is trading at a significant discount.
Shares of the Google parent look undervalued as the firm continues to monetize its users and attract more ad dollars.
Shares are trading around a 15% premium to our valuation for the wide-moat firm.
With Bill Gross' fund performance faltering again in 2018, we weren't surprised by the announcement and are leaving our fair value estimate in place.
The narrow-moat firm's results show that it is withstanding intense competitive and macro headwinds well, and our long-term outlook remains.
Our fair value estimate and narrow moat rating are unchanged for the firm.
The market's fixation on the wide-moat firm's near-term revenue is overshadowing its dynamic long-term cash flow model.
The wide-moat firm's core drug distribution business posted gains of 6% in results that were largely in line with expectations.
We're maintaining our fair value estimate for the wide-moat firm.
Results for the wide-moat firm beat expectations, even as the social media giant addresses data security and privacy issues.
Tesla's results were slightly ahead of expectations and we still see shares as overvalued.
McDonald's fourth-quarter update solidified our view that the firm's technology investments are having a positive impact on sales.
Cash generation was the one weak spot in firm's results, and we view shares as slightly overvalued.
As expected, the Fed didn't raise rates today, and we see signs the central bank has taken a significantly more dovish turn.
The narrow-moat firm reported solid margins, and we don't expect to change our fair value estimate.