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Stock Analyst Update

Our take on the latest news affecting the market's biggest stocks.

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IBM continued to refrain from publishing an outlook for the quarter or full year, but we expect the final quarter will see strong sequential growth due to IBM’s seasonality despite another expected quarter of annual declines. We’ve also increased our expectations for the year, leading us to raise our fair value estimate for the narrow-moat name to $125 per share from $120.

We’re hoping that fourth quarter results will show a bottom for net interest income, and that a gradual recovery in fees will continue for Wells. Regarding expenses, management said it will give more details on the next call. After updating our projections with the latest results, we are decreasing our fair value estimate to $45 per share from $46.

Target’s balanced online and in-store growth in the quarter (with the latter seeing 11% comparable expansion despite the pandemic and rising e-commerce penetration) reinforces our faith in its use of stores as omnichannel fulfillment centers, but the shares’ trading price leaves no room for error despite accelerating retail digitization that creates cost and price pressure. So, we suggest long-term investors await a more attractive entry point.