Operating margin came in below our projections, but we are retaining our narrow moat rating and are raising our fair value estimate.
Fiserv faces an uphill battle to extract sustainable value from this deal, and we expect to adjustment to our fair value estimate downward.
The large increase in fourth-quarter net income was due to tax reform, but the strong revenue and operating income growth were due to positive trends in the company's business model and expense discipline.
The price increases are in line with the firm's need to generate additional revenue to help offset the ongoing cash burn.
We still believe the wide-moat bank has meaningful room to improve returns on equity, but it will be a bumpy ride as the bank remains under the regulatory microscope.
The narrow-moat bank is and has been firing on all cylinders.
The narrow-moat firm raised its revenue and profitability outlook for the fourth quarter.
Despite only marginal revenue growth, expenses were well-managed and allowed the bank's efficiency ratio and overall profitability to improve.
We plan to cut our fair value estimate by more than 50%, but we still believe there is positive equity value.
Optimism after analyst day sends the stock soaring, but we still think shares look cheap.
We remain positive on the firm's prospects and see an attractive margin of safety relative to our fair value estimate.
Shares of the narrow-moat firm are undervalued, but we believe Intel offers a superior opportunity.
New graphics processing unit, the RTX 2060, is well positioned for mainstream gamers.
The bankruptcy threat could be an effective strategy that preserves sizable upside.
The company showcased a bevy of promising initiatives, and patient investors may find current price levels attractive.
Earnings declines are slowing but profits remain depressed at the no-moat retailer.
Our longer-term outlook on the narrow-moat firm calls for around 6% sales growth and mid-30s operating margin on average.
The bank is currently trading at one of the highest risk adjusted discounts to our fair value estimate among the U.S. money center and regional banks.
We think the stock is undervalued, but it may remain cheap until more certainty comes in governance.
The activist investor's push for a Family Dollar divestiture could refocus resources on the better-positioned Dollar Tree banner.
Our fair value estimate remains, and we are also reaffirming our no-moat rating for the utility.
We don't expect any major changes to our fair value estimate based on the deal, with the expected revenue from acquired cancer drugs offsetting the purchase price and increased R&D expenditures.
Despite menacing headwinds for iPhone in China, the firm still can better monetize its existing user base and we see Apple shares as undervalued.
We modestly reduced our outlook for the utility as we think the a renewal of Ohio Distribution Modernization Rider is unlikely and industrial sales growth is expected to slow.
The no-moat firm has more earnings stability than other processors thanks to its diverse mix of businesses.
We are maintaining our no-moat ratings and lowering our fair value estimates for 3D Systems and Stratasys.
Despite more negative news, we're confident in the firm's ability to maintain its long-term competitive advantage and remain one of the top players in the digital advertising space.
We plan to trim our fair value estimate as we temper our near-term sales and profitability forecast for Pinnacle.
We've trimmed our near-term growth expectations for international operations and moderated our margin improvement expectations for Express.
The Fed raised its target rate range to 2.25%-2.5% but took a more dovish tone with future hikes.
Even with the mid-single-digit percentage uptick in the share price after the earnings release, we continue to think the name offers an attractive entry point.
GE Healthcare's size would rank as one of the world's largest for a public healthcare company, but we're not making any changes to our fair value estimate on the news.
We model fiscal 2019 to be down considerably, but we expect a solid recovery thereafter thanks to the proactive efforts of the key memory participants.
The wide-moat firm's EPS beat was largely driven by the $10 billion in share repurchases this quarter and does not represent a fundamental change in the business.
Moonves is likely to sue the board over the investigation as the findings not only stop him from collecting his severance but make him almost unhirable.
We expect the South Carolina Public Service Commission will issue a written order next week, and the acquisition will close shortly thereafter.
The airliner looks poised to reignite margin expansion heading into 2019.
The wide-moat firm continues to post strong organic growth as demand from both consumers and enterprises remains robust.
We are maintaining our fair value estimate as well as our very high uncertainty rating as the narrow-moat firm creates a new digital entity.
The wide-moat retailer has considerable advantages at its disposal, but shares are rich.
Deleveraging must be a priority, and with heightened menthol risk likely to linger for at least two years, we expect dividend growth to slow.
Higher financial leverage and low pricing on recent asset sales drove our reassessment.
Both parties filed their proposed orders with South Carolina regulators, and a decision should be made by Dec. 21.
The narrow-moat firm appears to be taking the right steps to return to organic growth in North America and expand overall margins.
The changes are due chiefly to our revised U.S. land drilling forecasts.
The current CEO of Roche's pharmaceutical division, Daniel O'Day, will leave Roche at the end of 2018 and for Gilead, cementing the firm's oncology commitment.
We expect the firm's long-term performance will be characterized by low-single-digit revenue growth and operating margins over the next decade.
Longer term, we think Broadcom is part of the heavyweight class of chip leaders and boasts intangible assets.
We still view Yum as a core holding offering a balance between global growth and capital allocation.
While we believe the restructuring makes strategic sense, the related one-time costs are higher than we expected.